"Apocalypse Now" for Paper Silver sellers credibility

Its all over the blogsphere.. kudos to Tyler at Zerohedge and Mark Antony at Seeking Alpha and to the forestmeister for the lead...

I'm kicking this meme cause it looks solid and don't ya know, there a bull market in hard cynicism and scepticism and a bear market is fiduciary trust these days..

The whole point of investing in precious metals is that they are physical assets and they have no counter party risks. Paper assets have counter party risks, physical metals have no such counter party risk.

So what's the point of buying precious metal ETFs such as GLD, SLV, CEF,which are supposed to be backed up by physical metals. But you are not in physical control of the metals, and you just have to trust the sponsors of these ETFs.

Counter party risk, any one? DIND DING DING DING!

The London based ETF Securities Silver Fund regularly publish a list of serial numbers of the silver bars they hold in custody:

http://www.etfsecurities.com/msl/bar_list.zip

The iShares Silver Trust (SLV) also publish a weekly updated list of serial numbers of silver bars held in their custody:

https://ebts.jpmorgan.com/ebtsWebMod/ebts_downloads/BONYBARLIST.PDF

Check out page 1698-1722 of the SLV silver bars list. They have got some silver bars from China. The brand is Great Wall. The supposedly unique serial numbers are from No. 1001 - No. 1460. With many duplications.

The ETFS's silver bars list also contains silver bars of the same Great Wall brand. The serial numbers are also the same: No. 1001 - No. 1360.



And now for the forensic accounting...... a medal to Project Mayhem for sterling service disintermediating the disfunctional element in the elite.. rational rightsizing, I call it.

Silver ETFs: Multiple anomalies detected



Project Mayhem Research Inc
July 28th 2009


project.mayhem.research@gmail.com


Recently, we have developed a computer program to conduct data mining
on the inventory of publicly available silver ETFs --namely, iShares
SLV managed by JP Morgan, and the London-based ETF Securities funds.


What we found was unusual.


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.



Introduction:


Silver has functioned as money in human activities for over 5000
years, well prior to its gradual demonetization in the late 19th
century. One question most intelligent students of world finance
will ask themselves sooner or later, is how precious metals might be
expected to function under a world oligopoly? Due to silver's
historical role as currency, as well as its competition for the
position of government funds and central bank bonds vis-a-vis the US
Treasury complex, one might expect Western governments and megabanks
to be openly hostile towards silver. Indeed, after three failed CFTC
investigations and one 'Gibson's Paradox' paper, this position
appears to be the case. From a systems perspective, we may consider
the first step required to create a functional world oligopoly is
likely to both displace and suppress the monetary metals in favor of
centrally administered paper. This gives us a possible motive for
what we characterize here.


The unique position of silver, and the subject of the present
paper concerns, is that unlike gold --silver is not carried as a
reserve asset on global central bank balance sheets. This presents a
unique problem in terms of 'cartel management' for the global
monetary authorities. The problem could be written, "How do you
manage the price of an item of which you do not possess large
supply?". As silver expert Ted Butler has articulated over the past
decade or more, above ground stores of silver have been rapidly
consumed post-WWII at such a rate that silver is now several times
more rare than gold. The question is not "Why would the price of
silver be suppressed?" --as that should be obvious to any student of
20th century history and decaying empires --but rather how?


The answer is through the settlement process --and ultimately
through perception itself. Indeed, the scam is very old, and we see
it repeated to the present day through the likes of Bernie Madoff,
all the way up to our chief scam artists and criminals at the Federal
Reserve and US Treasury Department. The scam is: "Sell more of
something than you actually have , and hope not everyone asks for
their money at the same time." Recently, new developments have come
to light regarding the details on how the US/UK financial fraud
syndicate manages to accomplish this charade. Many thanks are
deserved to Ted Butler, GATA, Rob Kirby, Bob Chapman, Adrian Douglas,
Mark Anthony, and countless others.



