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SLV Bar Analysis for 21 May 2014 (from 14 May 2014 )

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
JPM New York (JPMN)	20871 bars 20,841,456.5 oz	20851 bars 20,821,221.5 oz	0 bars 0.0 oz	20 bars 20,235.0 oz	0	0
Johnson Matthey UK. Royston (JMUK)	0 bars 0.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	0	0
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)	164097 bars 159,962,441.5 oz	164097 bars 159,962,441.5 oz	0 bars 0.0 oz	0 bars 0.0 oz	11797	21
Brinks London C (BRIC)	60989 bars 59,123,619.7 oz	60989 bars 59,123,619.7 oz	0 bars 0.0 oz	0 bars 0.0 oz	5167	5
Brinks London A (BRIA)	0 bars 0.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	0	0
Via Mat International (VIAM)	0 bars 0.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	0	0
JPM London V (JPMV)	94935 bars 91,876,772.0 oz	94955 bars 91,897,007.0 oz	20 bars 20,235.0 oz	0 bars 0.0 oz	11981	9
JPM London A (JPMA)	0 bars 0.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	0 bars 0.0 oz	0	0
Total (n/a)	340892 bars 331,804,289.7 oz	340892 bars 331,804,289.7 oz	20 bars 20,235.0 oz	20 bars 20,235.0 oz	57892	72

