"Gold had a fantastic run throughout 2010. However, I am still really puzzled to see that the price charts of two following gold securities have a different/slower performance pattern (relative to gold price) ?

"On the ASX: ETFS Metal Securities Australia Ltd Physical Gold Fund (GOLD AU)
On the TSX : Central Gold Trust (GTU-U)

"I would appreciate if you could shed some lights on this relative poor performance relative to the actual gold price ascension.

"Thank you and best regards."

Eoin Treacy's view Thank you for this question which I'm sure will be of interest to other subscribers. The Australian listed Physical Gold fund has a relatively similar pattern to Gold quoted in Australian Dollars so that explains the differential with the futures price which is quoted in US Dollars.

The Canadian listed fund has a relatively similar pattern to Gold in Canadian Dollars. However, the fund's current level is well below the June peak while Gold in Canadian Dollars hit a new peak a few months ago. This underperformance started following the issue of an additional $280 million shares on June 23rd which appears to have had a dilutive effect.