The recently emerging details on how silver prices are kept low
without a large bank inventory are multi-faceted. Besides the
obvious hundreds of $trillions in OTC interest rate swaps which keep
the toxic US Tbond complex afloat (in direct competition to the
monetary metals), there is the process of the commodity exchanges -specifically
of the highly concentrated unhedged silver futures
position by four large banks, of which our sources indicate the top
two include JP Morgan and HSBC. Ted Butler has detailed the math at
length, but suffice to say the concentration of large amounts of
paper futures within the COMEX, minus spreads, in the hands of four
banks goes a long way towards enabling world silver price management
and a functional oligopoly for the elite.


The last piece of the puzzle, which brings us back to our
present topic of the ETFs, is that of the use of ETF shares as
settlement on these very same COMEX futures exchange. The final
piece was provided to us by GATA and Adrian Douglas in an article
published on July 11, 2009 entitled "The Alchemists". Douglas notes
that a year prior to the launch of the silver ETF, the COMEX
published a rule change, on February 18, 2005, which allowed ETF
shares to be used as settlement in lue of physical delivery of a
commodity. Convenient timing. No doubt this impacts silver the
most, as silver has the most concentrated and leveraged short
position of any COMEX tangible. Gold comes a close second. The
outcome of allowing ETF shares to be used as settlement instead of
physical delivery --as well as increasingly scarce global silver
supply considerations --is a byproduct of fifty years of industrial
consumption and systemic fraud. This situation is both worsening and
destabilizing despite increasingly draconian attempts at generalized
'price management' by the authorities, who are now seeking to
consolidate their respective dictatorships in thinly-disguised global
power plays. Needless to say, this will only end in tears.


Regarding our topic at hand of the silver ETF --since the
silver ETF shares are now used as settlement for price discovery on
the futures market, one would think it would be imperative that there
was careful accounting and open information in order to facilitate
proper price discovery? After all, if one can deliver paper promises
to the COMEX, there should be a physical asset backing up the paper,
right? Unfortunately, our research on the matter indicates this is
not the case, and in fact, there is now information to suggest data
anomalies in the holdings of the silver ETFs and possibly even fraud.



Methods:


Project Mayhem Research obtained the latest bar lists from
iShares SLV managed by JP Morgan, and from the London ETFS silver
funds managed by ETF Securities. After obtaining the lists, we
converted both data sets to plaintext (flat-file) using open source
tools on a Linux platform. We then constructed several iterations of
custom Perl software (written in vi of course) which analyzed the
data sets by loading silver bar information into memory, and cross
referenced the information against itself as well as with the
opposite list. Eventually we decided on three forms of indexing -in
other words, the selection of the primary key --the first was to
use a standardized manufacturer name appended to bar serial number,
and the second, to use manufacturer name, bar serial number, and
specific bar weight appended together, and the third, to use the
manufacturer name appended to the four digit bar weight. After
experimenting with various parameters, we conducted data runs to
calculate various statistics on these data sets, mainly to include
analysis of forms we initially termed 'collisions', perhaps better
identified as 'duplicates'. We found numerous duplicates of various
forms. These are characterized as follows:


Definitions:


Internal Duplicate:
A silver bar with identical serial number and
brand, listed two or more times within a single inventory list.


Rough Internal Duplicate: A silver bar with an almost-identical
serial number (AB1024 vs 1024), yet identical brand and weight,
listed two or more times within a single inventory list.


Perfect Internal Duplicate: A silver bar with identical serial
number, weight, and brand listed two or more times within a single
inventory list.


Weight Duplicate: A silver bar with identical brand and weight listed
two or more times on a single inventory list.


Cross Reference Duplicate: A silver bar with identical serial number
and brand listed on two or more separate inventory lists.



