The Royal Canadian Mint has announced an IPO of an exchange-traded receipts (ETR) fund backed by physical silver bullion. The initial offering is reportedly a mammoth C $100 million. Each ETR will reportedly be priced at $20, and can be redeemed for either cash of physical silver.
While we always advocate physical bullion metal held in your own personal possession, the launch of the Canadian Mint’s silver ETR could have drastic implications on the physical silver market.
Got PHYZZ??
The Royal Canadian Mint said it will make an initial public offering of C$100 million in silver exchange-traded receipts.
The Mint will offer exchange-traded receipts, priced at $20 each, which can be redeemed for silver or cash. The Mint said it has entered into an agreement with a syndicate of underwriters pursuant to which the Underwriters have agreed to purchase from the Mint and sell to the public 5,000,000 exchange-traded receipts (“ETRs”) issued under the Mint’s Canadian Silver Reserves Program.
The offering is expected to close on November 5, 2012 with gross proceeds of C$100,000,000. “The goal is to offer investors an exchanged-traded investment vehicle that tracks the price of silver and makes investing directly in physical silver available to institutional and retail investors,” said the Mint.
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Not buyin it. Whenever someone tries to get me to accept a piece of paper instead of the hard asset, my radar goes off.
Sounds kind of fishy? Marketeers of the Fed will try their hardest to debunk the current price of Silver. We need global backing of this done by a lone state, or country. I have 28 SD oz of silver in the game. Could not stand against millions of ounces, so I need everyone’s help?
Just another promise of silver bullion. Why make it complicated and fraud by risk? Buy the physical, stack the physical.
I totally agree. Just another promise to deliver when actual delivery might never be possible due to changing laws. Why would I ever want to have a broker register ownership of an item on my behalf? The MFG disaster should have taught EVERYONE that the ownership is _never_ in your name, even though they print your account as if you own the junk. You don’t own squat when you use a broker and the corrupt DTCC….
@saddle Exactly. It is like paying a sangoma to hold one’s ding dong, no enjoyment or satisfaction will ever come from it. It will only be cut off and used for muti.
absolutely SB
There will be myriad such ‘offerings’ popping up across the world from here on out. At their proper valuations, gold and silver coin is MORE convenient than ANY form of Plantation Scrip.
Paper Rots, Coin Does Not.
Silver has to be there to be backed by it. Buy the Physical and not the Paper it’s all run by the same Cartel. either Canadian or US. I wonder if the Receipt will be a $20.00 Bill. Lol
JFK did that, it was called Silver Certificates and they traded alongside the Fed slave money. Look where that got him. Lincoln tried to do the greenback thing, look where that got him. Jackson shut down the second Bank of the United States, and he got two musket pistols pointed at his torso, both failed to fire.
Andrew Jackson is the luckiest one and he’s the one where his plans were successful to save the USA but that country went back to the bad side. Ironically, his profile is on today’s 20$ bill made by the Federal Reserve who is today, America’s central bank.
I’m Canadian and I wouldn’t trust it anymore than I would SLV. Why are they releasing the ETR’s now? Another paper diversion scheme now that doubts about the SLV are widespread? Why would I trust a country or bank that has admitted it sold all of its gold near the bottom?
My guess is that they are issuing something like this as one of the paper Ponzi scheme’s last gasps. They are trying to find relevancy in paper… as if anyone could. They will try, though.
i will always prefer holding my own stash … but if its legit then they will pull an enormous amount of siver out of the comex if its another sham they will just rehypothicate the rehypothicated …. god help those who own the last bits of paper because nobody else will
Silver in who’s vault? Silver that is leased how many times? Any pyramid scheme in my opinion. Get investor, buy silver, lease that silver 4 or 5 times over…
HaHaHaHaHaHaHa…..these elites are just too much…………HaHaHa………..everyday it’s something.
Keep stacking.
It’s not worth buying these ETR’s backed my physical silver because they can become worthless when the fiat system will collapse and “If you don’t hold it, you don’t own it”. Even if I want to buy one of these ETR pieces, I can not do it because you have to be 18 years or older.
@Sumkid Did you ever wonder why they make it 18 years or older? It is because kids are way smarter than most adults.
lol