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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 Ounces as at July 2009 283,831,312 59,648,793 52,343,842 19,133,459 16,234,617 5,444,685 2,235,000 85,244 438,956,951 118,227,405 250,778 842,564,866 1,400,000,000 Silver Ounces as at July 2010 295,313,780 78,352,933 72,852,432 37,753,844 19,725,078 7,365,800 5,034,609 2,790,000 2,247,748 85,244 3,009 521,524,477 110,233,366 232,452 768,009,705 1,400,000,000 % Increase 4.0% 31.4% 39.2% 97.3% 21.5% -7.5% 24.8% 0.0% 18.8% -6.8% -7.3% -8.8% 0.0% % Market Share 21.1% 5.6% 5.2% 2.7% 1.4% 0.5% 0.4% 0.2% 0.2% 0.0% 0.0% 37.3% 7.9% 0.0% 54.9% 100.0%

Rank 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th

ETF/Custodial Facility ishares Central Fund of Canada Zurcher Kantonalbank ETF Securities GoldMoney Julius Baer Bullion Management Group Claymore BullionVault e-Gold Mitsubishi UFJ Silver "Products" Sub-total COMEX TOCOM Other Privately Held Total Privately Held

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.