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To: ild who wrote (219266)	2/6/2003 2:10:00 PM
From: reaper	Read Replies (2) \| Respond to of 436258

maybe i don't understand closed-end funds, but if the damn thing is trading at a PREMIUM why shouldn't they be going out and raising more money? Cheers

To: ild who wrote (219266)	2/6/2003 2:16:05 PM
From: Tommaso	Read Replies (1) \| Respond to of 436258

Actually the shares are offered at $4.49 and the NAV yesterday was $4.27. Now it is dilutive for anyone who was dumb enough to buy into CEF at a high premium, but you can't blame the management for their willingness to take money in exchange for stock certificates. Their timing is absolutely perfect. They may be able to put the money into bullion at a price much below what was possible just two days ago. Did anyone succeed in shorting CEF? I did not even try.