A good way to look at this trade is to pull up the FAS chart compared to AGQ which shows FAS up around 60% in the last six months and AGQ down 20%. So by buying FAZ one is basically going short FAS and looking for the gap to close. We could see silver out perform as physical deliveries get made. The bullion banks have spent the last month increasing the available silver in COMEX by about 40 Million ounces to "140 Million ounces" but this could just be SLV silver that has been "re-allocated". Their registered silver has increased from under 30 Million ounces to around 34 Million ounces - in my view they are painting the tape to make it look as if there has been a big increase in silver availability and the "buyers" know better.