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Sprott Comments On Liquidity Disconnects Between Paper And Physical Silver Market

Tyler Durden's picture


For all who need another confirmation that the silver physical market is increasingly more illiquid, at least compared to its infinitely dilutable and utterly mangled paper cousin, here is PSLV manager Eric Sprott himself: "Frankly, we are concerned about the illiquidity in the physical silver market," said Eric Sprott, Chief Investment Officer of Sprott Asset Management. "We believe the delays involved in the delivery of physical silver to the Trust highlight the disconnect that exists between the paper and physical markets for silver." Curiously, this has occurred even as the US Mint reports that sales of silver in December was the lowest in 2010, at just 1,772,000 ounces. It is unclear if this number was this low due to an actual supply shortage at the mint. Perhaps the fact that 2,221,000 silver ounces were sold in just the first week of January, a number which if run-rated would be an absolutely all time monthly record, should provide some clarity on this issue.

From Sprott Asset Management:

TORONTO, Jan. 10 /CNW/ - Sprott Asset Management LP is pleased to
provide investors with an update on the delivery status of silver
bullion purchased by the Sprott Physical Silver Trust (NYSE ARCA: PSLV,
TSX: PHS.U) ("Trust").

As of November 10, 2010, the Trust had contracted to purchase a total of
22,298,525 ounces of silver bullion. As of December 31, 2010 a total of
20,919,022 ounces of silver bullion had been delivered to the Trust.
The Trust expects to take delivery of the final 1,379,503 ounces of
silver bullion by January 12, 2011 and will subsequently publish the
serial numbers of all bars held by the Trust on its website:

"Frankly, we are concerned about the illiquidity in the physical silver
market," said Eric Sprott, Chief Investment Officer of Sprott Asset
Management. "We believe the delays involved in the delivery of physical
silver to the Trust highlight the disconnect that exists between the
paper and physical markets for silver."

h/t Robert


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Mon, 01/10/2011 - 10:29 | 863492 Rahm
Rahm's picture

Physical Maple's Bitchez!

Mon, 01/10/2011 - 11:23 | 863626 Sgt.Sausage
Sgt.Sausage's picture

Physical *anything*, my "bitchez".

Maples are as good as any other.

Mon, 01/10/2011 - 10:32 | 863495 Ragnarok
Ragnarok's picture

here is SLV manager Eric Sprott



Mon, 01/10/2011 - 10:32 | 863500 boricuadigm-shift
boricuadigm-shift's picture

You beat me to it.

Mon, 01/10/2011 - 10:33 | 863503 txapela
txapela's picture

boricua, soy de guaynabo!

Mon, 01/10/2011 - 10:39 | 863514 boricuadigm-shift
boricuadigm-shift's picture

Muy bien.  Por fin veo a otro boricua en este blog.  Llevo mirando este sitio desde que era blogspot hace ya mas de un año.  El mejor sitio financiero!

Mon, 01/10/2011 - 11:12 | 863587 cartonero
cartonero's picture


Mon, 01/10/2011 - 11:13 | 863591 txapela
txapela's picture

yo lo llevo mirando desde hace mucho ya, pero solo hace varios meses que se convirtio en algo diario para mirar.

Mon, 01/10/2011 - 11:35 | 863678 akak
akak's picture

Oye muchachos, es este sitio de repente ahora en espanol?!

Plata putas!

Mon, 01/10/2011 - 11:45 | 863718 Bastiat
Bastiat's picture

"Plata putas!"

I got that bit!


Mon, 01/10/2011 - 12:22 | 863830 Cash_is_Trash
Cash_is_Trash's picture

Plata y oro culeros!

Mon, 01/10/2011 - 12:38 | 863879 akak
akak's picture

Y no se olvide la platina y el paladio tambien!

Mon, 01/10/2011 - 13:53 | 864124 FatFingered
FatFingered's picture

Plata putazz.

Tue, 01/11/2011 - 14:14 | 867519 Rahm
Rahm's picture

Siete su boca tu putazzz!

Mon, 01/10/2011 - 10:33 | 863501 txapela
txapela's picture

yo, yep. i got the math question wrong. it fucking asked 19 * -17 = ??? I wrot ein the answer and it gave me some shit about answer couldn't be more than 2 character sor some such shit?

