I agree Mike97 that the WGC has questions associated with it's actions but the Chinese public doesn't. It may well be true that GLD doesn't have all the gold it claims or that some of it is encumbered in some way but for sure they have lots of gold and this has taken physical off the market which has helped the cause of those who think gold is undervalued. If anything GLD has hurt gold stock valuations more than physical gold price.

My view is that the GLD has been a net positive for gold but agree that the degree is open to debate.