January 26, 2006
As an investor and American citizen, I favor free markets. I can see no more justification for disallowing a Silver Exchange Traded Fund, than there was for the Gold ETF you approved.
The SUA "had their way" with the sale of the US Strategic Reserve stockpile of silver, which was instrumental in artificially suppressing the price of silver for many years. Their argument against a Silver ETF should not influence your decision to allow convenient, free trading of silver in the marketplace.
If the price of silver is determined by free trade and allowed to rise without artificial suppression, more mines will be able to profitably produce it. As a result, the supply of silver will eventually meet its demand.
Your favorable decision regarding the permitting of a Silver ETF would be greatly appreciated.
Garry G. Mathews, D.D.S.