Eric Sprott Sells Another 1 Million PSLV Shares At A Huge Premium To NAV

Ironically, as I was writing the rhetorical question “Ask Eric Sprott Why He Won’t Buy More Silver for PSLV,”  Sprott was out in the market providing the rhetorical answer:  he was busy selling his shares into the market at a huge premium.    From 7/13/11 through 7/20/11, Sprott’s funds sold another 1,038,688 shares of PSLV.

Date of
Transaction
Number of Units
Purchased/(Sold)
Price per Unit
7-13-11
(82,000)
$17.7163
7-14-11
(105,000)
$18.0746
7-14-11
(100,000)
$18.2337
7-15-11
(116,100)
$18.0240
7-18-11
(96,900)
$18.8378
7-18-11
(100,000)
$18.9098
7-18-11
(100,000)
$18.8069
7-18-11
(200,000)
$18.8225
7-19-11
(91,000)
$18.7005
7-20-11
(47,688)
$18.4745

 

There’s really not much more to say here.   If you don’t get it by now, you’re not gonna get it.

If you need the background, check the earlier pieces here:  1) filing to sell shares  2) selling shares  3) selling more shares.

-KD

disclosure:  I am long $SLV and short $PSLV.  If I didn’t have that trade on, not a single word of this post would be any more or less accurate.

 

EDIT:  although I’ve written at least 4 articles explaining how Sprott’s PSLV sales are his way of arbitraging the absurd premium to NAV (when he reinvests the proceeds into other silver exposure that doesn’t come with a 20% markup) and not a demonstration of him turning bearish on silver, people still seem to be missing that point, since I didn’t explicitly write it in this post.  That, you see, was the “if you don’t get it by now, you’re not gonna get it.”

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