la sec aurait refusé le fond argent de barclay

excellente nouvelle !!



source midas

_________


London (Platts)--15Sep2005
The US Securities and Exchange Commission has turned down Barclay's Global Investors application to establish a silver electronic trading fund platform, sources in the market told Platts Thursday. Barclays already have an ETF for gold.
A well-respected industry source said Thursday that there was "speculation in the market that Barclay's application for a silver ETF has been refused by the SEC." A second source told Platts that Barclays had filed the application with the SEC a couple of weeks ago. "I would be very surprised if it had been approved, another UK-based market source, unwilling to elaborate on his statement.

-END-

Thank you "source" for coming forward at this time. The irony is while most people probably think this is bearish, I believe it to be very bullish. One, it means there is just not the physical silver market out there to allow a silver ETF to exist. And two, it means the most visible precious metals bullion dealer bear out there won’t be able to manipulate the silver price down the road. Go silver!

BUMMER, in late this afternoon:

NEW YORK, Sept 15 (Reuters) - Barclays Global Investors was still awaiting regulatory approval from the U.S. Securities and Exchange Commission for its iShares Silver Trust, the asset management arm of Barclays Plc (BARC.L: Quote, Profile, Research) said on Thursday, denying a report that its application was rejected.

A spokeswoman for the leading exchange-traded fund (ETF) provider said there had been no change to the status of the trust since an amended SEC filing was made earlier this month.

-END-

Il faudrait connaitre la/les raison(s)

On nous en donnera d'officielles, la vraie c'est "Y'en a plus assez"

héhé ... la toute puissante silver user association s'y oppose ardemment !

because évidemment .... pas assez de métal argentpour ça ...

potential liquidity problems .. lolooooooooool !!!
__________

http://today.reuters.com/news/newsArticleSearch.aspx?storyID=153082+12-Oct-2005+RTRS&srch=gold

US silver nonprofit opposes new silver-backed ETF
Wed Oct 12, 2005 9:37 AM ET


NEW YORK, Oct 12 (Reuters) - A U.S. silver industry nonprofit group opposes the creation of an exchange-traded fund backed by the precious metal amid concerns such an investment product could make silver too expensive or illiquid in the world market.

The Silver Users Association is especially concerned that a new ETF might threaten jobs in the silver industry, as it would require large amounts of metal to be held in vaults and out of reach of the marketplace, a spokesman said on Wednesday.

Commodity ETFs are designed to track the price of a specific product or basket of goods, and in the case of silver, one likely would be backed by physically stored metal.

"The concern we have is about jobs," Paul Miller of the SUA told Reuters. "That concerns our members greatly."

The SUA sees the removal of large quantities of physical silver having a negative impact on industry-specific employment as well as the overall economy, both through job losses and inflation, it said.

The organization has stated it supports the buying and selling of silver as an investment in general, but it does not endorse a silver ETF because of the potential liquidity problems it would create.

"The SUA urges the SEC (U.S. Securities and Exchange Commission) to take these issues into consideration before it decides whether or not to issue a silver ETF," it said in a recent newsletter.

Barclays Global Investors, the asset management arm of Barclays Plc (BARC.L: Quote, Profile, Research), filed a registration in June seeking regulatory approval for a new silver ETF.

The trust will be backed by silver held in England initially, and possibly at other locations down the road.

Gold ETFs have gained popularity in the recent commodity bull markets as investors were attracted to an alternate form of gold investment, aside from mining shares, options, futures and actual gold bullion.

In total, SUA said in the newsletter, the various gold ETFs have contributed to 250 tons of gold being purchased in the open market at a value of about $3.4 billion.

The SUA was established in 1947 to represent the interests of companies that make, sell and distribute products and services related to silver. Members include fabricators, manufacturers and other consumers as well as financial institutions and precious metals firms.

encore mieux sur le site de la SUA à la rubrique news :

http://www.silverusersassociation.org/news/wash_rpt_0509.shtml


SILVER EXCHANGE TRANSFER FUND (ETF)

Between 1966 and 1970, U.S. Treasury sales of silver were a major secondary source of supply. Because silver had been a U.S. monetary standard along with gold, the U.S. government held the world's largest source of secondary supply in an effort to meet a growing production/consumption deficit. In 1965, it appeared that in less than two years the Treasury would effectively lose control of the price of silver. If silver had been allowed to rise above $1.40 per ounce, the silver content of U.S. coins would have been worth more than their face value, causing them to disappear from circulation. Under the Coinage Act of 1965, Congress eliminated the use of silver in coins and authorized the mining of cupro-nickel substitutes and the sale of silver to the public. The right of holders of U.S. silver certificates to redeem them for silver was suspended in 1968. The following year, a federal ban on the melting of U.S. coins was lifted, freeing anywhere from 400 to 700 million ounces for secondary recovery.

