Currently in the audience at the Gold Symposium here at Luna Park in the shadows of the Sydney Harbour Bridge. Met Eric Sprott earlier today. We initiated an off-market currency swap deal to the value of $20 AUD. That is I challenged Eric to trade $20 Canadian for some Aussie Fiat, and he obliged. Must say that I was impressed by the inside of his wallet. Think I'm going to frame it along with the two $20 USD notes I received from David Morgan and Mike Maloney last year. Ck. (on assignment)
No ... I refuse to participate in any endeavor that attempts to attribute undeserved value to worthless FIAT currency. Now a signed SilverStackers.com stacker bar would have been something .....
Did he charge you a premium to NAV positive 18.54% on this swap position? I wonder if anyone has taken him up on Prof Fekete's article '140 Years of Silver Volatility'? "Incidentally, the name of the perpetrator of the funniest hoax ever, Toilet Paper King Johnny Carson, was recently connected to the name of Eric Sprott by Bob Moriarty, see his article Facts on Silver, www.321gold.com, April 25, 2011, from which the quotations below are taken. In 1971 Johnny, presumably in fulfillment of a wager, suggested to his audience on the syndicated TV shows he hosted, that the United States was facing an imminent toilet paper shortage. Of course, it was a hoax. "Next day millions of rolls of toilet paper flew off the shelves of every store and by noon there was no toilet paper to be had anywhere in the United States for a whole month... "Eric Sprott seems to have done something that hasn't happened since the days of Johnny Carson. "On October 28, 2010, Eric Sprott started his own closed paper silver fund PSLV with an initial public offering of 50 million Trust Fund Units. "It's still paper silver like SLV or the CEF fund. It has some unique features, not benefits, just features. He has done a brilliant job of promoting it. "He went on to purchase $300 million worth more physical silver to put in the closed fund. As a result of his excellent promotion, as of last Wednesday when silver was selling for $46, if you bought the CEF silver fund, you had to pay $47.88 (a premium of $1.88) but if you bought PSLV, the Sprott Silver Trust, then you had to pay an incredible $57.73 (a premium of $11.73 or 25%) for just one ounce of silver! "I'd say that Eric Sprott's buying $300 million worth more silver at the top was incredible timing. He pocketed probably $60 million in profits. "Is Eric Sprott bullish on silver? You bet. He has 60 million reasons to be bullish. He could buy right at the top and watch silver fall 30%, while still making money! "How wise was it for investors to pay a 25% premium for silver? I'd leave it for you to figure out." http://www.professorfekete.com/
Would've been worth twice face value if he'd blown his nose on the 20 - and also would've come in handy if you wanted to mount it (the fiat, not Eric)
True. But twice nothing is still nothing. It would be however moved from "worth nothing" status to "worth something" status.
Sprott doesn't even qualify as a poppy in Price's shadow. Hugo Salinas Price is a Billionaire seeking to get silver into the hands of the poor in Mexico. Minted for saving, monetised for spending. History will look on Price as a hero in this World Wide currency war. Eric Sprott in comparison is what Switzerland was to Nazi Germany, he will be viewed as a spruiking scalper who profits whatever the outcome. The extent to which Sprott takes the stolen transferred wealth of bankster beneficiaries, and protects it for them, will be seen in due course. Who do you thunk is willing to pay those premiums poppy hugger? A tale of two billionaires. Hugo the hero of the people vs Sprott the profiteer. http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/5/18_Hugo_Salinas_Price.html Sprott is nothing more than a financial services dandy boy. I hope he proves himself otherwise. I would be very happy to be wrong about Sprott, but he speaks with premium tongue. Must go now and watch 'The Battle of the Bulge'.
Daily Reckoning has some perspectives on the Symposium http://www.dailyreckoning.com.au/gold-the-market-has-already-decided/2011/11/14/ Can we look forward to your summary CK?
http://www.goldmoney.com/video/supp...medium=email&utm_campaign=w45-2011-newsletter Sprott @9:00 'If I was one of the guys shorting silver I would be buying the Sprott pysical silver trust.' November 4th 2011 I would suggest that the only people willing to pay a 18-22% premium on seven figure purchases are the bad guys. For your one mill you get about $835,000 of silver (paper in trust) and $165,000 in premium. Wonder if there is extra fees/storage etc ?
I like how sprott has been quietly dumping his shares to capture the premium before doing the inevitable secondary offering.. What a boob.
I read somewhere that he got threatened with legal action if he continued. I am just surprised that this and other non-appealling silver info is being stonewalled.
Not at all, and I'm not knocking his financial sense.. I just think if youre going to be as vocal as he is, then its disingenuous.
It was announced, not done quietly. Possibly his stated reason of selling the PSLV to buy physical metals might not have been accurate, but the sales weren't done on the sly. Large shareholders have to file advance notice when they sell shares.
So Sprott about a week ago raves on again about silver atleast $100, THEN sells out of some of his phys silver fund a few days ago. Missing today's raspberry spit. This guy is all trumpet, without the trumpet.
Speaking of Sprott - http://kiddynamitesworld.com/why-is-eric-sprott-selling-pslv-shares-fast-and-furiously/ Once again a perfectly timed sell on his behalf... One to watch for sure with future buying/selling of units.