Interesting. The GLD fund has a market cap of $31 billion today. Supposedly this ETF is backed by stored physical gold, but IF the value of all the gold in the world is $247B as you say, am I supposed to believe that this fund holds 1/8 of all the gold in the world?
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)