10 April 2013

Insider Sales on the Sprott Physical Silver Trust

Someone emailed me about this, and I wanted to get the actual data so you can see it.

It appears that Eric Sprott has sold about 3 million shares of his Silver Trust so far this month.  That is quite a bit of selling, but certainly not unheard of for someone who is a billionaire.

I have it second hand that the sales are related to a commitment that Eric Sprott has to a charitable obligation, and has nothing to do with his views on silver or the Trust.  I obviously do not know with any certainty if this is the reason.

A similar search shows no such insider sales on the Sprott Physical Gold Trust.

I do have current positions in both of  these funds, and some of their rivals. 

I did not find anything about this on the Silver Trust homepage.  I would think that some comment should be made given the size of the sales. 

Insider Sales Data for PHS (PSLV in the US)

Note:  Ed Steer reports that he called Eric Sprott and that the sales are being conducted for a charitable obligation, and that the sales are also related to his belief that miners will outperform bullion so he is shifting his assets accordingly.

One might obverse that a simple press release stating one's intentions for a very large sale or purchase is customary for the actions of a significant insider in a substantial public organization.