Ann: Change in substantial holding, page-3

I assume you were saying ‘smart money’?

Van Eck is almost the exact opposite of smart money. This increase is due to money coming into the ETFs Van Eck operates and not specific to Evolution (there were multiple other notices on other index names). There is no fundamental company analysis going into what they buy, purely flow.

If this bull market really gets going though I expect the gold ETFs are going to be hugely important. Not because they are smart money but because gold miners are under-owned historically and ETFs will be the vehicle many investors choose to increase their exposure. Similar to how ARKK became a preferred way of many to play tech stocks.