Barclays just got closer to launching the first silver exchange traded fund. In anticipation of the new ETF, silver prices have been up close to 10% in the last month; touching $10.70 yesterday. Silver prices haven’t hit these heights in over twenty years.
Considering the success of the gold ETFs, there’s a lot at stake…hundreds on millions. There are currently two ETFs that invest in gold: StreetTracks Gold Trust (GLD) and iShares Comex Gold Trust (IAU). Supposedly the bullion is held in a vault and shares represent ownership in the precious metal.
The silver ETF has a similar design. But this launch hasn’t been a cake walk. To get a clearer picture of what goes on behind the scenes, Myra Saefong of MarketWatch and Tom Szabo of Silveraxis.com shed light on the delicate dealings on the ETF launch.
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