best explanation, page-10

Hi there Steven

I don't think that the liquidation of Pfg house positions was that big. The selloff was probably triggered by the news of Pfg's collapse rather than actual selling. (How do we know that Pfg's house positions weren't net short?)

Most of Pfg's client trades would have been novated to other brokers on Monday-Tuesday and not closed on market. Whatever positions were shaken out by the Pfg liquidation the market seems to have obsorbed. POG has been mostly "sideways" for the past couple of days.

Given all the negative macro noise in the market at the moment, I think that POG is hold up rather well.

Cheers