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9:11p ET Tuesday, April 25, 2006
Dear Friend of GATA and Gold:
Resource Investor and Reuters are reporting tonight that
final approval and launch of the Barclays silver exchange-
traded fund are imminent. The Reuters story is appended.
Resource Investor says that to back the fund, Barclays
has deposited 1.5 million ounces of silver with none
other than J.P. MorganChase Bank in London -- which
does not seem like a lot of silver to begin with and
does seem likely to be even less silver if MorganChase is
to be its custodian.
Have they been having trouble getting hold of a lot of
the real stuff? Let's hope.
You can find the Resource Investor story here:
http://www.resourceinvestor.com/pebble.asp?relid=19145
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Barclays' Silver ETF Could Be Approved in Days, Source Says
By Zach Howard
Reuters
Tuesday, April 25, 2006
http://today.reuters.com/investing/financeArticle.aspx?
type=fundsNews2&storyID=2006-04-
25T171715Z_01_N25467375_RTRIDST_0_MINERALS-SILVER-ETF-UPDATE-1.XML
NEW YORK -- The first ever investment fund backed by silver to be
traded on a major stock exchange may obtain U.S. regulatory approval
within days, a source close to the matter said on Tuesday.
Barclays Global Investors sent its final amended filing concerning
the silver-backed exchange-traded fund (ETF) to the U.S. Securities
and Exchange Commission on Monday, the source said. The price of
silver has surged and ebbed in recent weeks as the market tried to
gauge how the fund will affect demand.
"Barclays should hear from the SEC within days that it is
effective," the source told Reuters. "The SEC is likely to respond
quickly, and this means that the launch date is imminent."
However, the SEC still has to decide whether to issue a registration
statement that would allow shares to be issued.
BGI, which is a part of Barclays Plc, offered up the silver-linked
investment vehicle, called iShares Silver Trust, last year. It was
designed to track the price of silver and list on the American Stock
Exchange like ordinary shares.
The latest filing makes Barclays' proposal for iShares Silver
a "complete document," the source said.
Silver, which is used in jewelry, fabricated products, and
industrial applications, soared to a 23-year high of $14.68 per
ounce this month on hopes that the bullion-backed ETF will boost
consumer and investment silver demand.
A BGI spokeswoman said that the ETF was not yet effective. She noted
the company could not comment further because it remains in a quiet
period while the review process continues.
Separately, one silver analyst said that the ETF's last regulatory
hurdle -- the registration statement from the SEC -- was
merely "mechanical," meaning it was all but certain to go through
eventually.
"When the ETF launches, it may magnify demand," said Jeffrey
Christian, managing director of commodities research and consulting
firm CPM Group, at a presentation of its Silver Yearbook 2006 on
Tuesday.
Christian estimated that demand for the silver ETF would reach 30
million to 130 million ounces within the first couple of years after
the launch.
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NEWS AND ANALYSIS
Free sites:
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http://www.usagold.com/amk/usagoldmarketupdate.html
http://www.capitalupdates.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.goldismoney.info/index.html
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kereport.com
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)
http://www.resourceinvestor.com
http://www.goldpennystocks.com/
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http://www.interventionalanalysis.com
http://www.investmentindicators.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
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1-800-869-5115
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Harvey Gordin, President
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and
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leecoins@aol.com
Lone Star Silver Exchange
1702 S. Highway 121
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214-632-8869
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info@mocoin.com
314-965-9797
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http://www.mocoin.com
Resource Consultants Inc.
6139 South Rural Road
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Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
http://www.buysilvernow.com
Richard Nachbar Rare Coins
5820 Main St., Suite 601
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877-622-4227
http://www.CoinExpert.com
nachbar@coinexpert.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
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http://www.swissamerica.com
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1-800-BUY-COIN
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The Moneychanger
Box 178
Westpoint, Tennessee 38486
http://www.the-moneychanger.com
Franklin Sanders
1-888-218-9226, 931-766-6066
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