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Ted Butler: The principle of substitution

Section: Daily Dispatches

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:

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

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