this is from ed steer of casey research. the central fund of canada (cef) is doing another offering, and once they buy gold and silver, it disappears into their vaults forever:

Only one precious metals story of note yesterday. I see in a press release issued at 4:06 p.m. Eastern time last night, that the Central Fund of Canada has announced a proposed offering...."The remaining amount of approximately U.S.$340,000,000 of the original U.S.$750,000,000 provided for in the base shelf prospectus is available for this offering. Substantially all of the net proceeds of the offering will be used for gold and silver bullion purchases." I doubt that all US$340 million will be taken up. If the past is any guide, the underwriting is normally for about $130 million by the time the smoke clears. And by the time you read this, the press release for the underwriting agreement will already be in the public domain. Central Fund was selling at a 17% premium to NAV at the close of trading on Tuesday. So...another pile of silver and gold bars is about to be permanently removed from circulation. Just how much, should be in a press release early next week I would think.

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