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Today, the French word for money is ‘argent’.Silver has been used alongside gold as a form of currency for thousands of years. Digging deep into Australian listed Gold ETFs. This lode runs parallel to the China lode and a majority of it is hosted within the planned Starter Pit.The company is working towards the delivery of a definitive feasibility study in early 2020, with a study team appointed to expand on its previously published scoping study and prefeasibility study results. Its lower expense ratio of 0.25% gives the iShares ETF a cost advantage over its SPDR rival, and its shares are designed to correspond to the value of roughly one-hundredth of an ounce of gold rather than one-tenth of an ounce. And vice versa, when you get new mines coming on stream for lead and zinc, they increase the amount of silver into the market,” Mr Dawes said.According to fund manager Hedley Widdup, silver’s price also tends to also be capped by industrial demand.“If silver were to double, I think you would see a very real industrial demand drop and for that reason, you would probably see a price effect as well,” he said.Meanwhile, gold’s industrial purposes are not as significant as silver for supply/demand issues to greatly affect its price.“With things like electronics, gold is such a small value input to the final cost of the product that if you double the gold price, it doesn’t go anywhere near changing the price of the product to make it unaffordable,” Mr Widdup said.He said this means, for instance, a drop in industrial demand could see silver’s price fall while gold continues to rise, thus widening the gap further.Another interesting aspect of silver’s recent price trend is the speculation that investment bank The Hunt brothers were three sons of Texas oil billionaire Haroldson Lafayette Hunt Jr who attempted to gain the biggest market share of silver in order to manipulate the price.According to reports, the Hunt brothers accumulated about 77% of the world’s silver, either in physical form or futures contracts, driving the price of silver up by more than 700% from January 1979 to January 1980.In response, the COMEX changed rules that restricted the purchase of commodities on margin and on 27 March 1980, a day now known as Silver Thursday, the silver’s price plummeted by more than half from around US$20/oz to US$10/oz.Failing to meet their financial obligations, the Hunt brothers had to be bailed out by several US banks with a $1.1 billion line of credit.In 1988, the brothers were convicted of conspiring to corner the silver market and were forced to declare bankruptcy.Nowadays, data from the CME Group shows JP Morgan Chase by far holds the largest position in silver, with a total of 153.7 million troy ounces.Well-known silver analyst Theodore Butler pointed out JP Morgan’s position two years ago, saying the bank had amassed a huge physical stockpile of silver “all while continuing to make hundreds of millions of dollars in manipulative COMEX short selling”.Mr Butler was “convinced that silver will soon explode in price in a manner of unprecedented proportions, both in terms of previous silver rallies and relative to all other commodities”.He added that he believed the silver price would exceed even the great price run ups in 1980 and 2011 to beyond US$50/oz.Late last year, one ex-JP Morgan trader pleaded guilty to fraudulently manipulating the precious metals markets from 2009 and 2015.Four years previously, JP Morgan was sued by a lawyer on behalf of three traders who accused the bank of manipulating the silver futures market in 2010 and 2011, costing his clients’ $30 million in losses.Mr Butler called out JP Morgan again this June, questioning why the bank seems to be “above the law”.“Despite the guilty plea and announcement of an ongoing investigation, JP Morgan has continued to manipulate the price of silver and gold since the announcement, as well as continue to accumulate silver,” he said.“I don’t think there could be a more significant market issue than JP Morgan’s manipulation of silver and gold and the only explanation for why so few see it is that they haven’t examined the public facts,” Mr Butler added.With an optimistic outlook for silver let’s look at the ASX-listed companies with direct exposure to the commodity.Veovaca is a historic open cut zinc-lead-barite and silver mine and Rupice is an advanced nearby deposit that has exhibited high grades of base and precious metals.In July, Adriatic announced a maiden resource estimate for Rupice and an updated resource for Veovaca, with both estimates including silver.

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