JPMorgan Puzzled By Record Gold Backwardation

That "single largest shareholder" of GLD is John Paulson, who sold the GLD ETF, but the media doesn't report that he replaced it with over-the-counter gold derivatives, which means he is probably planning to take physical delivery of gold--if there is any left.

http://www.zerohedge.com/news/2013-08-18/jpmorgan-puzzled-record-gold-backwardation