Is there any other possible financial reason that contract holders would take the trouble to deposit funds into their Comex account to fully prepay silver delivery and then just accept a cash settlement? By the end of the first full week, two-thirds had accepted cash settlements to forgo claims on physical metal.

Only price discovery can alleviate the shortage – that is the free market way of allocating scarce resources. He earned his MBA at Kettering University and currently holds the MFP® Master Financial Planner™ designation. Is there any other possible financial reason that contract holders would take the trouble to. Follow George Maniere and get email alerts, Last weekend I did a lot of study on the Silver Comex, the Silver ETF. The Sprott Physical Silver Trust (PSLV) is managed by Sprott Asset Management LP. SLV that stands for Satellite Launch Vehicle, was a project started by the Indian Space Research Organisation (ISRO) and was headed by APJ Abdul Kalam in the early 1970s, to develop the technology needed to launch satellites. In my opinion, there is no debate regarding any physical shortage of silver. He has 35 years of working in the arena of precious metals and, equally important, if called upon to do so, he could readily produce the silver that the underlying ETF purports to own. The fact that I believe this continues to be a problem suggests to me that it is a big problem. This could delay the redemption process for investors with smaller baskets and thus could expose them to changes in the price of silver. The fact that so many people are taking the cash route so early in July leads me to conclude that a hefty premium is being paid to compensate contract holders to give up delivery rights. He has more than 20 years of experience, including positions as a trader and financial adviser.

I believe that I missed the bottom at $32.50, but in light of what I see ahead, I don’t think missing the bottom by a few dollars will make a great deal of difference.

Investors who wanted direct exposure to the precious metal used to be limited to futures contracts and physical metal. Physical silver is held in vaults in London by a third party.

The published spot rate is nothing more than a show.

The fact that so many people are taking the cash route so early in July leads me to conclude that a hefty premium is being paid to compensate contract holders to give up delivery rights. A look at these charts will show that during the last move in silver, both ETFs acted in an identical fashion. However, my sixth sense told me that there was something wrong and a study of the Comex bore out my fears. People who have read me in the past know that I already own more than my fair share of physical gold and silver. By reviewing the ETF's investment objectives, investors can learn what underlying assets are used to achieve performance goals and can avoid investing in assets they don't understand. ETF Securities manages the Physical Silver ETF (symbol SIVR), which has seen silver's price fluctuate widely since its start in 2007. Please see the charts of SLV and PSLV below. After my study, I am convinced of two things.

Alternatively, contango is a market condition where futures prices are higher in the succeeding delivery months and erodes ETF returns from that of physical silver prices.
SLV is passively managed, with an … I believe that I missed the bottom at $32.50, but in light of what I see ahead, I don’t think missing the bottom by a few dollars will make a great deal of difference. It is real and it is undeniable.

But the marketplace itself is supposed to weed out these disparities in a concerted effort to level the playing field. CME Group describes ETFs as investments that allow participants to trade benchmark indexes like a stock. There is a divergence in the real price of silver and the published price -- and if called to do so, SLV would not be able to produce the underlying silver it purports to be representing. With an inception year of 2006, SLV is the oldest ETF containing physical silver. SLV is passively managed, with an annual expense ratio of 0.50 percent of net asset value. The price of silver going into July has been pretty steady, though volatile. I believe this we will soon see the final stages of the silver paper market.

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