Chairman of CME says that gold investors trust bullion and not the derivatives that are the CME's business

This video from Bloomberg TV is an interview of Terrence Duffy the Executive Chairman of CME group which owns the COMEX.  The COMEX is the exchange where much of the world's paper gold and silver trade.
http://www.bloomberg.com/video/cme-s-duffy-says-exchange-competition-helps-market-6rSibzdvRRGnC9Ldgfo~XQ.html

The interview has been popular with many finance bloggers and especially gold bugs because he says that ". . . one thing that did not trade down, was gold coins, tangible real gold.  That’s going to show you, people don’t want certificates, they don’t want anything else.  They want the real product."

This is very interesting for what he does not say.  He does not take the opportunity to claim that trading derivatives on the COMEX is just as secure as owning physical bullion.  Contractually  derivatives are backed by bullion.  He is so matter of fact about people wanting physical bullion instead of paper one gets the impression that even the Chairman of the company whose business is creating the exchange for trading paper gold has no confidence in derivatives contractual claim on physical bullion.

His brief comments on gold are at about the 1:00 minute mark.