…at least relative to anything it has seen thus far in its short lifetime. Looks like gold bugs are afraid to bid this up. Looks like gold bugs know the CoT stinks and the evil manips are going to target gold. Looks to me like sentiment may not yet be ready for top making.
The source for this graph is the very excellent CEF Connect, where I was just researching a global bond fund (yup, it may be time to tweak the big picture global view up another small notch, diversifying into some relative quality on the income side to go along with a few on the equity side).
What does this contraction in the spread between PHYS price and NAV mean? Well, it doesn’t indicate froth. However, for perspective also included is the Central Fund of Canada (w/ its silver component) not looking so sedate sentiment wise.