great article
A Sterling Account of Silver's January, 2010 Dismal Performance
BY ROB KIRBY | february 8, 2010
From Mark Leibovit’s most recent VR Gold Letter:
In the news, we learned that demand for precious metals weakened substantially in January. The world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust (GLD), said its holdings fell 21.7 tons or 1.9 percent in January. The largest silver-backed fund, the iShares Silver Trust (SLV), saw a 107.99 ton or 1.1 percent decline in its holdings last month.
The US Mint sold a record $1.7 billion of gold, silver, and platinum bullion in 2009, a 79 percent increase from 2008. The Mint turned a profit of $32.7 million from the bullion sales, an 84 percent increase.
When one takes a moment to read the prospectus of SLV, it states that the fund’s purpose is to provide an investment “similar to an investment in silver” i.e., it is a derivative instrument: - MORE
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