from another board: not my post, FYI do your own dd.
(It looks like CNBC got this one wrong, though. The SEC filing simply allows Sprott to sell a large number of shares of PSLV that they already own.
Sprott owns 14,971,815 shares of PSLV (26% of the outstanding shares), between his foundation and hedge funds. This filing would allow him to sell those shares to other parties (either on exchanges, or separately).
So no more shares are being created right now. It sounds like he may use this filing to sell shares while new shares are being created, to make the process go smoothly. Or, he may just dump shares with 5Moz of silver backing them for 15% over spot, and buy 5Moz of physical on his own, pocketing the difference. :)
when I called PSLV I did ask about the offering, and the only reason these were registered is if Sprott wishes to sell them at some time in the future. right now, there is no intention to sell any of these newly registered shares, and why should there be any reason to sell, with the POS getting ready to explode as all fiat currencies become very plentiful. where else would you park your FRNs that are being newly created by the trillions, if not in PMs?