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The Silver Fund Battle Continues
February 21 2006 - Australasian Investment Review ? (AIR)

Last November, AIR reported on attempts by Barclay?s Global Investors to introduce an exchange-traded silver fund (or a silver ETF) in an attempt to capitalise on the success of equivalent gold ETFs.

In response, the US Silver Users Association (SUA) was up in arms from what it predicted would be a resultant substantial silver price-hike.

This expectation is based on the effect gold ETFs have had on the gold price. Put simply, if the silver EFT has anything like the success of the gold ETFs then suddenly Barclay?s will need to buy more silver than actually exists.

Not surprisingly, SUA anticipates this will mean the collapse of the silver jewellery industry as it will be priced out of existence, and this means manufacturing bankruptcies and loss of jobs. Representatives of other areas of silver usage have also registered their fears. SUA goes as far as to say it would have a negative effect on the US economy.

The Securities and Exchange Commission has tacitly approved the listing of the Barclays ETF on the American Exchange, pending the outcome of a 21-day period of public comment. SUA is using this time to state its case emphatically.



The editor of the independent Silver Stock Report suggests SUA has actually got the whole story exactly backwards. Rather than causing job losses at Tiffany?s, a rise in the silver price would likely open new mines and reopen new mines deemed unfeasible at the current price. In other words, the laws of demand and supply will prevail.

As part of its defence, SUA has made a point of saying it supports the buying and selling of silver for investment purposes, and highlights existing means of so doing.

The Silver Stock Report finds this amusing, as SUA is actually making its own bullish case for the metal.

History would suggest SUA is on a hiding to nothing. Opponents of any form of financial derivative or paper-trade equivalent are scattered like dust on the roadsides of the greatest capitalist nation on earth. Notwithstanding, if SUA is right, and the SEC is nevertheless happy to proceed, why hasn?t the silver price already shot up?

In fact it has risen since our article in November, but only in its traditional tracking of the gold price. Like gold, it has corrected this month, despite the SEC?s tacit approval for a silver ETF. One can fairly predict that the ETF will go ahead.

Next in line are platinum and palladium. More fun.

Copyright Australasian Investment Review.
AIR publishes a weekly magazine. Subscriptions are free at www.aireview.com  

Silver Users Association Voices ETF Opposition to SEC

By Jon A. Nones
16 Feb 2006 at 06:53 PM EST

St. LOUIS (ResourceInvestor.com) -- The 21-day public comment period has ended at the Securities and Exchange Commission (SEC) regarding Barclays’ proposed silver ETF, iShares Silver Trust, but investors continue to wait for any indication of further progress.

On January 25, Christine Hudacko, advisor at Barclays Global Investors, told Resource Investor that the SEC had approved the AMEX listing of iShares Silver Trust and initiated the 21-day public comment period, “indicative of movement at the SEC.”
  

Today, Hudacko told RI that no further movement of the silver ETF has been reported, but the deadline for submitting comments to the SEC expired on Monday. And if comments posted under Resource Investor’s most recent write up and to the SEC indicate anything, it would appear investors are screaming, “Let the market decide the silver price!”

But as most of us know by now, the Silver Users Association (SUA) has other ideas, representing the most vocal opponent to Barclays’ iShares Silver Trust. RI intercepted a 4-page letter by SUA Executive Director Paul Miller to SEC Secretary Nancy Morris urging the SEC to block the product.

“If the silver ETF is approved, it will mean higher product costs and lost jobs in our industry,” wrote Miller.

However, Jason Hommel, Editor of Silver Stock Report, rebuts this assertion vehemently.

“There’s no way they’re going to lose jobs no matter how high the price goes up,” said Hommel. “It’s all bottom line.”

The SUA’s members employ more than 200,000 workers and process 80% of all silver used in the United States, according to the website. The Association’s biggest argument is that any squeeze in the silver market would cause a loss of jobs by its members. The letter even insinuates that it could have a negative effect on the economy.

