Visualizing Gold Bifurcation

bi·fur·ca·tion  

/ˌbīfərˈkāSHən/

Noun Division into two branches or parts. A thing divided in this way or either of the branches.

And this is what it looks like:

Even while the price of gold has bounced back, holdings of GLD is falling.

Why?

Paper gold demand is falling while physical gold demand is rising.