This fund owns gold futures, not bullion.

FORBES: Magazine Article

As demand for precious metal in the futures indexes and in physical gold bullion coins increases as the dollar weakens, there's been a run on the Mint.

FORBES: Magazine Article

Recently, he shifted some of the organization's gold bullion into an equivalent bet on gold using futures, a move that freed up cash that was plowed into stocks.

WSJ: Gold's Fall Stings Texas Universities' Endowment