With the addition of 7.5 million units, presumably from the allotments to the underwriters, the cash position of the Sprott Physical Silver Trust has risen to over 180 million US dollars according to their data and our calculations.
According to the terms of this trust, the monies must be applied to the purchase of silver bullion. Sprott may have already arranged for the delivery and price of the bullion, but has not yet booked it. Or perhaps they must still secure supply.
Gold and silver received some fairly stiff and obvious bear raids this morning, at least by recent standards, no doubt in anticipation of the FOMC announcement of Quantitative Easing II this afternoon. Market manipulation will continue until public confidence is restored. lol.
Today I am still running light positions in a well balanced pair of long bullion and short stocks, particularly in the financial sector. I expect I might make some changes around 2:45 New York time this afternoon.
