This past week several such funds also saw their shares fall below the intrinsic value of their bullion holdings, a rare event.

WSJ: Upside: The Great Gold Divide: Which Side Are You On?

As the price of senior gold mining stocks and gold bullion have diverged, the enterprise value per ounce of gold reserves held by gold miners is at a historically steep discount to the spot price of gold.

FORBES: Panning for Stocks

Such collateral should be in the form of gold bullion not promises of future oil deliveries and the like, whose value is at best uncertain in view of the dilapidated condition of the Soviet energy and transportation sectors.

CENTERFORSECURITYPOLICY: Trying to put Moscow on the dole