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SLV Bar Analysis for 31Dec10 (from 24Dec10 )

Quick Links: Warehouse Summary, Refinery Summary, Duplicate Serial Number & Weight, Bars Removed, Bars Added, Serial Number Changes, Statistics, Notes.

Warehouse Summary

Refiner	Start	End	Added	Removed	Serial Only Duplicates	Serial & Weight Duplicates
HSBC London (HSBC)	0 bars 0.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	0	0
Brinks London (BRIU)	100213 bars 97,330,081.0 oz	100213 bars 97,330,081.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	8311	16
Brinks London A (BRIA)	31594 bars 30,884,458.4 oz	31594 bars 30,884,458.4 oz	0 bars 0.0 oz	0 bars 0.0 oz	6723	16
Via Mat International (VIAM)	40969 bars 39,921,786.9 oz	40969 bars 39,921,786.9 oz	0 bars 0.0 oz	0 bars 0.0 oz	3564	6
JPM London V (JPMV)	78285 bars 76,246,936.0 oz	78285 bars 76,246,936.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	13902	18
JPM London A (JPMA)	106938 bars 106,166,875.9 oz	106938 bars 106,166,875.9 oz	0 bars 0.0 oz	0 bars 0.0 oz	16502	30
Total (n/a)	357999 bars 350,550,138.2 oz	357999 bars 350,550,138.2 oz	0 bars 0.0 oz	0 bars 0.0 oz	98008	176

