Survey on Portfolio Allocation to Silver

In my weekly silver stock commentary #28, for March 26, 2004, at http://www.bibleprophesy.org/goldismoney/SS28.html

I asked the following survey question about people's portfolio allocation to silver. 

How much of your assets should you allocate to physical silver and silver stocks?  Personally, at this point, I believe it should be as close to 100% as possible.  Your assets and net worth includes your home and all you own.  (I do not advocate owning overvalued real estate at this point.)

Here is how the allocation should be, depending on how you feel about silver, and silver stocks as an investment option:

Allocate to silver and silver stocks:
10% -- If you hate silver as an investment, don't know anything about it, and are just being "prudent".
20% -- If you think silver might be a good investment, but are not sure.
30% -- If you think silver is relatively cheap right now, still near the bottom of the bear market, and undervalued to gold, and you recognize the current trend is up, a 30% allocation is prudent.
40% -- If you recognize that silver is up over 50% in the past 8 months, and silver stocks are up 314% for 2003, but yet still 8/50th of the high in 1980, which, adjusted for inflation should be about $150/oz...
50% -- If you are neutral on silver, and think that silver and silver stocks will likely continue to perform as well as everything else in your portfolio, allocate 50% to silver.
75% -- If you actually like silver, and expect silver to outperform most of the other assets in your portfolio.
100% -- If you really know the silver market, and don't think there are any other better investment opportunities out there.

Now, that being said, I realize that far less than 1% of the population can buy any silver, and the price will head well past $50/oz.  Therefore, buy all you can! 

Now, I would like to ask my readers a few survey questions. 

1.  How much of your overall net worth, your total assets, including home equity, is invested in the overall silver market (silver bullion plus stocks)?
2.  Considering your overall silver investments, what percentage is in silver bullion, and what percentage is in silver stocks, and what percentage is in futures contracts?
3.  What percentage of your overall portfolio do you plan to allocate to silver and silver stocks?

Please send your emails to...

My silver allocation in my own portfolio is:

1.  Considering my own net worth, 100% is in silver bullion and silver stocks.  Considering my family's net worth of which I'm responsible for investing, about 65% is in silver and silver stocks.  It would be more, as we have had a house for sale on the market for the past 4 years, and we plan to invest the proceeds into silver, but it has not sold.  But nearly 100% (over 99%) of the investing portfolio is in silver and silver stocks.
2.  Considing our silver investments, we have 16.6% in silver bullion, and the rest in silver junior exploration stocks.  I'm a bit low on bullion right now, as I'm aiming for 20% or more in silver bullion.  Especially more bullion as prices continue to rise.
3.  I do not plan to allocate any more to silver investments, as I'm already fully invested.  Unless, of course, we sell one house. 

Here are 49 answers I received.  My conclusions follow at the end.

  1. FWIW, here's my portfolio:

    The top three are anchors, that allow me to feel more comfortable investing
    in companies that aren't producing anything, yet:

    21.1% Physical Silver
    17.0% Physical Gold
    12.6% Newmont Mining (I love Pierre Lassonde and feel extremely comfortable
    with his knowledge of the gold industry)
    -----------------------------------
    11.2% Admirial Bay
    9.4%  O.T. Mining (I've had a number of conversations with Jim Hess and
    really like him.)
    9.2%  Mines Management
    6.9%  Sterling Mining
    6.1%  Avino Silver and Gold
    4.9%  Expatriate Resources
    1.7%  Namex Exploration
    (0.1%)(cash)

    Anyway, thanks again for all your efforts.
  2. 1. 10%
    2. bullion 85%
       stocks 15%
    3. I will stick with present allocation
  3. 1.  How much of your overall net worth, your total assets, including home equity, is invested in the overall silver market
    (silver bullion plus stocks)?

    right now it's 75% of my portfolio. I'm responsible only for my own investments.

    2.  Considering your overall silver investments, what percentage is in silver bullion, and what percentage is in silver
    stocks, and what percentage is in futures contracts?

    100% silver bullion

    3.  What percentage of your overall portfolio do you plan to allocate to silver and silver stocks?

    100% in silver bullion - I am going to buy more silver this or the next week and I will reach that 100% PS. I am also from Europe, but I have my silver stored at the HSBC
  4. Survey Answers
     
    1.     90% of net worth in silver stocks
    2.     0% in bullion, 90% in silver stocks, the rest in Au stocks.
    3.     90%
  5. > 1.  How much of your overall net worth, your total assets, including
    > home equity, is invested in the overall silver market (silver bullion
    > plus stocks)?

