You raise some interesting questions Henrikc.Here's my take on...

You raise some interesting questions Henrikc.
Here's my take on them for what it's worth :
The only comment I'd make about the certificate program is that you are not personally holding the metal but rather a certificate that can be redeemed for the metal and that means you place your trust in the body actually holding what they say they are.
Wasn't there a case in the US quite recently where investors tried to redeem their silver and got the run around for months and months, found discrepancies over serial numbers and had to in fact litigate to get their metal - (think it was morgan stanley.)
The yanks are far more sus of bodies holding certificated metal than we are cause of some shenanigans in the past but nevertheless you cost points are valid.
Regarding investors and their ROI well wouldn't that depend on their entry timing and if they hold or trade and a range of other things.
I think a positive or negative case can be made re MMN and whether people have made a return on it or not.
I dont think a lot of stock prices are currently reflecting the minerals boom in Australia at the moment, so that stretches far beyond just MMN.
Maybe the credit crisis looming in ther US will have longer term ramifications in that regard.
Re Chart and SP performance my observations are that MMN tracks the Silver price chart over the long term not exactly but there is a good correlation.
Short term its heading south granted, but if the correlation is valid that means the silver price is heading south and isnt silver in a bull market.
No doubt MMN's SP is not performing as well as it could but I think that is the Climbing a wall of worry mentality that market participants constantly sruggle with.
Dilution is a worry for me too and I dont know what to do about that.
I've heard various comments about the board from different posters but give them some credit, they did turn the twin hills resource into a producing mine granted in its infancy but producing nevertheless.
Risk, well thats relative and very individual.
Investing in this area is risky, my experiences validate that, but I continue to be excited by the prospects.
On the options its not an area I dabble in so I wont pass any comment.
It seems to me your main criticisms of MMN are distilled into 2 issues:
1. Falling SP shown in chart - well charts are useful timing tools but I wouldnt solely place my faith in what the charts are telling me, they can leave you broke.
2. Rep of board - well maybe they arent great but I think that is in part an emotional argument and thats something I try to keep away from when it comes to the stock market.
Time is not a luxury IMO when it comes to silver, its volatilty demonstrates that so for me its either in or out and then roll with the punches and since I've been in MMN for a few years now there have been quite a few uppercuts.
I think we're both on the same page regarding silver as an opportunity we just differ about where to best benefit from it.
In any case good luck to us both and more power to silver.
Maybe its the next great white ( metal ) hope !