Refinery Summary

Refiner	# Bars	Ounces	Average Oz	Stand. Dev.	Serial Only Duplicates	Serial & Weight Duplicates	# Weights
AMax Inc. USA (AMA)	616 bars	615,105.6 Oz	998.5	30.2	1	0	450
Almalyk Uzbekistan (ALM)	2359 bars	2,283,383.9 Oz	967.9	20.0	224	1	785
Anhui Tongda Copper Ltd China (ANH)	2 bars	1,929.4 Oz	964.7	1.8	0	0	2
Argor-Heraeus SA Switzerland (ARG)	340 bars	326,523.6 Oz	960.4	25.3	0	0	286
Asahi Pretec Corp Japan (AS1)	1781 bars	1,737,701.4 Oz	975.7	8.2	0	0	349
Asarco Various (AS2)	3 bars	2,964.2 Oz	988.1	22.8	0	0	3
Asarco Inc Amarillo (AS3)	3234 bars	3,217,100.3 Oz	994.8	21.7	2	1	895
Aurubis AG Germany (AUR)	7120 bars	6,206,310.2 Oz	871.7	31.1	0	0	1431
Australian Gold Refineries (AUS)	2450 bars	1,839,530.9 Oz	750.8	29.4	1	0	1026
Boliden Mineral Sweden (BOL)	261 bars	269,149.3 Oz	1031.2	33.1	0	0	238
Britannia Refined Metals U.K (BRI)	22747 bars	22,082,170.7 Oz	970.8	57.1	7748	6	2884
Burma Mines (BUR)	11 bars	12,867.4 Oz	1169.8	19.3	0	0	11
Comptoir Lyon-Alemand FRA (COM)	605 bars	585,176.0 Oz	967.2	40.9	15	0	496
Cominco Ltd Tadanac Canada (CO1)	1950 bars	2,052,140.6 Oz	1052.4	18.0	5	0	694
Daye Non-Ferrous Metals China (DAY)	716 bars	695,881.2 Oz	971.9	26.6	1	0	515
Degussa Frankfurt (DEG)	3280 bars	3,450,883.9 Oz	1052.1	42.1	79	0	1370
Doe Run Peru SSL (DOE)	2911 bars	3,043,790.3 Oz	1045.6	24.6	687	0	871
Dowa Mining Japan (DOW)	1660 bars	1,621,903.3 Oz	977.1	20.3	0	0	707
ERANDS. Southern Copper Ltd. (ERA)	120 bars	128,143.9 Oz	1067.9	17.8	0	0	111
Engelhard Clal Paris (EN2)	2 bars	2,235.4 Oz	1117.7	7.9	0	0	2
Engelhard UK (EN3)	89 bars	89,003.5 Oz	1000.0	49.0	0	0	88
Engelhard USA (EN4)	247 bars	246,814.4 Oz	999.2	36.3	0	0	225
Espanola Metales Spain (ESP)	368 bars	347,329.6 Oz	943.8	46.5	0	0	324
Great Wall Ref China (GRE)	1118 bars	1,095,314.3 Oz	979.7	17.3	303	0	478
Guangxi Chengyuan Mining China (GUA)	1467 bars	1,416,866.4 Oz	965.8	21.2	0	0	673
Handy Harman USA (HAN)	9641 bars	9,613,249.8 Oz	997.1	37.9	18	0	1760
Henan Yuguang Gold and Lead Co Ltd (HEN)	16919 bars	16,527,122.8 Oz	976.8	25.3	35	0	1396
Heraeus Germany (HER)	155 bars	148,111.5 Oz	955.6	45.5	0	0	112
Hoboken Belgium (HOB)	3473 bars	3,415,900.0 Oz	983.6	33.1	56	0	1239
Hunan Zhuzhou China (HUN)	320 bars	320,619.6 Oz	1001.9	17.3	0	0	266
Inco ltd, Canada (INC)	591 bars	614,948.6 Oz	1040.5	27.1	6	0	450
Industrial Minera Mexico (IND)	705 bars	742,531.9 Oz	1053.2	28.0	2	0	500
Inner Mongolia Qiankun Gold & Silver (INN)	15663 bars	15,369,585.6 Oz	981.3	22.7	4570	7	1369
JBR Recovery UK (JBR)	879 bars	997,761.9 Oz	1135.1	75.6	0	0	648
Jiangxi Copper Co Ltd (JIA)	6552 bars	6,698,279.5 Oz	1022.3	31.3	0	0	1388
John Betts UK (JO1)	249 bars	266,804.4 Oz	1071.5	68.5	0	0	224
Johnson Matthey Canada (JO3)	216 bars	217,490.9 Oz	1006.9	33.7	0	0	197
Johnson Matthey UK (JO4)	1969 bars	1,978,264.7 Oz	1004.7	38.4	0	0	1048
Johnson Matthey USA (JO6)	6402 bars	6,372,319.3 Oz	995.4	34.8	4	0	1489
Johnson Matthey USA (JO5)	14799 bars	14,639,432.3 Oz	989.2	31.0	0	0	1644
JSC Ekaterinburg Non-Ferrous Metals (JSC)	643 bars	628,085.6 Oz	976.8	21.7	0	0	445
KCM SA Bulgaria (KCM)	530 bars	522,222.0 Oz	985.3	12.9	49	0	305
KGHM Poland (KGH)	10337 bars	10,451,003.0 Oz	1011.0	15.6	446	0	900
Kazzinc. Kazakhstan (former) (KAZ)	3167 bars	3,077,859.2 Oz	971.9	21.7	0	0	907
Kazakhmys PLC Kazakhstan (KA2)	8622 bars	8,384,975.3 Oz	972.5	19.8	0	0	1029
Kennecott Copper USA (KEN)	237 bars	243,339.4 Oz	1026.7	42.2	0	0	215
Korea Zinc Co Ltd (KOR)	9204 bars	8,970,546.1 Oz	974.6	18.1	0	0	957
Krasnoyarsk Russia (KRA)	17103 bars	16,337,033.9 Oz	955.2	19.5	49	0	1045
LS-Nikko Copper Ltd Korea (LSN)	675 bars	648,372.0 Oz	960.6	26.0	0	0	500
Matsuda Sangyo (MAT)	569 bars	549,608.8 Oz	965.9	19.2	0	0	389
Met Precieux Switzerland (ME1)	265 bars	261,182.9 Oz	985.6	33.3	1	0	236
Met-Mex Penoles Mexico (ME4)	5033 bars	5,253,294.2 Oz	1043.8	21.1	54	0	931
Min Met Penarroya Spain (MI1)	64 bars	61,229.6 Oz	956.7	50.1	0	0	63
Mitsui Mining Japan (MI3)	972 bars	931,856.8 Oz	958.7	22.0	0	0	573
Mitsubishi Materials Corporation (MI4)	5169 bars	5,017,791.4 Oz	970.7	20.6	0	0	979
Neimenggu Ref China (NEI)	261 bars	271,284.8 Oz	1039.4	19.3	74	1	217
Nippon Mining Japan (NIP)	4009 bars	3,723,975.2 Oz	928.9	13.2	51	0	660
Noranda Canada (NO1)	4888 bars	4,966,216.9 Oz	1016.0	29.4	45	0	1260
Noranda Canada (NO2)	135 bars	135,801.1 Oz	1005.9	25.8	0	0	125
Nordeutsche Germany (NO4)	17086 bars	14,764,714.5 Oz	864.1	44.8	0	0	2089
Novosibrisk Refinery Russia (NO5)	314 bars	306,537.4 Oz	976.2	20.1	0	0	257
OJSC Kolyma (OJS)	7915 bars	7,568,412.3 Oz	956.2	20.8	0	0	1063
Pamp Sa Switzerland (PAM)	1096 bars	1,101,755.1 Oz	1005.3	25.8	0	0	663
Port Pirie(Zinifex,Pasminco,Broken Hill (POR)	153 bars	144,385.7 Oz	943.7	33.5	0	0	144
Prioksky Russia (PRI)	5745 bars	5,545,123.8 Oz	965.2	22.2	50	0	1036
Rand Refinery Ltd (RAN)	6 bars	6,708.4 Oz	1118.1	79.2	0	0	6
Real del Monty Pac'a Mexico (REA)	308 bars	324,828.4 Oz	1054.6	33.3	0	0	265
Royal Canadian Mint (ROY)	22 bars	21,159.1 Oz	961.8	69.6	0	0	22
Russian State Refineries (RUS)	40973 bars	39,252,271.6 Oz	958.0	22.2	6421	9	1257
Sheffield Smelting Co UK (SH1)	411 bars	408,804.4 Oz	994.7	49.5	1	0	372
Shenzhen Zhongjin Co Ltd China (SH2)	1293 bars	1,278,650.0 Oz	988.9	7.6	1	0	305
Shui Kou Shan Mining China (SH3)	5178 bars	5,228,406.3 Oz	1009.7	28.6	214	0	1245
Shyolkovsky Russia (SH4)	661 bars	627,922.1 Oz	950.0	16.8	0	0	419
Solar Applied Materials Corp Taiwan (SOL)	25000 bars	24,822,502.3 Oz	992.9	22.6	1156	0	1277
Sumitomo Corp Japan (SUM)	1938 bars	1,895,016.8 Oz	977.8	16.1	17	0	628
Tanaka Kikinzoku Japan (TAN)	2 bars	2,136.7 Oz	1068.3	13.4	0	0	2
Toho Zinc Japan (TOH)	3062 bars	2,947,914.3 Oz	962.7	20.9	10	0	874
Tongling Nonferrous Metals China (TON)	6511 bars	6,345,704.7 Oz	974.6	22.6	1099	2	1038
Trepca Yugoslavia (TRE)	54 bars	51,101.4 Oz	946.3	30.8	0	0	53
U.S Assay Office (USA)	134 bars	141,051.6 Oz	1052.6	38.1	0	0	124
Uralelectromed Russia. YA (URA)	1721 bars	1,651,838.3 Oz	959.8	19.9	26	0	698
Valcambi Switzerland (VAL)	2052 bars	2,016,880.2 Oz	982.9	21.2	0	0	778
W Canning UK (WCA)	64 bars	69,652.7 Oz	1088.3	55.5	0	0	64
Yunnan Copper Ind' Ltd China (YUN)	11814 bars	12,070,791.4 Oz	1021.7	24.9	5424	9	1307
Zaklady Met Trzebina Poland (ZAK)	365 bars	337,861.9 Oz	925.6	27.7	1	0	304

