Oh yeah... the silver ETF opened today. I purchased 50 shares. Silver has been going up a lot in anticipation of the initiation of this ETF, so real commodity traders were able to make the last couple of dollars of silver gains before I got in. That's OK though because I'll hang in there a while longer than that.
Silver looks better than gold (although I also hold some GLD) to me for several reasons: It's in much higher demand as an industrial metal, and stockpiles are not that high. With several million ounces being held by the ETF, that can't help but drive prices higher.
Industrial silver users were against establishing the ETF, saying that it would make silver more scarce and expensive for them. Well... Now that I'm in, I kinda hope that silver gets *really* expensive, at which point I'll let them have mine.
An advertisement-free blog about motorcycling, Northern life, home improvement, power plants, submarines, nuclear stuff, and a few other off-beat subjects. Comments are welcome. (Image is the Selway Crags in Northern Idaho)
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