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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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From: Mr. Aloha8/7/2006 12:06:46 AM
   of 78417
 
Barron's has an article by Andrew Bary this weekend with the bullish case for silver: online.barrons.com (subscription required)

Here's an excerpt:

Silver's Golden Moment

SILVER, LONG A POOR COUSIN TO GOLD, IS SHINING brightly after more than 20 years in the financial shadows. The metal hit a 23-year high of $15 an ounce in May and now stands above $12. That's up from less than $9 at the start of the year and an average price of $5 an ounce for much of the past decade. Some silver experts expect the metal to hit new highs in the months ahead.

Silver and gold have benefited this year as traditional hedges against inflation, which has been running higher in the U.S., paper money and financial assets. A major spur to the silver market came in late April with the launch of the iShares Silver Trust (ticker: SLV), the first exchange-traded fund that offers investors a direct play on silver prices. It eliminated the need to buy and store the physical commodity. Similarly, the launch of the first gold ETF two years ago contributed to the strength in gold, which at $650 an ounce is up 25% this year.

Silver prices ran up ahead of the launch of the Silver Trust as investors bet the ETF would draw significant demand, sucking silver out of the market at a time when global stockpiles are low. The ETF holds $1.2 billion of silver, equal to 15% of annual global mine production. Continued investment demand is critical, because mine output is rising even as demand from the photography industry is falling, as digital photos replace traditional film. Photographic uses consumed about 25% of the silver produced last year.
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