SILVER ALERTS ALERT FLAGS (explain) Speculative (less than 3 months) Buy 7/27/07 Short Term (3 months to 1 year) Caution 7/27/07 Medium Term (1 to 3 years) Buy 7/27/07 Long Term (more than 3 yeasr) Buy 7/27/07 MARKET INDICATORS COMEX Open Interest 5,000 oz. contracts 140,322 7/17/07 Ounces Held by Silver ETF SLV 141,671,812 7/26/07 Ounces Held by Silver ETF PHAG - LSE 2,354,598 Ounces Held by COMEX Warehouses 130,849,442 7/26/07 Ounces Daily Clearing Volume LBMA 112,400,000 6/30/07 Silver ETF NAV Prem/(Disc) SLV -0.42% 7/25/07 12 Month Silver Lease Rate Net of LIBOR 0.55% 7/27/07 Silver Basis Daily Cents/Oz. | Ann % (explain) 0.23 | 6.35% 7/20/07 Gold Basis Daily Cents/Oz. | Ann % (explain) 18.89 | 10.10% 7/20/07 G/S Basis Ratio/Diff 1.59 | 3.75% 7/20/07 Silver Spread Cents/Oz. (explain) 7/20/07 1 Year 2 Year 3 Year 4 Year Observed 66 124 178 227 Derived From 1 Yr Lease Rate 9 17 26 34 Difference <A HREF="http://www.silveraxis.com/" target="_blank">http://www.silveraxis.com/</A>