Last week The Royal Canadian Mint announced that it will make an initial public offering of $100 million in silver exchange-traded receipts. This comes after the success of the Mint’s Gold ETR last year.
MineWeb reports that “The Mint will offer exchange-traded receipts, priced at $20 each, Proceedings from the C$100 million offering will be used to purchase silver bullion. … The silver ETRs will trade on the TSX and will be redeemable once a month for either cash or silver bullion.”
However, a careful read of the ETR’s prospectus, reveals that physically redeeming your silver is a complicated process that is subject to “suspension” and “Any declaration of suspension made by the Mint shall be conclusive.”