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DETAILS ON PSLV: WHY INVEST IN THE SPROTT PHYSICAL SILVER TRUST (PSLV)?

SECURE STORAGE BY THE ROYAL CANADIAN MINT

The Trust’s silver bars are physically stored by the Royal Canadian Mint, located in Ottawa, Canada. The Mint is a Crown Corp. of the Government of Canada and bears responsibility for loss or damage of the physical silver bullion held in its custody. The Trust’s silver bullion is subject to periodic inspections and annual audits. In addition, the Mint is the Trust’s counterparty – there is no financial institution standing between the unitholder and the silver.

PHYSICAL REDEMPTION FEATURE

Unitholders that own the equivalent dollar value of approximately ten 1,000 oz LGD silver bars, or more, have the ability to redeem their units for physical silver bullion. The Mint can deliver the bars almost anywhere in the world via an Armored Transportation Service Carrier. Physical redemptions will never dilute remaining unit holders.

SIGNIFICANT TAX ADVANTAGES

For U.S. non-corporate investors who hold units for a minimum of one year and file a QEF form, PSLV units are taxed at a capital gains rate of 15% (expected to rise to 20% on January 1, 2011), versus 28% applied against most silver ETF’s and physical silver coins.

UNPARALLELED STRUCTURE FOR INVESTING IN PHYSICAL SILVER

The Trust provides unitholders with a direct investment in unencumbered, fully allocated physical silver. The Trust does not invest in silver certificates or other instruments that represent or may be exchanged for silver. Approximately 98.9% of the Trust’s current net assets are invested in physical LGD silver bars.

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