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CEF And GTU: What’s Wrong With This Picture? – Dave Kranzler

Thursday, April 16, 2015 19:14

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TND Guest Contributor: Dave Kranzler |

There is no good reason that the operators of CEF, GTU and SBT do not convert their trusts to a physical redemption trust. But let’s start with having GTU identify the bank(s) who have custody of the gold and let’s see an independent, physical audit of the gold – open for public inspection.

What’s shocking is that GTU will not name the vaulting bank in any of its prospectuses. How come? Even worse, the Spicers are intimately involved on the boards of GTU and SBT. It’s a viper’s next of incestuousness.

There’s NO good reason these trusts don’t convert the physical redemption trusts. The operators of the Trusts must be preventing it for a moral hazard reason from which they are personally benefiting.

All shareholders will benefit because the deep discount to NAV will disappear. That’s an immediate 8% gain based on yesterday’s NAV discounts. If I were advising shareholders who do not own enough of the shares to convert, if conversion even happens, I would tell them to sell their shares once the discount is corrected and buy physical gold/silver that the safekeep on their own.

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About Dave Kranzler:

I spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, I traded junk bonds for Bankers Trust. I have an MBA from the University of Chicago, with a concentration in accounting and finance. My goal is to help people understand and analyze what is really going on in our financial system and economy. You can follow my work and contact me via my website Investment Research Dynamics. Occasionally, I publish on Seeking Alpha too. As a co-founder and principal of Golden Returns Capital, LLC Mr. Kranzler co-manages the Precious Metals Opportunity Fund, a metals and mining stock investment fund.