This page has been archived and commenting is disabled.
Sprott Sells $35 Million Worth Of PSLV Across Different Funds In Week Between April 18 And April 25
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.
»
- 18351 reads
- Printer-friendly version
- Send to friend
- advertisements -
it seems to me that tptb are very concerned about its rise, else why would they move the heavens and stars to stop its rise.
I dont care in the least about some paper silver nonsense.
Talk 'er up and sell. Seems to me we've seen this before.
Even the vets are cashing in. Hmmm. Me wonders what the baby fish will do. Oh right to da .....
Someone's wrong
If the upside in paper is going to be manipulated and attacked, then it seems logical that now would be the time to load up on the physical.
Sprottie is laughing all the way to the bank.
mini raid! 45.25 zsl bailing me out of friday's end of day face slap
This was a prudent move on Sprott's part. The chart was parabolic, come on people.
What % of PSLV's total holdings went out?
I don't have a Sprott-size position so I didn't sell any physical; but I didn't own paper going into this week either. It was obvious there was going to be a hit.
PSLV is interesting but not the real story -- the real story is what's happening in physcial supply and demand . . . and how Comex May deliveries shake out.
there's nothing to shake out for May. Remaining open interest is tiny.
Silver in short supply....check!
Sell the premium in PSLV....check!
Buy physical silver with the proceeds....check!
Silver in shorter supply.....check!
What else do you need to know?
A double top in PSLV formed.
Sprott is going to load up on those new gold eagles.
Here we go again. Silver is crashing to 30, during may: (the chart is so old and bit of in timing, its already boring, but its still valid):
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&sta...
Nobody gives a sh*t about your forum.
If you are still playing with ETF commodities after today and not buying the physical, then you are truly a lost individual who really has no idea what they are doing with investments. I warned and warned but for the fools who did not listen once again - well - unfortunately you must be truly a degenerate gambler to invest in these markets. My recommendation for people who are still investing in ETFs is - they should sell everything they have left, buy a crate of liquor and a plane ticket to vegas. Your odds are better in Vegas or you can bet online casinos (assuming the DOJ has not shut the Street's competition down yet because the payouts are better than robotrader).
anyone long PMs got duped into the yet another pump and dump by guys like paulson & co. Given how long people on Zhedge have been committed to this trade you guys should be up a lot of dough. Get out now. I guarantee when we see the next 13F out of JP & Co that Mr. "look at M2 growth since the start of the crisis" will be exiting his position. Look at Sprott!
ENOUGH ALREADY!!! It's TROLLS like you that are ruining this trade!!!!
This is my first post EVER because after reading all the great analysis on the fundamentals of silver on ZH I bought a pretty good chunk of my IRA in SLV and PSLV two weeks ago (you gotta diversify yo bonds after all... :) ) and now we've had TWO crazy days and I felt i had to find out what the real story was with what's happening. Are these moves just b/c of TROLLS like this??!?!
I mean the fundamentals still look good? My keltner channel signal was a huge buy the other day and now the Williams %R has broken through!!! Please people we all KNOW that the dollar isn't worth the paper its printed on - WTF IS HAPPENING?!?!?!?!
Just a raid on silver so the shorts can cover. Nothing to worry about imo, we needed a correction to get the froth out. Silver will resume uptrend shortly.
This could be a good BTFD opportunity, but it's your money so you decide what you can sleep soundly with.
Relax, 'k.
And read this:
http://jessescrossroadscafe.blogspot.com/2011/05/portrait-of-desperation...
And ignore the damn trolls, feeding them just encourages them.
Whew, THANKS for the support guys - I'm not quite sure what that's all about on that link, but it seems like he's saying that the there's more demand for physical than there is supply right? $50 here we come!!!!
Maybe I'll do a little dollar cost averaging in here but whew it's quite a ride. Between this and my SINA stake things are getting a bit volatile. I tried to smooth things out with some TBT, which a buddy of mine recommended so I can follow what these "hedgies" do but that's not been much of a hedge... Anyway, at least I'm in good company versus The BERNANK and these trolls! LOL
welcome to the party pal...maybe if you did a little research instead of relying on special patterns in charts you'd be a little more confident in your decisions. Since that's what you seem to care about here is a prediction: Have you checked the 150day MA yet? I think we will see SLV headed right back there, to a penny!
The silver bull will reach the moon with the strongest riders left on it's back
And read this also:
http://www.treasurefreedom.com/2011/05/02/the-concept-of-misdirection-and-how-it-relates-to-financial-markets/
Longdongtroll is more likely - WTF, you're so full of shit!
Buying some Physical here... under $44 seems like a good entry point for a couple
dozen oz's for the shoe box.
Hmm Sprott not your friend now like he was a couple of weeks ago.
Bye Bye $45.
http://www.youtube.com/watch?v=jIpUXyQll-o&feature=related
The question is this: is the silver action the action of a market, in which case reversionary price action talk makes sense; or, is silver in the transition from a regime of leveraged naked short selling based paper manipulation TO a true market where price discovery will take place based on physical supply and demand? If the latter, reversionary talk of parabolic blow offs collapsion do not apply until prive the they overshoot the true physical clearing price. I think no one yet knows where that is. Sprott himself went on record pricing it in terms of gold as 10:1 or so just a couple weeks back . . .
The fact that Sprott sold here is interesting but as a fund manager he has to perform short term as well as long term. As pointed out above, he may be arbing the PSLV premium to buy more physical for himself and more mining shares for his funds.
When they're yellin I'm sellin & When they're CRYIN I'M BUYIN!!
The newbies proclaiming $43 silver is cheap have a date with a meat grinder.
Does no-one else see a problem with people like Sprott.
When they want to talk it up, they're all over the internet like a rash. When the sell...it's only discovered a week or two after they've done it.
He obviously has a dual role to perform and from where I'm stood, that's called a conflict of interests.
In his defense, he has been making the same argument for several months. You need to understand that Sprott has more than just PSLV that has Silver. He is also a fiduciary of other investments that have PSLV. Therefore, he may need to sell to uphold those duties while still believing in the bull market in Silver. Remember, one day news items are meant to be traded not invested. Read PSLV prospectus.
Sprott has been in this a while so this is not a pump and dump, but no one can argue that there are powerful forces arrayed against Silver now and Sprott's move may just be acknowledging this reality (they will all eventually get swamped by fundamentals.)
I moved into cash and more gold when silver hit 46 on the way down today. Per previous post, I thought bad guys would do anything to get a close out of the well-established channel.
Now it is up to the Asians to tell us the demand story tonight. I am out of this market (and therefore wont profit if dip is bought tonight) but what happens tonight could tell us a lot about where Silver goes in the next several trading sessions.
silver shares haven't participated in the last upsuge. just the opposite.
we can only speculate what's on Sprott's mind but a swap from bullion to shares would make sense at this time. imho of course.
Looking for another dip to load up on some more eagles. Just can't get enough.
I got my friends buying eagles now, I told them buy it or I won't give you free sticky.
Keep stacking.
IMPORTANT SILVER CHART:
http://stockmarket618.wordpress.com/2011/04/27/thurs-april-28