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iShares Silver Trust Message Board

  • scottstheone Dec 6, 2010 6:17 AM Flag

    JPM - Conflict of Interest

    Why is JPM allowed to be the custodian of this ETF with their obvious short manipulation???

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    • The only way JPM can touch SLV Silver is if they purchase SLV shares and convert the shares into the physical. I spoke to BLACKROCK and there is no way JPM can grab 1 ounce of Silver from the trust unless they own shares and convert them into the physical. You need 50,000 shares to convert to the physical. You can also exchange $50,000 worth of Silver for SLV shares. The Net Asset Value of SLV is just under %98. The %2 is needed for the 5 vaults in and around London and other management fees. BLACKROCK is SLV and you have no need to worry for 1 second about JPM and SLV. Selling your SLV shares into the open market for JPM to buy is the only way for them to get any Silver. Remember, shares of SLV are only issued when Silver is exchanged for shares. When you see our SLV trust has a reduction in physical Silver it means that someone has traded in 50,000 shares (a basket) for the physical multiplied by the total ammount reduced. When our trust adds Silver it means that there is someone that has added Silver to our trust for Shares of SLV. SLV is %100 non-dilutive. You will notice that SLV trades at %98 of the spot Silver.

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