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Wall Street helps you get out of the dollar as long as you don''t go to gold
From CBSMarketWatch
Tuesday, May 2, 2006
http://www.marketwatch.com/News/Story/Story.aspx?
dist=newsfinder&siteid=google&guid=%7BBF7E7601-7250-40A1-9A77-
905DFAB4A385%7D&keyword=
LONDON -- The higher-than-expected uptake of Barclays' silver
exchange traded fund during its first trading days is likely to make
the silver market "extremely tight" in the longer term, U.S.-based
newsletter Texas Hedge said.
Prior to trading start, Texas Hedge estimated over 11% of annual
silver demand, or 100 million troy ounces, would be accumulated by
the silver ETF in the first 18 months, judging from the trading
history of U.S. gold ETFs.
However, on the first day alone, 2.342 million shares were sold.
As of Friday, 20,999,769 ounces of silver were in the trust with 2.1
million shares outstanding, the iShares Web site reported.
The ETF was launched to reflect the price of the silver held by the
trust, minus expenses and liabilities, according to the trust
sponsor Barclays Global Investors, a unit of Barclays PLC (BCS).
The ETF shares are backed by silver stored on behalf of the trust.
While the pace of silver accumulation would slow over time, earlier
market estimates of around 4% of annual demand were inadequate,
which could result in market tightness, Texas Hedge said.
Metals consultancy GFMS said identifiable inventories of silver have
dwindled over the last 16 years from several billion ounces to less
than 600 million ounces.
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