Trading today was wild in many ways. SLW started the day by losing over 5%, this prompted me to sell 400 shares at $9.28, still more than doubled since where I picked it up last October. Then news came that the silver ETF was approved, and it shot up to $9.95 before ending the day down, at $9.42. My first reaction is that it's a "sell on news" situation and we will head down from here. Then again, CEF only went down 10 cents and still commands a premium of 9% according to ETFconnect, which would suggest the market is still expecting further upside. Could it be the 130 million ounces Barclays has to buy for the ETF? At any rate, I still prefer CEF to GLD, IAU and the new silver ETF (I believe the symbol will be SLV) because CEF has a small cash position and the interest pays for the expenses plus a small dividend. On the other hand, the ETFs charge the expenses by withdrawing the metal.The general stock market was equally volatile; in the absense of any news no less. I considered the action quite bearish, especially the fact that the S&P fell back below 1300. An order of $5k was placed for URPIX even though the downside volume was not overwhelming.