One of the best sentiment indicators we had for gold was the premium/discount for Central Gold Trust (GTU), a closed-end fund which owned only gold bullion. (Closed-end funds trade like stocks, and the pressures of bid/ask can cause them to trade at a premium or discount to net asset value–NAV.) We have always believed that the amount of premium/discount was an excellent indication of bullish or bearish excess. Unfortunately, last week that indicator was lost to us when Sprott Physical Gold Trust (PHYS) acquired GTU.