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By John Spence

Sprott Asset Management has sold more than $30 million worth of shares in a closed-end silver fund that the company bought for its own accounts when it opened last November, according to a filing.

The news was first reported by Zero Hedge, which pegged the proceeds of the recent sales of Sprott Physical Silver Trust (NYSEARCA:PSLV) at just over $35 million.

Sprott Physical Silver Trust was down nearly 9% in late-day U.S. trading amid the rout in silver Monday. It is listed on NYSE Arca.

Hedge funds overseen by Sprott, which is headquartered in Canada, and other entities managed by Sprott and Chief Executive Eric S. Sprott between April 18 and April 25 sold more than 1.6 million shares of the silver trust, according to the filing.

As a closed-end fund, Sprott Physical Silver Trust can see its price deviate from net asset value. For example, on April 29 it traded at a 16.5% premium to NAV, according to Sprott’s website.

The fund lets investors redeem large blocks of shares in exchange for delivery of silver bullion.

Sprott recently filed to lift the sale restrictions on the 26% of the fund’s shares it owned, according to reports.

Source: Sprott Sells Over $30 Million of Silver Trust