Mostly: Classical

[amarksp]

GLD
http://www.resourceinvestor.com/pebble.asp?relid=7358

Well, let’s review how the ETF works. In order to provide market liquidity and keep the shares trading around the price of gold, there are 10 market participants that stand at the ready to buy and sell baskets of 100,000 shares which add and subtract gold from the Trust in 10,000 ounce lots.

When the buying pressure forces the GLD shares to trade at a premium to gold, market participants sell shares and at the same time buy physical gold which is added to the Trust. By the same token, when selling demand drops the share price below spot bid, market participants purchase shares and gold is sold from the Trust.