Yes! It is true! There are more than 100 Gold Skulltulas in Ocarina of Time! There really aren't more than 100 Gold Skulltulas themselves, but you can collect more than 100 Gold Skulltula Tokens!!!! (I had you goin' didn't I?) Well here's how to do it!
Find a grotto somewhere in Hyrule that has a Gold Skulltula in it. While down there, kill the Skulltula but don't collect the token yet. Equip your Boomarang and Z-target the Token. Back up near the portal and then throw your Boomarang at the Token. Wait for it to grab it and then right before it reaches you, do a Backflip by pressing back on the analog stick and B. The Token will then show up on your Status Screen, but when you go back down the hole, it will still be there and you can kill it again for another Token! I don't know how high the number can go up, but my friend says he has 255 Gold Skulltulas!
I might have some pictures soon, maybe not. You'll just have to wait and see!