maybe, but too many other signals to ignore.No one is going to...

maybe, but too many other signals to ignore.

No one is going to get data on the beneficial holders behind the custodial holders unless they're an insider working for one of them, one reason why Custodial accounts would be a chosen vehicle to accumulate.

With the consolidated custodial holdings of one such holder across multiple offerrings being greater than 20% of AAU's SOI, not sure I expect those Beneficial holders to be retailers simply topping up / buying in on the cheap. Furthermore that group in my opinion has a substantial voting interest that should be declared, merely on the basis of should they choose to cast unvoted proxies in any way other than to assign them to the Chair of the meeting.

my data on current holding just by that one group



my data on changes to holdings within that custodial group since 1st of Jan 2024



same data for the shorter time period of since 1st of March 2024



the best part of one whole Con Note worth of cheap shares went into two Custodial products of the same company's offerrings, that's a pretty concentrated migration of Con Note shares from the Holder "selling on market" to everyday buyers all seemingly attracted to the same custodial platforms.

we'll see in time I guess