Seems nobody cares too much about my "Nobody Cares" thread.
So I guess I'll respond to myself (trying not to appear lonely or mad).
For me, Grant Williams' presentation was all about the potential of enormous capital flows into the Gold space when somebody starts to care. That's how I see SAU too ( in an extreme way). With only 36.5 million shares available and CRs unlikely in near term - it wouldn't take very much capital inflow at all to cause a price dislocation to the upside.
At about the 20 minute mark, Williams shows a pie graph of US pension funds (sans hedge/mutual funds). Only 0.3% of these funds are invested in the PM space. By doubling this (at Dec15), the $100 billion USD could buy every XAU, GDX, GDXJ, GLD and even SAU share. This was nearer the lows, however, I'm sure you get the idea.
Oscar Wilde once said " Nowadays people know the price of everything and the value of nothing". I think that even Oscar would be surprised about our generation's epic distortion of his premise.
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