Hi Buggold,From page 21 of the linked documents:Creation and...

Hi Buggold,
From page 21 of the linked documents:

Creation and Redemption of Shares
The Trust creates and redeems Shares from time to time, but only in one or more Baskets. The creation and
redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of
the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which
is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed
determined on the day the order to create or redeem Baskets is properly received.

Now can you tell me where I got it wrong?

Yes it does say "the amount of gold and any CASH represented by the Baskets..." I take the view that GLD is not a fraud and they do have proper real gold backing for their units, thus redemptions and creations of units involve gold transactions not dollar cash.