I just wanted to point out to you how PHYS is tanking today while Gold is up nicely. This is what I'm talking about with the perpetual secondaries that will ALWYS be fortcoming. PHYS is TANKING BECAUSE OF THE SECONDARY. But of course the NAV will go up: it has too, Gold is UP not DOWN so of course the NAV goes up. Doesn't matter much though: PHYS sitll tanks.
It's how every secondary will work regarless of NAV. The trusts will continue to tank on secondaries because they have to pay their management fees (to hold silver for you) etc. forever. It is it's own little glorified ponzi that Sprott has manifested!