Results:


We found a large number of internal duplicates --far more than
we expected. Internal duplicates were much higher on the iShares
silver ETF list than on the ETFS list, although they were present on
both. Internal Duplicates comprise an astonishing 11.77% of the
iShares SLV list and 0.4619% of the ETFS list. A common objection
that may be raised is that perhaps many of these manufacturers
duplicate their serial numbers --but the bars can be told apart by
their weights. We have taken this possibility into consideration.
Our subsequent data run for perfect internal duplicates indicates
this claim regarding bar weight may have some merit, at least on
paper, as these forms of duplication comprised a substantially
smaller fraction of the lists: 0.000242% and 0.00% respectively.
Furthermore, the published weight of 281,863,452 ounces for the
iShares SLV ETF is roughly consistent with our estimation --one
which includes internal duplicates yet excludes perfect duplicates
from the published inventory list, which according to our
calculations yields 281,670,356 ounces --a figure relatively close,
within three significant figures, yet not identical the published
iShares figure.


Unfortunately we believe even these mildly positive facts are
completely dispelled by our trials with what we have termed 'rough
internal duplicates' and 'weight duplicates', among other disturbing
ancillary information including statistical clustering. A 'rough
internal duplicate' characterizes inventory bars with identical
manufacturers and weight, and 'almost-the-same' serial numbers.
'Almost the same does' not mean sequential, but rather means simply
the removal of alphanumeric prefixes or suffixes from the serial
number. Our search algorithm returns twice as many hits on the
iShares list when 'rough duplicates' are enabled. The presence of
even a few rough internal duplicates is highly disturbing, as the
mere presence of rough duplicates indicates possible bar 'cloning'
--where prefixes or suffixes are added to legitimate bar serial
numbers in order to pad the list. Since the weight of these 1000oz
bars is recorded to four significant figures, even a few numbers of
bars with "almost-the-same" serial numbers (yet perfectly identical
weights and manufacturers), gives us serious reservations regarding
the veracity of these inventory lists --due to the statistical
unlikelihood of four significant figures being identical within the
same manufacturer yet having an 'almost-the-same' serial number.



The second aspect of these rather disturbing anomalies are the
presence of 'weight duplicates', internal to both lists, where we
disregard the serial number in favor of using the manufacturer name
and four digit bar weight appended together as the primary key to
identify a bar. When using this method, the inventory of both these
funds contract via an astonishing 82% and 50% for the SLV and ETFS
funds, respectively. While obviously inventory can be expected to
contract when disregarding the bar serial number, as a certain number
of weights will overlap by chance, we suspect that the magnitude of
these contractions lie well outside expected standard deviations
(using a normal Gaussian distribution of bar weights centered on or
around 950-1000oz.) We leave this as an open question and as a
subject for future research by statisticians more capable than
ourselves as to whether this is indeed the case. However, we would
be remiss to point out that our finding here --if indeed it lies
outside the expected statistics --this could be easily explained by
bar "cloning" --an explanation consistent with our findings of both
'rough internal duplicates' as well as 'weight duplicates'.


Another strange finding we discovered was evidence of unusual
statistical clustering in the iShares SLV bar list. Many of the
internal duplicates were clustered towards early bar serial numbers
--that is, those close to zero. We have consulted with an industry
source who says this is unusual, as low serial numbers indicate older
bars. We have yet to come up with a suitable explanation for why this
anomaly would be present, and why internal duplicate concentration
would cluster towards zero. We leave this particular item as another
in an escalating series of problems with these funds and as another
subject for future research.


Lastly we note the presence of 'cross-reference duplicates',
where we found bars with identical serial numbers and manufacturers
which occurred on both the iShares and the ETFS lists. This was
despite these lists supposedly having different custodians. We
detected 80 bars, listed in Appendix C, which appear on both lists
yet have identical manufacturer and serial number. We believe this
is unusual and cause for concern, especially since this number of
bars comprises almost 0.5% of the full ETFS bar list. The brands
involved in these anomalies include Krasnoyarsk, MET/Mex,
Novosibirsk, and Nordeutsche.



Conclusions:


During our research into the inventory lists of the iShares SLV
and London-based ETFS physical silver funds, we discovered multiple
anomalies which cannot be easily dismissed. These included the
presence of internal duplicates, rough internal duplicates, weight
duplicates, statistical clustering, and cross-reference duplicates.
Taken together, these anomalies are cause for concern, and we suggest
that more capable teams conduct further research into these issues,
as they effect price discovery within the precious metals market, as
these ETF shares are being used for settlement and possibly price-
suppression on the COMEX.


