Actually, I don't believe that is completely correct. Putting the sales proceeds as both the cost and sales amount will give you a net of zero, whereas in reality there could be some capital gains/loss that applies.

This is explained here: http://www.spdrgoldshares.com/media/GLD/file/SPDR-Gold-Trust...

I found the following tool very helpful: http://www.costbasistools.com/gold/GLD.php

You enter the number of GLD shares, date purchased, etc. and it does the calculations for you. It will show you the cost basis for each of the sales reported on the 1099. For 2010 for example, over all the expense sales that are reported on the 1099, the tool shows that I have a capital gain of $1.85.

Regards,
Amol