“Tiffany’s is not going to lose jobs ... Bank of America is not going to lose jobs ... no matter how high the price is,” Hommel reiterated.

According to the 2005 CPM Group’s Silver Survey, the above ground levels of silver in 2004 were roughly 750 million ounces. The letter states that the creation of iShares Silver Trust would result in the removal of substantial amounts of silver in an already strained market, thus increasing prices for products containing silver.

“Such price pressure threatens to erode our products’ competitiveness, overall price points, and the manufacturing jobs that rely on the stability of silver products,” Miller wrote.

Hommel said they have it exactly backwards. If the silver price goes up, it will likely open and reopen many mines deemed unfeasible at current prices. This would increase silver production as more deposits became profitable for miners, he said.

“There’s no way the SUA will have enough silver without the silver ETF,” he said.

According to letter, the ETF would exaggerate silver’s illiquidity given the sheer volume of physical silver needed. And, the SUA is “concerned that the proposed silver ETF could be a legal way for investors to squeeze the silver market.”

Hommel said the SUA is just being shortsighted.

“They’d rather delay this and have the silver price rise to $100 in the long term than have it go to $25 in the short term,” he said.

Miller also argues that a silver ETF could set the stage for additional ETFs for platinum or palladium. These commodities are in thinner supply and vitally necessary in the refining of oil into gasoline, the automotive industry and many other industrial applications, said Miller.

“I think you can make the same case here,” said Hommel. “It would increase the liquidity” with the creation of stockpiles. This is a great thing, because “when you run out, the factories shut down,” Hommel added.

Even still, Miller concluded the letter in saying “the Silver Users Associations supports the buying and selling of silver as an investment. There are already several ways to do so....”

“They must clearly be in a panic, cause here they are making a bullish case for us,” said Hommel.

The fundamentals of a capitalist market require the market to supply whatever is demanded, he added.

“Anything the market wants!” Hommel concluded.

 

Today, March silver tacked on 15.5 cents to close at $9.37 an ounce on the New York Mercantile Exchange.

 

 

 

 

 

 

Wenn man sich den Silber Chart anschaut, könnte man meinen das da einige
schon mehr bezg. der Zulassung des Silber ETF's wissen.
Sollte der ETF kommen wären die momentanen Kurse aber immer noch
absolute Kaufkurse!
Sollte er aber überraschend doch nicht kommen, wird der Silberpreis erstmal
kurzzeitig einbrechen.

Silber ist momentan klar überzugewichten!
 

 

Sehr guter Thread, danke für den Hinweis.

gruss

permanent  

ist Gold (tschuldigung, Silber) wert; so eine überschaubare und verständliche Analyse zu den Silberminengesellschaften hatte ich zuvor nicht entdeckt. Dankeschön.
Mecki  

von Goldseiten hier reinkopieren, sondern nur eine kurze Zusammenfassung und einen Link! Danke!

bye, Paul.  

die Artikel sind doch aber auch nur von anderen seiten kopiert und bei goldseiten
veröffentlicht. Die schreiben doch nix selber!
Haben die die "Exclusivrechte"?  

originalseiten reinkopiere. Dann geht das goldseiten doch nichts mehr an?!  

@Pate: Pass auf! DIESE Familie ist stärker als deine ;o)

Nicht, dass du mit Betonschuhen und nem Goldseitenlink auf dem Hintern tätowiert im Hudsonriverrhein versenkt wirst...

;o)
__________________________________________________
VIVA ARIVA!  

Der Pate lässt sich (von goldseiten) nicht so einfach beeindrucken...
Wenn es Ihre Artikel wären ok. Aber die kopieren doch selber nur!
 

vor allem die vielen Löschungen beeindrucken mich ungemein. tztztztz

Grüße, ZN  

Bist Du so nett und stellst die entsprechenden links hier nochmal rein, ok ?  

sorry die links hab ich nicht mehr.
Es wurden 13 Postingsg gelöscht und ich müsste die alle einzeln neu suchen.

Der Thread ist dann hiermit wohl tot! Schade...