There will be no dividend cut for ETG unless the S&P 500 sees the 700's again. ETG is earning its full dividend and since its trading at a significant discount to NAV, EV can reduce that discount by buying back shaes or by selling some holdings and distribute the proceeds as capital distributions.
I'm looking for ETG to bottom in the low 12's to high 11's as it follows the pull back in the market.
Different type of fund strategy altogether. ETY and other fund div's were cut based on call-writing income drying up. This fund does not write covered calls, and the dividend was cut already in December 2008.
They announced all their dividend cuts last month - hopefully that's it for awhile.