Does the Silver ETF Silver Really Exist?

[GoldNugget]

This interesting comment was posted in lemetropolecafe.com today:

The silver ETF has over 20 Million oz in the trust. That's over 600 tonnes of silver, acquired in just two days. Something does not smell right. This silver is supposed to be stored in England, and that 20 Moz already approaches LBMA total stockpiles. If the ETF owns it, what is the LBMA using to trade? The capacity of a 16 wheel tractor trailer is 15 tons. How did the ETF move 600 tonnes into its vaults in two days (over 40 truck loads) even if they had access to it? I have said all along that this ETF is a paper silver play and that's the way it looks. Did you know that it took Central Fund over 6 months to acquire a mere 8 Moz two years ago? The logistics of moving large tonnages of silver are daunting. Rhody.

[TGC Player]

this may help explain where they got some of their silver
http://www.resourceinvestor.com/pebble.asp?relid=19497

[GoldNugget]

This is from Jim Sinclairs excellent website jsmineset.com today:

Jim Sinclair’s Commentary

Something smells like limburger cheese. How does one buy this much silver in so few days? Not on the Comex and not in the cash market!


Dear Jim,

Not too shabby a performance for the Silver ETF, ‘SLV’.

In one week’s time it has doubled its silver holdings going from an initial 21 million ounces when it opened for trading last Friday April 28th to its current holdings of 42 million ounces as of the close Friday.

To be able to purchase silver at the click of a mouse button apparently has proven to be quite attractive for many would-be owners of this precious metal.

The Hunt’s would be proud!

Your pal,
Dan