Duplicate Serial Numbers & Weights

Refiner	Serial	Fineness	Weight	Location
ALM	937	9999	964.6	JPMV, JPMV
AS3	146230	9990	997.8	BRIU, BRIU
BRI	1107	9990	934.3	JPMV, JPMV
BRI	5394	9990	978.9	BRIU, BRIU
BRI	8021	9990	906.5	JPMV, JPMV
BRI	V2029	9990	977.3	BRIU, BRIU
BRI	W10613	9990	956.3	BRIU, BRIU
BRI	W11430	9990	1,034.0	BRIU, BRIU
INN	601598	9990	987.0	BRIU, BRIU
INN	602877	9990	992.3	BRIU, BRIC
INN	603289	9999	969.1	BRIC, JPMV
INN	603324	9990	963.9	BRIU, JPMV
INN	604680	9990	990.3	JPMV, JPMV
INN	609927	9990	980.8	BRIU, JPMV
INN	610224	9999	1,005.7	BRIU, JPMV
NEI	67	9999	1,038.1	BRIU, BRIU
RUS	13411	9999	959.9	BRIU, BRIU
RUS	1423	9998	956.2	BRIU, BRIU
RUS	1453	9999	947.8	BRIU, BRIU
RUS	1641	9999	937.8	BRIU, BRIU
RUS	2209	9999	974.5	BRIU, BRIU
RUS	22211	9998	970.5	BRIU, BRIU
RUS	2916	9999	953.4	BRIU, BRIU
RUS	5654	9999	952.6	BRIU, BRIU
RUS	M1343	9999	944.0	JPMV, JPMV
TON	2969	9999	945.7	JPMV, JPMV
TON	3404	9999	979.8	BRIU, JPMV
YUN	1441	9999	1,022.3	BRIU, BRIC
YUN	1705	9999	1,015.5	BRIU, BRIC
YUN	2015	9999	1,027.0	BRIU, BRIC
YUN	2516	9999	988.6	BRIC, BRIC
YUN	263	9999	1,036.1	BRIU, BRIU
YUN	2708	9999	1,007.7	BRIU, BRIC
YUN	375	9999	1,027.8	BRIU, JPMV
YUN	79	9999	1,025.8	BRIC, JPMV
YUN	823	9999	1,042.7	BRIC, BRIC

