Gata explains the discount.
The balance between unprecedented measures deemed necessary for financial stability versus fair price discovery in markets. When government (not really government, but the Fed as an organization of private banks) engages in intervention, do they not defeat the purpose of the goal of free markets in a free nation?
The Fed (as a central bank) does more trading than the average Joe, so why shouldn’t they get a discount? Look no further, all is well with the world.
The ESF and their rights as authorized under the Gold Reserve Act of 1934.