In late 1970, the General Services Administration was authorized by Congress to release the national strategic stockpile of silver to the Treasury Department, primarily for coinage of new commemorative silver dollars (40 percent silver content). The same act provided for the auction of approximately 3 million old uncirculated silver dollars (90 percent silver). In 1973, the Cost of Living council freed commercial-grade silver from price ceilings imposed the year before to allow domestic silver to advance to current international price levels.

Silver has reacted erratically to world political and economic news in recent years. The New York spot settlement price for silver has ranged from a low of $3.92 in 1975 to a high of $48.70 in 1980.

In the early 80's, the U.S. government's strategic stockpile of silver was locked in by law at 139.5 Moz. Congress has since authorized legislation to dispose of these stockpiles. In late 2000 the U.S. Defense National Stockpile Center delivered its remaining stockpile of nearly 15 Moz to the U.S. Mint for coinage programs. Since 2001, the U.S. has had to purchase silver for its coinage programs from the open market. This has boosted silver consumption by 1% annually.

Background on ETF

An ETF is an Exchange Traded Fund, created under the Investment Company Act of 1940. They are index-based products, which hold a portfolio of securities that is intended to provide investment results that, before fees and expenses, generally correspond to the price and yield performance of the underlying benchmark index. In the case of a Silver ETF, the index would track the silver price and be backed by physically vaulted silver. Gold ETF's gained popularity in the recent commodity bull markets as investors were attracted to an alternate form of gold investment other than mining shares, options, futures and physical. Many are interested in gold from a 'buy and hold' perspective. Each unit that is bought on the gold ETF has resulted in physical gold metal being purchased on the open market and stored in a vault. In total, these gold ETF's have contributed to 250 tons of gold being purchased in the open market, approximately $3.4 billion dollars.

Impact of Silver ETF

Fortunately we do not have to look back very far to see the impact a significant amount of allocated silver would have on the market. It was 1998 when Warren Buffet purchased over 100 million ounces of physical silver and the spot price rallied over $3 dollars and one month lease rates soared over 30%.

Commodity markets such as Palladium have proven that consumers will search for alternative sources to substitute their need for metal if the market becomes too pricey or illiquid. As it is, silver can be an illiquid market because there are few central banks which own silver. Silver is inexpensive in terms of commodities, and its volatility is typically 2-3 times that of gold.

These are both reasons investors are drawn to the market. A silver ETF would only exaggerate silver's illiquidity given the sheer volume of physical silver needed to be shipped and stored. While a silver ETF might initially provide price benefits for producers, we believe it would disrupt the market in the short term and may harm the market in the long term.

SUA Position

The Silver Users Association opposes the creation of a silver ETF because of the concerns that doing so will require the holding of physical silver in allocated accounts, thus removing large amounts of silver from the market. By doing so, the ETF most likely would cause a shortage of silver in the marketplace. This removal of large quantities of physical silver could have a negative impact on silver-industry specific employment as well as the overall economy, both through job losses and inflation.

The Silver Users Associations supports the buying and selling of silver as an investment. There are already several ways to do so without creating a potentially harmful situation to industry. We don't endorse a silver ETF because of the potential liquidity problems it would create. The SUA urges the SEC to take these issues into consideration before it decides whether or not to issue a silver ETF.

________



trop drole ... les associés du cartel de l'argent se bouffent le nez>
pour interets divergents .. LOL


il n'y aura pas d'ETF argent !

et je site sua .. ici c'est encore plus clair !

"The Silver Users Association opposes the creation of a silver ETF because of the concerns that doing so will require the holding of physical silver in allocated accounts, thus removing large amounts of silver from the market. By doing so, the ETF most likely would cause a shortage of silver in the marketplace"


shortage of silver in the market place , héhé !!


et hop , une allusion même pas voilée au default intervenu sur palladium tocom , précisement pour ces raisons de shortage .. et du fait des agissements sur le tocom des industriels utilisant le palladium ..


