Very simply, Sprott Asset Management wants the gold in GTU, to increase their asset base, which has been depleted by a bunch of their big shareholders cashing out the gold they held. So they are soliciting the unitholders of GTU to give them proxies to vote for a change in the terms of GTU so they (Sprott) can take over the assets of GTU.AdamA wrote: Can anyone explain to me what happened with this in very simple terms? I really don't understand.
I used GTU because I felt that they were very transparent and therefor a little easier to trust than some of the ETFs. Now I don't know what to think.
I don't like the tactics that Sprott has used, and prefer not to have their opaque management style in charge of one of my assets, so I did not give them my proxies.
Actually, it's all more or less moot to me at this point, because I sold most of my GTU anyway to generate tax losses.