The Q4 2008 precious metal derivatives decrease by 52% vs Q3 2008, could this be an indication of reducing exposure in view of the shortage? The Silver derivative exposure is still 680 million ounces or not too far off from the annual silver mine production -20%?
JP Morgan the SLV custodian holds 48% of the Silver derivatives or $4.3 billion (10'182 tonnes) more than the total of SLV inventory approx 8'400 tonnes or according to the custodians (JPM) link SLV 253 million ounces vs derivatives 327 million ounces.
GoldSachs has replaced Wachovia in the stats, but it appears they have no visible exposure in Gold / precious metals.
http://www.occ.gov/ftp/release/2009-...
Table 9 Q4 2008 in $Millions
NAME
|
Total Assets
|
Total Derivatives
|
Total Gold
|
Total Prec Metals
|
GLD vs Q3 2008
|
SLV vs Q3 2008
|
JPMORGAN
|
1´746´242
|
87´362´672
|
82´465
|
4´354
|
-17%
|
-49%
|
BoA
|
1´471´631
|
38´304´564
|
388
|
75
|
1%
|
-44%
|
CITIBANK
|
1´231´154
|
31´887´869
|
4´732
|
81
|
90%
|
-97%
|
Gold Sachs
|
162´474
|
30´229´614
|
0
|
0
|
|
|
HSBC
|
181´620
|
3´713´075
|
19´221
|
4´542
|
-21%
|
-39%
|
TOP 5
|
4´793´121
|
191´497´794
|
106´806
|
9´051
|
-16%
|
-52%
|
OTHER
|
6´021´741
|
8´883´813
|
84
|
0
|
-62%
|
|
TOTAL
|
10´814´862
|
200´381´607
|
106´890
|
9´051
|
-16%
|
-52%
|
Total
|
|
|
|
|
|
|