Got any Leased Bars?

Recently my database work hit a critical threshold and I'm working through how to present these results as well as re-checking the underlying data. I wasn't ready for the volume of data and it's only been recently that I've gotten a handle on it. The silver database records currently have over 104 millions rows (and 27 million for gold) - most of that is repeated information but it is a lot of data points to manage and index.

I am still fascinated by the clash of experience and opinions when it comes to the popular meme that SLV has no silver, and the ideas around this vary in complexity. In June 2012 I was involved in a conversation over at Dave in Denver's blog. Referring to SLV’s inventory, Dave agrees the bars are real but decides from his own interpretation that the bars are leased or at least have the potential to be leased because of the vague wording in the prospectus:
Yes the bars do exist. The serial numbers are not faked. Again, it comes down to what is leased/hypothecated and what isn't. Also, how can you be confident that the bars are all sitting in a JPM vault? Have you visually seen all of the bars.
He may have a point, but he proceeds to ruin it:
Here's a project for you and I'm not posting any more comments on this until you come back with an answer: Call Blackrock and ask them if you can go compare the list they provide to with the actual physical bars in the JPM custodial vault. THEN tell them once you've done that, you would like to inspect ALL records at Blackrock and JP Morgan with respect to all legal documentation which shows that SLV has legal entitlement to every bar on the list and that every bar is sitting in JP Morgan's vault IN a segregated section that is exclusive to SLV.”
Rightio then - I'll just contact JPM and get them to hand over all their documentation, then armed with that I'll go into each of the 6 x SLV vaults and audit every bar individually. If I can audit one bar every minute and work 8 hours a day, 365 days a year then it will only take me 1.8 years to complete the audit job. That's assuming they'll let me into the vault every day Saturday and Sunday included. No, some things are not possible in a practical sense, and we have to make do with data that we do have access to. But the biggest gain is from formulating the right questions to ask.

So here’s a practical solution to Dave's conundrum – if any of you silver investors out there have title to a specific LBMA grade silver bar which you think may be leased, then just send me a copy of the document and I will compare the bar(s) signature to the millions of data points in the database. If there is enough good evidence the bar is present in a fund when it shouldn’t be, then you can potentially make a ton in lawsuits (or not, depending on the level of fraud involved).

After all this method is how I found Bob Pisani’s GLD bar, long before Ned Naylor-Leyland figured it out (old news but couldn't resist pointing this out). You can email me: bullionbars (at) Let’s be clear: I think the ENTIRE modern banking establishment is fraudulent, that the banksters have a long-standing monopoly on the types of trickery used to manipulate the social contracts which are the framework of today's invisible slavery, but I digress ...

Currently I've got a year of bottled up questions, observations and data, the only way to get through it is to let it out slowly. The discussion will form part of a framework for the analysis of the data, with the goal of the research being both documented and discoverable for anyone curious. What started off as just tracking SLV data, has grown. Currently, we have bar list data feeds for the following silver funds. The data is in various stages of processing, but the ones highlighted have all been verified and are the focus of my next articles.

We have 320 historical source documents for SLV, 61 for Perth Mint Pool Allocated Silver, but only TWO for Sprott's PSLV.


Bron Suchecki said...

Dave in Denver's comment is silly.

There is already a full audit done of SLV, suggest he reads the latest audit report (, which indicates they did a FULL count. Interestingly, the metal is not all held with JPM, but also with Brinks and Johnson Matthey, which just means more people to be complicit.

And when he says "Inspectorate is in on the fraud", I'd suggest he contacts James Turk and asks his opinion, because GoldMoney use the same firm. Indeed, if you look at their latest audit report (, you'll see it is signed off by the same person as SLV's.

Kid Dynamite said...

yes, Bron, and PSLV is audited by Ernst & Young.. the same auditors Sino Forest and Lehman Brothers used...

Robert LeRoy Parker said...

Nice work Warren.

S Roche said...

Facts are boring...Jim Willie has discovered that 60,000 tonnes of gold are needed for settlement of margin calls.

Bron Suchecki said...

That really has to be the stupidist thing I've heard in a long time, which is saying something given the crap that floats around the blogosphere.

60,000t, when total mined metal is 170,000t?

S Roche said...

Yeah? Well, here's the proof!


Tony said...

S Roche,

I see I'm not the only one amused by Jim Willie's lunacy.

Bron Suchecki said...

Oh, sorry, I didn't realise it came from Jim's "best gold source", that's proof enough for me.

milamber said...


Thanks for keeping at this.

While I think that the majority of the silver mafia/NWO/black helicopter/ conspiracy folks leave a lot to be desired in logic (and no, contrary to what some sites posit, passion doesn't trump logic or change basic facts) the libor revelations are just the latest example showing systemic abuse of the financial systems have occurred, are occurring and will occur.

Just because something is audited, doesn't mean that it isn't fraudulent. Even if it is audited by the same outfit that James Turk uses (heck, that may even be a red flag!)

If you haven't done so already,I recommend reading/listening to Bill Black. He is an expert on financial control fraud and is worth the time IMO.

My take is of course the financial system is manipulated. Just not the way the average joe (or silver mark, er uhm "investor") thinks it is.


Kid Dynamite said...

@Milamber -

correct: audited doesn't mean fraud-free... just look at Sino Forest...

Audited also doesn't mean not destined for disaster: just look at Lehman Brothers.

Bron's point, I think, is that there are real physical audits of SLV done by expert physical auditors - Inspectorate...

PSLV, on the other hand, is audited by the same FINANCIAL auditors who failed with Sino Forest and Lehamn Brothers.... Now, E&Y may look at PSLV's bars (of course, as with all things Sprott, the process is opaque and not disclosed, unlike the SLV Inspectorate audits), but they don't have the same expertise in metal that Inspectorate does.

milamber said...

@ KD (and Bron since we are discussing his comment):

I understand about the Audits. I also think it is absurd for some to claim that there is no silver in SLV and that sprott is a savior.

However, my point is that just because something is audited, doesn't mean it is not fraudulent.

An audit doesn't mean squat in an era of liborgate & all of the control frauds that we see all around us.

Study the following list:

MF Global
Barclays (as well as all of the other liborgate banks)

What do they all have in common besides being frauds?

They were all audited.

If the system is setup to allow the fraud to function, then "massaging" audits are simply a cost of doing business.

With all of that said, it is much easier to fake numbers when you are dealing with blips on a computer screen as opposed to "fake" bars on a slow boat across the pacific.

Which is why Warren's Database is so hugely important. Huge Kudo's to him (or her)!


Kid Dynamite said...


you wrote:
"However, my point is that just because something is audited, doesn't mean it is not fraudulent."

I understand your point. yes.

my point was that SLV's audit is of a higher quality than PSLV's. that's all. ironically, since the Minions have been led to Worship ad the Church of Sprott....