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PRO-ETF SILVER ASSOC. HACKED?

PRO-ETF SILVER ASSOC. HACKED?
Tuesday, December 06, 2005 - FreeMarketNews.com

Soon after receiving its 1,000th signature on its pro-ETF petition, the fledgling Silver Association was apparently hacked. The site was down for nearly a full 24-hours from Dec 4, late evening through Dec 5, late evening and, as of this writing, is still down. Sources close to site administrators confirmed that the initial, tentative, diagnosis was “hacking.” Said one source, “Someone doesn’t seem to want us up.”

Soon after attracting its 1,000th signature to its petition to promote the public offering of a Barclays' exchange traded silver fund (ETF), the Silver Association sent a letter to the Securities and Exchange Commission (SEC), which is reviewing Barclays’ ETF before deciding if and when to release it. The letter written to SEC chairman Christopher Cox, read in part as follows: “As you are aware, there has been some resistance to the creation of the proposed Barclays silver ETF. The primary argument given by third parties for why the ETF should not be approved is that it could stimulate demand and raise silver prices. This argument is an unfounded reason to block the ETF, and is clearly not in the interest of market participants. In the long run this policy may prove to work against silver consumers. If there is indeed a lack of abundance in silver supplies, increased investment will be necessary in order to create a larger capacity for producing silver. …

“The Silver Association is a grassroots organization that was created for the purpose of protecting the interests of silver miners, providers and investors. Within the last two weeks, over 1,000 individuals have signed The Silver Association petition in support of a silver ETF. More and more people are signing it everyday, and they will not go unheard. You can see their signatures here: http://www.silverassociation.org/petition1.php

And the letter concluded: "The Silver Association holds the position that the creation of a silver ETF would be equally beneficial for both silver providers and consumers. We urge the SEC to complete the passage of the Barclays silver ETF because by doing so the SEC and its members will demonstrate that they are truly aligned with its purpose and mission statement.”

Supporters of the ETF can sign the petition here

(Disclosure: FMNN and its executives may have professional relationships with some involved in the Silver Assoc. but no interest of any sort, financial or otherwise, directly or indirectly.)

staff reports - Free-Market News Network