In view of what’s coming for the gold market, is it helpful to discourage people from investing in GLD? Is it likely that it will be difficult to redeem shares if gold becomes scarce, as it is not backed by physical gold? Will GLD plunge in value if gold spikes very high in valuation due to loss of confidence in that ETF?

We do not see a major collapse but there could be periods of uncertainty, and this you have seen in other assets, particularly those with leveraging, that there can be a discontinuity with the expected ratios, and the same is true when there is a distortion of supply and demand that could undermine investor confidence. So we agree this is not the top choice for investing in gold. We see a major unwinding as extremely unlikely because it is simply a surrogate, like others that will be in great demand, whether it is all paper or not. So much will depend on whether there is a perception one needs to have physical gold at all costs. That is an extreme unlikely to be reached even with the huge changes that are coming. While we cannot guarantee this, it is wise always to reduce risk when there are alternatives available that are better.