Andy Hoffman Commenting on PSLV offering. Could this catalyze the next run higher?

http://blog.milesfranklin.com/pslvs-secondary-offering-a-major-major-blow-to-the-cartel

To wit, in my February 2013 article, “PM bullion closed-end funds, helping or harming?,” I wrote of how the Sprott (PSLV and PHYS) and Spicer (CEF, SVRZF, and at the time GTU, which has since been acquired by PHYS) bullion trusts had seen their premiums to net asset value (NAV) nearly disappear. In it, I warned that the Cartel, deathly afraid of what these funds had done for physical demand, would do anything in their power (i.e, limitless naked shorting) to push their respective prices well below NAV; and thus, prevent Stefan Spicer and “Admiral Sprott” from issuing new shares, and using the proceeds to purchase large amounts of metal in the market. In my view, PSLV’s October 2010 IPO was the principal event catalyzing silver’s initial run to $50/oz (from $24/oz at the time the deal was announced), as it exposed just how tight the institutional market for actual physical silver was.