I don't believe that they are reporting it correctly at this point because of the new equity offering.
CEF had two offerings in the past week.
The first one for 2,789,750 shares for "approximately U.S.$24,410,313" in cash.
biz.yahoo.com
The second one for 418,462 for "approximately U.S.$3.7 million".
biz.yahoo.com
Before this offering this was the status as of Nov 3, 2004:
Central Fund closes U.S. $84,900,000 share issue
centralfund.com
'....The new total of issued and outstanding Class A Shares of Central Fund of Canada Limited is 94,296,320. The investment holdings of Central Fund are now represented by approximately 619,591 fine ounces of gold, 30,973,714 ounces of silver and U.S. $12,689,473 primarily in cash for working capital and additional bullion purchases.'
I added $7,000,000 in cash to the $28 million proceeds from the offering as they had about $8,000,000 at the end of January.
The last row should represent the current NAV and premium the best:
Scenario Shares Gold Silver Cash CEF Gold Silver NAV Premium
Nov 3, 04 Calc 94,296,320 619,591 30,973,714 12,689,473 9.65 632.50 12.95 8.54 12.94%
London PM 97,504,532 619,591 30,973,714 28,110,313 9.65 623.50 12.18 8.12 18.85%
COMEX Close 97,504,532 619,591 30,973,714 28,110,313 9.65 632.50 12.95 8.42 14.59%
With Add Cash 97,504,532 619,591 30,973,714 35,110,313 9.65 632.50 12.95 8.49 13.62%
Note that I didn't add any gold or silver ounces, simply the cash. |
