The latest vault reporting data from the London Bullion Market Association (LBMA) in London, which is now released on the 5th business day of the month, claims that as of the end of March, there were 1.25 billion ozs (38,859 tonnes) of silver in the LBMA London vaults, which would be an 11% increase on the total claimed to be held in those vaults at the end of February. To put this into perspective, that’s an extra 3,863 tonnes that the LBMA claims has arrived into its vaults in London during March, or an extra 124.2 million ozs. That’s nearly as much silver claimed to be added by the LBMA during March, as the Sprott Physical Silver Trust PSLV holds. (PSLV holds 130.97 million ozs of silver).
Said another way, 3863 tonnes added to the London LBMA vaults during March would be 124,200 wholesale silver bars (each bar weighing about 1000 ozs). These 124,200 bars are stored 30 bars per pallet. This would be 4,140 pallets extra pallets of silver bars. Usually these vaults store pallets of silver 6 pallets high. That would be 690 extra towers of pallets, each 6 pallets high. It would mean that 193 containers (each allowed to carry a maximum of 20 tonnes) arrived at the London vaults during March, or over 8.4 containers on average per day, every business day, and that the vault staff had to move and store 180 pallets each day. All of this in an environment where everyone from refiners to Mints to wholesalers to bullion retailers are reporting availability issues in sourcing physical silver bars right now. Seems plausible, right? And this LBMA vault data does not even break down how much each of the LBMA London vaults of JP Morgan, HSBC, Brinks, Malca-Amit, Loomis, and ICBC Standard, claim to hold. Which is why, if the LBMA vault data on silver (and gold) is to be even remotely trusted (which is a far stretch), then it is now time to independently and physically AUDIT THE LBMA VAULTS. Not that this will ever happen given that the LBMA is run by the bullion banks which run the paper silver and gold markets. But it needs to happen. More info @ https://www.lbma.org.uk/prices-and-data/london-vault-holdings-data
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