ed steer took this from ted butlers report to subscribers:

The Central Fund of Canada announced a new offering of shares, for the first time in a year, which will result in more than 4million ounces of silver bullion being taken off the market. Here’s an observation that I can’t help but mention. Whenever the Central Fund makes an announcement of new shares, the very first thing that almost everyone does is to calculate how much silver will be purchased, how long will it take for the silver to arrive...and what impact that might have on the silver price. Even though 50% of the new money is used to purchase gold, I’ve never heard a comment as to what impact the Fund’s purchase might have on gold’s price or when the gold will arrive."

http://www.caseyresearch.com/gsd/edition/silver-demand-hugesupply-small-eric-sprott