-->Hier ein KLEINER Auszug seines Kommentars vom 30.Mai 2006:
"Another new development is the leveling off, and reduction, in the actual silver holdings of the silver ETF (SLV). From a peak of 73 million ounces, there has been a reduction to 69.5 million ounces in the trust. Many have been quick to conclude that this indicates a saturation of demand for silver and that the reduction in holdings indicates liquidation by early buyers. These explanations are possible, but they are speculations, not certainties. There are other possibilities that could explain the reductions.
In my opinion, it is more likely that the reduction in silver holdings in the ETF is as a result of withdrawal of physical silver from the trust. <font color=#0000FF>This can be affected at any time by an Authorized Participant, simply by turning in shares in basket amounts (50,000 share or 500,000 ounce amounts) and backing up a truck and removing the silver. In fact, this may be the most efficient manner to secure industry-size and grade quantities of silver on a moment’s notice. This would sidestep the delay that can be experienced at the COMEX, where the seller has more to say about the when, where and what of deliveries. This idea had been previously advanced to me by Carl Loeb, who coined the phrase,"Death Star" to describe the silver ETF.
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Further, Loeb has also privately pointed out that the ability to withdraw physical silver at any time from the ETF creates the possibility that someone could continue to accumulate a significant quantity of silver, and by removing it from the ETF along the way, create the appearance that there was no new buying. In case you were not aware of it, this is exactly how major financial entities, including hedge funds, send out false market signals to obscure their real actions.
Additionally, the ability to short shares in the silver ETF, by either the sponsor or others, can delay the buying of real silver, in spite of real new buying of shares. I don’t see anything wrong with this, necessarily, as long as the shorted shares are repurchased fairly quickly and the shorting is strictly used as a temporary inventory management and procurement tool. It would definitely not be right if the short position in SLV grew to a large and permanent position, strictly for the purpose of avoiding the purchase of real silver.
In any event, this speculation concerning what may really be behind the flow of silver to the ETF is intended to demonstrate that there are more explanations possible than the ones that first come to mind. I’m inclined to question the explanations suggesting a cooling of investment demand for silver, because that is contrary to other objective measures of silver investment demand. For instance, Silver American Eagle sales from the US Mint are running at all-time record levels for the first 5 months of this year, while gold sales, while respectable, are nowhere near record levels."
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