Mon, 01/10/2011 - 10:38 | 863513 Ragnarok
Ragnarok's picture

Another diversion to keep the robots at bay.

Mon, 01/10/2011 - 10:32 | 863499 txapela
txapela's picture

bro, that's incorrect. Eric Sprott manages PSLV, not SLV. PSLV is a closed fund. SLV is an open fund. Different funds. I'm doubting that he's running two different funds for different companies of the same precious metal. Conflict of interest and all.

Mon, 01/10/2011 - 12:25 | 863840 Cash_is_Trash
Cash_is_Trash's picture

I dumped SLV for PSLV last week. If you notice the charts, SLV doesn't trade as accurately versus the spot price.

Sprott trades with greater premium on the upside in comparison to SLV.

Mon, 01/10/2011 - 10:33 | 863504 Sudden Debt
Sudden Debt's picture

Actually, most of the silver bullion sites sited that due to the holidays, deliveries where suspended untill january.

Mon, 01/10/2011 - 10:54 | 863536's picture

sites sited


sites cited

Mon, 01/10/2011 - 11:40 | 863701 small watcher
small watcher's picture

A keen-sighted reader saw "sited" where "cited" should have been seen...

Mon, 01/10/2011 - 11:48 | 863728 billhilly
billhilly's picture

Most excellent, my first morning laugh.

Mon, 01/10/2011 - 13:26 | 864045 barkster
barkster's picture

we cite you with this citation for your oversight of this site.

Mon, 01/10/2011 - 14:16 | 864222 stewie
stewie's picture

Wow you guys are on a roll!

Mon, 01/10/2011 - 12:00 | 863760 akak
akak's picture

Cites sighted.

Mon, 01/10/2011 - 11:09 | 863568 Non Passaran
Non Passaran's picture

Yeah, right, and November 11, when they ordered that silver, was the last working day before Christmas.

Mon, 01/10/2011 - 10:34 | 863505 Oh regional Indian
Oh regional Indian's picture

It would be nice to trust the Sprott folks, given what they do for a living and knowing there is a genuine phys shortage looming (supply concerns here in India, especially on big run-up days and their immediate aftermath), this seems like the wrong source. It is in their interest to spread such news (vague of course) to stampede a small prt of the herd their way.

Silver positive of course and maybe that is all that really matters.


Mon, 01/10/2011 - 10:46 | 863524 breezer1
breezer1's picture

the dealer i use has had problems suppling bars. when i order it takes less than 5 business days to deliver. for sprott to buy 22mm ozs and for delivery to take over 2 months tells me that there was a supply problem. it could be armoured trucks are too busy but it seems to be a common problem and has been like it for a year or two.

Mon, 01/10/2011 - 10:57 | 863542 Oh regional Indian
Oh regional Indian's picture

Same thing here breezer. Caveat Emptor is all.


Mon, 01/10/2011 - 12:40 | 863890 Pegasus Muse
Pegasus Muse's picture

The mint I use is running hard but cannot keep up.  Huge orders (numbers & size) in Nov/Dec.  Delivery time has doubled.  Used to be 4-6 weeks now its taking 8-12 weeks. 

They buy and sell Ag & Au.  They're selling a lot more than they are buying.

Mon, 01/10/2011 - 11:28 | 863648 dognamedabu
dognamedabu's picture

Sure Sprott talks his book but IMO is a straight shooter. I am investing in a handful of cos of his and they are second to none when it comes to getting it right. His team(including the recent addition of Rick Rule) is about the best in the business. I see no advantage for him to mislead people about the market except for short term gains which, following him over the last decade he is anything but looking for short term gains.



Mon, 01/10/2011 - 12:29 | 863851 Cash_is_Trash
Cash_is_Trash's picture

Eric Sprott and John Embry think it's hittin' $50 this year...

Mon, 01/10/2011 - 12:34 | 863861 Oh regional Indian
Oh regional Indian's picture

Good to hear first-hand dogn. Thanks.


Mon, 01/10/2011 - 10:36 | 863506 Sudden Debt
Sudden Debt's picture

SLV was born in April 2006, with just 21m ounces of silver held in trust for its shareholders.  As expected, it opened up a huge new conduit for traditional stock-market capital to flow into silver bullion.  The more stock investors who buy SLV, the more silver this ETF’s custodians have to purchase to shunt this excess buying pressure directly into the underlying physical metal itself.  Last month, SLV’s holdings hit a new record high approaching 353m ounces!

