| With the price of gold hovering near 67 times the price | | | | the holdings of gold and silver as well. Approximately |
| of silver, a logical deduction must be that silver is much | | | | half of the above ground gold bullion is held by |
| more abundant, and easy to acquire than silver. To the | | | | governments. There are no known silver reserves held |
| contrary, evidence proves otherwise. In fact there is | | | | by governments. While governments have historically |
| very little silver to be found anywhere. | | | | sold their gold to finance their budgets and keep the |
| Known Above Ground Silver Holdings in Ounces | | | | gold price contained there is no similar readily available |
| Silver ETF SLV 295,313,780 | | | | entity that could sell silver bullion. Precious metals |
| US Eagles Minted 240,418,077 | | | | investors often hold onto their precious metals for time |
| COMEX Warehouses 114,102,049 | | | | periods measured in years, decades, and lifetimes. |
| Estimated Private Bullion (non eagles or maples) | | | | Most private investors will not sell their bullion for a 10 |
| 120,000,000 | | | | percent or possibly even a 100 percent gain. |
| Central Fund of Canada 75,209,103 | | | | Therefore, even if there are nearly 1 billion ounces of |
| LBMA Estimated stocks 75,000,000 | | | | silver in existence, the question remains on how much |
| Canadian Maples Minted 21,303,000 | | | | of that is actually for sale at anywhere near today's |
| Silver ETF ZKB - SWISS 7,397,885 | | | | prices. |
| BMG Bullion Fund 5,033,609 | | | | The implied dollar value of all the silver bullion is tiny |
| Total 953,777,503 | | | | compared to gold, or other assets. In fact, measured in |
| There is nearly twice as much gold as there is silver in | | | | dollar value, silver is 1/127th of gold. Many investment |
| the form of investment grade above ground bullion and | | | | funds have more than the silver market of $16.88 billion |
| coins, and that ignores that fact that 52 percent of the | | | | however gold is more readily available to purchase in |
| worlds gold is kept in jewelry. While there is an 953 | | | | larger dollar amounts. Silver may be one of the most |
| million ounces of above ground silver, there is an | | | | neglected and unloved assets of this century. Perhaps, |
| estimated 1,803 million ounces of above ground gold in | | | | the reason why silver is so cheap is ironically because |
| bullion form. | | | | it is too rare to be invested in by asset managers. Or |
| It is important to note a few structural differences in | | | | is it? |