Gyroscopic Investing

dragoncar wrote: I haven't gotten anything in paper.. Just electronic.. You guys should sign up for that

Central GoldTrust ("GoldTrust") (TSX:GTU.UN) (C$) (TSX:GTU.U) (US$) (NYSE MKT:GTU) (US$) today noted that Sprott Asset Management LP and Sprott Physical Gold Trust (collectively, "Sprott") have failed by a substantial margin to achieve sufficient support from GoldTrust Unitholders to complete their offer. As a result, Sprott has yet again extended their inadequate, hostile offer to acquire all of the outstanding Units of GoldTrust. They have made no improvement to the terms of their offer, which is now set to expire on October 9, 2015.

AdamA wrote: http://money.cnn.com/news/newsfeeds/art ... 218921.htm

Central GoldTrust ("GoldTrust") (TSX:GTU.UN) (C$) (TSX:GTU.U) (US$) (NYSE MKT:GTU) (US$) today noted that Sprott Asset Management LP and Sprott Physical Gold Trust (collectively, "Sprott") have failed by a substantial margin to achieve sufficient support from GoldTrust Unitholders to complete their offer. As a result, Sprott has yet again extended their inadequate, hostile offer to acquire all of the outstanding Units of GoldTrust. They have made no improvement to the terms of their offer, which is now set to expire on October 9, 2015.

Can they just extend the offer indefinitely?

Can't wait to get more mail!

Pointedstick wrote:

AdamA wrote: http://money.cnn.com/news/newsfeeds/art ... 218921.htm

Central GoldTrust ("GoldTrust") (TSX:GTU.UN) (C$) (TSX:GTU.U) (US$) (NYSE MKT:GTU) (US$) today noted that Sprott Asset Management LP and Sprott Physical Gold Trust (collectively, "Sprott") have failed by a substantial margin to achieve sufficient support from GoldTrust Unitholders to complete their offer. As a result, Sprott has yet again extended their inadequate, hostile offer to acquire all of the outstanding Units of GoldTrust. They have made no improvement to the terms of their offer, which is now set to expire on October 9, 2015.

Can they just extend the offer indefinitely?

Can't wait to get more mail!

What a bunch of dopes. Do they think continuously and repeatedly irritating people is going to convince them to accept a deal they don't like?

MachineGhost wrote: Sprott co-founded GTU and left, but GTU's corrupt management is treating the trust as a personal piggybank at shareholder's expense.  The persistent discount to NAV is a result.  It reflects illiquidity and the lack of action on part of management to use their ill-gotten gains to buy back shares to close the gap.  THEY SIMPLE DON'T CARE.

Now, I understand ya'll arbitrating the NAV here so you want it to persist but so long as GTU management has their hands in the cookie jar, it will require extremely overbullish gold sentiment to swing back to fair value or a premium.

So if you don't know who the dope in the room is...

Libertarian666 wrote: 2. One of the big supporters of the takeover had a bunch of PHYS shares but sold them and then bought GTU. If they like the PHYS redemption policy better than the GTU redemption policy, why not just keep the PHYS?

Reub wrote: I just received an offer in the mail from my brokerage firm asking if I want to exchange my shares of GTU for PHYS at a price yet to be determined.  Did their takeover succeed? If so, what does this mean for GTU holders?

As of 5:00 p.m. (Toronto time) on October 5, 2015, there were 8,194,265 GTU units (42.46% of all outstanding GTU units) and 2,055,574 SBT units (37.60% of all outstanding SBT units) tendered into the respective Sprott offers.

dragoncar wrote:

Reub wrote: I just received an offer in the mail from my brokerage firm asking if I want to exchange my shares of GTU for PHYS at a price yet to be determined.  Did their takeover succeed? If so, what does this mean for GTU holders?

As of 5:00 p.m. (Toronto time) on October 5, 2015, there were 8,194,265 GTU units (42.46% of all outstanding GTU units) and 2,055,574 SBT units (37.60% of all outstanding SBT units) tendered into the respective Sprott offers.

Yikes, looks like it could happen

MachineGhost wrote: What is the SBT units?

MachineGhost wrote: What is the SBT units?

How many percentage units does Sprott need for the conversion to succeed?

Reub wrote: How can they be asking me if I want to swap shares if they don't control those shares? What kind of crap is Sprott pulling? And why would my brokerage relay this message to me?

Libertarian666 wrote: They want your proxy so they can take over GTU/SBT. If they get enough proxies they can throw out the existing management and put in their own management, then take the gold to add to their stash.

steve wrote: If Sprott somehow succeeds I plan on selling. I am looking into the Merk Gold Trust called ounz and other alternatives for online easy trading to re balance and will consider holding more physical bullion.

dualstow wrote: I would sell, too, except that I'd be selling at a big loss. Can't wait to dump all my paper gold shares when they break even, no matter who's at the helm.

Reub wrote: Why would reputable brokerage houses like Vanguard forward these messages to me? Don't they see that I am being spammed and misled by Sprott? I mean, how can they ask me to swap my shares if they don't have the right to?

http://www.marketwatch.com/story/sprott-files-notices-of-extension-in-connection-with-offers-for-central-goldtrust-and-silver-bullion-trust-2015-09-21 wrote:Sprott is committed to providing GTU and SBT unitholders with an opportunity to own a superior product. In order to reach these unitholders, as is common in transactions with a large retail base, Sprott has agreed to pay to each soliciting dealer a solicitation fee of US$0.1358 per GTU unit and US$0.0448 per SBT unit deposited through such soliciting dealer if such unit is either (i) taken-up and paid for under the applicable Sprott offer, or (ii) provided the Merger Transaction (as defined in the applicable Sprott offer) is completed, deemed to be withdrawn from the applicable Sprott offer under the Merger Election (as defined in the applicable Sprott offer), subject to a minimum fee of US$50.00 and a maximum fee of US$1,500.00 with respect to each beneficial unitholder of GTU or SBT and a minimum deposit of 300 GTU units or 1,000 SBT units. Where units deposited and registered in a single name are beneficially owned by more than one person, only one minimum and maximum amount will be applied.

steve wrote:

dualstow wrote: I would sell, too, except that I'd be selling at a big loss. Can't wait to dump all my paper gold shares when they break even, no matter who's at the helm.

Selling at a loss is not always a bad thing if you can do a tax loss harvest. I also like to have real bullion which I call my core gold, but I also like to have some that I can easily manage online  to re balance. If you have GTU in a non taxable account then you can not do a tax loss harvest, but you also do not have to deal with the special tax forms for GTU or PHYS if held in a taxable account.  I have been a very happy GTU holder and will keep it as long as Sprott is not successful.

dualstow wrote: Catching up on recycling weeks' worth of offers sent to 3 accounts. Good God. At this point, I just want to dump non-physical gold because, ironically, of all the physical toil and time spent with this paper work. Not reading it, just shredding and recycling it!

http://thebillfold.com/2012/04/how-much-money-you-need-to-realistically-recreate-the-scrooge-mcduck-gold-coin-swim/ wrote:Calculating his velocity (roughly 5 m/s2) suggests that this mountain (of which we cannot see the summit) has a slope of 35 degrees, putting a rough estimate of the entire hill at 73.5 billion. Is it possible that McDuck pushed together his wealth to make this monstrosity? In theory, yes, but the eye line of McDuck (fixed at 8 degrees above the horizon relative to the slope) suggests that there are at least two other such mounds, putting his total wealth at over 210 billion, and well beyond the meager 70 billion of richest man in the world Carlos Slim Helu. It’s also heartening to see cash in this picture, as a diverse portfolio is always a successful one.