``As for sentiment, Let's look at Central Fund of Canada (CEF). CEF is a closed-end mutual fund, that owns gold and silver exclusively -- the metals, not stocks -- at a ratio of 50 oz. of silver to 1 oz. of gold. Closed-end funds trade based upon the bid and ask, without regard to their net asset value (NAV). Because of this, they can trade at a price that is at a premium or discount to their NAV. By tracking the premium or discount we can get an idea of bullish or bearish sentiment regarding precious metals. Currently, CEF is selling at a premium of +2.8% (less than the markup on bullion) which shows that there is not the least bit of froth in the precious metals markets''

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