the puke indicator, page-96

Hi Buggold,

Here are more details on Redemptions":

Page 23:

DETERMINATION OF REDEMPTION DISTRIBUTION
The redemption distribution from the Trust consists of a credit to the redeeming Authorized Participant’s
Authorized Participant Unallocated Account representing the amount of the gold held by the Trust evidenced
by the Shares being redeemed plus, or minus, the cash redemption amount. The cash redemption amount is
equal to the value of all assets of the Trust other than gold less all estimated accrued expenses and other
liabilities, divided by the number of Baskets outstanding and multiplied by the number of Baskets included in
the Authorized Participant’s redemption order. The Sponsor anticipates that in the ordinary course of the
Trust’s operations there will be no cash distributions made to Authorized Participants upon redemptions.
Fractions of a fine ounce of gold included in the redemption distribution smaller than 0.001 of a fine ounce
are disregarded.

I stand by my assetion that GLD loses inventory through redemptions of GLD units (baskets) upon which GLD makes outward transfers of gold ounces (to Authorised Participants).