Jamie Dimon Has Issues (or Meet The Idiot Selling Gold)

Yes, the GLD ETF is not 100%-backed by gold, as this author declares, but it doesn't take belief in a conspiracy theory.  It's stated in the GLD prospectus.

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

The amount of gold represented by the Shares will continue to be reduced during the life of the Trust due to the sales of gold necessary to pay the Trust’s expenses irrespective of whether the trading price of the Shares rises or falls in response to changes in the price of gold.

Meanwhile, around the April shakedown in gold, JPMorgan was bleeding gold to other bullion banks.  Since then--and after the spot price collapsed, JPMorgan has flipped and hoarded gold, driving prices back up.

http://acrossthestreetnet.wordpress.com/2013/04/26/jamie-dimon-has-issues-or-meet-the-idiot-selling-gold/