Incredibly, both the Central Fund of Canada (CEF) and the Central Gold Trust (GTU) are now trading at discounts to their net asset values of almost 10%. This means that purchasing CEF near its current price is roughly equivalent to paying $1050/oz for gold and $14.50/oz for silver. The unusually large discounts at which these bullion funds are now trading is an indication that gold and silver are almost as out-of-favour as they ever get.