PHYS is down 1.6% after hours on news of a follow on offering. You can read it here.
TORONTO, ONTARIO, Jul 14, 2011 (MARKETWIRE via COMTEX) -- Sprott Physical Gold Trust (the "Trust"), a trust created to invest and hold substantially all of its assets in physical gold bullion and managed by Sprott Asset Management LP, announced today that it has launched a follow-on offering (the "Offering") of transferable, redeemable units of the Trust ("Units").
The Trust will use the net proceeds of this Offering to acquire physical gold bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described in the prospectus related to this Offering. Under the trust agreement governing the Trust, the net proceeds of the Offering per unit must be not less than 100% of the most recently calculated net asset value per Unit of the Trust prior to, or upon determination of, pricing of the offering.
The Units are listed on the NYSE Arca and the Toronto Stock Exchange under the symbols "PHYS" and "PHY.U", respectively. The Offering will be made simultaneously in the United States and Canada by Morgan Stanley and RBC Capital Markets.
I took the day off so I have not followed the market closely this day, and have no active positions.
Tomorrow will be an interesting day with all the cross currents and the options expiry.
Lost your place in the gold and silver bull run?
For those that haven't, Shout and Feel It by Count Basie.
Remember the price for liberty that was paid by those who went before us.
