[BTC-TC] Bitcoin Gold Trust -- CLOSED

[JohnGalt]

Weekly Report

Sunday, March 17, 2013

Overview

Assets: 1 oz.
Shares Outstanding: 100
NAV: 0.3373
Basket Size: 100 shares

Commentary

After the flash crash last week, BTC has risen back to the high 40's, rising from $43.39 to $47.30 (+9.0%). The price of gold was up slightly from $1582 to $1596 (+0.9%). The result was a decline in the NAV this week, falling from 0.3645 BTC to 0.3373 BTC (-7.5%).

[1714249775]

1714249775

[1714249775]

1714249775

[JohnGalt]

Weekly Report

Sunday, March 24, 2013

Overview

Assets: 1 oz.
Shares Outstanding: 100
NAV: 0.2233
Basket Size: 100 shares

Commentary

The juggernaut known as bitcoin has resumed its incredible rise in value, this week going from $47.30 to $72.00 (+52.2%). The price of gold was woefully outgunned rising only slightly from $1596  to $1608 (+0.8%). The decline in the NAV resumed this week went, falling from 0.3373 BTC to 0.2233 BTC (-31.0%).

[JohnGalt]

Weekly Report

Saturday, March 30, 2013

Overview

Assets: 1 oz.
Shares Outstanding: 100
NAV: 0.1798
Basket Size: 100 shares

Commentary

The rate of increase in the value of BTC slowed this week. Nevertheless, it still rose strongly from $72.00 to $88.91 (+23%). Meanwhile, the price of gold fell slightly from $1608 to $1598 (-0.6%). The result was a continuation of the decline of the NAV, falling from 0.2233 BTC to 0.1798 BTC (-19%).

[JohnGalt]

Weekly Report

Sunday, April 7, 2013

Overview

Assets: 1 oz.
Shares Outstanding: 100
NAV: 0.1136
Basket Size: 100 shares

Commentary

Well, it was another week dominated by the rise in the value of BTC. Bitcoin has been the clear leader among all investments. Don't let this distort your perspective. There is nothing wrong with owning gold.

The price of BTC soared this week, going from $88.91 to $138 (+55%). Meanwhile, the price of gold fell sharply but recovered somewhat, dropping from $1598 to $1568 (-1.9%). As a result, the NAV fell from 0.1798 BTC to .1136 BTC (-37%).

[JohnGalt]

Weekly Report

Saturday, April 13, 2013

Overview

Assets: 1 oz.
Shares Outstanding: 100
NAV: 0.1939
Basket Size: 100 shares

Commentary

In the past few months, the NAV of the fund has been dominated by the rapid rise in price of BTC. Last week was no exception; however, the tables were turned and the fund proved its value as the price of BTC crashed.

The price of gold rose slightly during the week, but ended the week with a small loss, falling from $1568 to $1536 (-2%). Meanwhile, the price of BTC surprised nobody by undergoing a major correction, plummeting 80% from a high of about $265 to a low of about $50. The entire week was only slightly less dramatic, falling from $138 to $79 (-43%). The result was a huge spike in the NAV, jumping from 0.1136 BTC to 0.1939 BTC (+70%).

In the commentary last week, I noted that there continues to be a benefit to owning gold, and this week was a perfect demonstration. Nobody knows what will happen next week.

I would also like to note that I have been forced to reduce my market-making activity during the last few days because the risk of loss has been too high due to the wild swings in the NAV. I reduced the sizes of my bids and asks (removing them completely at one point) and increased the spread. Unfortunately, the result of that has been a loss of liquidity when it is needed most. As the markets stabilize, I will restore the sizes of my bids and asks and reduce the spread.

[JohnGalt]

Weekly Report

Sunday, April 21, 2013

Overview

Assets: 1 oz.
Shares Outstanding: 100
NAV: 0.1222
Basket Size: 100 shares

Commentary

The price of gold fell sharply at the beginning of the week and ended up going from $1536 to $1405 (-8.5%). Meanwhile, the price of BTC has recovered some, rising from $79.20 to $114.98 (+45%). The result was a fall in the NAV from 0.1939 BTC to 0.1222 BTC (-37%), though it is still above the lows of two weeks ago.

[JohnGalt]

Important Announcement

I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment.

The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold).

In the meantime:

• Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
• I will buy back any shares at the current spot price. We must both be present to do this.
• I will buy any ask priced at or below the current spot price.
• I will continue to post a bid for the remaining shares at about 95% of the spot price.
• I will no longer accept gold deposits in exchange for shares.

If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM.

If you have any concerns, questions, or comments, you can post them here or send me an email or a PM.

[usagi]

Important Announcement

I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment.

I'm sorry to hear this John. To be honest I saw it coming and tried to get in with LTC-SILVER, but it looks like LTC-GLOBAL will stop the deal. If the process was a little more business-friendly i'd love to step in and take over for you and keep your shareholders happy but it looks like that is not an option for anything listed on BTC-TC.

Hopefully Carnth's funds can take the torch now, and continue your proud legacy.

[burnside]

You've done a great job running this issue.  It's sad to see it go.

[JohnGalt]

Weekly Report

Saturday, April 27, 2013

Overview

Assets: 0.06 oz.
Shares Outstanding: 6
NAV: 0.1107

I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment.

The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold).

In the meantime:

• Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
• I will buy back any shares at the current spot price. We must both be present to do this.
• I will buy any ask priced at or below the current spot price.
• I will continue to post a bid for the remaining shares at about 95% of the spot price.
• I will no longer accept gold deposits in exchange for shares.

