"My interpretation backed by GLD prospectus is that GLD...

"My interpretation backed by GLD prospectus is that GLD inventory drops can only occur through redemption of GLD units for real gold."

yes entire thread as been built on false premises / interpretations....this ground was painstaking covered much time ago

https://www.spdrs.com/library-content/public/SPDR_GOLD%20TRUST_PROSPECTUS.pdf

suggest a reread may be beneficial...