    Virtually 100%

       2.  Considering your overall silver investments, what
    > percentage is in silver bullion, and what percentage is in silver
    > stocks, and what percentage is in futures contracts?

    15% silver bullion
    80+ % silver stocks
    0% futures

       3.  What
    > percentage of your overall portfolio do you plan to allocate to
    > silver and silver stocks?

    95+ %
  6. I consider my modest holdings more of a savings plan than a portfolio. I own no stocks but I have 300 oz. of silver and 3 oz. of gold.
  7. Silver coins       : I bought for Euro 65.000,00 silver coins (very difficult to get) since the beginning of this year
     
    Gold coins        : I bought for Euro 250.000,00 gold coins since the beginning of 2003
     
    Silver                : I have 250 kg. on a silver account here in the Netherlands (on physical silver bars you have to pay 19% VAT. Not on coins and on silver in an account)
     
    Silver stocks     : Very difficult to say because a lot of stocks I have, are both gold and silver plays. Net worth is now +/- CAD 7.500.000 from witch silver is say 50%.
     
    I know I am one of the few who believe in gold and silver and I put my money where my hart is . At this moment I am only buying silver coins. When the silver and gold stocks will rise  50-100% (and they will the coming 2-4 month) I will sell at least half of my gold and silver stocks. Half of that money I will invest in physical gold and silver.
     
    All these investments are +/- 65% of my net worth.
  8. 1.   60 percent
     
    2.  Bullion  12 percent
          Stocks  88 percent
          Futures 0 percent
     
    3.   75 percent
  9. My net worth is 3/4 silver.
    2/3 of that is stocks
    1/15 physical
    rest futures.
  10. 1. Overall net worth:    Silver market                    14 %
                                    Other stocks and bonds     33 %  
                                    Home equity                      53 %
     
    2. Silver bullions 25 %, stocks 75 %, no future contracts
     
    3. This year approx. 20 %
  11. I have 75 percent of my investments in bullion and silver  stocks.
  12. 1.    23%  stocks long  plus pre-IPO

    2.      1%  physical   (very difficult to come by in Switzerland !, I
    imported silver eagles from USA)

    3.      5 %  metal option long

    4.     40% exposure to stocks long, if  stock option sold  is assigned
    (proceeds will go to physical)
  13. 50% silver bullion
    25% au shares
    25% ag shares
  14. Of million+ net worth: About 2% Si bullion, 2% antique inherited si, 3-8% in si/gold-mostly si stocks; 60% in gold bullion, commod trading (Au/SI only) and gold stocks (40%). Trading 1-5 Si contracts daily-but hassardous whip-saws/DANGER at these stratospheric levels. Could go to 10-20%, or more Si, if continues to outperform gold-Lets wait and SEE......Have "the kid", or yourself play the comex mkt LONG for few days and see what si supply/demand is really like. Good work getting into real world with dealers, and you're dreaming to think you can influence sentiment and overall si mkt. The next crash-to $5 will undo alot of faith some of us are trying to restore, after losing megabucks on Si in 80's-90's.....[keep-up the good work/research/good luck-me too, I left one long SI in overweekend...]
  15. 1....I rent, own a couple of old cars, no real assets.  I borrowed to get all most all of my silver and silver stocks.  I had 800 1 ounce eagles left over from y2k.  I'm working lots of overtime to pay off the loans now.  Current bullion is 2800 1 ounce silver eagles.  Current stocks are about $16000.   Ratio of silver to gold in stocks is about 5 to 1 with silver being the 5 or higher.
         1 answer.....100%
     
         2  60% bullion    40% stocks      futures and calls and the like are very interesting but due to my lack of knowledge on these issues, too risky to mess with yet.
     
         3  I'm like you, if the Ag-Au ratio gets low enough, I may trade in some for gold
  16. 1.  How much of your overall net worth, your total assets, including home equity, is invested in the overall silver market (silver bullion plus stocks)?
    20%
    2.  Considering your overall silver investments, what percentage is in silver bullion, and what percentage is in silver stocks, and what percentage is in futures contracts?
    20%silver bullion 80% silver stock No futures
    3.  What percentage of your overall portfolio do you plan to allocate to silver and silver stocks?

