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Sprott Launches Physical Silver Mutual Fund, Will Likely Soak Up Much Marginal Silver Inventory
And another major source of physical demand in the already very undersupplied silver market appears. Just released from Sprott Asset Management, who recently added to the perfect storm in silver by cashing out on the record PSLV premium and converting proceeds to miner stocks: "The Sprott Silver Bullion Fund is an innovative offering, being the
first mutual fund in Canada to invest primarily in unencumbered, fully
allocated silver bullion. The Fund's objective is to seek to provide a
secure and liquid investment for investors seeking exposure to silver
bullion without the inconvenience associated with direct investment." We can't wait to discover how many tons of silver this mutual fund will soak up imminently, and where the always exciting adventure of "COMEX registered silver" takes us next...
Full release:
Sprott Asset Management Expands its Industry Leading Family of Precious Metals Funds with First Silver Bullion Mutual Fund in Canada
TORONTO, May 9 /CNW/ - Sprott Asset Management LP ("Sprott") is pleased to announce that it has expanded its industry leading family of precious metals funds with the addition of the Sprott Silver Bullion Fund.
Sprott now offers five different precious metals funds including, Sprott Gold & Precious Minerals Fund, Sprott Gold Bullion Fund, Sprott Silver Bullion Fund, as well as the exchange-traded Sprott Physical Gold Trust and Sprott Physical Silver Trust.
"We have been very early and active investors in precious metals and we strongly believe that all investors should have an allocation to precious metals in their portfolios. With our newest fund, investors will have greater choice as to how they choose to gain exposure to this asset class." says James Fox, President of Sprott Asset Management.
The Sprott Silver Bullion Fund is an innovative offering, being the first mutual fund in Canada to invest primarily in unencumbered, fully allocated silver bullion. The Fund's objective is to seek to provide a secure and liquid investment for investors seeking exposure to silver bullion without the inconvenience associated with direct investment.
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yum. bullion. yum
I am calling for silver to hit $60 in mid August and $80 in mid october.
comex printed a 32 on friday. vault are running low and demand is running high. DTFM people.
have confidence in the physical.
So you all of you see this as positive. It probably is in some strange way I suppose. No one can tell me how but everyone jumps on the pumping wagon.
But, think about this one. As silver concentrates into fewer and fewer hands when one the those interests bails like he did on PSLV what happened? Silver dropped 30+ %!
They trigger a freefall because they are watched so closely.
Last week is the perfect example. The concentration of ownership of these resources creates a likely chance of another collapse down the road when their members or they exit.
I bought a boatload on Friday so get a grip on the troll crap.
This is a trade nothing more now that the specs are all over it. One has to take this attitude vis-a-vis last week. It is a profit trade not a financial collapse anymore. Last week proved it.
The fish got eaten. Some of the pumper trolls here sold the farm at 48-49 and left their brethren high and dry all the while yelling troll.
You bastards should be hung for your lies
Yes I will sell again at 49. Only my tradeable portion - not my core position.
Tell me why a concentration of a postion is good?
It isn't and deep down you know it.
Just like the last time when it 50 bucks in the early 80's
Silver is the pump
Gold is the trump
Mogul,
Your tone is condescending and bitter. You should know better by now than to think these are "free and fair" markets. If you are calling a top in silver, well then, you should expect to be ridiculed when you are proven wrong.
I hope he buys a bunch of SLV on the next "raid" week...and then asks them to deliver...to his new fund....now would not that be a perfect crime......he will probably get it direct from the miners though....much easier...so with CEF and Sprott..you can take Canada off the radar as a supplier.....lol
The best prison is the one whose walls are invisible.
Our paper money debt system is that prison.
Buy physical
There will be plenty of supply for Sprott to buy.
All the bagholders who piled into physical over $40 will be returning that inventory within a week if the price of silver doesn't immediately rocket back upward towards the highs.
And if it does rocket up back to $50, then all the long-term holders who failed to sell at those highs will be dumping en-masse.....
Meanwhile, Dollar Thrifty is now officially a 78-bagger off the March 2009 lows.
Lots of guys are now able to retire who bought that stock in quantity at a measly $1.
While the coin-clutchers and PM stock owners are still desperately trying to pay down their margin balances.
LOL...
Hi Tyler,
how are you doing ?
You know, I was a frequent commenter with Ambrose Evans-Pritchard, Daily Telegraph, until he was ousted by his boss for demanding the abolition of the Fed, at least that's my guess.
He too posted under another name in his own article's comment section.
He was his own sharpest critic.
Everybody, including me, fell for it, until he revealed himself.
We subsequently then raised him to the rank of double-agent :-)
That is a bit thick - dude, gloating gets you nowhere. Getting one trade right out of a hundred is not a good batting average
Lots of guys are now able to retire who bought that stock in quantity at a measly $1.
And when it was $1 you were pumping the XLF which you are now up 1% on,congrats.
I have no plans to sell the silver I bought at $47 and still think that it will prove to be a good buy by a factor of 3 or more by end of 2012.
But then, I am not buying silver to speculate on silver prices for quick profits. I am buying as a hedge against the likelihood that the Keynesians in this adminstration are going to destroy the USD inadvertently due to faith in a fantasy system of economics.
But good luck to you and I hope you have plenty of friends if the proverbial fodder hits the fan.
Well, I hate it when CNBS brags after the fact of how much some stocks rallied especially when cherry picking the tick low to the peak.
Look at Pier One. Traded at $.10 on March 12-13 2009 1.7million shares traded at $.11 on 13th, 2009. Nice bottom catch and it makes for a 100bagger if you held on to it that long. I doubt anyone did. People had balls to step in and buy PIR in march 2009 when they were on verge of bankruptcy. But theoretically they became a 100 bagger if you bottom ticked it and held for 3 years. If anyone wants to show me their trades i'll buy you an ounce of silver. better yet, if you made that 100 bagger you can buy me an ounce of gold!
I'm confused, I thought Sprott was having a hard time finding physical for PSLV and sold. Oh, right, he is selling PSLV at the high premium to put the proceeds into silver in a vehice with zero premium to watch it go to 20% premium like PSLV. Got it!
I'm confused, I thought Sprott was having a hard time finding physical for PSLV and sold. Oh, right, he is selling PSLV at the high premium to put the proceeds into silver in a vehice with zero premium to watch it go to 20% premium like PSLV. Got it!
The real unknown here is the ETF, central bank, Sprott, CEF, Hedgies, concentration here.
What effect will they have when they jump off the bus?
I can assure you of one thing, the taxpayers who are funding these sovereign purchases through their central banks are gonna get taken by the banksters.
Just make sure you aren't the last bitch at the party like last week. When RYNEX sells to buy the farm - sell the goddamn farm
For you newbies be careful around here. Many of these "silver bugs" are nothing but scumbag pumping trolls trying to jack the price
Comex --CME--shares in need of "extra support" with buyback announced today ?
Shares of Comex began "unwinding" on April 27......
Maybe someone inside Comex is anticipating an "adverse" event ???
Premiums continue to drift higher. 100 ozt JM bars now $1.99 over spot per oz, from $1.79 yesterday. They are moving quickly too.
It's hard to find a category of silver on APMEX that isn't moving at least 1000 ozt per day. They got 4000 ozt more scratch and dent in early this morning, and it's already down more than 200 oz.
Where do you get that "street sale volume" information ?
Do they post it on APMEX' site ?
Check the site a couple of times per day, and you will see the inventory being depleted and refilled.
I like to look at the scratch and dent silver (the premium rose from $1.19 to $1.79 since I bought some in late April), 5 oz bars of non-numismatic grade, 10 oz bars, 100 oz bars, and COMEX deliverable bars, now that they have a few.
All of these products are moving swiftly. On a per-oz basis, the 100oz bars are moving the fastest, as far as I can tell.
If I were Sprott, i would suck in all the silverbugs and bust them out like last week, again and again.
I mean, if there were ever a more gullible set of people looking for a King, I'm unaware of them.
Because asset managers that ruin their reputation really thrive, right ?
peak oil crowd?...peak vlcc crowd?
peak ponzi
bytches
No, I think you would have lost all your credibility by telling them to pile into oil in 2008 at the highs.
not your finest commentary trav...some holes in your theory.
That seems to say more about you than about Sprott, I believe.
Trav7777,
I have to inform you, with regret, that in your growing snark and bitter arrogance, you are treading dangerously close to becoming an "automatic flag as junk" for me here in this forum, along with RobotLemming and MethMan.
Just what is your problem anyway? You consistently come across as a deeply angry and almost compulsively unhappy person. Please, get some help for your depression and/or anger management problems.
oh nooooooooooooooooo
akak is going to JUNK me, wtfever will I do!?!?!?
I mean, I could JUST DIE.
Junk away, bitch, do you think I give a fuck?
If you didn't care, you wouldn't respond.
You really should just leave, and give up your stupid fucking vendetta by proxy you now have against silver.
just curious, but do you talk that way to people in real life?
Thank you for verfying my growing suspicions that you are a bitter and valueless member of this forum, and deserve neither consideration nor respect. Let the junking begin.
he blew his wad at fukushima.........
arrrgggh i am still a buyer!
Good Afternoon ZeroHeds...
Can someone please explain to me why Kitco, a company that is big on selling bullion have Jon Nadler as their senior analyst guy...when he is wrong (consistently) and basically bullish always on PMs?
http://watch.bnn.ca/#clip463498 (posted today on Kitco)
Is it because more sheeple will follow the advice and stay away from PMs (so the ppl can just stay in fiat), especially when presenedt for people to view on a more commercial ie BNN, (as opposed to underground) medium.
Or is it because when your Kitco - it doesnt matter what the 'bet is', they make money on...'the juice?'
Fried(e)..answering my own questions i think...
I actually wrote Nadler one time and asked him that very question...and I actually got a response. He said he deals with the data in the now, not in the future. He also said Kitco isn't in the business of speculation, it's in the business of selling porduct. If people get burned on buyng from Kitco based on their advive they might not come back. Kitco definitly has their share of permabull contributers so I guess they got to balance it.
Nadler is a believer in Keyenesian ecomomics. He's all about having 15% of assets gold in case SHTF and the rest should be kept inline with how the system works right now.
Jon Nadler is nothing but a deceptive, deceitful, lying, disingenuous, malicious, malevolently pro-bankster, pro-Establishment, anti-gold propagandist for the financial and political status-quo power elites. He has not let his consistently wrong and ridiculously bearish stances and predictions on the precious metals slow him even slightly from trying to steer fiat holders from seeking financial safety in the precious metals, and from trying to scare weak hands out of them on a regular basis. In Jon Nadler one can see revealed, in its full and ugly reality, the essence of what it means to be a collaborator with and defender of evil.
++++ Hear! Hear!! Well said.
+1
Nadler's been bearish since gold was under $850 and more like $700. Gartman said it would never reach 500 in Euros. And Jeff Christian simply has his head in his ass.
They are ALL arrogant pricks and douchebags. Proven wrong time and time again.
Sadly, it appears Nadler won't be in Vancouver, BC on June 5-6 so Bay of Pigs can heckle him from the crowd.
http://cambridgehouse.com/conference-details/world-resource-investment-conference-2011/28
Any other ZH'ers going to this event?
Funny you say that, BoP, as I have dreamed of going to one of those Cambridge House conferences JUST to heckle and confront that bastard Nadler! Have you ever been to one at which he dared show his vile, bankster ass-kissing face? I have always wondered why he is NOT completely mocked and heckled off the stage at any such public events.
akak,
You see and hear less and less of him (and KITCO in general) at these functions. Most that attend these conferences are hardcore Goldbugs, so he knows he won't be well received. Gartman got laughed off the stage the one and ONLY time he came and talked his line of shit. He's a pathetic little weasel that I had words with as well. ;o)
Bay of Pigs will be in house in Vancouver if anyone wants to hook up and talk PM's. Love to meet any fellow ZH'ers that might be there.
Given the wildly irrational arguments that Nadler typically uses in his vain attempts to talk-down the PMs and to denigrate the "Radical Goldbug Extremists" in his daily Kitoc.com agitprop, I am not surprised that he dares not show his face publicly at any such event. If I were at one, and he as well, you can be DAMNED sure that I would very publicly and vocally confront that lying SOB!
Wish I could make it down to Vancouver for this one, but will have to pass. Missed you by only a few dozen miles a few months ago in Hawaii, too! Well, next island over might as well have been next state over.
he is also friends with mish shedlock.......( OH NO !!!! )....
i wish TD would tell him to do a guest post on ZH. Welcome to hell Jon.........ha ha ha ha
http://www.youtube.com/watch?v=vhkePLsm_pU
russian military industrial complex, 2011 version.
some things never change..........
Trav, ha ha you crack me up man. Been watching you be wrong since around $20/oz. I could have made money buying against your advice if I only read your comments.
lol...srsly?
Because I never made any calls on silver until like 49 dude.
Smooches
mutual funds are not ETFs. they are mutual funds.
how many mutual funds can you name that hold physical silver or gold as the underlying asset? where do they hold their metal?
there has been a lot of "chatter" on the www, here and elsewhere, re holding assets in another country b/c of fear of US pols/FED/bankruptcy/confiscation/collapse/riots/societal breakdown/martial law.
recent news here on zH includes sprott selling PSLV for premium, followed by sprott buying miners/producers, followed by this.
tyler: will this be a no-lode?
those geniuses with offshore buried canned ham may want to ponder just how in "collapse" they will actually GET THERE
These here sprott blokes must be streaming.
I notice Sprott Fund went Big Time into Miners with Silver Wheaton his #4 largest holding. Others are listed here at Fundville, a nice site for seeing who owns what:
http://fundville.com/fund/2537/SPROTT-ASSET-MANAGEMENT-INC