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Message: Silver Derivatives decrease by 52% to $9 billion

Silver Derivatives decrease by 52% to $9 billion

posted on Mar 29, 2009 11:27AM

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.

https://ebts.jpmorgan.com/ebtsWebMod...

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



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