- GLD total gold holdings (ounces) and the gold price are highly correlated.
- Recent liquidations have reduced total holdings to 25 million ounces.
- Regression analysis indicates the gold price could drop to $1,000/oz, or, GLD holdings will pick up to 31 million ounces.
- Gold price and GLD holdings are "reflexive" in nature, in that they influence each other. The dependent vs. independent variable is not entirely clear.