Is the market always right? Or can it be wrong sometimes?
It is end of the month and I went to tabulate the Singapore Permanent Portfolio Performance.
I was surprised the SPDR Gold ETF was quoted at $110 at close. This is a $17 drop from $127, or about 15% decline!
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This put Gold weightage to 16.9% in our model Singapore Permanent Portfolio, almost close to the re-balancing point.
One easy way to verify was to look at the US listed SPDR Gold ETF because all the SPDR Gold ETFs, regardless of listing, belong to the same Fund. US version quoted at $128 at market open and close at the same price. Hence, it is likely the Singapore version at $110 is a wrong price. Not sure how it got transacted. Could it be someone keyed in a wrong order? If so, the buyer would be laughing to the bank. I expect the price to go back to $120+ on 1 Oct 13.
Please do not re-balance your permanent portfolio yet as the above weightage is wrong since the gold price is fishy!