You're a blathering wind-pipe. PSLV is a ponzi. You are virtually guaranteed to be diluted over and over and over again because it's THE ONLY WAY PSLV CAN PAY THE MANAGEMENT FEES OVER TIME.
Yes, idiot Peter, you're paying management fees for someone to buy and hold silver bars for you. Is there anything more stupid than that? And you get to take a 5-15% hit depending on premimium to NAV everytime they do another secondary.
This is a huge ponzi. Sprott is an ardent student of ponzi's.He's now a creator of one IMO.
No one works for free and the fees are what is expected for a service like this. Not everyone wants to risk having a gun pointed to their head to give up their physical silver, so this is a decent substitute. You buy when the premium is low and you suffer no dilution. It's only dilution to those who buy way above NAV.