I thought the excerpt below about the physical holding funds was interesting especially given our interest in silver. CEF had a discount to net asset value of 8.5% with its Thursday night close which was unheard of. I had the thought that possibly people were targeting it for a short so that the premium would fall and then the funds could not buy more physical and thus add further constraints on the system. Who know if I am right or not...just a thought that blew by. I know that Spott took lots of physical out not too long ago and it took him months to get all of it when he added to PSLV. None of these funds will be adding to their physical holdings unless their premium gets quite high. (Just page down a bit as I could not get rid of the space between my commentary and the excerpt)