Yes but in 2010 we didn't have the outflows of bullion in the COMEX LBMA and GLD like we do today. You guys do not own any gold and you will never be able to exchange your shares for the bullion except in the case of Sprott's funds and a few others that reside outside of the US.
To your point there still could be some downside and money to make in USD's. I'm on the fence as to the weekly chart but just know it doesn't come close to representing supply and demand of actual gold bullion
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