Ann: Change in substantial holding , page-5

GDO are very aggressive with their trading strategy. Once something is near peak they'll happily sell out.

The opportunity cost of GDO is getting quite expensive considering that its maximum upside is 8% with POG making all time highs and gold equities having done nothing since this time last year.

GDO is still good for the 8% no brainer gain... But I know personally, I've moved 75% of my holdings out into other goldies, as I think they have better than 8% in them over the next few months.

The other possibility is that BakerSteel have people leaving the fund and need to free up cash to pay them their money. GDO would be the easiest to liquidate as it has a 3million stack buy order and as such, it would be easy for BS to liquidate 1-2 million dollars without hampering the share's price.