GBN.V Market Depth

A quick glance at market depth shows a robust bid under the shares. This despite the interminably vacillating long-dated treasury bond price, which GBN.V is strongly inversely correlated with. Operation Twist is still in vogue, and equity share prices are going to the moon. But not gold miners.

Right now Sprott has major egg on their face. But they're probably not the only ones stuck with holes in the ground with a liar at the top. If you look at all of the investment literally poured into mining projects which remain unprofitable and the lack of returns either in equity price gains, or dividends, money managers are thinking twice about their gold mining investments.

If you happen to have a mine with huge up front capital costs, low grades, have already seen decades of service, or are mining below your cut-off grade or have an imaginary one, or you're not in production or can't squeak out any sort of profit, you are about as fashionable right now as plaid polyester.

ETFs choked with this kind of investment are going to be obliged to reconfigure their holdings, as are pension funds.

One more thing. I lied. Bad boy ingots are just not used to prop up shaking tables. You just would not do that. They're used to prop up Knelson Concentrators because they come in a tripod configuration.

Market Depth

-F6