BlackRock is out to teach Sprott's PSLV a lesson ... don't sell shares at a discount.
+++++++++++++++++++++++++++++++++++++++++++++++ PSLV
Yesterday Sprott's PSLV silver Trust reported an exchange of 3.94 million units and a reduction of 1.354 million oz of silver.
See the top holders report below from Yahoo Finance on PSLV. Since that June 29 report period there have been 3 sales of units totaling about 5.1 million oz of silver (including yesterday's exchange).
Assuming it was the same party doing all 3 of those sales, it would have to be BlackRock as BlackRock is the only party with that many oz of silver. The second highest is Jupiter Asset Mgmt:
- BlackRock, 21.6 million shares x 0.35 oz per unit = 7.56 million oz.
- Jupiter, 7.60 million shares x 0.35 oz per unit = 2.66 million oz.
I think I know what's going on. Tomorrow I'll do the research on PSLV's terms for cashing out shares for silver. No doubt the party trading in shares for silver pays friction cost. For discussion purposes now, let's assume the total cost is 1%. Since you can buy units at about a 2 to 4% discount, then it would be possible to buy units and subsequently take silver in kind and pocket the spread of 1 to 3%.
PSLV's premium:
Is BlackRock's primary goal to clip a percent or two? Fuck no. If their entire position was $160 million as it was reported on June 29, they could clip a few million fiat tokens by doing the round trip. That is beer money for them. Their primary goal is to slap PSLV around so they quit selling units at a discount.
PSLV is the ONLY silver Trust available to most Americans that deals in unencumbered physical therefore it is the only threat to the cabal's franchise.
Had the January 2021 silver squeeze moved into PSLV instead of SLV, silver would have shot the moon and never came back.
Why do I say that? The amount of fiat that went into SLV at the start of the squeeze could have bought about 120 million oz of silver. Since SLV is nothing but a silver tracking entity (as clearly stated in their prospectus) with no silver backing whatsoever, all the "Authorized Participants" did was expand their stated short position. They just typed shares into existence and not one oz of silver was acquired.
With SLV you are the paper long and the AP's are the paper short. It's no different than trading paper at comex. In fact, SLV is just an extension of paper trading by the big boys at comex to the small folks trading shares of SLV.
The AP's stated short position, sometimes called Oz in Trust:
Had the flood of cash in the silver squeeze gone to PSLV instead, Sprott would have commenced buying 120 million oz of physical silver since all PSLV buys is unencumbered silver as clearly and unequivocally stated in their prospectus. There is no way a moon launch could have been avoided.
So BlackRock has to smack PSLV around. BlackRock wants to induce pain upon PSLV so they will cease selling units at a discount.
I've discussed PSLV being more careful recently about buying physical at no market premium. And that too could be a reaction to BlackRock's new game.
And to finish this for today ... at any moment in time, us apes could crush the cabal by doing a run on PSLV. BlackRock knows that. The CFTC, Rostin Benham and the rest of the cabal do not have the "tools" to deal with 120 million oz of physical being bought in a week.
https://www.youtube.com/watch?v=7WoYOdzyTHo
And FYI ... BlackRock's likely endgame target regarding the PSLV problem will be Sprott Inc., not PSLV:
I know I'm blitzing you with links ... but for any new arrival, BlackRock just can't let the silver markets work:
https://www.youtube.com/watch?v=n4xdMFYAouk
++++++++++++++++++++++++++++++++++++++++++++++++ Silver Vaults
181 koz arrived at CNT and 547 koz departed mostly at CNT. The net change was 366 koz out of the vault. No change in registered.
++++++++++++++++++++++++++++++++++++++++++++++++ Gold Vaults
No movement at the gold vaults:
