JPMorgan just created ("procured") 61,350 contracts, or 61,350,000 new oz's of Silver (1,000 oz bars) in a matter of days. Apparently the Silver was already in a vault in London (okay). As SLV is an open-ended fund, JPMorgan can simply create new shares out of thin air, and what they are probably doing is using those cash proceeds to purchase options and futures to place in the trust, that the fine print says backs SLV. Here's a visual: let's say there's nothing in a Piggy bank you possess. Then, you go down to the local bank, borrow a billion dollars, bring it back home with you, grab another piggy bank you have and write on a piece of paper that says you own options and futures, and call it a day! Rinse and repeat. Oh, don't forget JPMorgan has to pay the traders to get them into the system (who haven't got arrested). PSLV, owned by Sprott, is a closed-end ETF, meaning no new shares are created. When the house of cards falls, you will want physical Silver in your possession.

https://fintel.io/ss/us/slv
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