Multiple posts on Silver for you today.
Many of you already know about Eric Sprott. Sprott is a chartered chartered accountant who entered the investment industry as a research analyst at Merrill Lynch. In 1981, he founded Sprott Securities (now called Cormark Securities Inc.), which today is one of Canada's largest independently owned securities firms. After establishing Sprott Asset Management Inc. in December 2001 as a separate entity, Eric divested his entire ownership of Sprott Securities to its employees.
Sprott Asset Management recently established the PSLV fund, the only closed-end ETF silver fund backed 100% by physical silver.
Recently Sprott made an appearance at Casey Research Gold and Resource Summit where in addition to providing a succinct summary of all his monthly letters from the past year (whose forecasts are all gradually panning out), he spoke about the prospects for gold, and particularly silver.
The key statement from his presentation possibly answers why more and more distributors are reporting indefinite lack of physical silver inventory:
"There's $22 billion of silver available in the world, of which the ETFs already own half, and between you guys and us we probably own the other half... Which means there's nothing left."
Above is a portion of his presentation for you.
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