When I look at the table and chart below I get a very uneasy feeling. Was it Adrian that questioned where the Silver ETF got all that silver? The latest reports of ETF funny accounting and reporting has turned my opinion from doubt to disbelief. I can’t believe that the ETF actualy has that actual physical silver unencumbered by any other claims of ownership.
To look at this from another perspective, I would much rather own shares of ECU’s in ground silver at $2 per ounce than the ETF’s silver at $17.60 per ounce.