Is there a pilot at the controls of VAU ?, page-22

So many ifs and buts, yeah, but so many valid points in my opinon in a market that does not yet know where its future lies. When US bond yields rise however gold prices should fall but it is not happening. The question perhaps now becomes one of how far can yields can rise before they become problematic for the Federal Reserve. Effect on gold? The rally may be far from ended. If that be the case am thinking VAU would not sit on $1B in cash and gold reserves. Keeping some cash reserve for sure help ensures liquidity and ease of access for the unexpected but should we enter a period of stagnant economic growth plus rising prices and high unemployment - or stagflation, I am thinking mergers and acquisitions would be on the minds of many a board including VAU. Great if looked for capital gains. Not so great for the dividend chasers. Thinking out loud only of course !