Why am I not suprised or shocked?
http://www.zerohedge.com/sites/default/files/SilverETFs_1_PDF.pdf
Abstract:
A data analysis was conducted of the inventory holdings of two
publicly available silver ETFs: iShares SLV and London-based ETF
Securities. Custom software was written to analyze published silver
bar information for anomalies. Multiple anomalies were found. We
detected numerous duplicate bar entries within both lists, which
comprised 11.88% and 0.4619% of the SLV and ETFS bar totals,
respectively. In addition, we found several 'perfect duplicate'
entries within the iShares SLV bar list: that is, the same weight,
manufacturer, and serial number were listed multiple times. These
comprised 0.0025% of the SLV bar totals. More disturbing, however,
was our accidental discovery of the presence of what we have termed
'rough internal duplicates' -- bars with near-identical serial
numbers, identical weights, and identical brands. The reason the
latter are more problematic is their very low-statistical
probability, suggesting some level of fraud and or accounting
incompetence is present. We noticed other data anomalies as well,
including large amounts of low serial number clustering, which was
identified by our industry sources as 'unusual'. Furthermore, we
tested for the presence of 'weight duplicates' -- which upon
exclusion -- reduced the bar inventories by an astonishing 82% and
50% for the SLV and ETFS funds. We suspect the number of 'weight
duplicates' lie well outside the expected Gaussian distribution, but
leave this for the subject of future research. Finally, we found
multiple cross-referenced bars with identical brands and serial
numbers present in both the London and U.S. funds -- funds ostensibly
with different custodians. Taken together with evidence of
'revisions' published to the public ETFS data after exposure of the
initial flaws, these data suggest there is a degree of systematic
fraud or gross incompetence in these funds -- perhaps both.
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