Someone pointed out that the $859 million GLD position was in the form of call options; I missed that (don't go through filings late at night!) So the increase in the 13F portfolio from $1 billion to $2.2 billion is largely not 'real'; just an increase due to the reporting of the notional amount of the underlying GLD represented by the call options.
That's still heck of a lot of gold, but the exposure is a bit different than owning GLD outright.
Sorry for the error, and thanks for the heads-up!
Your blog is brilliant.
ReplyDeleteKeep up the good work :)
Thank you. I'm amused and glad that people read it. :)
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