Yeah, I understand the Trojan Horse argument. It cuts both ways, though. If buying GLD does not necessarily mean physcial gold is being taken off the market, then selling GLD does not necessarily mean that physical gold is being put back on the market.
I'd guess that, given the performance of the $US since GLD came out, that more people have geen selling than buying.
Hard work often pays off over time,
but laziness always pays off right now.