Refinery Summary

Refiner	# Bars	Ounces	Average Oz	Stand. Dev.	Serial Only Duplicates	Serial & Weight Duplicates	# Weights
AMax Inc. USA (AMA)	1069 bars	1,066,552.0 Oz	997.7	32.3	1	0	689
Almalyk Uzbekistan (ALM)	3001 bars	2,897,057.7 Oz	965.4	19.9	252	1	836
Anhui Tongda Copper Ltd China (ANH)	2 bars	1,929.4 Oz	964.7	1.8	0	0	2
Argor-Heraeus SA Switzerland (ARG)	2369 bars	2,252,321.0 Oz	950.7	56.1	0	0	1442
Asahi Pretec Corp Japan (AS1)	1131 bars	1,104,695.0 Oz	976.7	8.6	0	0	324
Asarco Various (AS2)	63 bars	62,933.5 Oz	998.9	35.0	2	0	61
Asarco Inc Amarillo (AS3)	4780 bars	4,757,838.0 Oz	995.4	22.1	4	1	981
Australian Gold Refineries (AUS)	3380 bars	2,719,633.8 Oz	804.6	117.7	14	0	1528
Britannia Refined Metals U.K (BRI)	33899 bars	32,754,171.7 Oz	966.2	55.7	15275	18	3075
Burma Mines (BUR)	14 bars	16,421.5 Oz	1173.0	19.1	0	0	14
Comptoir Lyon-Alemand FRA (COM)	1151 bars	1,119,754.9 Oz	972.9	41.5	73	0	812
Cominco Ltd Tadanac Canada (CO1)	1091 bars	1,145,214.9 Oz	1049.7	19.4	6	0	558
Daye Non-Ferrous Metals China (DAY)	612 bars	595,520.8 Oz	973.1	26.4	1	0	455
Degussa Frankfurt (DEG)	8340 bars	8,798,260.6 Oz	1054.9	42.9	1126	0	1855
Dowa Mining Japan (DOW)	1200 bars	1,172,243.3 Oz	976.9	23.0	0	0	658
ERANDS. Southern Copper Ltd. (ERA)	120 bars	128,143.9 Oz	1067.9	17.8	0	0	111
Empresa Minera Peru (EMP)	7949 bars	8,291,344.3 Oz	1043.1	28.8	1633	6	1272
Engelhard Canada (EN1)	5 bars	4,998.4 Oz	999.7	29.8	0	0	5
Engelhard Clal Paris (EN2)	13 bars	13,248.1 Oz	1019.1	48.8	0	0	13
Engelhard UK (EN3)	123 bars	123,622.5 Oz	1005.1	46.8	0	0	116
Engelhard USA (EN4)	472 bars	471,781.0 Oz	999.5	35.2	1	0	387
Espanola Metales Spain (ESP)	368 bars	347,329.6 Oz	943.8	46.5	0	0	324
Great Wall Ref China (GRE)	2232 bars	2,177,261.5 Oz	975.5	14.9	492	0	559
Guangxi Chengyuan Mining China (GUA)	651 bars	633,312.2 Oz	972.8	19.1	0	0	421
Handy Harman USA (HAN)	14140 bars	14,087,347.9 Oz	996.3	37.9	31	0	1855
Henan Yuguang Gold and Lead Co Ltd (HEN)	19133 bars	18,860,516.9 Oz	985.8	23.8	250	2	1167
Heraeus Germany (HER)	245 bars	234,056.6 Oz	955.3	40.7	0	0	165
Hoboken Belgium (HOB)	8351 bars	7,651,204.5 Oz	916.2	100.2	734	0	2316
Hunan Zhuzhou China (HUN)	2944 bars	2,962,455.7 Oz	1006.3	12.8	0	0	571
Inco ltd, Canada (INC)	1112 bars	1,158,708.7 Oz	1042.0	26.5	15	0	684
Industrial Minera Mexico (IND)	2071 bars	2,176,896.7 Oz	1051.1	27.6	19	1	881
Inner Mongolia Qiankun Gold & Silver (INN)	14920 bars	14,637,318.0 Oz	981.1	24.0	3812	9	1416
JBR Recovery UK (JBR)	2206 bars	2,395,768.3 Oz	1086.0	70.3	0	0	1230
Jiangxi Copper Co Ltd (JIA)	8383 bars	8,545,675.0 Oz	1019.4	37.1	60	0	1622
John Betts UK (JO1)	396 bars	423,189.3 Oz	1068.7	63.1	0	0	343
Johnson Matthey Canada (JO3)	2778 bars	2,774,424.9 Oz	998.7	34.4	3	0	1192
Johnson Matthey UK (JO4)	2964 bars	2,966,472.1 Oz	1000.8	44.7	11	0	1276
Johnson Matthey USA (JO5)	8310 bars	8,131,622.2 Oz	978.5	28.9	7	0	1407
JSC Ekaterinburg Non-Ferrous Metals (JSC)	360 bars	350,972.4 Oz	974.9	22.7	0	0	291