Bars Removed (Refinery Summary):

Refiner	# Bars	# Ounces
Johnson Matthey USA (JO6)	6	6,194
Sunshine (SUN)	14	14,040

Bars Removed:

Refiner	Serial	Fineness	Weight	Location	First Seen
JO6	275302	9990	1,049.2	JPM New York	22 May 2013
JO6	275312	9990	1,032.5	JPM New York	22 May 2013
JO6	275315	9990	1,032.0	JPM New York	22 May 2013
JO6	275322	9990	1,014.9	JPM New York	22 May 2013
JO6	275324	9990	1,042.1	JPM New York	22 May 2013
JO6	275332	9990	1,023.4	JPM New York	22 May 2013
SUN	710	9990	966.7	JPM New York	22 May 2013
SUN	711	9990	985.6	JPM New York	22 May 2013
SUN	712	9990	1,023.7	JPM New York	22 May 2013
SUN	713	9990	1,021.4	JPM New York	22 May 2013
SUN	714	9990	1,032.2	JPM New York	22 May 2013
SUN	721	9990	1,004.5	JPM New York	22 May 2013
SUN	722	9990	1,004.3	JPM New York	22 May 2013
SUN	723	9990	1,018.9	JPM New York	22 May 2013
SUN	724	9990	1,031.4	JPM New York	22 May 2013
SUN	730	9990	982.1	JPM New York	22 May 2013
SUN	731	9990	1,007.7	JPM New York	22 May 2013
SUN	732	9990	1,003.8	JPM New York	22 May 2013
SUN	733	9990	974.4	JPM New York	22 May 2013
SUN	734	9990	984.2	JPM New York	22 May 2013

The next table shows the dates that bars were first seen, and how many ounces of silver removed were added on those dates.
For example, '19Nov10 86922' means that 86,922 of the ounces removed were bars that were first seen in SLV on November 19, 2010.

Date Ounces

22 May 2013 20235

Date	Ounces
22 May 2013	20235

Bars Added (Refinery Summary):

Refiner	# Bars	# Ounces
Britannia Refined Metals U.K (BRI)	20	20,235

Bars Added:

Refiner	Serial	Fineness	Weight	Location
BRI	20141287	9990	1,009.5	JPM London V	21 May 2014
BRI	20141291	9990	1,014.4	JPM London V	21 May 2014
BRI	20141294	9990	1,017.5	JPM London V	21 May 2014
BRI	20141295	9990	1,019.4	JPM London V	21 May 2014
BRI	20141299	9990	1,011.8	JPM London V	21 May 2014
BRI	20141301	9990	1,024.1	JPM London V	21 May 2014
BRI	20141305	9990	1,009.2	JPM London V	21 May 2014
BRI	20141313	9990	1,016.8	JPM London V	21 May 2014
BRI	20141377	9990	1,006.9	JPM London V	21 May 2014
BRI	20141379	9990	1,016.5	JPM London V	21 May 2014
BRI	20141387	9990	1,016.1	JPM London V	21 May 2014
BRI	20141390	9990	997.4	JPM London V	21 May 2014
BRI	20141392	9990	1,015.1	JPM London V	21 May 2014
BRI	20141393	9990	1,001.5	JPM London V	21 May 2014
BRI	20141395	9990	1,003.2	JPM London V	21 May 2014
BRI	20141398	9990	1,005.0	JPM London V	21 May 2014
BRI	20141400	9990	999.8	JPM London V	21 May 2014
BRI	20141402	9990	1,020.6	JPM London V	21 May 2014
BRI	20141403	9990	1,029.2	JPM London V	21 May 2014
BRI	20141405	9990	1,001.0	JPM London V	21 May 2014

Date Ounces

21 May 2014 20235

Date	Ounces
21 May 2014	20235

Serial Number Changes:

Refiner	Old Serial	New Serial	Fineness	Weight	Location

Stats

# Bars:	340892
# Ounces:	331804289.7
Average Bar Weight:	973.3 ounces
Lightest bar:	516 ounces.
Heaviest bar:	1243 ounces.
Shortest Serial Length:	1
Longest Serial Length:	11
Duplicate Serial & Weight Count:	72 (about 1 in 4734 bars)
Duplicate Serial Only Count:	57892 (about 1 in 5.9 bars)
Duplicate Bars With Exact Weight:	1 in 804 duplicate bars
Total Weights:	4857
Number of Refiners:	85

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 340892 bars, occasional accounting errors are inevitable.