Net Asset Value Premiums of Certain Precious Metal Trusts and Funds - Three Stooges

"Extreme careerism is the propensity to pursue career advancement, power, and prestige through any positive or negative non-performance based activity that is deemed necessary."

Bratton and Kacmar, The Dark Side of Impression Management

The revolving door has a long runway and a vast lobby.

The cash levels in PSLV continue to draw down, making an additional shelf offering highly likely within the next four months. This may be why the premium is historically a bit thin.

Sprott will almost certainly start to secure supply before the offering which may provide some resilisence to the physical market. I am not informed sufficiently to say if these are merely verbal inquiries or firmer commitments in the nature of contracts with contingencies. Each ounce of physical silver taken out of the highly leveraged LBMA shell game machine takes the basis for about 100 paper ounces with it.

The physical silver market is an accident waiting to happen, and the CFTC stands firmly in the center of responsibility which they will attempt to avert through the usual CEO style defenses of plausible deniability.

At least they will not be able to easily admit that they were merely following orders, although they probably are. The question is, whose? So hard to tell the rank and responsibility without the uniforms.

Jamie Dimon is spinning his vision of the future and a particular version of the past using the bully pulpit of the Council On Foreign Relations today. It is quite the show.

C'est la guerre des monnaies.