Today no less a figure than Eric Sprott gets to step into the Ottotrans™ limelight thanks to his comments in yesterday's NR out of Sprott Physical Silver Trust (PHS.U.to)(PSLV):
This is what they said:
Sprott Physical Silver Trust Updates Investors on the Delivery Status of its Silver Bullion Purchases
TORONTO, Jan. 10 /CNW/ - Sprott Asset Management LP is pleased to provide investors with an update on the delivery status of silver bullion purchased by the Sprott Physical Silver Trust (NYSE ARCA: PSLV, TSX: PHS.U) ("Trust").
As of November 10, 2010, the Trust had contracted to purchase a total of 22,298,525 ounces of silver bullion. As of December 31, 2010 a total of 20,919,022 ounces of silver bullion had been delivered to the Trust. The Trust expects to take delivery of the final 1,379,503 ounces of silver bullion by January 12, 2011 and will subsequently publish the serial numbers of all bars held by the Trust on its website: www.sprottphysicalsilver.com.
"Frankly, we are concerned about the illiquidity in the physical silver market," said Eric Sprott, Chief Investment Officer of Sprott Asset Management. "We believe the delays involved in the delivery of physical silver to the Trust highlight the disconnect that exists between the paper and physical markets for silver."
Additional detail on the Trust can be found in the final prospectus available on EDGAR (www.sec.gov/edgar.com) and SEDAR (www.sedar.com) or on the Trust's website at www.sprottphysicalsilver.com.
Sprott Physical Silver Trust Updates Investors on the Delivery Status of its Silver Bullion Purchases
TORONTO, Jan. 10 /CNW/ - Sprott Asset Management LP is pleased to provide investors with an update on the delivery status of silver bullion purchased by the Sprott Physical Silver Trust (NYSE ARCA: PSLV, TSX: PHS.U) ("Trust").
As of November 10, 2010, the Trust had contracted to purchase a total of 22,298,525 ounces of silver bullion. As of December 31, 2010 a total of 20,919,022 ounces of silver bullion had been delivered to the Trust. The Trust expects to take delivery of the final 1,379,503 ounces of silver bullion by January 12, 2011 and will subsequently publish the serial numbers of all bars held by the Trust on its website: www.sprottphysicalsilver.com.
"Frankly, we know exactly who our potential investors are, that bunch of wild-eyed tinfoilhat silverbugs who want to invest in silver bullion but don't trust anyone with their cash," said Eric Sprott, Chief Investment Officer of Sprott Asset Management. "We believe that rattling on about delays involved in the delivery of physical silver to the Trust, however marginal and unimportant, will stoke the fears of these nutters a bit more and get them running to us instead of that freakin' SLV ETF that's taking all our business. It's funny if you think about it, because if the financial system goes down the drain we're all screwed and you won't be able to monetize the silver bullion we're holding for you, but we're pandering to paranoia here and not trying to be logical. Business is business, you know."
Additional detail on the Trust can be found in the final prospectus available on EDGAR (www.sec.gov/edgar.com) and SEDAR (www.sedar.com) or on the Trust's website at www.sprottphysicalsilver.com.