Monday, October 25, 2010


By decision point

After recently tried to go vertical, but departed a week for a correction.Comme you see on the graph below, the correction was minor, but there has been sufficient to transform a slightly bearish sentiment measurement.


Central Trust (GTU) is a mutual fund closed at the end, which means that it trades like a stock on NYSE.The Fund owns only gold - metal inventory step.Closed-end funds trade based on the bid and ask this fact without regard to their net asset value (NAV) points, they can share at a price which is a Prime or a discount to their supervisor NAV.En premium or a discount, we can get an idea of the feeling distributed to increase or decrease of gold.

As the closing session of Thursday, finished traded to a slight reduction in its NAV, which I thought was quite unusual, considering the general enthusiasm for metal.


Take a blow to look longer term below we can see that this is the first finished sold at a discount since mid-2008.We also see that 2008 was common to sell at a discount, even if gold was in a trend already finished before. This changed in 2008 and 2009, when the global financial crisis began to take place and the desire to own gold has increased so frenzied finished sold to approaching 35 per cent of the premiums frenetic - level.


So, what that means?To begin with, I do not think that we are headed for the type of discount observed in 2006 and 2007 .c ' is that the world wasn't all that interested in gold, and finished a nice discount in what was essentially an increase or the marché.Nous are now in a time where the world was "discovered" gold and gold is really taken seriously as a cover of inflation and a shield against the Fed political radicals.

Nevertheless, it is interesting to see premium for months, most of which was to increase the market drop. For the moment, I think that having to interpret such as nervousness on the part of traders, such as gold stored in record heights. Given that we look at it as an indicator of sentiment, relatively current Swale probably indicate that low trading is near.


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