Numerous questions have been raised about Sprott’s recent sales of Sprott Physical Silver Trust (PSLV). SilverDoctors.com has never had any reason to doubt the integrity of Eric Sprott. We’d like to put the speculation to rest.
On Tuesday, April 16th Eric Sprott held a conference call with institutional investors. We tuned into the call. He made a point of commenting about the sales:
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Regarding the sale of PSLV shares Sprott stated:
There’s been a lot of questions asked about our Sprott Foundation selling shares of PSLV, which we publicly announce every day that we sell them. It’s sold for two reasons. One, the foundation needs cash for various donation commitments. And two, I’m selling PSLV because the (mining) shares have been so distressed here that I think the (mining) shares are a better buy than the metals.
I’m obviously very optimistic on the metals, as are all of our partners. But I think the (mining) shares have been so collapsed here that it’s a better investment for us at this time. So that’s the reason I’ve made that change.
Ironically enough, this isn’t the first time Sprott sales of PSLV have inspired speculation in the blogosphere and beyond. Nevertheless, reporting requirements are relatively straightforward and this speculation is unfounded.