That volume is pretty amazing. 82 million shares changing hands at $130+. $10 BILLION in trades.
I think a lot of the trading is selling off to get out. That will lead to lower holdings in the SPDR gold trust. The holding size will be interesting to track. On their website the current holdings are:
1,158.56 tonnes . . . . . 37,248,735.63 ounces
At the current 0.096721 ounces per share, the GLD shares are above 385 million.
My assumption is that if the price is too low, then either a 3rd party jumps to arbitrage, using redemption, or the SPDR buys shares back and sells gold.