A read through the GLD prospectus is a good laugh...provided you don't actually own any of the junk.
Wall Street sells illusions. Its like if I hold a gold bar up to a mirror, Wall Street sells the reflection. Not only do they sell the reflection, they slice and dice up the reflection and then sell that! ...
The stuff really isn't there. Wall Street is a master of deception, selling reflections, so GLD, like I said- you don't own the stuff.
It's a tracking device, they make it sound like you own gold. The individual investor is like yeah, I own gold, I own a 10th of an ounce of gold. No you don't, you own a 10th of an ounce of junk, you don't own anything.
Stay away from this scam...it's dangerous.