BlackRock Issues Refutation Of SLV Fraud Allegations; Is It Time To Panic For SLV Holders?

Tyler Durden's picture

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MaxVernon's picture

oh well, everything is perfect then!

MaxVernon's picture

hey, at least I didn't say "silver bitches".


D'oh, I just did!

tekhneek's picture

If you're the first person to post, make it worth the keystrokes god damn it.

SILVER, BITCHES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

justbuygold's picture

I thought JP Morgan's vaults were full 8-12 months ago.  They ran out of vault space. I think its limit was 400 tons.  So exactly where is all excess silver being stored .

Of course its true that JP Morgan may not as custodian have any " legal rights " to the silver ( just like they had no legal rights to issue fraudulent mortgage documents).  However that doesn't and won't stop them from using all that inventory as an excuse with Comex that they are just hedging inventory/positions .

Funny how this story suddenly comes out when silver is up over $2 today.  You would think they would publish this story at a time when silver was crashing and there were rampant negative rumours . At that point they would want to protect their SLV franchise.

Yes, this looks like an extremely desperate attempt to stop what is an uncontrollable short squeeze on an massive uncovered short position.






Careless Whisper's picture

JPMorgan Chase Bank, N.A., London branch, provides custodial services for storing the silver


best belly laugh i had all day.

What does it all mean's picture

Well, here is a well written retort on all this Silver is scarce argument, yet people don't believe it.  It's like showing you an autopsy report and yet you are still claiming murder.  In that case, there really isn't any fact or proof necessary.  

All the silver bull's foundation is based on rumors and mass hysteria.  BNY/Ishares are trying to pop the bubble before it is too late....  

It is too late.  Good luck to all. 

outamyeffinway's picture

The "report" said JFK was shot with one bullet.

The "report" said that building 7 was on fire and collapsed due to the "fire", according to "the report".

spastic colon's picture

I like that! I think a good way to go by is to do the exact opposite of what the globalists and banksters spout off. I am riding this bull for awhile. Bought 3 more ounces today at 47.25 each. Silver bitchez!

Careless Whisper's picture

Are you talking about the "report" that he links to from Inspectorate International Ltd. ?  Ya think they're opinion is as good as a AAA from Moody's?

Bendromeda Strain's picture

Thank you for that. I hope all is well with PM.

akak's picture


All the silver bull's foundation is based on rumors and mass hysteria.

Again, ??????????

RockyRacoon's picture

Hey, akak, found this article on the Hunt Bros. that I think you'll like:

How the Hunt Brothers Capped Gold…Yes, Gold
April 18, 2011 - By Michael Maloney
I’ve studied the Hunt Brothers, and I have a different take on what happened. Because of the way they flaunted wealth, because of ties to the Middle East, and because they invested heavily in silver, the Hunt brothers were perfect scapegoats.

akak's picture

Thanks Rocky!  Read that one already, lol.

Interesting premise, though.  I have always bristled at the glib (and incorrect) assertion by so-called mainstream analysts that the Hunts were evil speculators, and got what was coming to them.  I am STILL learning the vile extent of the criminal actions taken against them by the US government by changing the rules in the middle of the game, and wildly tilting the table against them to defend our POS fiat currency.

Pegasus Muse's picture

Someone suggested this documentary yesterday:

The Money Masters:  How the Bankers run the United States and the World  

I've watched a third of it so far.  Highly recommended.  Does a great job showing how evil banksters insinuate themselves into governments, encourage wars (gov't indebtedness), and take out opponents (assassinations, etc).  The Rothschild family covered in depth.  The sordid history of the central banking in the US discussed. 

SWRichmond's picture

It's like showing you an autopsy report and yet you are still claiming murder.

Not quite.  What it's really like is when you react with a great deal of skepticism when a proven liar tells you that they haven't lied, and they aren't lying to you now.  Putting the lies in writing doesn't make them any more crdible.  Hell, in 2011 America, swearing to lies in court and submitting "evidence" you know to be false doesn't even get you prosecuted if you're a bankster or a bankster attorney and the person you're cheating is one of the unwashed.

knukles's picture

Was the person dead when the autopsy was performed?

tmosley's picture

Yeah, except we saw the body, and it was full of bullet holes, and chopped up into little bits.

The silver bull market is based on fundamentals.  Fundamentals like, I don't know, 5000 year lows in silver inventories, burgeoning industrial uses, and dollar debasement.

But hey, you just hold onto your precious paper.  I'm sure it will make fine kindling for a night's fire.

Cognitive Dissonance's picture

Well, here is a well written retort on all this Silver is scarce argument, yet people don't believe it.

Well written retort? Are you referring to the Blackrock "retort" above? Really? Because after reading it twice, then reading it a third time just to make sure I didn't somehow miss something, I don't see where this "well written retort" refutes much of anything.

