Correct. The correct value is 0.1%, and that is the daily trade value, not what is held, which is probably higher.
The total gold ETF market cap is 1.7% of all gold.
In my book, 0.1%
per day is
huge! If they keep this up for a while, especially with the oncoming halving, the scarcity will be felt. And once the scarcity is felt, prices must go up.
Unless of course those ETF guys are going fractional reserve Bitcoin, but that would be Madoff level and I don't think they're willing to take that risk.