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<p>[QUOTE=&quot;doug444, post: 1514340, member: 38849&quot;]Does not every single share of SLV or GLD represent a bona-fide claim on a certain amount (however small) of silver or gold?&nbsp; If you say yes, then I would respond that these two ETFs operate on the same fractional-reserve system as a bank, and that any shareholder &quot;run&quot; of more than the reserve coverage would cause the ETF to become insolvent.&nbsp; If you say no, then I contend the ETFs are an exceedingly high-risk proposition.&nbsp; In either case, under sudden and unfavorable market conditions, you lose.[/QUOTE]</p><p><br /></p>

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