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Bullets, Beans


Thursday, 19 January 2012

The War Against Us

It’s Tuesday afternoon, and just as I started to write my market wrap-up, the following, IMPORTANT headline hit the tape. Sprott has finally pulled the triggered on a new PHYSICAL silver offering, of up to $250 million, and my bet is all, or nearly all, this amount will be filled. For the record, PSLV’s premium to Net Asset Value closed at just under 24%, so we’ll see what kind of discount will be required to fill that level of demand (FINAL DETAILS OF THE OFFERING LATER IN THIS RANT!).
The retail bullion market has slowed over the past month due to the PPT/Cartel-inspired market lethargy I have discussed in recent weeks, but institutional demand is very strong, as $250+ million of silver is a lot of metal to sell overnight. Clearly the PHYSICAL market has tightened considerably following December’s “OPERATION PM ANNIHILATION II” attack, which will only serve to suck more metal out of the market and improve the already ultra-bullish fundamentals...more

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