Stocks are nothing more than paper. On top of that, stocks have counter-party risk.

Look at your beloved Silver ETFs (e.g. GLD and SLV). What do you suppose the leverage is on those assets??? Sure it tracks the PM spot prices, and sure they have Gold and Silver on reserve in a warehouse somewhere. But I guaren-damn-tee you is it not a 1:1 correlation. I would guess that it's more like 50:1, so that means 50 people all have claime to one Oz. of Gold in GLD or Silver in SLV.

In my stack, I hold the only side of the trade. It's in my hands therefore I own it.