Silver up , CEF down. I know closed end funds don't necessarily track the underlying asset. But , we have as much as 600, 000 shares traded in a day. One would think the traders can at least get the direction right.
Apart from the issue of changing premium/discount (now at negative 6%!), there is the issue of the ratio of prices of gold to silver. In the recent past, the ratio has risen from the 50s to 66, just now reverting back to about 63.
Unless the premium stays the same AND the POG/POS ratio stays the same, CEF will not track silver's price.