"Commodity markets such as Palladium have proven that consumers will search for alternative sources to substitute their need for metal if the market becomes too pricey or illiquid. As it is, silver can be an illiquid market because there are few central banks which own silver. Silver is inexpensive in terms of commodities, and its volatility is typically 2-3 times that of gold. "

pour ceux qui ne connaissent pas encore SUA , l'association des utilisateurs industriels d'argent


SILVER USERS, SILVER ABUSERS
By Ted Butler

http://www.investmentrarities.com/03-26-01.html^

http://www.gold-eagle.com/gold_digest_00/butler111600.html


Silver Users - Grave Danger Ahead

http://www.gold-eagle.com/gold_digest_00/butler032400.html

Ils doivent être bien désespérés, pour l'avouer

Complètement contre-productif ça, c'est comme un herbivore blessé qui hurlerait sa détresse le soir dans la savane...

genre d'appel à la soupe pour les Lycaons, hyènes et autres sympathiques créatures...
Ca fait drôle de passer d'herbivore à prédateur...

chacun son tour...

Butler commente l'étonnant aveux du SUA et c'est de la balle
comme d'hab...mais le dernier quart de son article est particulierement "Butlerien"

c'est pour le moins normal, certes, mais dans ma bouche, c'est clairement un compliment...

http://www.investmentrarities.com/weeklycommentary.html

extraordinaire ...

j'ai relu du coup son topo de juillet sur etf silver et en effet ... on comprend de mieux en mieux ...

puisque le fond se proposait de réunir 130 millions d'once d'argent soit la totalité des inventaires mondiaux existants !
( pour mémoire les divers fonds or ne representent que 1% des inventaires mondiaux)

par ailleurs ce chiffre de 130 millions d'once d'argent represente à peu pres la quantité achetée par Buffet ( en 6 mois ) en 1997 ..ce qui avait fait doubler le prix de l'once ...

bref à lire dans la foulée :

http://www.investmentrarities.com/06-28-05.html

Nouveau commentaire+++ sur ce brûlant sujet

http://www.resourceinvestor.com/pebble.asp?relid=13771

au tour de Jason Hommel de donner son poin tde vue .. pas triste non plus !!

http://goldeditor.com/articledisplay.php?id=292

ah ba voila .. qui est interessant dis donc ...

Citation :

The SUA says part of its mission is to keep silver prices low and keep the metal readily available for users. The association's members include jeweler Tiffany & Co. (TIF:
Tiffany & Co.

http://www.marketwatch.com/news/story.asp?guid=%7B41580216%2DF0B3%2D419A%2DB4F2%2DA152FC4278F9%7D&siteid=mktw

Silver group fires bullet at ETF
Proposed Barclays fund faces opposition; launch in doubt

By John Spence, MarketWatch





The Silver Users Association, a nonprofit lobby group interested in keeping an orderly silver market, has asked the Securities and Exchange Commission to deny an ETF currently in registration from investment manager Barclays Global Investors.

The organization says a silver ETF would create a price squeeze in the metal because the fund would have to buy a large amount of silver to back the fund's shares prior to the launch.

BGI spokesman Lance Berg declined to comment about the silver offering, citing the "quiet period" while the fund is in registration, implying the SEC hasn't slammed the door on the ETF yet.

Still, with all the controversy swirling over the silver ETF, some see the launch in doubt.

"I don't think the silver ETF will be released because the supply is too thin," said David Morgan, editor of the Silver Investor newsletter.

Looking for a silver lining

When BGI first filed its silver ETF in June, many expected a speedy approval process from the SEC because the fund was structured similarly to a pair of existing gold ETFs: StreetTracks Gold Trust (GLD:
streetTRACKS Gold
News, chart, profile
Last: 45.77+0.26+0.57%

4:16pm 11/07/2005

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FinancialsMore GLDGLD45.77, +0.26, +0.6%) and iShares Comex Gold Trust (IAU: ishares comex gold tr ishares
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Last: 45.85+0.27+0.59%

4:16pm 11/07/2005

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FinancialsMore IAUIAU45.85, +0.27, +0.6%) , which BGI also manages.

The gold ETFs, which hold about $3.4 billion in assets between them, allow investors to buy shares that represent a tenth of an ounce of gold held in a vault. The funds are seen as a convenient, low-cost way for investors to sidestep the costs of buying and storing bullion.

The silver users' group says it's concerned that a silver ETF -- if it became as popular as the gold funds -- would increase the silver market's volatility and drive up prices.

Not everyone agrees. Ross Norman, a director at TheBullionDesk.com, a London-based precious metals research firm, said a silver ETF would bring more liquidity to the silver market. He noted that the two gold ETFs didn't roil markets when their sponsors accumulated bullion prior to the launches.

But the Silver Users Association says the silver market isn't as deep as the gold market.

"A silver ETF would only exaggerate silver's illiquidity given the sheer volume of physical silver needed to be shipped and stored," the group said in its letter to the SEC.

Mining opposition

Industry observers say companies that use silver for industrial purposes, along with silver miners, are lobbying in Washington against the silver ETF.

