tag:blogger.com,1999:blog-6089228851855763774.post886105441722741550..comments2024-03-29T07:10:06.022+08:00Comments on Gold Chat: Multiple Anomalies Detected In Silver ETFsBron Sucheckihttp://www.blogger.com/profile/00530576934994289879noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-6089228851855763774.post-21700772829050000542009-10-07T08:40:31.572+08:002009-10-07T08:40:31.572+08:00Thanks for the info Derek. I have had some emails ...Thanks for the info Derek. I have had some emails with Project Mayhem offering to help with their analysis and they have appeared straight up with me to date.<br /><br />Having said that, they have not progressed any further with their silver bar analysis and seem busy with writing commentary for Zero Hedge.<br /><br />You raise some interesting points on those two ETFs. Unfortunately I don't have time at the moment to investigate them, something I'll have to put on my to-do list.Bron Sucheckihttps://www.blogger.com/profile/00530576934994289879noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-13148609649541648652009-10-06T23:19:15.300+08:002009-10-06T23:19:15.300+08:00These Project Mayhem guys appear to be a big fat f...These Project Mayhem guys appear to be a big fat fraud. i have been swapping emails with them about so called gold etfs in switzerland issued by ZKB & JB. Basically once i focused on these products (that really are awful!!) they stopped communicating. The only thing i can deduce from that is that they are from one of those companies trying to rubbish their competition!! Its not on and its just scaremongering buts its back fired now as its made me and many people look at their rubbish!<br /><br />Basically see the emails I sent. <br /><br />guys do you pick and choose what you look at?<br /><br /><br />2009/9/4 Derek Cliff <br />- Hide quoted text -<br /><br /><br />Hi Project Mayhem<br /><br />Did you have any views on this. The bar lists of both JB & ZKB have no bar numbers only internal numbers and no brand (see attached). How do you validate the metal exists!<br /><br />What are the next steps? thanks <br /><br /><br /><br /><br />2009/8/20 Derek Cliff <br /><br /><br />JB product looks even worse!!!<br /><br />JB have no bar list, no independent audit, they roll up 8 funds and declare single AUM, they are the only AP??<br /><br />I have looked at outflows and there has only been one week of outflows!!!!! in the life of both products thats impossible.<br /><br />look at the function list at the back. JB fund manager, JB custodian, JB market maker/AP, all roles JB.<br /><br />25% credit risk, 10% loans against assets?<br /><br />ZKB is interesting as well - what does this mean? § 15 Risk diversification<br />The fund management company may hold up to 20% of the fund's total assets as liquid assets in sight<br />and time deposits with the same bank.<br />No auidt of metal just company. no LBMA good delivery gtee from what I can see. <br /><br />Here is the bar list www.zkb.ch/etc/ml/repo...<br /><br />2009/8/20 Project Mayhem project.mayhem.res...<br /><br />Can you send me a link to their bar list? Sorry for the delay in the reply I have been very busy ! <br /><br />thanks Derek<br /><br /><br /><br />On Fri, Aug 7, 2009 at 12:07 PM, Derek Cliff wrote:<br /><br />Dear Project Mayhem<br />I saw your recent reports as to the Silver ETFs. I wanted to ask you to consider looking further at some products I find very alarming and believe that investors are being ripped off by using them. These are ZKB precious metal etfs. It has $4bn of gold alleged. I believe these products use the name ETF but are complete rubbish and ripping people off.<br />A few things I have gleamed but may or may not be right:<br />ZKB<br />· The entire board and Chairman I believe were fired a few years ago in a huge scandal around insider dealing<br />· The product only produces a quarterly bar list. Everyone else does it daily. I think this is to cover up the fact they don’t have the metal or at least timing differences. There is limited supplies of gold and other metals in Zurich and they get add assets at $100s of millions and therefore where are they getting it from and where. Given they sell and issue the shares on a T+3 basis these ETFs can not be backed at the time.<br />· ZKB are the only market maker. They don’t allow anyone else to market make. This means their pricing cant be arbed!!! The quick looks I have done shows they price at 0.5% to 1 % above Nav. On $3bn that’s massive rip off!! At least <br />· ZKB does all the roles – issuer, market maker, custodian etc. everyone Else's etf has third parties doing this. what are they hiding or what can they hide? What happens if some senior guys get together and coordinate this. There is no third parties to act as a check and balance<br />· There is no gold audit. I cant believe this how do we know it exists.<br />· They also keep saying their vault is full. Doesn’t say much for security.<br />Have you looked at this one? If not you guys have the resources to do so so please do.<br />Regards <br />drkcliff Oct 06 09:49 AM |Unknownhttps://www.blogger.com/profile/17794326376627314950noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-23068301383018978252009-08-10T14:54:15.967+08:002009-08-10T14:54:15.967+08:00thanks for casting more light on this topic and fo...thanks for casting more light on this topic and for leaving a comment on my blog.Living Off Dividends & Passive Incomehttp://livingoffdividends.comnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-50403887443947936042009-08-04T10:06:57.170+08:002009-08-04T10:06:57.170+08:00Thanks for the birthday problem link, that is why ...Thanks for the birthday problem link, that is why PMR needs to get the help of some expert statisticians.Bron Sucheckihttps://www.blogger.com/profile/00530576934994289879noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-47919420405622081882009-08-04T00:26:36.263+08:002009-08-04T00:26:36.263+08:00I think the problem is a variation on the Birthday...I think the problem is a variation on the Birthday paradox. See http://en.wikipedia.org/wiki/Birthday_problem under the heading collision counting.<br /> <br />Assuming that bars all have a weight between 900.0 and 1100.0, that would mean there are 2000 different possible weights (900.1, 900.2, 900.3 etc.) on the list. I don't account for the gaussian curve here (which would obviously concentrate the numbers more around 1000) but accounting for that would probably even increase the chance of a collision (ie a duplicate) since more concentration would probably lead to more duplicates.<br /> <br />Anyway, with 285479 bars on the SLV list and 2000 different weight possibilities, the chance that another bar has a duplicate weight is approximately 99.3% for each individual bar. A number very different from the 82% you find (I don't know where the discrepancy comes from, perhaps you only reduced the number of bars with one for each duplicate, even if the number of duplicates with that particular weight was higher than 2?). Anyway, it seems obvious that weight duplicates are not to be considered a rare finding.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-41185340125879919592009-07-31T06:24:11.967+08:002009-07-31T06:24:11.967+08:00As always, helpful and authoritative. Thanks for c...As always, helpful and authoritative. Thanks for clearing up the misperception.Alan von Altendorfhttp://www.cwsx.orgnoreply@blogger.com