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Ted Butler: The SEC and Black Rock blink on SLV
By Ted Butler
Thursday, April 27, 2023
The big news is last night's release of the new short report on stocks, which indicated a massive 25 million share reduction in the short position on SLV, the big silver ETF, as of the close of business April 14. The short position on SLV fell from 41.5 million shares to 16.3 million shares, the largest by-monthly drop (60%) in history, to the lowest short position on SLV in more than two years -- back to the time in Feb 2021 when BlackRock (the trust's sponsor) amended the trust's prospectus to include new risk factors warning short sellers to beware of shorting shares due to serious concerns of the availability of physical silver bullion.
So, the immediate issue is what was behind the sudden large reduction in the short position on SLV (after all, 20 to 25 million ounces of silver is a big deal) and why would I conclude it involved any “blinking” by the Securities & Exchange Commission (the nation’s securities regulator) and BlackRock (the largest asset manager in the world)? ...
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