Eric Sprott’s PSLV filed a prospectus, as he is required to do, with the intent of purchasing $1,500,000,000 of physical silver for the PSLV. (Click to download the propectus.)
“Though there are a lot of factors at play, such as a volatile silver price, the recent movement could have something to do with Sprott’s recently filed prospectus for a new offering of up to $1.5-billion of new Physical Silver Trust units. For the longest time Eric Sprott had been holding off on such a filing, telling the Globe in May that “there will not be an offering that negatively impacts the premium on the PSLV.” (Source.)
While this is a very exciting development for physical silver holders, I remain very skeptical about if this will really come to fruition. I believe Mr. Sprott is well intentioned and really intends on doing the deed, there is just not enough metal to deliver and I am quite sure heavy pressure will be brought to bear on Mr. Sprott to stop this date with destiny. The counter party to physical silver is a group of criminal men who trade the paper form of it to control the world’s resources. When you read the true story about the Hunt Brothers, the Federal Reserve, SEC and Treasury had daily briefing on the Hunts and rigged the game to break their backs. Mr. Sprott has been very wise not to use debt or leverage to make this move, but I know these guys are not going to give up the ship without a dirty fight.
I would like to suggest to Mr. Sprott that he keep hitting singles instead of a huge spectacle buy. I know, I know, you are all saying he should just go for it. If you knew the kind of scum he was up against, and you cared about Mr. Sprott, you would encourage that too. If he goes for the gusto and stands for 50 million ounces when there is on 32 million in the Registered Vaults (if you believe that..) he runs the risk of being branded a “market manipulator” and bring the dog howls of bureaucrats, pundits, and politicians. If that does not work, I am sure other under handed efforts will be made to stop reality from setting into the world’s markets.
“You cannot solve a problem with the same consciousness that created the problem.” -Albert Einstein
I hope he does a great majority of his purchases outside of the CRIMEX and go right to the miners and refiners and even overseas. By Mr. Sprott simply participating in the rigged CRIMEX market, he gives it legitimacy. It is a crooked casino and should not be played in. Starve the beast of your time, attention and money. He would be much more effective and wise to do a majority of the purchases in the free market and deal with the miners themselves. (Many of which he already has interest in…)
Couple this silver development with the EU debt crisis, the super fail of the Super Congress, MF Global scandal and 2.7 million ounces leaving the Eligible CRIMEX vaults yesterday, does any one still doubt that one day the whole world will change like a thief in the night?
This is also timed with the largest cup and handle bull market chart I have ever seen. 30+ years in the making for silver to finally break $50 an ounce. We only probably need to break $36 or $40 for the rockets to start roaring again, this time for good.
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An example of a Cup and Handle chart
Can you name me any asset that is still 30% below what it was in 1980???
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