    0-10%?
  17. 1.  35% in silver  (own large farm and land)
     
    2.  10% bullion, 90% stock,  0 futures
     
    3.  70% in silver,  30% gold/pgms
  18. Survey.
    Total Assets approx. NZ$1mil (excluding cars,boat, furniture etc)
    House (on auction in 5 weeks time) approx.   55%
    Oil (up 220% last 2.5 years)                         13%
    Gold                                                           13%
    Silver (excluding  Perth purchase)                 12% 
             Cash for Perth above                         7 %
     
    Silver breakdown (after purchase)
    Physical  186.5Kg                                       40%
                   Perth mint                                    35%
    Shares    OTMM                                          12.5%
                   MNG                                              7%
                   MMGG                                          5.5%    
     
    My Plan next few months
     
    Sell house and rent (approx 7 weeks)
    Slowly sell out of Oil over 3/4 months
    Increase holding in silver from 19.5% to 45%
     
    I intend to keep about 40% in cash in the short term for opportunities (NZ$ is not falling as fast as other currencies). Also I spend about 35 hours a week researching and the more I do the more I feel I will have the confidence to commit more to silver ( I did not have enough time to research whilst running my business).
  19. Silver Shares  15%
    Silver Bullion   24%
     
    Gold bullion accounts for another 24% and gold shares 9%.
     
    I hope to see the statistical results of your readership poll in next week's edition.
  20. 1.) 46%
      2.) 100%silver shares
      3.) 50%
  21. Gold : 12%
    Silver  :  5%
    Gold and Silver stocks  :  11%
    Treasuries : 4 %
    Real Estate :  68%
  22. 1. 55% overall N/W in overall silver market
    2. overall silver = 70% bullion, 30% stocks - just liquidated futures
    3. 65% - plan to rebuy futures IF there is a retracement to 6.60 basis may futures
  23. Per your request I'm sending you the percentage of our Assets in silver.

    I'm 28 and really just getting going on building own personal empire.

    Of our assets, including a piece of real estate and our cars our silver
    investment is 15% of assets.  Of our investments, our silver represents 74%
    of our investments.  We have a small amount in gold, a 401k and cash.  Of
    our silver investment, 100% of it is in bullion.  We have 1100 oz of silver.
      Our next purchase is to get in to silver stocks.  Futures are something I
    haven't thought about yet, again I'm at the start of building our empire.
  24. Personal
    1   74% of overall net worth in silver (23%gold, 7%home, -4%cash)
    2  92% stocks, 8%bullion, 0%futures in silver portion of portfolio
    3  79% silver in portfolio
  25. 1. 2.28% of overall net worth is in the silver market
    2. a. 0.38 % bullion
        b. 1.90 % silver stocks
        c. 0 % futures contracts
    3. Expected future % in silver is 10-30 % and possibly higher with expected increases in silver value.
  26. I have 20% in bullion and stocks,
  27. 1. about 10% of what we (my wife, 3 daughters and me) possess, is in silver.
    2. 95% bullion, 5% shares.
    3. My plans: almost all the money  that's left at the end of the month, in
    turning onto bullion (for about 8 months now...)
  28. + 75% of total investments in Precious Metals

              +10% CEF
              + 79.5% Silver Stocks (SIL, CFTN, MGN, SSI, SRLM, EXPTF, ASGMF,
                        NVPGF, OTMN, IMXPF, CUEAF, FRLLF, CZICF)
              + 10% Precious Metals Funds (UNWPF, GOLDX)
              + 00.5% Gold Stocks (GG, GLG)

    + 15% Bear Market Funds (BEARX, RYVNX, RYTPX)

    + 05% Equity Funds

    + 05% Cash
  29. I have $550,000 in gold and silver stocks, 75% of total in silver large cap stocks. I have two homes for sale and expect to invest another $500,000 in silver bullion and $500,000 between gold/silver stocks (small cap) and gold bullion.
  30. 1.  How much of your overall net worth, your total
    assets, including home equity, is invested in the
    overall silver market (silver bullion plus stocks)?
    50%

    2.  Considering your overall silver investments, what
    percentage is in silver bullion, and what percentage
    is in silver stocks, and what percentage is in futures
    contracts?
    20% stocks  80% bullion


    3.  What percentage of your overall portfolio do you
    plan to allocate to silver and silver stocks?

    100%
  31. Disregarding the equity in my home ( it's fine for figuring net worth but it's not available for investing.) , the following is how liquid funds are allocated:                   cash........( ck. bk. ).......2 %                                   bullion.........................39 %                                  precious metals stks......59 %                                  I've been a silver bug for over 25 years.
  32. 1.  How much of your overall net worth, your total assets, including home equity, is invested in the overall silver market (silver bullion plus stocks)?
     
