@TF - you probably already know this. But, I am not an investor in GLD and just found this interesting tid bit.
After posting my missive in the other thread about the huge gap between GLD investment inflows in 2004-2006 and the substantial delay in changes in the gold price, it is clear that the GLD clearly states that this gap is in London, on the LBMA, and admit to the delays.
The paragraphing below is mine.
quote: Gold bar list and Inspectorate certificates
All of the Trust’s gold is held by the Custodian, HSBC Bank USA, N.A. ("HSBC"), in their London vault except when the gold has been allocated in the vault of a sub-custodian. In such cases HSBC has agreed that it will use commercially reasonable efforts to promptly transport the gold from the sub-custodian’s vault to the HSBC’s London vault, at HSBC’s cost and risk.
The sub-custodians that HSBC use are Bank of England and London Bullion Market Association (“LBMA”) market–making members that provide bullion vaulting and clearing services to third parties. ...
The ounces of gold listed on the daily barlist may differ from the ounces of gold listed as owned by SPDR® Gold Trust ("Trust") on the website due to timing differences in trading and settlement.
The barlist includes ounces of gold on a settlement date basis, while ounces shown on the website are on a trade date basis.
Effective June 1, 2011, the Trust has entered into an agreement with HSBC Bank USA, N.A., the Trust’s Custodian, which will ensure that all of the Trust’s gold is held in allocated form at the end of each working day.