Ted Butler: The principle of substitution

Section:

5p ET Tuesday, July 17, 2007

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler argues that the principle of substitution is going to work twice in silver's favor.

First, since silver is just a small part of the price of so many of the products in which it is contained, it can rise very high in price before manufacturers are likely to substitute other metals for it.

Second, as gold rises and increases interest in investment in the precious metals, investors increasingly will substitute for gold and turn to silver, famous as "the poor man's gold."

Butler's new commentary is headlined "The Principle of Substitution" and can be found at GoldSeek's companion site, SilverSeek, here:

http://news.silverseek.com/TedButler/1184699472.php

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Join GATA at these conferences:

The Silver Summit
Thursday-Friday, September 20-21, 2007
Coeur d'Alene, Idaho
http://thesilversummit.com

New Orleans Investment Conference
Sunday-Thursday, October 21-25, 2007
New Orleans, Louisiana
http://www.neworleansconference.com

* * *

Help Keep GATA Going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at http://www.gata.org/.

GATA is grateful for financial contributions, which are federally tax-deductible in the United States.