It will be interesting to see if the NAV premium on PHYS expands again to the 8 to 10 percent range or stays closer to the modest premium on the GTU fund. CEF is holding its richer premium because of the higher beta silver content in its portfolio.
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“Thus, it should be understood that when pro-US figures use the term, 'rules-based international order,' they are not referring to anything analogous to the rule of law. Quite the opposite, they are using Orwellian language to describe a system in which essentially no rules can be established and/or observed, given that the dominant state has the prerogative to violate and/or rewrite “rules” at its whim.” Aaron Good, American Exception