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Sprott Physical Silver Trust ET Message Board

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  • silverbars silverbars Jan 26, 2012 8:08 PM Flag

    Paper PSLV?

    So what does the SLV have to do with the COMEX? These are two totally completely separate entities. They have nothing to do with each other. You are talking apples and oranges. From the ishares website this is the amount and the location where the SLV silver is stored:

    Vault..........................Vault Location.....................................Total Bars......Troy Ounces
    Brinks London............ London, United Kingdom......................89,251...........86,516,519.4
    Brinks London A......... London, United Kingdom......................31,238...........30,557,914.5
    Johnson Matthey UK... Royston London, United Kingdom........11,056...........10,861,359.8
    JPM London A............ London, United Kingdom.....................100,080..........99,302,865.1
    JPM London V............ London, United Kingdom......................80,694...........78,537,689.8

    Do you understand the term allocated? Every single bar is separately accounted for. Every single bar has been physically audited.

    This is where you can find the COMEX silver

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    • London, where there is infinity rehypothecation! Send me the link to the visitors center where the public can view their silver at any time. JPM knows nobody trusts them and yet doesn't seem to care. Just like the US Government doesn't seem to care that the public knows there is no gold in Fort Knox. What they SHOULD do is lie about the debt and show off all the gold & silver in a heavily guarded museum for the public to see. That would restore confidence and I would then take the blue pill. Nice try but this whole country is just one big MFGlobal waiting to happen!

      • 2 Replies to makomarko
      • silverbars you dont know WTF you are talking about. JPM has there own vault. JPM was awarded a vault without going through the proper channels. Enough said

      • These vaults aren't in the business of giving public tours. The SLV does go to the trouble to provide a daily updated bar list identifying every allocated bar by hallmark, serial number, exact weight, assay and storage location. The silver is also independently physically audited. I don't know what else you could ask them to do. Now when it come to the gold at Ft Knox you have legitimate complaint. There is no bar list or independent audit of the people's gold

    • ...apples and oranges? From where do you suppose SLV orders its silver? perhaps the COMEX?

      It's time for you to back to school. Class is in; I'll type slow so you can follow along easier.

      1. SLV is using the new (well, relatively new) accounting gimmick that allows them to settle COMEX orders in paper, yet still claim they have the physical silver on hand.
      2. That's a nice bar summary you provided; how much of that inventory has been leased or shorted out?
      3. You expose your naïveté (and your wallet) when you blindly trust reports from the big silver players.
      4. I understand the term "allocated"...allocated to whom? allocated how many times?
      5. Can you say hypothecation? England has VERY loose rules concerning hypothecation and rehypothecation. This is good for the bankers and bad for investors. Think MFGlobal.
      6. If you are investing in silver and aren't reading Harvey Organ's blog, let me thank you in advance for your donation to my retirement fund.

      • 1 Reply to brainpowerinuse
      • Mr/Miss Brainpowernotinuse: You don't seem to have any knowledge of the SLV trust.

        First, SLV doesn't "order silver". It's just a trust. SLV will issue new shares when the authorized participants deposit allocated silver into the trust. Where the authorized participants purchase their silver is of no consequence to SLV. Do you demand to know where the silver round came from when you purchase it from you local coin dealer? All you care is that it is genuine and that it's now in your possession.

        Re your point #1: Please provide the documentation that backs up your statement. Oh, I guess you can't, because it doesn't exist. This whole conspiracy idea got started with someone's misinterpretation of a NYMEX rule and then got bent and twisted in a completely different direction. This article explained what happened.
        If someone really wanted ETF shares en lieu of taking physical delivery, then SLV shares can be purchased or created by the delivering entity just as any other SLV share is acquired/created. There are no SLV shares back by paper.

        #2 SLV doesn't lease or lend any of the silver it holds. Shorted shares do not decrease the amount of silver in the trust. These are shares that have been willingly lent by a shareholder to a 2nd party who then sells them to a 3rd party. The silver backing these shares stays with the shares. The 3rd party in my example is the legal owner of these shares. The first two parties are left with a PAPER transaction between themselves that has no obligation on the SLV trust whatsoever. Shareholders who sign hypothecation agreements with their brokers (holding SLV in a margin account) agree to lent their shares. SLV does not lend silver.

        #3 It seems that you are the one who is blindly trusting all the conspiracy nonsense that's put out on the internet. I only trust factual information.

        #4 The silver is allocated to the SLV trust. If you think there are duplicate entries on the bar list, then please point it out.

        #5 Hypothecation is only allowed when authorized, like the customers of MFG did - they signed hypothecation agreements allowing MFG to borrow and gamble with their assets. SLV shareholders who hold their shares within margin accounts allow hypothecation. In my opinion these people are total fools. The silver held in SLV is not encumbered in any way.

        #6 A lot of what Harvey Organ states about the ETF's is just stuff he makes up out of thin air.

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