The SEC has Cleared the Barclays Silver ETF (Exchange Traded Fund) and its first day of trading was Friday 28th April. The ETF will allow investors to buy silver as easily as they buy stocks, and the trading symbol on the AMEX is SLV.
One surprising piece of news is that the custodian Barclays has only deposited 1.5 million ounces (around $20.5million) when 130 million ounces was anticipated. This some are suggesting means that the physical Silver market is even tighter than first thought. Whatever the case in this market a value of $20 million in Silver is a paltry amount and we can see the fund having to at least double if not triple within the first week of trading.
Even if you’re not interested in Silver, watching how this ETF performs over the next month will be very interesting.
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