"ETPMAG is backed by physically allocated silver bullion held by JPMorgan Chase Bank, N.A. (the Custodian) in London. Only metal that conforms with the London Bullion Market Association's (LBMA) rules for Good Delivery is accepted by the custodian. Each physical bar is segregated, individually identified and allocated which means there is no credit risk. Investors can choose to redeem units for the physical holdings."
ETPMAG ASX | Silver | ETF Securities
WallStreetBets is Targeting Silver Next as the Short Squeeze - Silver Prices up 5.5%, page-8
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