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Originally Posted by Bremen
Everything I've seen about that is that they hold bars with identical serial numbers. However, (some) manufacturers reuse serial numbers each year. Oddly the identical (but not by weight) bars are all from manufacturers that do this.
This week in the SLV warehouses, 86 bars changed serial numbers.
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As for JPM, yes they can now deliver silver into their own vault. Big whoop.
Trust is a funny thing, some people earn it with a name brand and a $700 billion cash.
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Yes most people never withdraw it, but you don't know which ones will/won't ahead of time.
It doesn't matter, if I have an allocated bar X1-barX100, I don't care what numbers I get back. The bars are fungible and simply have to be good delivery bars, not bar X1-barX100, the contract requires 100 good delivery bars, not bar X1-barX100.
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Given you need to give the weight/serial when you deliver, this isn't something that is really useful for hiding silver shortages long term.
I agree this would be no long term strategy to hide a shortage in silver.
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I'm not saying its impossible they don't try, it just doesn't seem effective.
Def. more creative than effective.