Last night, something interesting happened in the traditional financial circle — Guotou Ruijin Fund suddenly announced that they would adjust the valuation method of their silver LOF fund.
$XAG $XAU $PAXG
The key point is: they adjusted first and then announced.
Why not say it in advance? The official response was very straightforward: they were afraid that if they announced it early, everyone would think there was a problem with the fund or liquidity was tight, which would instead trigger panic redemptions and even a bank run.
To translate: not saying it might get them criticized for being opaque; saying it might directly trigger a stampede. Caught in a dilemma, they chose to "do it first and say it later."
This actually reflects an old problem: in the financial market, transparency and stability are sometimes contradictory. Especially for funds linked to commodity futures, once the net asset value calculation method is adjusted, it can easily be overinterpreted by the market.
This matter is also worth considering in the cryptocurrency circle: we are used to on-chain data being open, transparent, and real-time, but certain "operational rhythms" of traditional finance still carry a strong "parental risk control" flavor — believing that knowing certain information too early might lead to bad outcomes.
However, returning to the point, since they have made adjustments, what is worth paying attention to next is whether the premium and discount fluctuations of the silver LOF will increase, and whether this adjustment itself truly means that the liquidity or valuation environment of the underlying asset (silver futures) has changed.
How do you think we should choose between transparency and stability? Let's discuss in the live chat~
