www.goldchat.blogspot.

com

Silver Products Leader Board

Following on from the gold leader board, the table below ranks all silver ETFs and other non-listed
custodial facilities who publish regular figures on their holdings (source: Sharelynx).

As with gold, ETF Securities has nearly doubled its metal balance over the past year. In silver,
iShares dominates with 57% market share of known or visible products.

Silver Silver %
Ounces as at Ounces as at % Market
Rank ETF/Custodial Facility July 2009 July 2010 Increase Share
1st ishares 283,831,312 295,313,780 4.0% 21.1%
2nd Central Fund of Canada 59,648,793 78,352,933 31.4% 5.6%
3rd Zurcher Kantonalbank 52,343,842 72,852,432 39.2% 5.2%
4th ETF Securities 19,133,459 37,753,844 97.3% 2.7%
5th GoldMoney 16,234,617 19,725,078 21.5% 1.4%
6th Julius Baer - 7,365,800 0.5%
7th Bullion Management Group 5,444,685 5,034,609 -7.5% 0.4%
8th Claymore 2,235,000 2,790,000 24.8% 0.2%
9th BullionVault - 2,247,748 0.2%
10th e-Gold 85,244 85,244 0.0% 0.0%
11th Mitsubishi UFJ - 3,009 0.0%
Silver "Products" Sub-total 438,956,951 521,524,477 18.8% 37.3%
COMEX 118,227,405 110,233,366 -6.8% 7.9%
TOCOM 250,778 232,452 -7.3% 0.0%
Other Privately Held 842,564,866 768,009,705 -8.8% 54.9%
Total Privately Held 1,400,000,000 1,400,000,000 0.0% 100.0%

Unlike the gold market, the silver products represent 37.3% of estimated worldwide
private/institutional holdings (compared to gold’s 5.3%). Adding in futures market warehouse
stocks and we are accounting for 45%. This is quite high and if the silver products continue to grow
it could lead to questions about the validity of Gold Fields Mineral Services’ 1,400 million ounce
estimate. The conspiracists would argue, however, that it lends weight to their view that the ETFs
could not/do not have the physical silver they claim.

In the online market GoldMoney has a commanding position versus the World Gold Council
supported BullionVault, who only recently added a silver option and it will be interesting to watch
this fight.