serious questions about gld and slv etfs , page-5

I noticed a post in a thread dealing with US$800 gold in its title where it seems to be argued that the US listed ETF that trades under the name GLD is being shorted by the purchasing of January 2012 puts.

Some points to consider:

What mught happen to a listed ETF if its investors discovered it was not what it claimed to be, that it did not have the physical gold stored that it led the public to believe it had?

Is it too absurd to suggest we could have a scenario where the price of units in a gold ETF collapses while the price of gold soars?