Since the start of the SilverSqueeze in late January 2021, the Sprott closed-end fund PSLV has now purchased +58 million oz of silver bullion, increasing from approximately the fund's holdings from 90 million oz (Jan 2021) to the recent total of over 148 million oz (see graph below).
This was made possible by a new shelf offering issued on March 2nd, 2021 to purchase $3 billion worth of silver bullion. In addition, Sprott PSLV has a prior shelf offering also that they were completing. Combined, Sprott PSLV had enough firepower to acquire roughly 120+ million oz of silver at current market prices around $25 to $27 per oz.
Based on the 58 million oz already acquired year to date, Sprott PSLV should have sufficient firepower to purchase another 60+ million oz still, based on the currently active shelf offerings. Given ongoing demand trends, it is extremely likely that Sprott will complete that shelf offering during 2021 and issue a new shelf offering, probably for another $3 billion in value, so that they can continue their rampage of buying the equivalent of 1/6th of the global annual new line silver mining supply.
That was not a typo. Let's cover how much they are buying one more time.
Sprott PSLV has been buying approximately 1 out of every 6 ozs of silver mined so far in 2021.
This unprecedented buying is causing massive supply imbalances in the silver market. Sprott PSLV has purchased so many 1,000 oz silver bars in North America, that they recently had to open a sub-custodian agreement in London (with Brink's) so that they can acquire 1,000 oz bars in London, store them temporarily there until those silver bullion bars can be transported to Sprott vaults in Canada.
Rick Rule, the former CEO of Sprott US Holdings, joins Wall Street Silver to discuss the details of PSLV, and how they acquire Silver in North America and around the world.
Mr. Rule tells us that the #SilverSqueeze is working and explains why.
$PSLV: The Biggest Buyer of Silver Bullion on Earth (Part 1)
Rick Rule: The Silver Squeeze Is Working (Part 2)
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