vic and dave

Gold ETF Reaches One Dollar Per Tonne

What does this mean. For every dollar of the gold price there is a ton of gold in the trust? This would mean that there should be 2000 lbs/ton x 16 oz/lb x $700 (current gold price per oz) or a mkt cap of 22.4 million in GLD. But the market cap is 190.4 million shares x 72.21 (share price) or approx 13.7 Billion mkt cap. So do they have only 22.4/137,000 gold bullion per share value???