It's basically a recital of the prospectus including direct quotes pulled from the prospectus. It doesn't respond to the most serious allegations made by the so called "silver bull's foundation". Blackrock's argument is standard boiler point rhetoric and mostly doesn't even acknowledge the specific allegations other than to say here are the serial numbers and here is the Seeking Alpha article and we are telling the truth. Oh and by the way, we guarantee nothing.

Try again.

DaddyO's picture



CD, you must have read the same post that I read! It says "nothing", absolutely nothing to refute anything regarding the fraud being perpetrated by SLV.


knukles's picture

The elegant retort, indeed proof positive, would simply entail shifting all of said silver, said to be physically present against which there are no encumbrances, currently held as unallocated LBMA good delivery bullion, to....

....a formal allocated, unencumbered status...

....which should be of no consequence as the bullion held is said to be physically present but simply unallocated and unencumbered.

Right, Knukles!

Listen up Larry, I'm tryin' to help ya' here.

knukles's picture

Moreover, if BlackRock were actually administering this pool in it's shareholder's best interests, they would immediately shift the holdings to a fully allocated unencumbered status so as to immediately capture a significant premium to spot similar to that enjoyed by Sprott Physical Silver Trust holders.


RockyRacoon's picture

CD, let's just acknowledge that it's a "feel good piece" written for those already neck-deep in the trade.   They can skim the thing and feel secure.   Ain't it all about cognitive bias anyhow?

Piranhanoia's picture

No, really. It was breathing and everything before we started. We checked!

MrBoompi's picture

I might believe the prospectus if I hadn't read it. It's got more holes than a ton of swiss cheese. None of the three parties seem to be responsible for anything except making sure enough silver is sold to cover the trust's expenses. If you can't see buying metal is safer than iShares you're pretty supid really.

Big Ben's picture

It's like showing you an autopsy report and yet you are still claiming murder.

It is like seeing an autopsy report written by the person suspected of the murder.

Re-Discovery's picture

Have fun with silver stocks.  Take 'em out, spend some money on 'em, pretend to love them for a few hours.  But never, never marry them!

Always come home to physical.  That's who you'll build your future with.

tomster0126's picture

Exactly, the more fiat your holdings are the more they're bogus for the future.  i'm keeping gold and silver physical for as long as I can.

SRSrocco's picture


SLV NAV = -2.43%

PSLV NAV = +22.29%

There is almost a 25% difference in the premium in Net Asset Value when you compare Sprotts Silver ETf to iShares SLV ETF.  Time to get into bullion and out of paper

tiger7905's picture

Funny how SLV has never complained about how hard it is to get silver for their trust like Sprott has. I guess Sprott just doesn't know where to buy it. :-)

SWRichmond's picture

Now that's some funny shit right there!

Hephasteus's picture

I don't care who you are. That shit'll give you the hysterical giggles right there.

akak's picture

When you consider the irony of your statement, it is truly comical that anyone gives ANY credence to the claims of integrity of the SLV.

Hephasteus's picture

They got a line on a really good downhill willy supplier.

Running a business on a mountaintop is hard. We got no phone. The only way to get here is by plane so we got no walk in business.

SWCroaker's picture

It was a funny comment, but misses the fact that the two funds have different share creation systems.  PSLV sells shares en masse and uses proceeds to place orders for bullion.  Then PSLV has to wait for counterparties to deliever.  SLV is *supposed* to exchange a block of shares when an AP shows up with bullion essentially in hand.  So SLV would never "have difficulty" obtaining the bullion, since they aren't supposed to issue new shares in exchange for a promise of bullion.


The utter lack of transparency about the share creation process of SLV, and the associated irregularities in bullion quantity are one of the main points of concern by the bloggers. 

Big Ben's picture

If I had some silver bullion, why would I exchange it for SLV shares? PSLV is selling at a large premium to NAV, so wouldn't they be able to pay me more for it than I would get from selling the SLV shares?

Vendetta's picture

Sprott was just trying to get 25 million ozs right?  A billion dollars worth at todays prices.

Manzilla's picture

It would be funnier if Kevin Feldman said that!

Pegasus Muse's picture

"Investors can see the serial numbers of all the silver bars in the trust here and can review an independent audit of the trust’s silver here."

I was able to open the Bar List.  The Audit file (.pdf) didn't open.  The error message says it is corrupted.

Anyone else having any luck viewing it?

D1eeeeeNAHHHHH's picture

Does anyone have suggestions on what could replace calls on SLV that tracks silver that may be a safer underline security?

Sancho Ponzi's picture

Do you think it is a coincidence that this email was released just a few days after UT takes delivery of $1 billion in gold bullion? 

Me think not.

Bastiat's picture

Great info as usual, TD.

slaughterer's picture

 JPMorgan Chase Bank, N.A., London branch, provides custodial services for storing the silver..


4xaddict's picture

Just dotting their I's and crossing their T's to show that "they had no idea of JPM's horrible fraud" when it all goes tits up in a ditch