To put this into perspective, global silver production in 2009 ran about 700m ounces.  Stock investors’ vast capital has already absorbed half a year’s worth of global silver production in the primary US silver ETF alone!  This new source of capital has accelerated this silver bull while making it much more consistent than the 1970s one, because the dollar inflows are more constant

Mon, 01/10/2011 - 10:59 | 863546 shortus cynicus
shortus cynicus's picture

Main custodian of SLV is JP Morgue with conflict of interest by shorting silver at COMEX. 

So please anyone stop writing that SLV "has silver", it is one of many fractional reserve scams embedded deeply into a system. BIS and its "gold" certificates is probably the second one, but a little bigger :-)

Mon, 01/10/2011 - 12:37 | 863878 strannick
strannick's picture

Harvey notes how the SLV redemptions, presumably by authorized participants grabbing physical, almost identically matches huge withdrawls from the Comex.

Bullionbulls has an account of double counting SLV in physical inventories.

Physical silver in your possesion puts one beyond the reach of such terms as 'unallocated' 'authorized participants' and 'double counted'

Mon, 01/10/2011 - 11:09 | 863574 Quinvarius
Quinvarius's picture

And to put that inpersepctive, JPM has 3.9 billion shares outstanding.

Mon, 01/10/2011 - 15:58 | 864708 Stormdancer
Stormdancer's picture


Giving Adam Hamilton credit for his words would go a long way toward enhancing perception of your own integrity.

Mon, 01/10/2011 - 10:38 | 863510 Thoreau
Thoreau's picture

There are cheaper and more anonymous outlets than buying directly from the US mint: aka Joe Blow who needs some dough to feed the family.

Mon, 01/10/2011 - 10:39 | 863515 Jason T
Jason T's picture

I'm on a waiting list.. well, been on a waiting list for physical silver from my local dealer.  Some 50 deep but am waiting.. shit, since silver was 14 in the summer.

Mon, 01/10/2011 - 10:46 | 863523 JLee2027
JLee2027's picture

No one should be waiting that long. What exactly are you looking for?

Mon, 01/10/2011 - 11:08 | 863565 breezer1
Mon, 01/10/2011 - 10:44 | 863520 Sudden Debt
Sudden Debt's picture

expectation of a $45 to $60 silver price before summer 2011:



Mon, 01/10/2011 - 10:48 | 863526 RobotTrader
RobotTrader's picture

QE ready to be unleashed to stick-save the likes of BBVA?

Mon, 01/10/2011 - 10:55 | 863537 LongSoupLine
LongSoupLine's picture

uhhhh, curious what that has to do with the subject matter of the thread?...other than QE ultimately raising PM's further.

Mon, 01/10/2011 - 11:07 | 863563 Bill Lumbergh
Bill Lumbergh's picture

Not looking good with that "world record volume"...


Mon, 01/10/2011 - 11:54 | 863741 akak
akak's picture

Robot, what are those cryptic abbreviations on the x-axis of that chart --- "Jan", "Jun", "Sept"?  You ought to know by now that it is only HOURS that matter to a real trader like yourself --- nothing beyond a 24 hour time frame!  It's all short-term, baby, SHORT TERM!

Mon, 01/10/2011 - 13:16 | 864003 velobabe
velobabe's picture

been Cdaded

Mon, 01/10/2011 - 10:53 | 863532 aribabak
aribabak's picture

Why did Harvey Organ's blog used PHYS when it quotes the price of this Sprott Silver Trust ?

Mon, 01/10/2011 - 11:33 | 863665 Temporalist
Temporalist's picture

Read it again it first uses GLD and SLV and immediately following that uses Sprott Silver and Gold.

Mon, 01/10/2011 - 10:55 | 863535 Michael
Michael's picture

The mainstream media(MSM) is working diligently turning the US into a nation of pussified sissies with their social engineering. They spin every tragedy into human interest stories and makes every issue about personalities. A good example of this is they will focus on 9 year old that died in Arizona, drolling on endlessly about it and making everyone all weepy over it. TV reporters are mandated to do this by their corporate overlords, and if they don't, they get fired just like they fired Alex Jones in his early days. It's a form of mind control.

