This is what happens when the elites are on the wrong side of the trade, heavily short gold and silver while those markets have traded against them, they simply change the rules.

June 1 (King World News) The information below was sent to King World News by one of our global readers from Norway who has traded Sprott’s 100% physically backed gold and silver for many years. He can now only place sell orders for Sprott’s PSLV & PHYS gold and silver funds.

But apparently European investors can still buy GLD and SLV, which is suspicious because those funds are not trusted by many investors, including institutional investors, who believe GLD and SLV don’t hold the physical gold and silver they claim to possess, and have nowhere near the transparency of the Sprott physical gold and silver funds. Here is the email from our King World News reader in Norway:



No longer possible to buy any US/CANADIAN closed-end funds in the EU/EEC. All of a sudden I can no longer buy PSLV, PHYS or SPPP with the largest most reputable trading sites. I hold (for me) large positions and can now ONLY sell my PSLV, PHYS and SPPP.  Only allowed to trade SLV and GLD which I do not trust the same way

This is nuts!

See screen shot below:

It reads: 

“Your order was not placed. Due to current EU regulations, it is not possible to invest in this security, only sell orders are possible. This applies to all U.S. and Canadian Closed End Funds”.

Not sure about the importance of this or the potential impact on the metals market, but this is just weird and the timing is suspicious.

I have traded these instruments for years, almost daily – today I can no longer buy any closed US/Canadian funds. I have written customer service at one of Scandinavias largest online brokers (the one myself and many others use) to inquire about this, also to ask why we were not given advance notice, no answer yet. The error message only cites EU regulations, so the only feedback I expect is a meaningless reference about the same. But again – NO WARNING to my knowledge.

Note further that the only closed-end type instruments I am aware of are the Sprott Funds – there might be others, I don’t know – but its almost like this is targeted on the metals. They simply will not allow us to trade the closed-end funds. Norway is not even part of the EU but imports all their insane rules via the EEC membership. In any event – this seems to be an EU wide thing.

Again – difficult to assess the impact – but basis the information available it is now NOT POSSIBLE for private European investors to buy the 100% PHYSICALLY backed closed-end metal funds in Europe now. We can ONLY place sell orders in PSLV/PHYS – surely this might be a part cause for the silver action today…

Best regards,



King World News will have more coverage on this situation as it develops. In the meantime Alasdair Macleod discusses the swaps short position in the gold market reaching an all-time record. Macleod also discusses the remarkable developments in the silver market and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

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