I think the Central Fund of Canada gold and silver fund will go into default within the next few years because of their hanky-panky in delaying their receiving of their silver bullion from the COMEX.
It is documented that they have bought silver metal for their investors, but have been unable to obtain delivery, and this shortfall goes back at least to March 2004. They were known to be also late in receiving their silver last fall for previous silver metal purchases.
What I think is happening is that the Central Fund is being paid kickbacks by shorts / officials / commercials (?) at the COMEX to delay their demands for delivery. They most likely are being paid a small percentage each month (in dollars) for the amount of silver which they withhold their demands for immediate delivery. After all, hasn't officials assured everyone that there is no silver shortage, and that there won't be any shortage of silver, nor any defaults upon delivery.
So when private investors buy shares of the Central Funds, the money is allocated to buy silver. However, for a few percentage points of additional profits, the Central Funds postpones its actual delivery into its vaults, and this delay creates the possible of an eventual loss by the Central Funds and in worse case a default. All it will take is a quick spike up for silver to more than $10 an ounce, and then silver shorts will default, the COMEX will default, and then the Central Funds will be toast.
It best to see to the storing of your own gold and silver.
What urban legend? Are you saying that the CEF is not behind on its receiving of silver metal? That conflicts with what Ted Butler has said.
Could you please list the links "on the CEF board" for which CEF silver lack (?) "has been refuted many times in the past six months". Then we will send the conclusions up to Butler and see what he says. I really want to expunge possible false information and data from my mind. And it won't be bad to correct an inaccuracy with Butler, if that happens to be the case.