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<p>[QUOTE=&quot;NorthKorea, post: 1731851, member: 29643&quot;]I&#039;m going to answer honestly rather than mocking the question...</p><p><br /></p><p>Let&#039;s start by looking at the current price of PSLV (Sprott&#039;s silver fund) - $7.86. That represents a premium to the NAV, which stands at $7.72.</p><p><br /></p><p>Then let&#039;s look at performance (according to Morningstar):</p><p><br /></p><p>PSLV (price): -34.72% YTD</p><p>PSLV (NAV): -36.48% YTD</p><p><br /></p><p>Sprott has had multiple opportunities in the past to buy physical silver for his fund, but simply chose not to, hoping to sustain the NAV premium. I don&#039;t know how to interpret your question.</p><p><br /></p><p>On one hand, it&#039;s his livelihood. One should always be passionate about their livelihood. After all, if PM prices collapse and demand dissipates, Sprott will have no money.</p><p><br /></p><p>Taken the other way, you could be asking if the average person should be infatuated with the PM market to the extent that Sprott is. The answer is likely no. Though PMs are &quot;cheap&quot; compared to where they started the year, they&#039;re now in a channel with heavy upward resistance. All the people who bought physical metal at prices 20-50% above current levels will sell as soon as they think they can get some of their money back. Until the speculators holding physical have sold (thereby creating liquidity for future speculation), prices will likely continue to be capped at 25-30% above current levels.[/QUOTE]</p><p><br /></p>

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