The Internet is reversing decades of social engineering in a matter of years. Thanks should be given to Ron Paul and his movement that started the Tea Parties also, for helping to make us more aware. That is why our corporate overlords hate the Internet so much. The Internet helps us understand this problem by letting us articulate the truth, thus reversing the mind control.

Americans are not designed to be socially engineered. When will they get it?

Shit happens. Get over it. Move on. You still have a better chance of being killed by your bath tub.

Mon, 01/10/2011 - 11:37 | 863689 Stuck on Zero
Stuck on Zero's picture

The Press and mortuaries grow rich on tragedies.  What a business model.

Mon, 01/10/2011 - 11:05 | 863544 DarkMath
DarkMath's picture

" Curiously, this has occurred even as the US Mint reports that sales of silver in December was the lowest in 2010"


The US Mint stopped making 2010 Silver Eagles around November so it makes sense that December would show the lowest sales: they didn't have much to sell.


Mon, 01/10/2011 - 11:15 | 863600 NOTW777
NOTW777's picture

physical in short supply and yet the producers of the same silver getting pounded?

Mon, 01/10/2011 - 11:16 | 863602 goldmiddelfinger
goldmiddelfinger's picture

Gold. Gold will be CRUSHED ..Silver? Eh, not so much.

Mon, 01/10/2011 - 11:34 | 863670 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

You remember the rumble in the jungle?  Unless a viewer was highly observent, one would have thought Ali was getting beat up.  It wasn't the case.  Foreman tired himself out throwing haymakers.  Fiat vs gold is the same fight.  Paper is tired, and gold is about to light it on fire.

Also, if gold did go down significantly, it would ruin every Central Bank balance sheet in the world.  With Fraudclosuregate, and tax revenue problems, the banks need those ledgers to be at least somewhat balanced.

Gold, gold, boombaye!

Mon, 01/10/2011 - 13:19 | 864019 Dr. Porkchop
Dr. Porkchop's picture

If you're riding the paper tiger, can you ever get off?

Mon, 01/10/2011 - 15:28 | 864582 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

You get paper cuts.

Mon, 01/10/2011 - 12:25 | 863835 Sands8oo
Sands8oo's picture

I'll try to keep your comments in mind while the gold bull-train steams full speed up your ass as it passes the 1500, 1600, and $2000 marks...

So feel free to stay bent over on the tracks - I need tool bags like you to take the other side of my trades.

Cheers! Choooooo Chooooooooooooooooo

Sincerely Yours,

Nathan Wind

Mon, 01/10/2011 - 11:27 | 863647 Mr Lennon Hendrix
Mr Lennon Hendrix's picture
The Price of physical precious metal is decoupling from the paper Price:

Mon, 01/10/2011 - 14:01 | 864159 TLT
TLT's picture

Yes, that's right. The premium is more than 30% now.

Mon, 01/10/2011 - 11:48 | 863726 KidDynamite
KidDynamite's picture

just to point out the obvious - Sprott has just positively admitted that PSLV owns some paper silver, and has owned such paper silver since Nov 20th... the irony is especially sizzling, considering the hysteria that would have resulted if SLV were revealed to be holding "contracts" to purchase silver bullion.


How did zero hedge not run with the headline "SPROTT ADMITS THAT PSLV OWNS PAPER SILVER, NOT PHYSICAL SILVER BULLION" ????

Mon, 01/10/2011 - 12:37 | 863874 JLee2027
JLee2027's picture

Because it's not true.

Mon, 01/10/2011 - 12:49 | 863924 Bay of Pigs
Bay of Pigs's picture

Waiting for delivery of paid for silver equals holding paper silver?

Mon, 01/10/2011 - 13:43 | 864092 KidDynamite
KidDynamite's picture

when you've already sold the shares backed by that bullion, in a fund called the Sprott Physical Silver Trust, which was created because people had exactly these fears about SLV? absolutely!

Mon, 01/10/2011 - 14:05 | 864174 Bay of Pigs
Bay of Pigs's picture

So you suggest Sprott to buy the silver out of pocket and then issue shares? SLV is nothing like his fund. It is not properly audited and people are worried about it being a total sham and fraud (little to no silver backing). Calling them the same is not accurate at all.

