Realcent.org

ONTARIO(Commodity Online): Canadian billionaire Eric Sprott has filed for the purchase of $1.5billion in Silver bullion for covering an expected demand in his Sprott Asset Management's silver ETF- PSLV. A $1.5 billion in purchase will require about 45 million oz of silver.

Such a large purchase has normally Lead to higher prices. Sprott's $580 million silver purchase in 2010 was accompanied by an almost 175% gain in COMEX Silver when prices surged from $18 to $49! The current purchase of $1.5 billion is almost 3 times the 2010 purchase and as such prices could easily double or even triple.

Barclay's iShares Silver Trust issue also witnessed rapid price acceleration. COMEX silver had doubled from $7.50 to $15 within 6 months till the launch of the ETF.

Source: http://www.commodityonline.com/news/As- ... 2-3-1.html

Ray posted this yesterday...

I guess I missed it...

Well, it bears repeating...

I agree

Well, it if does not cost much to file the papers, it would be a cheap way to boost the price of silver instead of letting it fall.

Royal Canadian Mint also just filed to purchase $500,000,000. Maybe the cause for all the desperate measures the bullion banking sons without fathers are making.

i wouldn't read that much into this except that the premium on PSLV is going to drop. its modestly bullish yes but i wouldn't put much stock in this press release moving the market (no pun intended).

Lemon Thrower wrote:i wouldn't read that much into this except that the premium on PSLV is going to drop. its modestly bullish yes but i wouldn't put much stock in this press release moving the market (no pun intended).

a) Premium already dropped from average of 16-18%-ish down to 8%.

b) Last time Sprott pulled 40-50 million oz of silver off the market the price (of silver) went to 50 within 6 months.

I'm VERY bullish on a strong positive effect.

We'll see.

If he/they make an actual buy.