what do you make of this, page-15

Just to clarify, Sprott sold some of his ETF (PSLV) and he actually bought bullion with the proceeds, not equities. here

SLV silver isn't sold, it's redeemed. Holders of SLV stock redeemed them for physical bullion.

The question mark over SLV is due to the sheer enormity of the fund (10 thousand tonnes of silver) and how they accumulated this amount without massively moving the market. They add and redeem Ag to/from the market every day. They had some weeks when they added 500 tonnes to their hoard without moving the Ag price while people like Sprott were commenting how it took over 2 months to fill an order of 15 million oz and mints around the world were locking up due to demand.