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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (10658)	5/6/2006 4:42:55 AM
From: Proud Deplorable	Read Replies (2) \| Respond to of 78421

Silver ETF expected to reach 100 million ounces in first month From CBSMarketWatch Wednesday, May 3, 2006 marketwatch.com dist=newsfinder&siteid=google&guid=%7B7EFDB805-78B5-4C60-B222- 60836A5FD0C2%7D&keyword= LONDON -- Uptake of Barclays' silver exchange traded fund is exceeding expectations and will likely reach and possibly exceed 100 million troy ounces within the first month, UBS said. This is up from a previous UBS estimate of 60 million-100 million ounces of ETF uptake within one month. "Our forecast will (likely) be met or exceeded within the first month of trading and our three-month forecast of $16/oz for silver may be reached within the same timeframe," UBS said in a report. Barclays' ETF traded on the American Stock Exchange saw 21 million ounces of demand during the first trading day and has since increased to 32 million ounces. Daily purchases would slow down but with "silver interest rates and spot silver increasing the success of the ETF appears to be a self- fulfilling prophecy," UBS said. Spot silver last traded at $14.34/oz Wednesday, up $0.42 on the Tuesday fix. The ETF was launched to reflect the price of the silver held by the trust, minus expenses and liabilities, according to the trust sponsor Barclays Global Investors, a unit of Barclays PLC (BCS). The ETF shares are backed by silver stored on behalf of the trust. ---------------------------------------------------- To subscribe to GATA's dispatches, send an e-mail to: gata-subscribe@yahoogroups.com To unsubscribe, send an e-mail to: gata-unsubscribe@yahoogroups.com