"There are so many entities and individual investors who don't buy silver because they have no place to store it," said Dave Morgan, editor of the Silver Investor Newsletter. "The silver ETF overcomes that problem."
In the later part of January, a BGI spokesperson confirmed that the SEC had in fact opened a comment period regarding the silver ETF, however, the SEC has closed the comment period, which lasted 21 days.
The Barclays filing reveals that the ETF, should it be approved, will be structured very much like the existing gold ETFs Barclays launched.
John Nester, SEC spokesperson, denied to comment on how much longer the ETF review process may take. "It seems that the precious metals community is anticipating the launch of the silver ETF," said Todd Stein and Steve McIntyre, editors of an investment publication called Texas Hedge Report.
The Silver Users Association - a non-profit organization that was established to represent the interests of companies that make, sell and distribute products and services in which silver is an essential component - opposes the new ETF.
"If the silver ETF is approved, it will mean higher product costs and lost jobs in our industry," SUA wrote in a statement.
"I believe the proposed silver ETF can be the biggest thing for silver since the Hunt brothers," said Peter Grandich, editor of Grandich Letter, alluding to the pair who caused silver to rocket to $50 per ounce in the 80s by attempting to corner the market.
"Unless there is a sticking point, it could be approved in the next few weeks," said Grandich.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.