    Now 15% no silver stocks this year and most of the silver was purchased between 4-5 dollars/oz.
    10%palladium all purchased under 320/oz
    10% cash
    30% gold most purchased below 350/oz
    35% home equity if not more...House value has more than tripled in five years....and its going on the market at the end of the week.

    2.  Considering your overall silver investments, what percentage is in silver bullion, and what percentage is in silver stocks, and what percentage is in futures contracts?
    15% all bullion (50% 100oz Engelhard bars 50% American Eagles) No junk bags of silver yet.
     

    3.  What percentage of your overall portfolio do you plan to allocate to silver and silver stocks?
    After selling PAAS and SSRI for really nice profits I won't be buying anymore stock.
    Probably up to 25% silver bullion allocation.
     
    I'm looking forward to seeing the results of your poll next week.
  33. Thanks for your tireless efforts.  Here is my portfolio
     
    5% Gold bullion
    5% Silver bullion
    5% gold stocks
    55% junior silver stocks
    10% Prudent Bear mutual funds
    10% Canadian natural gas stocks
    10% China stocks
     
    I am a real believer in silver, but seek some balance in my portfolio.  I plan to purchase more silver bullion.  As silver accelerates, I will move out of all other stocks.  Thanks to gold and silver in 2003, my previously blue-chip heavy portfolio rebounded 50%!
  34. Firstly, allow me to thank you VERY MUCH for your exceptional work on keeping me informed.
    It's mostly because of YOU I own silver and have invested in a silver stock.
    I have chosen just one silver stock (Scorpio Mining Corp.) and one gold stock (Taurus International). They share a very
    highly skilled/experienced and regarded management.
    Since I bought them (about a year ago) they grew 500% and 400% respectively. I expect to see SPM.V at $5-$7 and ITS.V at $2
    (both Canadian) before this year is over.
    80% of my cash is in silver and gold coins/bars and 100% of my investment money are in two stocks I mentioned.
    I still have substantial cash in my 401K... frozen in the money market account. The moment I can do what I want with it
    I'll buy Canadian gold/silver backed fund.
    I don't buy options, contracts and alike for lack of knowledge and time to handle them.
    Thanks again and all my very best to you Mr. Hommel.
  35. Gold Coins MS63's  10%
    Silver/Gold Options 40%  (all are in silver options right now - last year it
    was all gold options)
    Silver Stocks 40%  (I have about 15 different stocks)
    Cash 10%  (I try to keep at least 10% in cash)
  36. Okay, here are my figures to your survey questions...

    1)  About 20 %  I have invested in silver overall.

    2) Thereof are 25 % in physical silver, 75 % in silver stocks, 0 % in
    future contracts

    3)  No idea yet.. I have more gold stocks than silver stocks, but more
    physical silver than physical gold in the moment. I intend to increase my
    silver investment, but I can't give any numbers at the moment.
  37. Silver          40%             Metal             2%
                                    Stocks          98%

    Gold            20%             Metal             2%
                                    Stocks          98%

    Other Stocks
         & Bonds      7%

    Home Equity     33%


    This does not count any other property (eg cars, jewelry, etc.)

    I don't plan any major changes, except that, as the metals go up and real
    estate goes down, I expect the percentages to change considerably.
  38. 1-  75 %     2- 75 % silver  25 % stocks  3  -  100 % , keep the faith !
  39. Junior Silvers

    FAN 15%
    ASM 25%

    Oil Companies

    PWT 50%

    House

    Rental Property 10%
  40. Silver bullion 10%
    Gold bullion 5%
    Silver stocks 35%
    Gold stocks 25%
    The remaining 25% is invested in collectables.
  41. Survey:
    1. net worth in silver = about 35%
    2. silver% in bullion/stocks/futures = 5% / 95% / 0%
    3. portfolio %silver = 45%
     
    I don't own as much in bullion because I like the leverage in stocks.  Futures have become immoral Manipulation vehicles even though futures originally had good intentions for producers and manufacturers.  I don't have all stocks in silver because I see some good gold stock possibilities also.
  42. Jason, I am 90% invested in silver.  30% physical, 65% silver stocks, and 5% futures.  My other 10% is in physical gold.  Total invested at this time $340,000.
  43. 1.  How much of your overall net worth, your total assets, including home equity, is invested in the overall silver market (silver bullion plus stocks)?
    16% Physical: We own 5921 oz Silver,  Will own 8069 oz by end of month.
    3% Silver Stocks. 
     