If these problems are caused by accounting errors, they are
disturbing and perhaps profoundly incompetent, and we suggest both
these funds should have their senior management replaced. We cannot
recommend these shares to anyone to do these glaring anomalies. In
our opinions, the only way for all of these anomalies to occur
together as noted in this paper, is via systemic fraud or gross
accounting error bordering on jaw-dropping incompetence.


Unfortunately, our private considerations are for the former,
especially considering 'revisions' published to the ETFS bar list
after the appearance of Mark Anthony's July 14th 2009 article on
Seeking Alpha regarding possible ETF fraud. The ETF Securities bar
lists were changed after the Anthony's discovery of duplicate bars in
the Great Wall brand. To us, this suggests criminal activity. We
suggest immediate future research by others to investigate these
findings.



APPENDIX A --iShares SLV 'Perfect Internal Duplicates'


***Perfect Internal Duplicate Detected: ASARCO_INC_AMARILLO_146230_997_8
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_1655_951_2
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_1804_1007_9
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_2283_966_8
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_2318_946_4
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_3491_995_8
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_5351_929_0
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_5394_978_9
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_5447_964_9
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_5764_962_9
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_6996_960_7
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_8021_906_5
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_V2029_977_3
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_W10613_956_3
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_W11430_1034_0
***Perfect Internal Duplicate Detected: BRITANNIA_REFINED_METALS_UK_W11436_1001_8
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_1_1038_6
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_2_1055_5
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_3_1050_7
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_4_1053_7
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_4_1064_7
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_7_1043_7
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_9_1042_7
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_10_1063_7
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_13_1059_8
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_15_1051_2
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_15_1052_3
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_15_1067_1
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_17_1056_0
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_22_1056_7
***Perfect Internal Duplicate Detected: COMINCO_LTD_TADANAC_CANADA_23_1066_6
***Perfect Internal Duplicate Detected: EMPRESA_MINERA_PERU_544_1050_4
***Perfect Internal Duplicate Detected: EMPRESA_MINERA_PERU_873_1027_4
***Perfect Internal Duplicate Detected: INNER_MONGOLIA_QIANKUN_GOLD_&_SILVER_62_1056_9
***Perfect Internal Duplicate Detected: INNER_MONGOLIA_QIANKUN_GOLD_&_SILVER_607230_987_8
***Perfect Internal Duplicate Detected: KGHM_POLAND_3107_1011_7
***Perfect Internal Duplicate Detected: KGHM_POLAND_3152_1009_8
***Perfect Internal Duplicate Detected: KGHM_POLAND_3188_1025_7
***Perfect Internal Duplicate Detected: KGHM_POLAND_5447_1022_6
***Perfect Internal Duplicate Detected: MET_MEX_PENOLES_MEXICO_36860_1053_2
***Perfect Internal Duplicate Detected: NIPPON_MINING_JAPAN_9383_940_8
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_1118_947_3
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_1337_939_1
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_1126_952_4
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_13411_959_9
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_1423_956_2
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_1453_947_8
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_16311_948_8
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_1641_937_8
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_1643_965_0
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_1668_954_4
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_1941_952_2
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_19411_947_6
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_20210_951_5
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_2033_946_9
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_2044_976_8
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_2134_962_7
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_21911_957_7
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_2209_974_5
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_22211_970_5
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_2653_943_2
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_2916_953_4
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_2985_956_3
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_39910_948_0
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_5654_952_6
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_M1343_944_0
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_N2311_950_7
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_T0736_959_6
***Perfect Internal Duplicate Detected: RUSSIAN_STATE_REFINERIES_T981_975_8



APPENDIX B --ETFS 'Internal Duplicates'


