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Par value of a bond is £100 At issuance by Govt there is a bidding process, factors in the bids will be Coupon ( interest rate) on bond , years to maturity ( when it redeems and pays out £100. Current interest rates (by Central Bank) Investors view on rates until maturity. Year. If 2 bonds are issued with same life span , one below current interest rate and the second paying above current rate. All things being equal , the first would be issued at a price below £100 and the second would be issued at above £100 Between issue and redemption dates ( all else being equal) over the years prices trading prices in each would move closer to £100 per bond until the last interest payment on redemption date itself. Investors con each collect the last interest payment and the capital value £100 per bond. Will that do.
“The return on capital is obviously higher as you pay well below £100 where as you way more than £100 per bond on issue for higher interest rate bonds to only receive £100 per bond on redemption. Your city contacts can confirm this all“
Jambo Is that written in Double Dutch ?as my grandma used to say. :-)
The return on capital is obviously higher as you pay well below £100 where as you way more than £100 per bond on issue for higher interest rate bonds to only receive £100 per bond on redemption. Your city contacts can confirm this all
Hydro Re your Q to Welsh. The answer is there is always investors who will buy by the low priced low interest bonds as they have a guaranteed fixed return on capital over x years whether you sell between those years or wait until redemption date. Not to mention the annual interest. It can suit many investors
Starbright. Insulting people isn't usually a sign of intellegence. But by insulting them you believe it weakens their arguement. Quite a nasty way to live your life and by doing so you probably attract similar types into your world. Think it through
Is it possible that the Sprott ETF - like other mining related ETFs - has seen increased demand in recent months so has been a net creator of new shares? If so, it would have added to its GGP holding (alongside all of its other holdings) in proportion to the net creations.
Most exchange-traded funds (ETFs) are passively managed vehicles that track an underlying index. But about 2% of the funds in the $3.9 billion ETF industry are actively managed, offering many of the advantages of mutual funds, but with the convenience of ETFs. Buying active ETFs is a great way to include active management strategies in your investment portfolio—just beware of elevated expense ratios.
Usually ETF's are either cap weighted or price weighted... They are only 'managed' in terms of initial weighting allocation or they track some other named index. Sprott uses the Solactive junior gold miners index, but they have a few of their own rules and after that its essentially automated.
However that fact its in there at all suggest an 'expression of confidence'.
The truth is we were 10p when they added GGP. Then when it got to 30p they sold some (about 6m i think), because the ggp weighting was way too much , now we've dropped Mcap... they are buying back more than they sold.
Here's the small print
5 From July 22, 2019 forward, Index data reflects the Fund's current underlying Index, the Solactive Junior Gold Miners Custom Factors Index (SOLJGMFT), which was created by Solactive AG ("Index Provider") to provide a means of generally tracking the performance of junior gold mining companies whose stocks are traded on Canadian and major U.S. exchanges. Index data prior to July 22, 2019, reflects the Fund’s former index, the Sprott Zacks Junior Gold Miners Index (ZAXSGDJ). Index data shown for periods that include dates prior to July 22, 2019, reflect a blend of the performance of the SOLJGMFT and ZAXSGDJ Indices. An investor cannot invest directly in the Index. SGDJ was reorganized from ALPS ETF Trust into Sprott ETF Trust on or about 7/19/19. SGDJ is a continuation of the prior Fund and, therefore, the performance information shown includes the prior Fund's performance.The S&P 500 Index is a stock market index that tracks the stocks of 500 large-cap U.S. companies; it is included as a broader U.S. equities markets reference.
To put meat on the bones as interest rates rise the market value of the bond will likely go negative (based on low interest starting point) so a person buying will make money on final redemption value being constant
@hydro, they are not an investment comparable to shares. They are used for more long term (more predictable) functions. Pension annuities being a good illustration. Their capital value in the market will change as interest rates change, but their redemption value and the annual return will not. So if you need to finance an annual x amount of income for 20 years, you can quote a fixed cost for this using gilts/bonds.
They have a different purpose to shares which you seem to be more attuned to atm.
... with inflation running at 6-7% (plus) annually, and according to shadow stats more like 12-13% Why would anyone want to hold these gilts paying just 1.5% or whatever.... ? A guaranteed loss of 4-10% of your capital ... depending on who you believe?