If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM.

If you have any concerns, questions, or comments, you can post them here or send me an email or a PM.

[Carnth]

Hopefully with the death of LTC-SILVER and BTC-GOLD, Carnth's fund will get the liquidity it needs to survive.

Just to clarify, BTC-GOLD (my fund) is continuing operations as normal.

It is sad to see JohnGalt's fund, GOLD, go. But I can understand the situation.

[JohnGalt]

Weekly Report

Monday, May 6, 2013

Overview

Assets: 0.05 oz.
Shares Outstanding: 5
NAV: 0.1563

I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment.

The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold).

In the meantime:

• Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
• I will buy back any shares at the current spot price. We must both be present to do this.
• I will buy any ask priced at or below the current spot price.
• I will continue to post a bid for the remaining shares at about 95% of the spot price.
• I will no longer accept gold deposits in exchange for shares.

If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM.

If you have any concerns, questions, or comments, you can post them here or send me an email or a PM.

[MikeMark]

I just looked over this investment.

Looks like it has been well run. The odd thing about it is the timing. I'm actually thinking that now and possibly for the next few weeks / months it might be useful to own gold or silver instead of BTCitcoin.

BTCitcoin is relatively high priced and gold or silver are relatively low priced.

Are you sure you want to (continue to) shut this down now?

-MikeMark

[JohnGalt]

I just looked over this investment.

Looks like it has been well run. The odd thing about it is the timing. I'm actually thinking that now and possibly for the next few weeks / months it might be useful to own gold or silver instead of BTCitcoin.

BTCitcoin is relatively high priced and gold or silver are relatively low priced.

Are you sure you want to (continue to) shut this down now?

-MikeMark

After about 6 months of running the fund, I decided that it is not worth my time to continue running it and hoping that someday people will become interested. I was expecting the assets to exceed ten ounces of gold, but the fund never even came close to one ounce. If the situation changes in the future, I can start it up again.

[JohnGalt]

Weekly Report

Saturday, May 11, 2013

Overview

Assets: 0.05 oz.
Shares Outstanding: 5
NAV: 0.1179

I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment.

The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold).

In the meantime:

• Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
• I will buy back any shares at the current spot price. We must both be present to do this.
• I will buy any ask priced at or below the current spot price.
• I will continue to post a bid for the remaining shares at about 95% of the spot price.
• I will no longer accept gold deposits in exchange for shares.

If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM.

If you have any concerns, questions, or comments, you can post them here or send me an email or a PM.

[JohnGalt]

Weekly Report

Saturday, May 18, 2013

Overview

Assets: 0.05 oz.
Shares Outstanding: 5
NAV: 0.1143

I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment.

The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold).

In the meantime:

• Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
• I will buy back any shares at the current spot price. We must both be present to do this.
• I will buy any ask priced at or below the current spot price.
• I will continue to post a bid for the remaining shares at about 95% of the spot price.
• I will no longer accept gold deposits in exchange for shares.

If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM.

If you have any concerns, questions, or comments, you can post them here or send me an email or a PM.

[JohnGalt]

Weekly Report

Monday, May 27, 2013

Overview

Assets: 0.05 oz.
Shares Outstanding: 5
NAV: 0.1075

I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment.

The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold).

In the meantime:

• Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
• I will buy back any shares at the current spot price. We must both be present to do this.
• I will buy any ask priced at or below the current spot price.
• I will continue to post a bid for the remaining shares at about 95% of the spot price.
• I will no longer accept gold deposits in exchange for shares.

If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM.

If you have any concerns, questions, or comments, you can post them here or send me an email or a PM.

[JohnGalt]

Weekly Report

Saturday, June 1, 2013

Overview

Assets: 0.05 oz.
Shares Outstanding: 5
NAV: 0.1105

I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment.

The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold).

In the meantime:

• Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
• I will buy back any shares at the current spot price. We must both be present to do this.
• I will buy any ask priced at or below the current spot price.
• I will continue to post a bid for the remaining shares at about 95% of the spot price.
• I will no longer accept gold deposits in exchange for shares.

If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM.

If you have any concerns, questions, or comments, you can post them here or send me an email or a PM.

[JohnGalt]

Weekly Report

Saturday, June 8, 2013

Overview

Assets: 0.04 oz.
Shares Outstanding: 4
NAV: 0.1249

I regret to inform shareholders and anyone else that may be interested that I have decided to close the fund. The reason is that the participation in the fund has been much too low to justify its existence. I am surprised that the interest in owning gold is so low, but I suppose that it just can't compete with bitcoin in terms of return on investment.

The fund will remain open until June 29. At that time I will do a forced buyback of any remaining shares at the spot price (of gold).

In the meantime:

• Shares can continue to be traded until June 29, or until I have bought back all remaining shares.
• I will buy back any shares at the current spot price. We must both be present to do this.
• I will buy any ask priced at or below the current spot price.
• I will continue to post a bid for the remaining shares at about 95% of the spot price.
• I will no longer accept gold deposits in exchange for shares.

If anyone is interested in buying the fund's gold (or any other gold), please send me an email or a PM.

If you have any concerns, questions, or comments, you can post them here or send me an email or a PM.

[JohnGalt]

Weekly Report

Saturday, June 15, 2013

Overview

Assets: 0.03 oz.
Shares Outstanding: 3
NAV: 0.1364

Reminder: The fund will close on June 29, 2013. All remaining shares will be bought back at the spot price of gold at the time of the closure.