Sprott comments on PSLV sale



Sprott Update

(May 3rd, 2011)

  • any sale of PSLV has gone into physical silver or silver equities
  • believes a group of traders is trying to work the silver price down, especially this past Sunday night.
  • he DOES NOT think silver has hit a high
  • said gold should approach $1600 soon and with a 16:1 ratio he still believes silver can go to $100/oz
  • Sprott says he was definitely playing the arbitrage on PSLV vs physical silver
  • the quantities of PSLV traded where very small compared to their overall silver exposure.
  • Sprott physical silver exposure is the highest it’s ever been
  • believes it’s possible the current drop in silver may have been orchestrated for last silver shorts that need to cover.
  • he suspects that after this silver price drop it could run back up again to where it left off.
  • very little doubt that silver will go over $100/oz

See full interview on kingworldnews here.

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