KGHM Poland (KGH)	9510 bars	9,622,060.5 Oz	1011.8	15.6	1598	6	884
Kazzinc. Kazakhstan (KAZ)	1164 bars	1,126,876.9 Oz	968.1	20.6	0	0	605
Kennecott Copper USA (KEN)	606 bars	618,703.1 Oz	1021.0	44.9	0	0	507
Korea Zinc Co Ltd (KOR)	4470 bars	4,371,227.0 Oz	977.9	22.7	0	0	1024
Krasnoyarsk Russia (KRA)	15580 bars	14,796,431.2 Oz	949.7	21.7	184	0	1084
Matsuda Sangyo (MAT)	602 bars	579,366.8 Oz	962.4	19.1	0	0	405
Met Precieux Switzerland (ME1)	499 bars	485,811.8 Oz	973.6	38.9	2	0	423
Met-Mex Penoles Mexico (ME2)	18492 bars	19,378,693.5 Oz	1048.0	21.0	987	2	1031
Metalor Ref Corp USA (ME3)	4 bars	3,935.9 Oz	984.0	44.1	0	0	4
Min Met Penarroya Spain (MI1)	86 bars	81,439.6 Oz	947.0	48.6	0	0	83
Mitsubishi Mining Japan (MI2)	5182 bars	5,030,129.4 Oz	970.7	21.0	1	0	983
Mitsui Mining Japan (MI3)	1177 bars	1,125,758.4 Oz	956.5	20.0	0	0	604
Neimenggu Ref China (NEI)	161 bars	166,404.7 Oz	1033.6	26.9	0	0	145
Nippon Mining Japan (NIP)	2785 bars	2,606,156.2 Oz	935.8	13.1	118	1	605
Noranda Canada (NO1)	7813 bars	7,915,090.3 Oz	1013.1	29.8	251	0	1388
Nordeutsche Germany (NO4)	11850 bars	10,312,313.2 Oz	870.2	57.1	0	0	2082
Novosibrisk Refinery Russia (NO5)	416 bars	406,778.8 Oz	977.8	19.0	0	0	328
OJSC Kolyma (OJS)	7457 bars	7,132,720.9 Oz	956.5	20.5	0	0	1041
Orispania Bilbao (ORI)	124 bars	117,668.2 Oz	948.9	37.3	0	0	120
Pamp Sa Switzerland (PAM)	3 bars	2,679.9 Oz	893.3	4.2	0	0	3
Perth Mint Australia (PER)	3 bars	3,164.7 Oz	1054.9	16.3	0	0	3
Port Pirie(Zinifex,Pasminco,Broken Hill (POR)	759 bars	713,709.4 Oz	940.3	40.7	0	0	538
Prioksky Russia (PRI)	6806 bars	6,567,733.2 Oz	965.0	22.1	67	0	1061
Rand Refinery Ltd (RAN)	842 bars	843,233.8 Oz	1001.5	75.5	2	0	694
Real del Monty Pac'a Mexico (REA)	599 bars	629,846.3 Oz	1051.5	38.4	0	0	490
Royal Canadian Mint (ROY)	26 bars	24,838.5 Oz	955.3	65.8	0	0	26
Russian State Refineries (RUS)	55116 bars	52,753,050.8 Oz	957.1	21.5	16793	35	1263
Sheffield Smelting Co UK (SH1)	476 bars	474,053.0 Oz	995.9	48.9	1	0	421
Shenzhen Zhongjin Co Ltd China (SH2)	3719 bars	3,683,477.7 Oz	990.4	6.6	25	0	340
Shui Kou Shan Mining China (SH3)	5695 bars	5,759,111.0 Oz	1011.3	27.5	523	0	1230
Shyolkovsky Russia (SH4)	1186 bars	1,133,162.5 Oz	955.4	15.7	0	0	530
Solar Applied Materials Corp Taiwan (SOL)	10810 bars	10,638,550.1 Oz	984.1	18.1	3	0	924
Sumitomo Corp Japan (SUM)	1837 bars	1,796,243.4 Oz	977.8	16.3	25	0	623
Tanaka Kikinzoku Japan (TAN)	2 bars	2,136.7 Oz	1068.3	13.4	0	0	2
Toho Zinc Japan (TOH)	2674 bars	2,584,773.6 Oz	966.6	21.3	0	0	860
Tongling Nonferrous Metals China (TON)	3504 bars	3,365,224.0 Oz	960.4	14.6	468	1	683
Trepca Yugoslavia (TRE)	165 bars	157,034.3 Oz	951.7	33.4	0	0	157
U.S Assay Office (USA)	252 bars	265,141.5 Oz	1052.1	37.6	0	0	217
Uralelectromed Russia. YA (URA)	708 bars	679,691.8 Oz	960.0	18.3	18	0	447
W Canning UK (WCA)	64 bars	69,652.7 Oz	1088.3	55.5	0	0	64
Yunnan Copper Ind' Ltd China (YUN)	9256 bars	9,455,385.9 Oz	1021.5	24.3	4081	5	1235
Zaklady Met Trzebina Poland (ZAK)	1272 bars	1,148,716.4 Oz	903.1	35.3	1	0	725

