Coinlieutenant,as Joe said we did not close above $111 today. From what I understand, if the termination clause is triggered, shareholders will receive NAV of their shares valued at the end of the quarter. Its unclear to me whether the quarter ends at the end of April, I have read that in a few places, or at the usual quarter end at the end of June. Thus, if oil closes the quarter, whenever that is, at $90 the NAV may be higher, but if oil closes above $120 the NAV may be $0.00. Again, I am simply trying to assist based on what I have picked up over the internet since my post a week ago. I have not read the prospectus and am only try to give information as best as I have been able to interpret it. For everyone's sake lets hope oil gets taken down a few dollars before its next rise. The only problem seems to me that were on borrowed time.
It is amazing that more people arent putting money into gold. I have noticed that it seems that oil is now the dollar play instead of the yellow metal.
Quite stupid and counterproductive to me. I am not saying that this is not demand driven as well...it is to an extent and it will become even more so five years from now.
The funny thing is that I am very very bullish on oil in the long run due to increased demand. Here I am stuck in an oil short!!!
2 comments:
Coinlieutenant,as Joe said we did not close above $111 today. From what I understand, if the termination clause is triggered, shareholders will receive NAV of their shares valued at the end of the quarter. Its unclear to me whether the quarter ends at the end of April, I have read that in a few places, or at the usual quarter end at the end of June. Thus, if oil closes the quarter, whenever that is, at $90 the NAV may be higher, but if oil closes above $120 the NAV may be $0.00. Again, I am simply trying to assist based on what I have picked up over the internet since my post a week ago. I have not read the prospectus and am only try to give information as best as I have been able to interpret it. For everyone's sake lets hope oil gets taken down a few dollars before its next rise. The only problem seems to me that were on borrowed time.
GL/GT
CK
Thanks CK.
It is amazing that more people arent putting money into gold. I have noticed that it seems that oil is now the dollar play instead of the yellow metal.
Quite stupid and counterproductive to me. I am not saying that this is not demand driven as well...it is to an extent and it will become even more so five years from now.
The funny thing is that I am very very bullish on oil in the long run due to increased demand. Here I am stuck in an oil short!!!
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