GLD depends on sub-contractors to supply the actual bullion and if they fail to deliver the investor is the one left holding the bag. It's in the prospectus...in the event the sub-contractor of the first part fails to deliver actual bullion to the party of the second part then the party of the third part has no means of holding the parties of the first or second part liable for any actual bullion.
That's why as far as gold investment goes nothing beats physical possession, which is hard as crap to do now. I had a real tiny order in and it took 3 months to fill that.
But gold stocks and gold ETFs are a decent way to put away money to use for physical possession as long as it continues to track the spot price. But if it ever hits the fan in this country I wouldn't be surprised to see gold fly up, but gold stocks and gold ETFs to go down (at least for a little while).
it says " the trust reserves the right to sell gold reserves from time to time(there is NO GUARANTEE of any reserve amount to back this up, this is their disclosure.)When this is blown out of the water, it will SPLATTER!