    I don't have the time to do the research and owning the physical is a sure thing.  I would like to get your news letter but $295 is a little steep.  You can only subscribe to a limited number of news letters at that rate as an individual.  I think your logic is flawed when you mention the subscription rate doesn't decrease as your price increases so you have more pricing control available on the up side.  There are a lot of small investors who would take the letter if the price was around 75 or 80 bucks.  I'd rather buy some physical with my hard earned money.  I currently subscribe to Lemetropole Cafe and Silver-Investor.  There are plenty of people who want to tell me to buy the stocks they have a already have a position in.  I'm not going to pay you for the for the privilege.  I think your insight is probably worth the money but that's just not the game I'm looking to play.  I sleep better at night owning physical then worrying about capital gains and where the fickle market is headed.
     
     

    2.  Considering your overall silver investments, what percentage is in silver bullion, and what percentage is in silver stocks, and what percentage is in futures contracts?
     
    85% Physical, Eagles, 100 oz bars and bags
    15% Stocks (IRA where I cant hold physical( I don't consider owning physical in an IRA where someone has it in their vault as owning physical.  I have to physically have it) so I dabble in some stocks)
    0% futures contracts
     
     

    3.  What percentage of your overall portfolio do you plan to allocate to silver and silver stocks?
     
    Goal 25% physical.
     
    I would be 50% if I could but allot of our net worth is tied up in income producing real-estate.  We are contemplating unwinding some of that.  Allot of money is tied up in 401Ks, IRAs, educational savings accounts we were lured into by the government and are difficult to liquidate without taking a big hit.  We are committing all of our savings this year to precious metals and have shut off the flow of money to these other investments.  I am buying bags from Tulving and bars off Ebay and NECLEO.  The Internet is awesome!!!
  44. 1. I currently have 30.7% of my net worth invested in silver.  I also have 12.6% invested in gold shares.
    2. Of my silver investments 4.7% is in bullion and 95.3% in shares.  No futures.
    3. I will allocate more to silver after I receive my rollover from my 401(k) which is currently all in cash(I don't trust this market and the investment options in my plan are horrible).  At least an additional 10% of my net worth will go into silver.
  45. ...per your request in your latest Comparative Evaluations, here is an
    update on the porfolio I manage for my family.  (I used to own Newmont
    Mining, but just sold it to get more silver!)  This is the extent of our net
    worth, as we own no home.  Except for the physical gold component, we are
    fully invested in silver and silver equities.

    21.3%--Physical Silver
    17.0%--Physical Gold
    11.9%--OT Mining
    11.5%--Admiral Bay
    9.8% --Mines Management
    9.4% --Avino Silver and Gold
    8.5% --Expatriate Resouces
    6.5% --Sterling Mining
    3.7% --Namex Exploration
    0.5% --(cash)
  46. In answer to your questions regarding silver investment percentages:
     
    1) My overall silver to networth percentage is at about 14%
     
    2) Of my total silver investments about 98% are in stocks (SRLM, SSRI, SIL, and HL)
    I do own some bullion in the form of 100oz bars.
     
    3) I wish to up my total silver investment to about 75% of my overall investments.  
     
    I also hold some gold miners as well like WHT and GG.  Twenty years ago I was holding
    mining stocks but never made much money on them until last year and the year before. 
    For many years I did commodity futures trading but never made much or lost much.  Silver
    wasn't high on my list, but I have had silver futures contracts in the past, but I don't do
    that now.
     
    I also hold gold bullion in the form of American Eagles and own some investment real estate.
  47. I have 19% of my portfolio in silver stocks
        9% in silver bullion and
        11% in future contracts
     
    With intentions of purchasing more silver bullion from gains in the silver stocks and future contracts.
  48. I enjoy and generally agree with your analysis of the silver market. Keep up the good work!  The answers to your three questions are as follows: 1) approximately 20% net worth, 2) 2%, 98%, and 0%, respectively, and 3) Currently my portfolio has grown to ~30% over the past year, and I plan to increase to ~75%.
     