Mon, 01/10/2011 - 11:49 | 863732 VFR
VFR's picture

A silver positive form cnbc. Must be getting serious:-)

'Not Owning Gold is a Form of Insanity': Chartist

Mon, 01/10/2011 - 12:51 | 863929 ciscokid
ciscokid's picture

Now you have made me worry........

Mon, 01/10/2011 - 14:25 | 864262 Armchair Bear
Armchair Bear's picture

Gold, along with other metals such as copper, has been making new all time highs, which is a strong buying signal, according to Griffiths. mention of "silver"???


I think gold is going to take a big fall and silver shoot to the moon.


Just my personal serves no real purpose in our lives, silver is in everything.


Gold=optional - yes, it's pretty...

Tue, 01/11/2011 - 01:49 | 866442 TheGoodDoctor
TheGoodDoctor's picture

Let's hope parity silver = gold. LOL.

Mon, 01/10/2011 - 11:51 | 863736 CrazyCooter
CrazyCooter's picture

Per HR 6162 (already signed by the big O), the language "the Secretary shall mint and issue, in quantities sufficient to meet public demand" has been changed to "the Secretary shall mint and issue, in qualities and quantities that the Secretary determines are sufficient to meet public demand".

My read of this is that Tim Geithner will be able to set coin production volume and purity, specifically Silver Eagle production, at whatever level he sees fit. That in turn means upwards of 40MM ounces of US silver supply will not be sponged by the mint to satiate a panic stricken J6P at big premiums but could instead act as a new supply for banks who are short on the COMEX.

If you note the date this passed ... and compared that to Dec US Mint volume ... which historically is the biggest volume month of the year ...


Mon, 01/10/2011 - 12:35 | 863867 Oracle of Kypseli
Oracle of Kypseli's picture

Buy Maples

Mon, 01/10/2011 - 13:34 | 864072 barkster
barkster's picture

and Libertads!

Mon, 01/10/2011 - 13:35 | 864076 barkster
barkster's picture


Mon, 01/10/2011 - 13:20 | 864017 famousamos
famousamos's picture

Wow, you are absolutely right... not sure how I'm just now becoming aware of this... We might be looking at 2012 zinc American Silver (plated) Eagles - for the sheeple.

Tue, 01/11/2011 - 02:13 | 866472 Fred G Sanford
Fred G Sanford's picture

Good catch Cooter.  Thanks.

Mon, 01/10/2011 - 12:22 | 863829 FurQ
FurQ's picture

Hey guys, if you want to invest in silver do you need to buy physical or would investing in a silver mining company be enough? I assume etfs aren't worth the paper they're written on

Mon, 01/10/2011 - 12:32 | 863854 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Miners will turn profit, but they pay out in paper.  There will be a point when paper is worth  the ink on it and nothing more.  There will be a disconnect between the spot price and paper price when COMEX runs out of bullion to deliver.  It is best to hold the metal. 

Mon, 01/10/2011 - 13:24 | 864036 velobabe
velobabe's picture

FurQ nice bush†

Mon, 01/10/2011 - 15:30 | 864593 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Georgia" Bush.

Mon, 01/10/2011 - 12:33 | 863863 tradewithdave
tradewithdave's picture

Eric Sprott could eat no fiat, while Max could eat no lien.

(from the fairy tale titled "bang, bang, Maxwell's silver rattle came down on J. P.'s head)

For the 7 fables of counterparty silver, click here:

Mon, 01/10/2011 - 12:45 | 863907 6 String
6 String's picture

My bet is that the CFTC will vote to pass position limit sizes. It's all about incentives, the CFTC regulators will, at the end of the day, try to save their reputations before the paper market crashes the COMEX and the commodities exhange loses all integrity.

Sprott starting a real, no-shit backed trust with Silver was genious. His "Double-Barrel" piece was genious, re: for any hedge funds that want to make some waves and shred some markets for serious gains, all you have to do is go very long.

It's happening. The Silver market will end the year north of 60 and Blythe can suck my toes. How many times in a lifetime does one get to pummel one o f the largest and crooked trading desks in the world?

Indeed. But this leads me to china. Even if the Chinese are, in fact, the culprits behind the artificial manipulation of silver--which is being aided and abetted by JPM--and are using the low price to absord as much real physical silver as possible, which is a real possibility given their manufactoring needs with Silver, one still exposes JPM is a big way: letting China get another huge edge on the U.S. will be sure sign of JPM anti-American initiatives even to the sheeple. With all the Silver, we'll never be the manufactores of all things shiny: solar, batteries, etc.

