On March 21, GLD had 821 tonnes of gold. Currently it has 720 tonnes. Given what we know about the failure of the Fed to send Germany any gold other than 5 tonnes of miscellaneous scrap, and given that it appears as if Germany has abandoned its efforts to have any part of 300 tonnes of gold moved from NY to Germany (other than the 5 tonnes of crap), it is highly likely that the 100 tonnes removed from GLD since March has been moved to Amsterdam. I’m sure the balance was the gold airlifted by the U.S. from Ukraine.
The ONLY way gold is removed from GLD is if one of the Approved Participant bullion banks accumulated 100,000 share “baskets” and redeems the baskets for bars. It’s the only way. Even a big investor must transfer its shares to the bullion bank in order to execute the transaction. And it says right in the Prospectus that the Trustee can deny the investor’s request for reasons that are not clear.