So, to summarize, and again, these are facts: $PHYS bought $340 MM of gold. $GLD saw $340 MM in redemptions (on the same day).
And as KD himself noted in the comments section:
The implications to me are that PHYS, which people like because they think GLD doesn't have real gold, is a completely unnecessary product. Then again, I knew that already.
That's spot on. Eric Sprott, an early contender for this year's Style Over Substance award.