Silver ETF Takes Step Toward Trading

Updated from 2:02 p.m. EST

The proposed silver exchange-traded fund took a step toward public trading -- and silver prices had another big spike -- after the Securities and Exchange Commission approved a rule change allowing the fund to be listed on the Amex. Nevertheless, it's still too early to say "Hi Ho" to a silver ETF just yet.

Silver prices, which were already hovering at record highs in anticipation of the release of a silver ETF, jumped on the news of the Amex listing approval Tuesday. Silver for May delivery at the Comex division of the New York Mercantile Exchange was recently up 17 cents to $10.55 an ounce, the highest price since 1983.

Nevertheless, while today's ruling gives the silver ETF a place to trade, it doesn't mean it is cleared for takeoff. ...