I prefer SLV because it is lower risk over SLW with virtually the same performance.
I prefer silver in my hand to all the above. I have way more physical than SLV.
The Ted Butler arguments all make sense and may be true but seem to only come into play in the worst case scenario == the scenario no one wants. In that scenario, I'd rather have physical than SLV than SLW, than a miner.
so if you are going to play the paper game and assume the Ted Butler scenario just won't pass, then own SLV. IF the Ted Butler scenario happens, you may fnd all your accounts frozen for a bank holiday. In that case, it doesn't matter if you own SLV, SLW, IBM, whatever.