Is silver ETF preparing to clean out Comex or just divert demand?

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Is silver ETF preparing to clean out Comex or just divert demand?

By: Chris Powell

-- Posted 30 September, 2006 | |

Submitted by cpowell on 08:42AM ET Saturday, September 30, 2006. Section: Daily Dispatches

11:36a ET Saturday, September 30, 2006

Dear Friend of GATA and Gold:

GoldSeek's companion site, SilverSeek, reports that the iShares Silver Trust exchange-traded fund operated by Barclays Global Investors, which claims to hold 104 million ounces of silver, is preparing to buy about 150 million more ounces:

http://news.silverseek.com/SilverSeek/1159546321.php

That that would be about 50 million more ounces than were reported held by the Comex division of the New York Mercantile Exchange on Friday:

http://www.nymex.com/sil_fut_wareho.aspx

So maybe over the next few months we'll find out for sure whether the ETF holds real silver or only paper claims on silver and whether the demand for silver expressed through the ETF will be applied to actual metal and mining or just diverted more into the service of the great scheme to suppress the price of commodities and the labor that produces them, to financialize the world, and keep the dollar-money power in charge of things.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

-- Posted 30 September, 2006 | |

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