Duplicate Serial Numbers & Weights

Refiner	Serial	Fineness	Weight	Location
ALM	937	9999	964.6	JPMV, JPMV
AS3	146230	9990	997.8	JPMA, JPMA
BRI	1118	9990	999.9	JPMV, JPMA
BRI	1804	9990	1,007.9	BRIA, VIAM
BRI	2247	9990	987.3	BRIA, JPMV
BRI	2278	9990	949.4	BRIA, JPMV
BRI	2318	9990	946.4	BRIA, JPMA
BRI	2943	9990	997.4	JPMV, JPMA
BRI	3491	9990	995.8	BRIA, JPMA
BRI	5351	9990	929.0	JPMV, JPMA
BRI	5394	9990	978.9	JPMA, JPMA
BRI	5668	9990	925.2	JPMV, JPMA
BRI	5764	9990	962.9	JPMA, JPMA
BRI	5785	9990	957.5	JPMV, JPMA
BRI	6996	9990	960.7	JPMA, JPMA
BRI	8021	9990	906.5	JPMV, JPMV
BRI	942	9990	947.0	BRIA, JPMV
BRI	V2029	9990	977.3	JPMA, JPMA
BRI	W10613	9990	956.3	JPMA, JPMA
BRI	W11430	9990	1,034.0	JPMA, JPMA
EMP	449	9999	1,040.7	BRIU, JPMV
EMP	505	9999	1,070.0	BRIU, VIAM
EMP	544	9999	1,050.4	JPMV, JPMA
EMP	647	9999	1,030.8	VIAM, JPMV
EMP	765	9999	1,020.4	VIAM, JPMV
EMP	873	9999	1,027.4	JPMV, JPMA
HEN	1114024	9990	1,006.4	BRIA, VIAM
HEN	1114042	9990	1,012.9	BRIA, VIAM
IND	JM445	9990	1,036.5	JPMV, JPMA
INN	26	9990	977.4	BRIU, BRIU
INN	601080	9990	993.9	BRIU, VIAM
INN	602627	9990	977.4	BRIU, BRIU
INN	602877	9999	992.3	BRIU, BRIU
INN	602917	9999	971.1	BRIU, BRIU
INN	603289	9999	969.1	BRIU, JPMV
INN	603324	9990	963.9	BRIU, JPMV
INN	607230	9990	987.8	BRIA, JPMV
INN	62	9990	1,056.9	BRIU, BRIU
KGH	1758	9999	1,021.7	BRIU, JPMA
KGH	3107	9999	1,011.7	JPMV, JPMA
KGH	3152	9999	1,009.8	JPMV, JPMA
KGH	3188	9999	1,025.7	JPMV, JPMA
KGH	5447	9999	1,022.6	JPMV, JPMA
KGH	8959	9999	1,015.3	BRIU, JPMA
ME2	15336	9990	1,056.2	VIAM, VIAM
ME2	36860	9999	1,053.2	JPMV, JPMA
NIP	9383	9999	940.8	BRIA, JPMA
RUS	1118	9999	947.3	BRIU, BRIA
RUS	1126	9999	952.4	BRIU, BRIA
RUS	1162	9999	980.0	BRIU, BRIU
RUS	1337	9999	939.1	BRIA, BRIA
RUS	13411	9999	959.9	BRIU, JPMA
RUS	1423	9998	956.2	JPMA, JPMA
RUS	1453	9999	947.8	BRIU, JPMA
RUS	16311	9999	948.8	BRIA, BRIA
RUS	1641	9999	937.8	BRIU, JPMA
RUS	1643	9999	965.0	BRIA, JPMA
RUS	1668	9999	954.4	BRIA, JPMA
RUS	1941	9999	952.2	BRIA, JPMA
RUS	19411	9999	947.6	BRIA, JPMA
RUS	20210	9999	951.5	BRIA, BRIA
RUS	2033	9999	946.9	BRIA, JPMA
RUS	2044	9999	976.8	BRIA, JPMA
RUS	2134	9999	962.7	BRIA, JPMA
RUS	21911	9999	957.7	BRIA, JPMA
RUS	2209	9999	974.5	JPMA, JPMA
RUS	22112	9999	968.1	BRIA, JPMV
RUS	22211	9998	970.5	JPMA, JPMA
RUS	22212	9999	968.8	VIAM, JPMA
RUS	223011	9999	952.8	VIAM, JPMV
RUS	2578	9999	931.7	BRIA, JPMV
RUS	2653	9999	943.2	BRIA, JPMA
RUS	28410	9999	950.5	BRIA, JPMV
RUS	2916	9998	953.4	JPMA, JPMA
RUS	2985	9999	956.3	JPMA, JPMA
RUS	3096	9999	944.9	BRIA, JPMV
RUS	39910	9999	948.0	BRIA, JPMA
RUS	5654	9999	952.6	JPMA, JPMA
RUS	71258	9999	977.6	BRIU, BRIU
RUS	B2307	9999	949.4	VIAM, JPMA
RUS	M1343	9999	944.0	JPMV, JPMV
RUS	N2311	9999	950.7	JPMV, JPMA
TON	2969	9999	945.7	JPMV, JPMV
YUN	2015	9999	1,027.0	BRIU, BRIU
YUN	2569	9999	1,035.9	BRIA, JPMA
YUN	442	9999	997.7	BRIU, JPMV
YUN	592	9999	998.5	BRIU, BRIU
YUN	632	9999	1,044.2	BRIU, BRIU