"My understanding is the SUA has effectively blocked the silver ETF at the SEC," said James Pacetti, president of New York-based consultant ETF International. The SEC as a rule does not comment on financial products in registration.

"The silver mining companies don't want a silver ETF because it may create less demand for their stock, since investors would rather have a pure play on the metal rather than buying mining companies," Pacetti added.

Others say the mining companies would benefit if a silver ETF bolsters demand for the metal and pushes prices -- and profits -- higher. The Silver Institute, an international association of miners, refiners, fabricators and wholesalers of silver, declined to comment on the silver ETF.

But in a conference call with brokerage analysts last week to discuss his company's quarterly results, Pan American Silver Corp. (PAAS:
pan american silver corp com
News, chart, profile
Last: 15.76-0.51-3.13%

6:10pm 11/07/2005

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FinancialsMore PAASPAAS15.76, -0.51, -3.1%) Chairman Ross Beaty disagreed with the SUA's claim that a silver ETF would stretch liquidity.

Calling the SUA's position "just plain wrong," Beaty said a silver ETF could provide a useful service for investors, adding that he doesn't believe it would trigger liquidity problems in the silver market.

The SUA says part of its mission is to keep silver prices low and keep the metal readily available for users. The association's members include jeweler Tiffany & Co. (TIF:
Tiffany & Co.
News, chart, profile
Last: 41.50+0.45+1.10%

4:19pm 11/07/2005

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FinancialsMore TIFTIF41.50, +0.45, +1.1%) , photographic equipment maker Eastman Kodak Co. (EK: Eastman Kodak Co.
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4:15pm 11/07/2005

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4:44pm 11/07/2005

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5:47pm 11/07/2005

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FinancialsMore DDDD43.10, -0.21, -0.5%) .

Silver users would bear the brunt of higher prices, the organization says. The group adds that a silver ETF "could have a negative impact on silver-industry specific employment as well as the overall economy, both through job losses and inflation."

Founded in 1947, the Silver Users Association, the only one of its kind for a commodity, has a long activist tradition. Although it's unclear whether the organization can successfully block the launch of BGI's silver fund, some analysts are skeptical about the ETF's future.

"If the silver ETF sees just half the interest the gold ETFs received, there won't be enough silver to back the fund, so I doubt it's going to take place," said Morgan, the Silver Investor newsletter editor.

hommel de nouveau :


I recently sent you an important article on the Silver Shortage.
Please click/visit this link as it will get more exposure for the story at Yahoo, and you can Email this Story on to others.

SilverStockReport.com: Silver Users Fear Silver Shortage
Thursday October 27, 3:49 pm ET
http://biz.yahoo.com/prnews/051027/clth528.html?.v=8


But it was long winded, and I apologize.

I was asked this morning by FreeMarketNews.com (FMNN) to comment, by phone, on this important news development for a TV show, and to keep my comments to 1 min. 20 seconds. So, here it is, to the point.

FMNN:
The Silver User’s Association startled the investment community recently when it came out hard against Barclay’s Bank’s proposal to create a silver-backed Exchange Traded Fund. The Silver Users Association is a lobbyist group for industrial end-users of silver, including Kodak. While the Silver Users’ opposition to any new investment demand for silver was predictable, the reasoning behind that opposition stunned many. Here’s Free-Market News Network commentator Jason Hommel to explain. Jason?


JASON HOMMEL: Yes! Their reason for opposing the Silver ETF was that they said it would cause a shortage of silver, and rising silver prices!

This news is HUGE and EXTREMELY important for people to pay attention to. The silver shortage has been confirmed, publicly, by people who have a stated goal of keeping silver prices low. They do NOT want investors to buy silver, which is why they oppose the Silver ETF, but here they are, making the case for why investors should buy silver by confirming the silver shortage, and saying that silver prices will rise!

Why would they say that unless they are in a panic?

When the silver shortage hits, industrial users will panic, and will buy up silver to crazy high prices, without regard to price--to prevent shutting down their factories!

And given the amounts involved, THAT the Silver ETF needs 130 million ounces that the world may not have… that means it is ALREADY TOO LATE FOR BILLIONAIRES TO JUMP ON BOARD AND BUY SILVER, BECAUSE THERE IS PROBABLY NOT A BILLION DOLLARS OF SILVER AVAILABLE IN THE WORLD TO BUY AT UNDER $10/OZ. SILVER PRICES WOULD PROBABLY HAVE TO RISE TO $25/OZ., JUST FOR THERE TO BE A BILLION DOLLARS WORTH OF SILVER AVAILABLE TO BUY!

Silver is so cheap today, even the silver miners can’t make money mining it at $7.50/oz.