Dear Pat: I would be glad to have your views on Precious Metals & Mining Trust. I have always found your observations extremely useful. Thank you very much for your advice.
Precious Metals & Mining Trust, $11.55, symbol MMP.UN on Toronto (Units outstanding: 19.3 million; Market cap: $222.8 million; www.sentry.ca), is a closed-end fund that holds a portfolio of speculative, mostly gold-mining stocks. These companies include Semafo Mining, which makes up a very high 27.2% of the fund’s holdings, followed by Allied Nevada Gold (10.9%) and Golden Star Resources (10.3%). The trust has an MER of 1.83%.
The trust has a high 10.3% yield. However, the companies it holds don’t pay dividends, so it pays that yield out of profits on stock sales. That works in a rising market — but it would not work if gold prices suffered a sustained decline.
Moreover, the trust trades at a 22% premium to the net value of its assets. We don’t recommend buying closed-end funds at a premium. …
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Changes to this Policy
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The contents of this web site and our publications are based upon sources of information believed to be reliable, but no warranty or representation, expressed or implied, is given as to their accuracy or completeness. Any opinion reflects the Successful Investor’s judgment at the date of publication and neither the Successful Investor, nor any of its affiliated companies, nor any of their officers, directors or employees, accepts any responsibility in respect of the information or recommendations contained in the publications or on this web site. Moreover, the information or recommendations are subject to change without notice.
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