I think it would be difficult to figure out, with anon, jitney, itg and the rest to really ever know what is going on. It is fun for me to try and figure it out as that is how I learn. I did notice on the July 31 report by Morningstar there was actually a negative cash position of almost $7 million in the Dynamic Precious Metal Fund. The lastest reporting by Morningstar has the fund back at zero cash. Although I used to believe that having a big part of the share float tied up in strong hands was a good thing, I am starting to realize that Mutual funds are only as strong as the holders of the funds. If you get people redeeming their funds, I would guess you would have to sell or move some of it's holdings until more buyers can be found.