Bloomberg article says that Taurus has been having lot of redemptions by investors getting their money out and has closed its fund.
This has serious implications for some of our goldies, including AMX. They would be desperate to sell out and would want AMX taken over ASAP, hopefully not at bargain basement prices. Like I said some time ago, Taurus' AMX investment looked like a trade gone bad, so they have been doubling down (like many newbies do).
"Taurus Shuts Gold Fund on Redemptions After Price Tumbles
By Chanyaporn Chanjaroen - Jun 5, 2013 6:09 PM GMT+1000.
Taurus Funds Management Pty Ltd. shut its precious metals fund because of investor redemptions after gold slumped, according to an executive, who said that the product once held as much as A$250 million ($240 million).
Assets in Taurus Precious Metals peaked last year before the closure in May, Gordon Galt, a principal at the Sydney-based fund manager, said in an interview today, declining to comment on the level last month. As of February, the fund had invested mostly in physical gold, according to a report to investors for that month, which was confirmed by Galt.
Taurus Funds’ decision reflects a shift by some investors away from bullion and into other assets as signs that the global economy was recovering drove gold into a bear market while equities rallied. Withdrawals from gold-backed exchange-traded products reached a record pace this year, and Nouriel Roubini has forecast that gold may fall toward $1,000 an ounce by 2015."
etc
AMX Price at posting:
20.0¢ Sentiment: None Disclosure: Not Held
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