Does glycerin in CP soap separate from soap when dissolved in water?

[mmills]

I have been making soap for years and my soap always (with a couple of surprises) turns out well, but I have always wondered about the following. When I grind my CP soap and dissolve it in hot water to make laundry soap, it separates into two distinct layers. The top looks like a melted soap "sponge" and the bottom layer is a slightly golden colour and much more liquid. Is the liquid at the bottom pure glycerin? Thanks in advance.