I'm not one for conspiracy theories; but after reading more and more articles like this, it seems that some of the accusations against JPMorganChase concerning their silver short positions might be closer to fact. The LIBOR scandal has been well documented. Here's a link to the article: http://tinyurl.com/c9gy6kh
Meanwhile Morgan Stanley just bought 1.8 million shares of PSLV. Either JPM is through with their short position or they are hedging it with a fund backed by physical metal (as in not the SLV) as a reliable hedge so they don't lose their shirt on the short positoin. http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=156407&sn=Detail&pid=102055
Morgan Stanley was an underwriter,along with RBC, selling 18 million shares for PSLV to customers at 11.51 per share, they then under their agreement with PSLV took 1.8 million shares ( at about $10 /share ) if you do the math. I do not believe the short conspiracy, but I see this as strictly a business deal, basically buying physical bullion at about a 10% discount. I would have to wonder how the holders of PSLV feel about it. IMO, Disclaimer, I currently do not own JPM,MS, RBC, or PSLV.
