gene arensberg is always worth reading:

Still no new custodian for SLV, but…

As of Friday, June 5, SLV still had not filed an amendment with the SEC either naming an additional custodian or increasing the amount of silver storage available under the current custodian agreement with JP Morgan Chase London.

The details are in previous Got Gold Reports, but briefly, SLV reported holding 276,670,924.1 ounces of silver as of June 12. The current SLV custodian agreement was for up to 264,550,265 ounces. So SLV now holds 12,120,659.1 ounces, or about 377 tonnes more silver than the current custodian agreement covered.

The Barclays sale of its iShares division to CVC is off and a new sale to Lawrence Fink’s BlackRock Inc. was announced this week. According to news reports, technically CVC has until June 18 to match the $13.5 billion BlackRock offer, but more likely CVC will bow out and accept a $175 million consolation prize breakup fee.

Bottom line, iShares ETFs are getting new management, but instead of a largely unknown entity the new management is much better known and more high profile. The deal must be approved by Barclays shareholders.

Meanwhile SLV has still not filed an amendment with the SEC naming a new custodian or sub-custodian or how much silver that new arrangement will be able to provide for the very popular trust. See previous reports for why that might be important.

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