Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Current Price: 6,591.00 GBp (£65.91) per security, close 2026-05-29 Reference LBMA PM Gold Fix: $4,545.95 / troy ounce, 2026-05-29 Charlie and I want to begin with a confession: in seven decades of investing between us, we have never bought an ounce of gold and we have never recommended that anyone else do so. That bias is the lens through which the following pages should be read. We have tried — honestly tried — to apply our usual framework to this instrument, but the framework was built for businesses that take in capital and produce more capital. SGLN does not do that. It is a custody arrangement for a yellow metal sitting in a vault on London Wall. Whatever your view of gold, you ought at least to understand what you are buying.
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