Secondary offering in the equity of the CEF fund is pending, although this tends to be a wash less transaction fees because the proceeds are used to expand the base of metals held.
The premiums expand and contract in the funds depending on sentiment on the future course of gold and silver bullion prices. The premiums on the ETFs are relatively stable, representing 1/10 ounce of the metal with a discount to the spot price for management fees. There is no NAV presented because the volume of any metal that might be underlying the price fluctuations varies greatly, and can lag.
"Senators disturb us by reminding us of the possibility of large numbers swarming from China; but the answer to all this is obvious and very simple. If the Chinese come here, they will come for citizenship or merely for labor. If they come for citizenship, then in this desire do they give a pledge of loyalty to our institutions; and where is the peril in such vows? They are peaceful and industrious; how can their citizenship be the occasion of solicitude?"
Senator Charles Sumner, 1870