Thanks Tom for the kinds words, and thanks mamaduck for the info.  I had overlooked the part of the prospectus that mentioned the 50:1 ratio for new purchases.  That makes their recent 9:1 purchase even more curious though considering it's the first time in a decade they strayed from a 50:1 purchase ratio.  I would assume since that was during the parabolic top they had a hard time getting enough silver.  It will be interesting to see how they maintain the ratio going forward nonetheless.  I spent way too much time looking at this today, and decided to run it to ground by e-mailing the company as someone suggested.