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VIDEOTime to Get Bullish on UNG?
By
Adam Warner
Jul 08, 2009 9:10 am
At almost 70, volatility is now close to 52-week highs.
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According to PR Newswire:
"On July 6, 2009 the United States Natural Gas Fund announced in a current report on Form 8-K that only 32,100,000 of its units registered with the Securities and Exchange Commission (the 'SEC') were available for purchase by UNG's Authorized Purchasers.
"As stated in its current prospectus, UNG creates and redeems units in blocks of 100,000 units called 'Creation Baskets' and 'Redemption Baskets,' respectively. Only Authorized Purchasers may purchase or redeem Creation Baskets or Redemption Baskets. As of July 7, 2009, UNG has issued all of the remaining outstanding units to its Authorized Purchasers.
"As a result of these issuances, UNG will temporarily suspend the issuance of additional Creation Baskets until the SEC declares effective the registration statement on Form S-3 (333-159772) which was initially filed on June 5, 2009 and registers an additional 1,000,000,000 units. This registration statement is currently subject to review and comment by the SEC, the Financial Regulatory Industry Association ('FINRA') and the National Futures Association ('NFA')."The suspension of the issuance of Creation Baskets has no effect on the ability of Authorized Purchasers to redeem baskets of units."
No positions in stocks mentioned.
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