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Sprott Physical Silver Trust ET (PSLV) Message Board

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  • JoannaB3 JoannaB3 Feb 4, 2012 10:17 AM Flag

    Ted Butler's Reply

    I just felt the urge to interject since te topic is focused on short selling. I think short selling altogether should be made illegal, like it was many years ago. It's like this. I cannot hop in my neighbor's car, drive it around all day, make money with it and then put it back in his garage at the end of the day. I would go to jail. Short selling is the exact same thing. Can a shareholder instruct their brokerage to prevent anyone from borrowing their share with the express intent to short sell?

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    • Just put in a sell oreder for your shares at a high price. They will then be unavailable for shorts to borrow.

      • 3 Replies to gwgoodwin55
      • the only way your shares can be made unavailable is to keep them in a cash account. if they are held in a margin account, then they can be borrowed, no matter what you do with a GTC sell order. The rule is simple, if you can borrow money to buy long, then the shares can be used to sell short.

      • Where can I go on the web to verify your statement ( just enter your shares for sale at a higher price and that will prevent short sales of the very same shares? ) dat

      • Brilliant idea. I will be doing this to all of my investments soon. Why didn't I think of that? DUH. I am also going to start a facebook page informing a lot of uninformed "joe plumbers" and "jane nurses" out there how their investments are being USED, and also to instruct them on how to sequester their shares to hopeully put a dent in this nonsense, no matter how small. Ahhh...what a prodctive week...happy Friday, everyone!

    • Good one!

      Ha! It's like your neighbor leaving the
      the back door unlocked, keys to his BMW
      on the kitchen counter, AND his naked
      wife in the shower!

      Agree with your sentiments. Only in a system
      such as this can one "lose" $1 Billion dollars
      (MFG) and claim to have no clue where it went to.

    • Can a shareholder instruct their brokerage to prevent anyone from borrowing their share with the express intent to short sell?

      RESPONSE: Yes, but the shares must be purchased in your name not the street name, you must instruct your broker not to short your shares. All margined shares are subject to shorting no matter what.

      Way too many people on this thread haven't the slightest idea about the mechanics of shorting and probably nothing about naked shorting.

 
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