Sprott Asset Management announced a secondary offering of its PSLV silver trust on Friday. If the over-allotment option is exercised, the deal will raise approximately $86 million. At today’s price of silver ($15.95), that would translate into 5.4 million ounces of silver. I believe that the bullion banks are having more issues sourcing silver than gold to deliver into paper bullion commitments (Comex futures, LBMA forwards and possibly OTC derivatives). It will be interesting to see if Sprott ends up having delays in getting the silver it buys for this offering.
The News Doctors and Wall St. for Main Street released another episode in which they discuss the Sprott offering, the Panama Papers and other timely controversial issues. You can listen to their discussion here: Welcome To Dystopia Episode 18.
Just four years ago a bullion dealer said to me when I asked
about silver he said, go down to Mexico and silver is just
lying on the ground. There is so much that you can kick it while
walking. If there is such a place in Mexico I will leave tomorrow
with a tandem eighteen wheeler and pick up as much of that silver
that I can fit in that tandem trailer. So I ask Poncho Kranzler where
is this place where the silver just waits on the ground to be picked up?
Sil up almost 6% today on HUUUGE volume! No mention on CNBS though-go figure. If silver can break and hold above 16on the weekly- get ready for some fireworks…
Rubio, the coin dealer was smoking something. LOL
The PA-NA-NA Papers.
Wasn’t there a SNL skit about na-na-na somewhere?
Seriously, a great article. Thanks for your good work keeping us informed.