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Letter Re: A Second Silver Exchange Traded Fund

Mr. and Mrs. Rawles,
I just read this article today and thought it would be of interest to the Survival Blog readers: http://www.resourceinvestor.com/pebble.asp?relid=17672 [1]

The gist of it is that a silver backed exchange traded fund (ETF [2]) is quietly being opened in London within the next month. Note, this is NOT the silver ETF that Barclays’ is trying to get past the SEC [2] right now. Upon reading closer one can note that the claim of being “backed” by silver is erroneous – “We buy a security from a third party…and supply the matching contract, and investors won’t have to worry” about the physical quantity, said Tuckwell. Therefore, the silver ETF in London will not be physically backed by the underlying commodity, while taking silver out of the market, but the performance of the fund would remain linked to the silver price.

Either way, for good or ill, it seemed that this was relevant information to the blog readers. Sincerely, -LBTP