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Minyan Mailbag: Silver Bulls

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There are silver bulls also in Italy - 2 items for you:

1) sounds suspicious... do you think ?

The Silver UsersAssociation (SUA) is urging the Securities and Exchange Corporation (SEC) to stop Barclays from creating a silver backed Exchange Traded Fund, according to Reuters. In a desperate move to block the ETF, the association made a plea to the SEC that argued the economy could suffer if silver prices spike.

The SUA was created in 1947 to lobby for companies that purchase and consume silver. Admitting that supplies are tight, the SUA fears that takingsilver from exchange warehouses could be enough to set off a shortage. "We don't endorse a silver ETF because of the potential liquidity problems it would create," the SAU wrote.

The admission by the SUA is astonishing given that all the major players in the silver industry have maintained for a number of years that the silver is plentiful and that the analyses of silver bulls as regards supply were wrong. In admitting that supplies are tight, not only does the SUA vindicate a long-standing argument of the silver bulls it also comes perilously close to an admission that the market has indeed been controlled by those forces which have wanted low, steady prices. By turning to the SEC, the SUA is admitting that the status quo - manipulated as it apparently is - should be continued by any means possible.

2) On the same line do you find
this link to have correct information?

Best Regards

Minyan Giovanni

Hi Giovanni,

There are more and more silver bulls appearing all the time, and, just like the bird flu, nowhere is immune, even Italy I see! It just takes a little digging, reading, and history to understand why one can make such a bullish case for silver. I wrote a little about the SUA in Monday's piece and I stated that this was highly "unusual". I also stated that silver is going to rocket, ETF or no ETF. Supply/Demand fundamentals dictate so, IMO. Suspicion does not get a conviction in any court. Evidence does.The SUA are concerned enough about PHYSICAL silver supply to go squealing like stuck pigs to the SEC - that's good enough for me!

The second "attachment" I had not seen prior to you sending through to me. I dunno how I missed it 'coz I generally read everything/anything I can about silver-bullish, bearish, informed, uninformed- I don't care. ONLY by reading all the arguments with an open mind can one come to any reasoned conclusion. There are some interesting points made and I don't wanna get involved in the "who's doing what" stuff or speculate on stuff I don't KNOW. Mr Butler has studied the silver market a lot longer and in more detail than me and has been there and seen most everything that can happen in the silver market. Whilst I do not take anything anyone says as Gospel, his observations on the "commercial shorts" and their inability to deliver is similar to what I see coming in Gold one day. i.e short sellers will one day be forced to deliver gold due to demand for the PHYSICAL metal. They won't have the gold (or access to it) and the price will pop like a nasty big old zit. Check the London Gold Pool for precedent.

Glad to hear from Italy - now there's a country that knows currency debasement - It wasn't always a few thousand Lirato to the dollar, ya know! Remember the 1865 gold coin that we auctioned for the RPFoundation' Hurricane relief? The face value was 20 lire.

Laurie.


Gold and Silver

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