Say I have a cold storage wallet, is there any way I can make a view only wallet with GUI?
The GUI can now create view only wallets. I've not used the GUI in a while, so I'm unable to give detailed steps, however.
Please someone who knows post an answer :) See JollyMort's answer below, I can't delete an accepted answer.
Original answer is now obsolete, as pointed out below:
The GUI does not support view only wallets yet.
However, if you don't really care about having a correct balance, and just want to see incoming transfers (ie, not see spends), you should be able to load a view only wallet made by monero-wallet-cli into the GUI. There may be glitches.
Yes, it is possible since
Open your wallet from the GUI, and in the Settings tab you have the Create view only wallet button.
Click on it, and a window will show up letting you choose the name of the view-only wallet file and its location.
Give it a password,
and you will see a confirmation that it has been created.
you can also import your private keys, and leave out the private spend key. the result will be a view only wallet
see here for details on how to do that: