Sprott Sells $35 Million Worth Of PSLV Across Different Funds In Week Between April 18 And April 25

Tyler Durden's picture

In addition to all the already highlighted factors (margin hikes, Cramer buy recommendations, Chinese slowdown concerns, etc.) another possible reason why silver holders (at least of the recent variety, those who have been long since ~$10 could not care less) recently have had a difficult time with estabilishing positions in a suddenly very volatile silver market, is that according to a recently released 13-D by Sprott Asset Management, the head of the world's first silver physical ETF has taken profits on over 1.6 million shares of PSLV, across various funds, for total proceeds of just over $35 million, including up to $6.4 million for personal gain by Sprott.

The table below summarizes the sales, which occured between April 18 and April 25:

And the chart below shows precisely where Sprott sold based on the performance of PSLV over the past two weeks:

So the default question: is Sprott top ticking the market, or is he merely locking in physical courtesy of the premium arbitrage? At last check PSLV was trading at about 16% over NAV. Will the continuing interest in physical force PSLV to issue more shares or will the synthetic arbitrage persist? We hope to find out soon enough, as well as to get Sprott's thoughts on whether or ont other looking at his actions should get the impression upside is now capped.

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Thomas's picture

CEF used to do that and use the premium to up the per-share gold/silver holdings. Apparently, they decided that giving away the premium was stupid. Sprott may be a quick learn. It would be nice if they split the booty with the shareholders (bitchez). Sprott's premium was, I am told, enormous.

Blythe's picture

the Dimon say:

My Blythe bad, My Blthye hood.



covert's picture

panic is always a sign of a previous mistake. never be desperate.



disabledvet's picture

who's panicking?  you?

Hugh G Rection's picture

AHHHHHH The Sky Is Falling, Silver is down $2.00!!!! Sell, Sell, Sell!


Corrections are good nutjobs, gives me a chance to add more physical.  Silver up, buy ammo, silver down, buy more physical.



hbjork1's picture

When your neighbor needs help, you should help him and buy his silver.

h3m1ngw4y's picture

thats about the dumbest thing ive heard in a long time

NidStyles's picture

Interested in knowing these answers.

Ray1968's picture

Thanks Sprott!! Glad I can support your profits. Asswipe.

tiger7905's picture

I wouldn't read to much into the $35 million, he's mentioned in the past there may be a time to sell silver bullion to get into silver equities like he's done with gold bullion in the past. The more interesting question is since PSLV allows an exit in cash or the physical, what did the funds do? http://goldandsilverlinings.com/?p=856

macholatte's picture

Pump & Dump, Baby. Pump & Dump.

Sooner or later, it always gets converted back to fiat. Will that be plastic or paper, sir?


Speculation is only a word covering the making of money out of the manipulation of prices, instead of supplying goods and services.
Henry Ford
Ahmeexnal's picture

This is it, the collapse is NOW.

Hearst's picture

The cocksuckers over at the CME just announce that everyone should expect Silver to drop by $12 per oz this week.  With the US Dollar in the tank they're pulling out all the nefarious market manipulations they can to get Silver lower.  



gordengeko's picture

Wow, they are going balls out with this silver bs.

SilverRhino's picture

Let them ... in a year this will be a speedbump on the rise.  

Meanwhile Buy the FRAKKING dip. :)

I've got hail damage checks coming .... guess where they are going?   I can live with hail damage to the truck for a good long while if I can get a bigger physical position.

gordengeko's picture

It's done, I'm starting to get a bunch that didn't listen to me back in feb now asking me how to buy silver coins and where to go.lol 

dehdhed's picture

they were calling for a $14 pullback after a spike to 42 which didn't happen

Gordon Freeman's picture

I don't know if silver is going to tank this week, or not. 

However, I am very sure of this:  I won't be including the linked commentary by CPM in my decision-making.  Triple refried and digested "wisdom" like that is just opinion.


Hearst's picture

"I won't be including the linked commentary by CPM in my decision-making. "


Thanks for the correction, and great point.  The article never states WHO at the CPM group is making these claims.  But if I had to bet, I'd be betting it is Jeffrey 100 to 1 Christian...

Hearst's picture

No his father, George Hearst.  Popularized by HBO's 'Deadwood' series.  (Best television ever created IMHO, David Milch is a genius and a must watch if you even remotely like westerns and are a Gold bug.)

George Hearst struck it rich back in the 19th century with his Gold and Silver discoveries.  Noteably the Comstock Lode for it's Silver in Nevada and the Homestake Gold Mine in Deadwood which became the oldest, largest, and deepest mine in the Western Hemisphere reaching 8000 feet deep.  The homestake mine would become the basis of the Hearst financial empire.


More here:



TheGoodDoctor's picture

The spike back up will be epic. The miners are all discounted folks.

Non Passaran's picture

The miners have been discounted too long and I am concerned they will go even lower. I've read many theories and none make sense (except perhaps that shorting by hedgies theory). Some of my positions haven't moved since 26 silver and pre-1400 gold. WTF.

apartofthings's picture

I agree with that. I hear a lot about how the miners are leveraged to the price of physical, and how they will go up further etc. etc. but they have really underperformed.

Are TPTW suppressing them to buy more on the cheap? Are they aware of a coming correction in PMs? Does this reflect concern that miners are all inevitably financing their operations with debt, which will be bad news if the credit markets freeze up?

I really don't know, though I favour the first one, since the markets are rigged and we know that Bernanke et al. hate gold and want it to die. Maybe the truth is that both the paper prices and the stock prices have been manipulated for a long time, and while people taking physical off the market has been able to push the prices up, it's impossible to do that with stock prices, which are purely paper with no real analogue.

High Plains Drifter's picture

50 /oz  seems to be major battle line.  so be it.   look how long it took gold to get over 1000. i was hoping that for the first big push, silver would run past 50 for a bit but looks like they put the kabosh on that , at least for now. but , we shall build up and come again against this bulwork and we will get past it sooner or later......

JLee2027's picture

It will. I doubt they can cough up the 10 million ounces to make delivery this month.

Chappaquiddick's picture

Welll how many oz's did Sprott just unload??

Non Passaran's picture

I really hope that happens.

I have some paper money to spend - as a matter of fact I'm just getting ready to deploy it and I'm waiting for silver or gold (whichever, although I think silver is more likely) to dip...

Robot Traders Mom's picture

Hey Zack Gilifinakis, beat it.

trav7777's picture

Sprott is takin bugz to the cleaners, bitchez

linrom's picture

Family run business. Madoff clue No: 1.

Confuchius's picture

Pathetically weak comment.

How about Sam Walton?

How about Myer Rotschild?

How about David Rockefeller?

And; how about Henry Ford?

Quadlet's picture

How about Rupert Murdock?

How about the Bancroft family?


High Plains Drifter's picture

does he have product to back up those shares? 

Xibalba's picture

woops! looks like he's STILL SELLING!

B-rock's picture

Daytrade ZSL!

Ruffcut's picture

He is selling so that he can buy treasuries.

Manthong's picture

I bought a few of those shares from him.

Is that a bad thing?

Dr. Richard Head's picture

I don't know as I don't know my ass from a hole in the ground anymore. 

I am going to just invest in the only real liquid asset I know - Booze bitchez!!!!

bob_dabolina's picture

tmosely will pick it all up when he gets paid in 2 weeks like he said.

tmosley's picture

Sorry, kid.  I don't play with paper.

You might have trouble buying physical online though.

bob_dabolina's picture

Whatever you say

Bulls make money, bears make money, pigs get slaughtered ;)

trav7777's picture

bullshit, you pimp...there's been physical to be had in all kinds of places during this entire runup.

You and one of the tylers just like to harp on ONE dealer or ONE source or the suspension of proof coins to try to make people suckers like you.

There were quite a few people pointing out how overextended silver was and you just encouraged everybody to buy buy buy buy no matter the price as the COMEX default was imminent along with the end of the world.

You are a fucking idiot. 

tmosley's picture

Are you crying into your keyboard as you type that?

You sound like a bitch.

Burnbright's picture

Fuck you trav. Silver is down what 10% on a light trading day and after 5 rate hikes over 8 days. Silver is barely down, wait till it corrects 20% before you spew your shit at people who have been calling it right for over a year. 

Ill see you next month when silver is higher ass wipe.

Texas Gunslinger's picture

You shouldn't be so mean to others, especially when the other person is right!  There is not enough silver to meet demand, and this has been confirmed by my coin dealer.

My coin dealer coined (get it?  IT'S A PUN! LOLOLOLOLOLOL) the phrase, "price doesn't matter when there's no availability."

If you do a little research on silver you will quickly learn there is simply not enough silver to handle the overwhelming demand of the entire Western Hemisphere slowly transforming their currencies from paper to metal. And that doesn't even include industrial production of earrings and dinner wear. 

Those of us who buy physical silver today will be the rich aristocrats of tomorrow. 

Don't be so mean.  There is far too much hostility in this forum.  Even if you aren't a Christian, I think it's important to treat others with some respect. We are all fighting the same fight.

trav7777's picture

This is a troll, right?  LOL

my coin dealer had no shortage whatsoever.  Perhaps your dealer just sucks.

There's also no reason to be respectful to an idiot such as mosely-claven.

EVERY call he's made to buy buy buy buy at $44+ has been WRONG.  People could have WAITED for better prices.  But, nope, he just told everyone to bet the farm at 50.

The guy is an idiot...every price is a good price even when the indicators suggest ridiculously overbought conditions.