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<p>[QUOTE=&quot;desertgem, post: 1512545, member: 15199&quot;]SLV Vault Inspection Documents:</p><p><br /></p><p><a href="http://us.ishares.com/content/stream.jsp?url=/content/en_us/repository/resource/slv_vic_11_2011.pdf&amp;mimeType=application/pdf" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://us.ishares.com/content/stream.jsp?url=/content/en_us/repository/resource/slv_vic_11_2011.pdf&amp;mimeType=application/pdf" rel="nofollow">http://us.ishares.com/content/stream.jsp?url=/content/en_us/repository/resource/slv_vic_11_2011.pdf&amp;mimeType=application/pdf</a></p><p><br /></p><p>SLV Trust Documents :</p><p><br /></p><p><a href="http://us.ishares.com/product_info/fund/performance/SLV.htm" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://us.ishares.com/product_info/fund/performance/SLV.htm" rel="nofollow">http://us.ishares.com/product_info/fund/performance/SLV.htm</a></p><p><br /></p><p>What the above page says is the following, Bold is my emphasis:</p><p><br /></p><p><br /></p><p><br /></p><p>Many skip over the &quot;Trust&quot; designation , and most skip entirely the prospectus it operates under, and then try to imagine that they know how it works and how the value is calculated, and how distributions can be made and to what individuals or custodians. It is not a mechanism to &quot;stack&quot;, it is an investment entity to realize gains or losses in the commodity of Silver. You buy in with paper, and you exit with paper depending on your gains or losses, but that does not mean that the physical backing of the trust with silver is not there. Since distribution is in cash , if ( for example only) everyone wanted to cash out, the &quot;principles&quot; are responsible for providing the cash for the share of SLV. They in turn get silver which they can then sell or do anything legal with it.</p><p><br /></p><p>Anyone other than a principle that thinks he can have a &quot;delivery of silver&quot; will face sorrow. Of course this is my opinion from reading the prospectus and other reports, some section such as that on delivery and exchange several times. </p><p><br /></p><p>Some other funds ( which I will not name, do the same things in their trust , but provide physical payout , which is financed by very high fees )&nbsp; Read their complete prospectus also. You could end up paying much more for physical than taking cash and buying your own through the market. IMO. </p><p><br /></p><p>Jim ( I do not currently own GLD,SLV, or others, but I have traded the options of both at various pivot points as I see them).[/QUOTE]</p><p><br /></p>

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