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... I was sort of shocked that out of nowhere UC Resources said they bought a million dollars of the silver trust because I had not specifically spoken to them about it. But I can tell you that First Majestic did buy $10 million of our issue. ...
Sprott Physical Silver Trust Announces Follow-on Offering of Trust Units
Nov 8, 2012
TORONTO, Nov. 8, 2012 /CNW/ - Sprott Physical Silver Trust (the "Trust") (NYSE: PSLV) (TSX: PHS.U), a trust created to invest and hold substantially all of its assets in physical silver bullion and managed by Sprott Asset Management LP, announced today that it has launched a follow-on offering (the "Offering") of transferable, redeemable units of the Trust ("Units").
The Trust will use the net proceeds of the Offering to acquire physical silver bullion in accordance with the Trust's objective and subject to the Trust's investment and operating restrictions described in the prospectus related to the Offering. Under the trust agreement governing the Trust, the net proceeds of the Offering per Unit must be not less than 100% of the most recently calculated net asset value per Unit of the Trust prior to, or upon determination of, pricing of the Offering.
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Sprott also spoke about his latest silver offering and how much physical silver it will vacuum out of this strategic and critical market: “It’s around nine million ounces. For the most part we will have purchased that already. I don’t know that we have all of the delivery yet because we just had the green shoe exercised on Thursday night. So that purchase has been made, but obviously we wouldn’t have delivery yet.
I don’t think we’re going to have delivery problems. As you know, I’ve always hoped we can’t get that last bar (of silver) because we’ll publicize it. But so far the silver has come in. Again, it tightens down the market.”
Sprott also added: “... we ended up buying about 47 times more silver than gold, but it’s only available 7/1 for investment because most silver has to go into industrial uses. I just believe the consumer is speaking with his wallet. They like buying silver, and there just, ultimately, will not be enough silver to satisfy all that need.”
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If Carlos or anyone else did this, their life expectancy would probably be measured in hours, not years....If more people would step up and start these funds, it would put a huge cramp in the style of some major banks and their continued manipulation of the metals markets. ... If someone like Carlos Slim got a bug in his britches, sent two hundred silver soldiers to the four corners of the earth to do nothing but buy up metals in whatever form they can get their hands on, it would be a sight to see.
With Slim's billions, I would set aside ten percent, or around seven billion dollars for this task. I would hit every single retail and wholesale outlet and clean them out. I would do it over and over again until I had the worlds largest stack of silver. With a four or five billion dollar pile of silver, he would have no trouble breaking the backs of the big banks silver monopoly, and he would become risher still as a result.
Carlos Slim could make Nelson and Bunker Hunt look like rank amateurs. He could buy a billion dollars worth of Comex futures and immediately stand for delivery. He could do the same thing in London and Dubai. If he was able to show they do not have the metals they promised, he could bankrupt them, sending his existing stack so high in price that the billion or so he "lost" in the ensuing bankruptcies at Comex and London would be inconsequential by comparison. I am surprised that one of these oligarchs have not done this yet.
This is on my mind, too.The further we get into the month, the more likely people will be standing for delivery. Given the COT numbers being so bearish (high spec long and high BullionBank shorts), it really makes me wonder if this is really "it". It's not normal for high spec interest to hold this far into a contract month. Usually, they would have already rolled their contracts to a more liquid month right?
We'll see eventually, but it would be nice if the Comex and LBMA collapsed in upon themselves and if SLV wwas finally revealed as the fraud it truly is. Gold and silver at their real prices would absolutely shock people.
http://canadianinsider.com/node/7 search for "Sprott Physical Silver Trust (TFiling
Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Price
Apr 5/13 Apr 5/13 Sprott, Eric S. Control or Direction Units 10 - Disposition in the public market -300,000 $10.70
Apr 5/13 Apr 4/13 Sprott, Eric S. Control or Direction Units 10 - Disposition in the public market -300,000 $10.55
Apr 3/13 Apr 3/13 Sprott, Eric S. Control or Direction Units 10 - Disposition in the public market -252,400 $10.64
Apr 3/13 Apr 2/13 Sprott, Eric S. Control or Direction Units 10 - Disposition in the public market -237,045 $10.81
Apr 5/13 Apr 1/13 Sprott, Eric S. Control or Direction Units 10 - Disposition in the public market -300,000 $11.06
Apr 3/13 Mar 28/13 Sprott, Eric S. Control or Direction Units 10 - Disposition in the public market -300,000 $11.25
Apr 3/13 Mar 27/13 Sprott, Eric S. Control or Direction Units 10 - Disposition in the public market -300,000 $11.32
Apr 3/13 Mar 26/13 Sprott, Eric S. Control or Direction Units 10 - Disposition in the public market -300,000 $11.39
Apr 3/13 Mar 25/13 Sprott, Eric S. Control or Direction Units [Amended Filing] 10 - Disposition in the public market -200,000 $11.44
Apr 3/13 Mar 22/13 Sprott, Eric S. Control or Direction Units 10 - Disposition in the public market -200,000 $11.42
Interesting, good spot SA.Why is Sprott selling at current prices?
... On Tuesday, April 16th Eric Sprott held a conference call with institutional investors. We tuned into the call. He made a point of commenting about the sales:...There’s been a lot of questions asked about our Sprott Foundation selling shares of PSLV, which we publicly announce every day that we sell them. It’s sold for two reasons. One, the foundation needs cash for various donation commitments. And two, I’m selling PSLV because the (mining) shares have been so distressed here that I think the (mining) shares are a better buy than the metals.
I’m obviously very optimistic on the metals, as are all of our partners. But I think the (mining) shares have been so collapsed here that it’s a better investment for us at this time. So that’s the reason I’ve made that change.
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