https://www.bullionstar.com/bl…out-record-silver-stocks/
LBMA misleads Silver Market with False Claims about Record Silver Stocks
In a shocking retraction, the bullion bank dominated London Bullion Market Association (LBMA) has just announced that it has been overstating LBMA silver vault holdings by a massive 3,300 tonnes of silver.
This overstatement relates to the total quantity of physical silver bars that the LBMA claimed were being held in LBMA vaults in London as of end of March 2021.
These LBMA vaults in London are
three banks, namely the infamous JP Morgan, the equally infamous HSBC, and the maybe not so infamous ICBC Standard Bank, and three security vaulters, Brinks, Malca Amit and Loomis.
On 9 April, to much fanfare, the LBMA published updated monthly vault data for London vaulted silver bars, claiming that as of end of March 2021, total silver held in LBMA London vaults had risen by a whopping 11.04% during March from 1.125 billion ozs (34,996 tonnes) to 1.249 billion ozs (38,859 tonnes), i.e. an increase of 124 million ozs or 3863 tonnes.
LBMA even claimed that this surge in silver holdings meant that there were record stocks of silver in London, titling it’s press release, ‘
’:
“As at end March 2021, there was a record stock of silver held in London vaults. In total there was 38,859 tonnes of silver, representing an 11% increase on the previous month, valued at $30 billion which equates to approximately 1,259,310 silver bars.”
This, it turns out, was not true.
[Blockierte Grafik: https://static.bullionstar.com/blogs/uploads/2021/05/Not-a-record.png]False Claim – It was Not a Record
However, for an entire month the LBMA let this fiction persist, before deciding to change its claim on 10 May when it released a
saying that:
“A data submission error led to the publication of an incorrect aggregate figure for the total silver held in London vaults in March. The corrected figure is 1,143,194 Troy ounces (‘000s).“
This new figure of 1,143,194,000 ozs (1.13 billion ozs) is equal to 35,557 tonnes.
In short, instead of silver holdings in LBMA vaults having risen by 3,863 tonnes (or 11%) in March, the new LBMA claim is that the silver inventories rose by 561 tonnes (or 1.6%). Which is 6.88 times less.
Instead of a 124.2 million oz increase, the increase was 18 million, a difference of a massive 106.1 million ozs. Instead of record silver holdings in London, there was no record. So the Guinness Book of records folks were not needed. The record still belongs to March 2020, when 1.175 million ozs of silver was claimed by the LBMA to be stored in London.
You can still see the original LBMA press release in a 28 April archive of the page
, where it still lists the 1,249,355,000 figure in ozs, and which states:
“As at end March 2021, there was a record stock of silver held in London vaults. In total there was 38,859 tonnes of silver, representing an 11% increase on the previous month, valued at $30 billion which equates to approximately 1,259,310 silver bars.”
[Blockierte Grafik: https://static.bullionstar.com/blogs/uploads/2021/05/march.png]Misleading – LBMA published a fake total for silver of 1.249 billion ozs (38,859 tonnes)
At the time on 9 April, BullionStar pointed out how unlikely it was that a massive 11% surge in LBMA London silver stocks could have occurred during one month, and called for an Audit of the LBMA vaults.
The LBMA claim was so unreal that it was like pulling a rabbit from a magician’s hat.
Mints, Refineries, Wholesalers and Retailers around the world cannot find sufficient silver bar supply, yet the LBMA in London finds an extra 124,201 large 1000 oz Silver bars – like a rabbit from a magician’s hat
— BullionStar (@BullionStar)
[/quote]That didn’t stop the LBMA claiming, throughout the entire month of April and into May, that the LBMA vaults in London held 1,249 million ozs (38,859 tonnes) of silver at the end of March, and it even did so in its much trumpeted ‘LBMA Spotlight on Silver Investment Report, which the LBMA wrote in conjunction with the consultancy Metals Focus, and which was published on 18 April. An overview analysis of this LBMA report can be seen in the BullionStar article
.
The introduction to that report can be seen
on the LBMA website, where the 1,249 Moz figure is still quoted, and in a 18 April Archive , and in a 23 April Google cache
The LBMA will soon delete the original reference.
“LBMA has launched its Spotlight on Silver Investment
…. The report analyses bullion held in London, expanding on recent LBMA vault data which revealed that London vaults held a combined total of 1,249moz at end-March 2021”
[Blockierte Grafik: https://static.bullionstar.com/blogs/uploads/2021/05/LBMA-Original-intro-ch2.png]Original Introduction to LBMA Spotlight on Silver Investment report – 18 April
The same 1.249 billion ozs end of March 2021 figure can be seen in a bar chart table in the original report:
[Blockierte Grafik: https://static.bullionstar.com/blogs/uploads/2021/05/lbma-original-table-false-ch2.png]Bar chart of end March 2021 London silver holdings in original version of LBMA Spotlight on Silver Investment report
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