All that glitters is not gold, at least in the ETF world this week. The Securities and Exchange Commission has finally approved (PDF file) the American Stock Exchange's plan to trade Barclays' silver exchange-traded fund. Much like the State Street and Barclays gold funds, shares of the new ETF (trading under the symbol SLV) will represent ownership in the actual metal. In this case, each share will equal the value of 10 ounces of silver.

Keep in mind that silver hit a almost more than 20-year high of $10.59 an ounce in anticipation that the new ETF will drive up demand. I'll explore why anyone should care that they can buy a silver ETF in a future blog post, perhaps timed to the start of SLV trading.

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