    Also, I think your analysis of age related understanding of silver is very accurate.  My grandparents had a cache of silver coins that they passed on to my mom and her siblings.  Most of the siblings sold their coins, but I convinced my mom to hold onto hers.  If you assume 50% of the heirs hold onto their inheritance (which is probably a high percentage), and the other 50% sell, the supply is dwindling fast.  My grandmother instilled the value of silver coin and coin collecting in me at a young age, and I am very grateful to her! I still have the first silver dollar she gave me.  My 14yo son is tracking stocks as part of a class project.  I gave him a portfolio of mining stock to track.
     
    I also think you are correct about educating others.  In the past, I have guarded my stock market winners (for fear of the stock getting away from me).  Although I am a geologist by degree, I have not focused much attention on individual precious metals and mining stocks until recently (i.e., w/in the past year).  Previously, I’ve left that to the mutual fund managers in specialty sectors.  Full disclosure, I also own Toqueville Gold fund.  Unfortunately, there are not any silver funds.  Therefore, I decided that I was going to start researching silver stocks myself, and invest in those things that are within my area of expertise.  Therefore, my exposure to precious metals is closer to 50% of my overall portfolio.

  49. I reside in So. California, and have lived in my residence for a long period of time.  Therefore, I have a tad wee bit of equity built up, in a hot real estate market.  I have, at the least, 50% of my overall net worth tied up in silver related investments.  I have obviously included into my net worth, my home equity.  This will give you a rough idea, based on So. Cal. R.E. prices, what I have invested.
     
    I am approximately 20% in physical, and the rest in a multitude of silver stocks.  I do not at this time own any silver options, although I have played with those in the past.
     
    I have recently retired after over 30 yrs in local law enforcement, and in California, our longevity retirements are generous.  I purchase primarily silver stocks religiously on a monthly basis.  My kids try and do the same, albeit with a lessor amount.  I bought SRLM at .75 and at .85 cents; I had my kids do the same from an inheritance from my father.  Think they're happy?
     
    It is sad to say, but when I retired, I could tell you that out of a department of approximately 125 sworn (Officers), and 75 non-sworn (civilians), as far as I knew, I was the only one who owned any silver (or gold) stocks or silver coins/bars.  Unbelievable.  I agree with you; some of my former colleagues will be buying in when silver hits $10 to $15 per ounce!


-------------------------------------------------------------
Conclusions?

In general, most people who responded to my survey who mention future plans say they plan to buy more silver bullion, and not more silver stocks, and I think that is an excellent strategy, one that I recommend.  Our buying power may be a significant cause to the rise in price.   I think it is important to put more in silver bullion especially as the stocks continue to outpace silver bullion.  I consider buying silver as "profit taking".  After all, silver is money, it is the form of profit!

As I have calculate and written in my weekly report...  The combined market cap of silver stocks was about $7 billion in December.  (I estimate up to $10 billion today).  Therefore if 5% of silver stock allocation went into bullion demand, it would be a demand of $500 million dollars.  Obviously, there is nowhere near $500 million of silver bullion left available to the market at current prices.  Therefore, as people shift into bullion, existing silver investors alone will continue to cause the price of silver bullion to skyrocket!  And this is extremely bullish for the entire silver sector!

There are also a few people who have hardly any in silver, and plan to allocate plenty to silver.  This, of course, is also extremely bullish, given that the overall public is still clueless about silver.

At first, I was surprised at how much silver and silver stocks people say they own.  Of course, this is not a cross section of America, it is a cross section of silver investors who are keenly interested enough in the sector to read my long weekly reports!!! 

Regarding people in America, in general, there is likely less than one person in 100 who owns silver bullion.  Perhaps only 1 person in 1000 is an active and engaged silver investor.  The last letter reinforces my point, as the writer mentions only one officer out of 200 owned any silver.  Other brokers report similar numbers for their investor clients.  Perhaps more people own at least some silver, perhaps a $100 coin collection, but they are totally clueless about the silver story or how to value the silver they have, and they own no silver stocks.  For example, they probably have no idea that U.S. silver coin has .715 of one oz. of silver per $1 face value.