The premiums in the Sprott Funds remain tight, but certainly not as expansive as we had seen in the prior bull market leg in the precious metals.
It was nice to see gold rebound so sharply after the FOMC antics earlier this week. Silver is lagging a bit.
If and when the bull market returns in metals I would expect silver to outperform gold just on the basis of its greater volatility.
The spread between price and NAV widened back out on the Central Gold Trust (GTU) after having narrowed with the announcement of the Sprott offer. Not quite sure exactly what to make of it, except that perhaps holds of the unitholders are not favorably viewing the offering which is intended to decrease the discount to NAV. I don't think it is a reversal of the arbitrage which we had seen narrow it down to around 4 percent.
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