>>>Looks like silver ETF has been approved according to Kitco.<<< ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Aloha, Not quite, N1, but it's considerably closer... the registration statement to allow the shares to be issued to the public hasn't been approved by the SEC yet.
US SEC backs rules to list iShares Silver Trust
Tue Mar 21, 2006 1:21 PM ET
WASHINGTON, March 21 (Reuters) - The U.S. Securities and Exchange Commission said on Tuesday it approved rule changes to allow the American Stock Exchange to list shares in Barclays Plc's (BARC.L: Quote, Profile, Research) iShares Silver Trust.
The approval sent U.S. benchmark silver futures to a 22-year high on speculative buying. Silver for May delivery <SIK6> at the COMEX division of the New York Mercantile Exchange had surged by midday to levels not seen since 1983.
Before the Silver Trust shares can begin trading, the SEC would have to sign off on a registration statement allowing the shares to be publicly issued.
"The registration statement has not yet been declared effective," said SEC spokesman John Heine.
Barclays Plc's (BARC.L: Quote, Profile, Research) iShares Silver Trust shares are designed to track the price of the metal.
"In effect, purchasing Silver Shares will provide investors a new mechanism to participate in the silver market," the SEC said in an order.
Each Silver Share will correspond initially to 10 ounces of silver, the SEC said.
The amount of silver associated with each basket and each individual share is expected to decrease over time as the trust pays maintenance fees and other expenses, the agency said.
Silver Shares will be issued in baskets of 50,000 shares or multiples thereof and will be traded on the Amex like other securities, such as shares in the iShares COMEX GOLD Trust and the streetTracks Gold Trust, the SEC said.
The sponsor fee for the shares is set at 0.5 percent of the net assets of the trust, the SEC said.
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