what do you make of this, page-26

arronk: "GFC2 ... would have to have a similar downwards impact on the silver price regardless of paper or physical."

The internet silver bugs theory states that in the last crisis, everyone liquidated their stocks in to safe-haven of the USD. Next time, they state, it will be different because the crisis will be a collapse of the USD itself - and that the only remaining safe haven will be in precious metals...

We'll see!