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that was a good one; copied here:
"by pet...KD,<br />that was a good one; copied here:<br />"by peterpeter <br />on Tue, 05/25/2010 - 19:39<br />#373219 <br /><br />20.7 million new units including the over-allotment.<br /><br />http://www.sprottphysicalgoldtrust.com/Net-Asset-Value/default.aspx<br /><br />The NAV on each unit is now $10.0445 (see the intraday idicative value for 5/25 or the NAV if after the page has been changed for today's data). That means that the 20.7 million new units would cost Sprott (ignoring the market impact of his purchase):<br /><br />20.7M x $10.0445 = $207.92M<br /><br />However, with PHYS trading at $12.21, the value of those same shares (as deemed by folks who don't seem to mind paying a 24% premium for Gold...) is:<br /><br />20.7M x $12.21 = $252.74M<br /><br />That means his gains ignoring the impact of his transactions on the underlying price of Gold and PHYS would be approximately $44.8M. Since his purchase will slightly push up the price of Gold and likely drop the premium on PHYS somewhat, he'll get less than that, but still a huge amount of money for not all that much work.<br /><br />This is a risk free arbitrage for Sprott. For some crazy reason, people are paying a 24% premium for his shares, which is - well - stupid. No tax advantage (which is at best fleeting) is worth paying an additional $287/oz.<br /><br />Storage (if done right) is not all that cheap, nor is taking physical delivery - but for $287/oz, you can get *much* better storage and delivery than Sprott will give you, and still have a lot left over.<br /><br />The people who are buying PHYS at these premiums are just financially illiterate, and Sprott is doing the sensible thing and making a huge windfall profit off of their stupidity.<br /><br />Note - long physical gold, GLD and short PHYS (and adding to my PHYS shorts until the premium drops from these ridiculous levels)."<br /><br />Hits on some things I think are off on the whole rush into PHYS. The very next comment had me worried:<br />"by What_Me_Worry <br />on Tue, 05/25/2010 - 19:54<br />#373237 <br /><br />I think the premium on PHYS and CEF shows just how different the price of actual gold and paper gold can be. If PHYS and CEF (maybe others) can just keep arbing their own premium over and over again to acquire more and more gold then they could finally force the hand of paper gold into a panic state."<br />Keep arbing a premium that may be totally baseless........I do not think that ends well!EconomicDisconnecthttps://www.blogger.com/profile/02802078645713106743noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-25465560964849734172010-05-25T21:46:43.752-04:002010-05-25T21:46:43.752-04:00GYC - make sure you read PeterPeter's comment ...GYC - make sure you read PeterPeter's comment in that ZH post on PHYS. again, he's one of the only ones in the entire thread thinking rationally.Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-9551486481289422432010-05-25T21:37:34.840-04:002010-05-25T21:37:34.840-04:00i came by to make sure you saw the PHYS announceme...i came by to make sure you saw the PHYS announcement... as we had discussed!Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-1207581886255094115.post-83407188090664581972010-05-25T21:09:58.938-04:002010-05-25T21:09:58.938-04:00Last night on Bill O'Reilly, whom I rarely wat...Last night on Bill O'Reilly, whom I rarely watch because he's such a [bleep] but there was nothing else on, he had as a guest Weiner, the congressman from NY.<br /><br />Apparently, this guy is going after the gold sellers, particularly on whose name I don't recall, because they're selling coins and buillon at 100% markup. That would be twice the actual price.<br /><br />Bill the Shrill took exception to this, saying that he was singling out one company. Weiner said he was going after them all, but this was the biggest.<br /><br />I really don't know much about this congressman, having only seen him once before on the Daily Show, but I had to admire how he stood up to the Shrill and wouldn't let him dominate the conversation.<br /><br />Anyway, it got me to thinking about the precious metals markets and how everything is way overpriced, just like every other commodity including real estate.<br /><br />There will be a major correction. And a whole lot of people are not going to be happy about it.GawainsGhosthttps://www.blogger.com/profile/16719480047404817864noreply@blogger.com