Bars Removed:

Refiner	Serial	Fineness	Weight	Location

Bars Added (Refinery Summary):

Refiner	# Bars	# Ounces

Bars Added:

Refiner	Serial	Fineness	Weight	Location

Serial Number Changes:

Refiner	Old Serial	New Serial	Fineness	Weight	Location

Stats

# Bars:	357999
# Ounces:	350550138.2
Average Bar Weight:	979.2 ounces
Lightest bar:	516 ounces.
Heaviest bar:	1243 ounces.
Shortest Serial Length:	1
Longest Serial Length:	11
Duplicate Serial & Weight Count:	176 (about 1 in 2034 bars)
Duplicate Serial Only Count:	98008 (about 1 in 3.7 bars)
Duplicate Bars With Exact Weight:	1 in 556 duplicate bars
Total Weights:	5040
Number of Refiners:	81

General Notes

'Refiner Change' means that there was a change to the refiner of a bar (such as 'Engelhard US' to 'Engelhard UK').
'Serial Change' means that there was a change to the serial number of a bar (such as '2281' to '2008-2281').
'Stand. Dev.' is the standard deviation of the weights of the bars of a manufacturer. The lower the number, the closer the bars are in weight to each other.
LBMA Good Delivery rules prior to 2008 allowed bars weighing 500-1250 troy ounces. Currently, it is 750-1100 ounces, with 900-1050 recommended.
COMEX allows bars from 900 to 1,100 ounces (COMEX rules are not used for SLV, LBMA are).
Silver is added to or removed from SLV in amounts of slightly less than 50,000 ounces in exchange for a 'basket' of exactly 50,000 shares.

Notes on Duplicates

Duplicate Serial Numbers are acceptable per LBMA rules, if the year of manufacture is different.
'Duplicate Serial Only' means that the refiner and serial number of two or more bars match, but are different weights (almost certainly two different years, which is OK).
'Duplicate Serial & Weight' means that the refiner, serial number, and weight of two or more bars match (which is OK if the years are different).
The SLV bar lists do not have a space for the year, unless it is part of the serial number, which accounts for the seemingly duplicate entries.
The proportion of duplicate entries per warehouse does not seem unusual.
The lack of duplicate serials with some refiners, and large amounts at others, helps confirm that many refiners never duplicate serial numbers, even in different years.
The proportion of 'refiner+serial+weight' dupes to 'refiner+serial' dupes appears normal, given the distribution of weights.
With 357999 bars, occasional accounting errors are inevitable.