Have precious metals bottomed?

This article is compelling in declaring the bottom in precious metals is in, but he doesn't really understand how the GLD ETF works.

Shareholders of GLD can redeem their shares for physical delivery of gold if they hold more than 100,000 shares.  So when big hedge managers like John Paulson, George Soros, and Daniel Loeb are selling GLD, they are most likely receiving physical gold in exchange--and not necessarily cash.  This would only exacerbate the current shortage of physical bullion.

The analysts and medias misconstrue this as hedge funds "selling" gold.  Yes, they are indeed selling gold, but it is paper gold.  Meanwhile, they are hoarding physical gold, intensifying the shortages globally.

http://sprottgroup.com/thoughts/articles/have-precious-metals-bottomed/