I think an ETF in silver is past due. For too many years the short selling of silver has been allowed to keep the value of this commodity artificially depressed while the supply has dwindled. One party, acting in its own short-term self-interest, the SUA has benefited from this anti-market policy in silver. It is time to let the free market set the price on silver and produce results consistent with greater demand than current supplies will handle at this price level.
If we continue as now with the price of silver being artificially held far below its replacement mining cost the market will fail. Silver will not be mined in sufficient quantities to supply industrial and defense demands let alone jewelry or photographic demand. I urge you to stand out of the way of a free market and allow those investors who have taken positions in this material their day in the sun.
The SUA is nothing but an organization with a vested interest in keeping the price of silver below what the world market price should be. If you want less of a thing regulate it. If you want a healthy world supply of something let the market find its own level.
In closing, I find it difficult to see why you would consider treating a commodity like silver, different than crude oil, wheat , gold or other commodities that are already thriving in ETF environments. What justification will you give the public if you do not allow Barclay’s to open the silver ETF. Is it more important that you protect the low cost of supplies to the SUA members than it is to protect the investments of thousands of very vocal silver investors like me who ask for nothing but an level playing field? Give Barclays the go ahead and let the chips, and silver fly where they go.
Bobby G. Williams