ed steer of casey research says the new swiss silver etf actually has silver and continues to purchase bullion while slv is missing some 30 million ounces:

The precious metals shares sold off on the open yesterday, but recovered a large portion of those loses by the end of Monday's trading day.

Open interest numbers for Friday, if they are to be believed, showed that gold o.i. fell 4,669 contracts to 463,776... but silver o.i. rose 712 contracts to 125,001. I find that silver o.i. number to be hugely suspicious, as the price action did not indicate that silver open interest should be rising... and there was no indication of short covering. If this sort of dichotomy continues, I will stop reporting these numbers, as I do not wish to publish false or misleading data. It's turning out that the weekly Commitment of Traders report is the only data that can be trusted... and that, in and of itself, is a scary thought!

The Comex Delivery Report showed that 6 gold and 23 silver contracts were delivered yesterday. I see that the GLD ETF showed a big jump yesterday... up a fairly substantial 490,487 ounces... 15.3 tonnes. The SLV ETF, which is owed around 30 million ounces, showed no changes once again. Nothing has been added to the SLV since September 3rd... while 763,000 ounces of gold have been added to the GLD. If you think something stinks here, you would be right about that.

Over at the Zürcher Kantonalbank in Switzerland, they reported their activity as of the end of the business week last Friday. They showed that their gold ETF took in another 23,952 ounces, while their silver ETF added another 198,212 ounces. I thank Carl Loeb for those numbers. Except for one week, ZKB has added silver to their ETF every single week for the last four months! And, if my record keeping is accurate, the silver ETF... SLV... has had only six changes in inventory level in the last three months; three up days and three down down. At the beginning of that three month period, the SLV ETF had 280.5 million ounces. As of yesterday it had 280.6 million ounces. Something does not compute here... probably to the tune of 30 million ounces!

http://www.caseyresearch.com/displayGsd.php