***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1204
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1205
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2494
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2495
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2501
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2502
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2491
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2492
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2493
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2531
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2532
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2533
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2534
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2535
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2571
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2572
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2573
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2574
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2575
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2581
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2582
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2583
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2584
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2585
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2591
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2592
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2593
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2594
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_2595
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1273
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1275
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1023
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1032
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1234
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1133
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1138
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1142
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1067
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1068
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1070
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1079
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1083
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1085
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1092
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1096
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1298
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1302
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1309
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1317
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1318
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1171
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1183
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1184
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1189
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1195
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1038
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1041
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1047
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1063
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1064
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1065
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1199
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1200
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1203
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1222
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1226
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1230
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1109
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1110



***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1119
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1126
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1106
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1108
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1112
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1115
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1122
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1125
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1127
***Internal Duplicate Detected: KRASNOYARSK_RUSSIA_1111
***Internal Duplicate Detected: PRIOKSKY_RUSSIA_KP4611
***Internal Duplicate Detected: PRIOKSKY_RUSSIA_KP4512
***Internal Duplicate Detected: PRIOKSKY_RUSSIA_KP4540
***Internal Duplicate Detected: PRIOKSKY_RUSSIA_KP4614
***Internal Duplicate Detected: PRIOKSKY_RUSSIA_KP4542
***Internal Duplicate Detected: PRIOKSKY_RUSSIA_KP4610
***Internal Duplicate Detected: PRIOKSKY_RUSSIA_KP4612
***Internal Duplicate Detected: PRIOKSKY_RUSSIA_KP4517
***Internal Duplicate Detected: PRIOKSKY_RUSSIA_KP4524
***Internal Duplicate Detected: PRIOKSKY_RUSSIA_KP4544



APPENDIX C --iShares SLV and ETFS 'Cross-Reference Duplicates'


Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2295
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2483
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2484
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2485
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2531
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2532
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2533
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2534
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2535
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2541
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2542
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2551
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2552
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2553
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2554
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2555
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2561
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2562
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2563
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2564
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2565
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2571
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2572
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2573
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2574
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2601
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2602
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2603
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2604
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2605
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2611
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2612
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2613
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2614
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2615
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2621
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2622
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2623
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2624
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2631
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2632
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2633
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2634
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2635
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2651
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2652
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2653
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2654
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2655
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2661
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2662
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2663
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2664
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2665
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2671
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2672
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2673
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2674
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2675
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2681
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2682
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2683
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2684
Cross Referenced Duplicate Detected: KRASNOYARSK_RUSSIA_2685
Cross Referenced Duplicate Detected: MET_MEX_PENOLES_MEXICO_21866
Cross Referenced Duplicate Detected: MET_MEX_PENOLES_MEXICO_21932
Cross Referenced Duplicate Detected: MET_MEX_PENOLES_MEXICO_21934
Cross Referenced Duplicate Detected: NORDEUTSCHE_GERMANY_2607
Cross Referenced Duplicate Detected: NORDEUTSCHE_GERMANY_2608



Cross Referenced Duplicate Detected: NORDEUTSCHE_GERMANY_2609
Cross Referenced Duplicate Detected: NORDEUTSCHE_GERMANY_2610
Cross Referenced Duplicate Detected: NORDEUTSCHE_GERMANY_2611
Cross Referenced Duplicate Detected: NOVOSIBRISK_REFINERY_RUSSIA_1395
Cross Referenced Duplicate Detected: NOVOSIBRISK_REFINERY_RUSSIA_354
Cross Referenced Duplicate Detected: NOVOSIBRISK_REFINERY_RUSSIA_355
Cross Referenced Duplicate Detected: NOVOSIBRISK_REFINERY_RUSSIA_356
Cross Referenced Duplicate Detected: NOVOSIBRISK_REFINERY_RUSSIA_357
Cross Referenced Duplicate Detected: NOVOSIBRISK_REFINERY_RUSSIA_358
Cross Referenced Duplicate Detected: NOVOSIBRISK_REFINERY_RUSSIA_359
Cross Referenced Duplicate Detected: NOVOSIBRISK_REFINERY_RUSSIA_360