Mornin Max

Here is a little clip to put CEF owners at ease:

For the record, CEF sources NONE of its silver and gold from Hong Kong, and stores NONE of its metal in the bank in question, Scotia Mocotta of Toronto, which is part of the Bank of Nova Scotia, Canada’s only official bullion bank. CEF has done all of its equity offerings with CIBC, and stores all of its metal in the CIBC warehouses in Toronto, Vancouver, and Regina. All are in Level 10 vaults (the most secure in the world), and the bullion assets of CEF, GTU, and SBT are all audited bi-annually by Company officers, with third party inspection by Ernst & Young.

And here is a note re. SBT.T. SBT holds silver and Gtu holds gold, both are closed end funds holding physical.

....... few realize that SBT.T exists given that it just went public, only trades in Canada (CEF and GTU trade on the AMEX as well), and still has a market cap of just $30 million (compared to $3.1 billion for CEF and $500 million for GTU). But it does exist, and in fact now trades at a DISCOUNT to NAV of roughly 8% (compared to 8% and 6% PREMIUMS) for CEF and GTU. I believe SBT is one of the most undervalued assets on the planet, and once its assets reach $75 million (which could nearly happen when all the original warrants are exercised), I expect it, too, to be listed on the AMEX. Given its low level of liquidity (roughly 25,000 shares of average trading volume compared to 1.1 million for CEF and 55,000 for GTU), this investment right now is only suitable for retail investors. But it won’t be long, in my opinion, when both it and GTU become major global investment vehicles, much as CEF has already accomplished.

These were clipped from last nights Midas.