Really the market is spineless bunch of marshmallow sucking...

Really the market is spineless bunch of marshmallow sucking hollow gutted panic merchants that buy US dollar toilet paper in exchange for real commodities like gold, silver, gas and oil wells; Real gas that heats peoples homes and provides a service to the community.

Say the US government needs to bail out a bank and wants 20 billion dollars. It goes down the printing room and photocopies out some treasury bond and scrawls 20 billion on them. Then they can Fedex to send them over to the Fed. The Fed then prints 20 billion dollars and free toilet paper bank notes and hands them back to the government in exchange for the toilet paper treasury bonds.
Then, the public goes and sells REAL hard assets like oil, gas, gold, homes, land etc in exchange for these freshly printed bank notes and the investor things they have just exchanged their wealth in these assets to something safe.
The government says to the Fed, well pay you the face price of the bond we gave you Mr Fed plus interest. But to pay the interest, well have to print some more bonds and get you to print the new notes and given them to us, then well give em back to you as interest ok.

Bottom line market aint got a clue what is actually worth anything these days.

And if you think GDN market cap isnt worth the FULL value of PB3 over its life, then next time you buy a house or car, just offer the seller a years rent in exchange for ownership of land or car title and see what they say!