If this is so, it'll be fireworks time, boys. This will be seen a the first real, large scale ecoconic nuke sent to us courtesy of our "trading partners." 

And what will follow will likely be real bombs, and wholly due chaos. Stay in the bunker,  gentleman, and remain out of sight, but don't give up ground. The fight is well underway.





Mon, 01/10/2011 - 13:39 | 864083 barkster
barkster's picture

wouldn't surprise me if JPMorgue has set up a dummy company to which it is "selling" its comex short positions and once those positions are all out of Morgue's books, silver rockets and dummy company goes bankrupt.

Mon, 01/10/2011 - 13:06 | 863972 Printfaster
Printfaster's picture

I am going to give Eric Sprott a mega-DUH.

The reason paper and electronic markets exist is because of the horrible illiquidity of physical markets.  If I have to ship a gold bar to Hong Kong to complete a transaction instead of updating a screen and warehouse transaction is recorded, I am going to opt for the warehouse transaction.

The key is that the warehouse needs to be trusted.  Trust is the basis of liquidity.  When trust breaks down, liquidity breaks down.

Mon, 01/10/2011 - 13:16 | 864002 gwar5
gwar5's picture

Lot of silver for January, a lot.

Mon, 01/10/2011 - 13:44 | 864096 DarkMath
DarkMath's picture


Check out some valid criticism of Sprott's PSLV:


Mon, 01/10/2011 - 13:55 | 864135 h4rdware
h4rdware's picture

This weekend, BullionVault issued a warning to customers over delays with silver deliveries (incoming silver supply). Currently it's just a delay, but this is new for them.


Delays to Sprott, GoldMoney and BV were my litmus test for true shortages. Still watching.



Mon, 01/10/2011 - 14:07 | 864185 Bay of Pigs
Bay of Pigs's picture

"It's not a shortage, just a delay".

Jon Nadler


Mon, 01/10/2011 - 21:20 | 865824 truont
truont's picture

"The US Banks are not bankrupt, just insolvent."

Mon, 01/10/2011 - 21:27 | 865856 akak
akak's picture

"The subprime crisis will be contained, and will not spread to the broader economy."


"Japan has never been conquered by a foreign nation".


"Britannia rules the waves."


"Rome is forever."

Mon, 01/10/2011 - 14:20 | 864237 fiftybagger
Mon, 01/10/2011 - 14:36 | 864303 walcott
walcott's picture

Morgans bitchezz! 

Real American history pre-Federal Reserve.


Mon, 01/10/2011 - 22:08 | 865964 JLee2027
JLee2027's picture

Morgan Silver dollars, yup that's what I sell. Thanks for the pump!

Mon, 01/10/2011 - 15:04 | 864438 Geoff-UK
Geoff-UK's picture

Junk silver FTW.  Premium charged right now is fridiculously low.

Mon, 01/10/2011 - 16:11 | 864768 CustomersMan
CustomersMan's picture

Force Majeure, has not been talked about.


If you go back in time folks, I believe mid 70-'s, there was an interesting case, involving Mr. Simplot, and the potato market and the futures contracts.

(I was a commodity broker shortly after the event took place, and it made a lasting impact on me as to how the big boys play the game. It has serious implications for the current market in silver and may be used again.)

It was a huge default (for the time), which ended the Maine and other contracts. Many people were screwed. Big guys walked away. Now, how they were able to get a Force Majeure ruling is the key question.


The fine they had to pay was a pittance.

Mon, 01/10/2011 - 22:06 | 865940 JLee2027
JLee2027's picture

Silver market is more public, so the screaming would be quite loud in many places (I would guess Hunt Brothers x10 level).

I'm sure they'll try to get away with as little as possible though.

Mon, 01/10/2011 - 17:10 | 865021 Bastiat
Wed, 01/12/2011 - 04:20 | 869464 suckerfishzilla
suckerfishzilla's picture

I am trying not to leave a crumb of Silver behind for the investment bankers to find.  Help with our cause and scoop up all of the Argent available at a retail level in Portland Oregon.  Fire for effect.

Do NOT follow this link or you will be banned from the site!