According to Incrementum’s 15th annual “In Gold We Trust” report, silver might be “the main winner of both monetary and meteorological climate change.”
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The Bigger the Lie
Let’s look for a minute at the very brief retraction statement which the LBMA released on 10 May admitting to the 3300 tonne ‘error’. To recap:
“
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).
So it was ‘
a data submission error’. The question then is, a data error submitted by who? There are only 6 vault operators in the LBMA London vault network. These are JP Morgan, HSBC, Brinks, Malca Amit, ICBC Standard, and Loomis. Why does the LBMA not clarify which vault submitter submitted the claimed erroneous data? The LBMA runs a ‘Vault Managers Working Group‘ so should be intimately acquainted with the 6 heads of vault management at the respective vaults.
Operator
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sprott Inc. s 2021 first-quarter results conference call. [Operator instructions] As a reminder, this conference is being recorded today, May 7th, 2021. On behalf of the speakers that follow, listeners are cautioned that today s presentation and the responses to questions may contain forward-looking statements within the meaning of the safe harbor provisions of the Canadian provincial securities law.
Forward-looking statements involve risks and uncertainties that undue reliance should not be placed on such statements. Certain material factors or assumptions are implied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. For additional information about factors that may cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements, plea