By the end of the first full week, two-thirds had accepted cash settlements to forgo claims on physical metal. This is the youngest ETF in the physical silver group, opening in 2010. Transactions are supposed to occur in the light of the marketplace, not as private deals between parties. Is there any other possible financial reason that contract holders would take the trouble to deposit funds into their Comex account to fully prepay silver delivery and then just accept a cash settlement? I conclude the Comex is doing the opposite. Please see the charts of SLV and PSLV below. The fact that so many people are taking the cash route so early in July leads me to conclude that a hefty premium is being paid to compensate contract holders to give up delivery rights. SLV that stands for Satellite Launch Vehicle, was a project started by the Indian Space Research Organisation (ISRO) and was headed by APJ Abdul Kalam in the early 1970s, to develop the technology needed to launch satellites. I believe the reason it has not is because it has already progressed past the point of being devastating. The PSLV (Polar Satellite Launch Vehicle) and GSLV (Geosynchronous Satellite Launch Vehicle) are two rocket launch systems developed by the Indian Space Research Organization, or ISRO, to launch satellites into orbit. However, my sixth sense told me that there was something wrong and a study of the Comex bore out my fears. I believe that I missed the bottom at $32.50, but in light of what I see ahead, I don’t think missing the bottom by a few dollars will make a great deal of difference.
Physical silver is held in vaults in London by a third party. I feel that silver has punished the speculators and weak hand investors enough, and next week I plan on opening the silver ETF trade ... but this time I will use PSLV. The Comex only has about 29 million ounces available for delivery to serve those 2,397 contracts, representing about 12 million ounces, so there is no doubt that it has every incentive to induce cash settlement. SLV that stands for Satellite Launch Vehicle, was a project started by the Indian Space Research Organisation (ISRO) and was headed by APJ Abdul Kalam in the early 1970s, to develop the technology needed to launch satellites.
In my opinion, there is no debate regarding any physical shortage of silver. As long as the Comex refuses to acknowledge the shortage and allow free market price discovery to correct the price, the divergence between paper and physical price will continue. I will be looking for a run up to $60.00. The Best Way to Evaluate Mutual Fund Choices→, What Are Good Long-Term High Risk Investments for a Roth IRA?→. Investors wanting funds backed by physical silver should read prospectuses carefully, as some use futures and options to track the price of silver. Described by CME Group as a market condition where futures prices are lower in succeeding delivery months, backwardation can inflate ETF returns beyond that of physical silver prices. Going back to May, 2,166 contracts stood for delivery in the silver futures market. But the marketplace itself is supposed to weed out these disparities in a concerted effort to level the playing field. Each unit represents one-half of one ounce of silver and is redeemable for physical silver. While we could not retrieve the average bid-ask spread for PSLV, when comparing SLV with SIVR the choice is clear. This brings up an important distinction that is not supposed to materialize in a free market exchange. For example: In case of ASLV with vehicle weight of 41 tons, can launch payloads of 150 kgs into space upto an orbit of 400 kms. It is not a trade for the faint of heart. Investors who wanted direct exposure to the precious metal used to be limited to futures contracts and physical metal.
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