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The Bigger the Lie  Let’s look for a minute at the very brief retraction statement which the LBMA released on 10 May admitting to the 3300 tonne ‘error’. To recap:  “ A data submission error led to the publication of an incorrect aggregate figure for the total silver held in London vaults in March. The corrected figure is 1,143,194 Troy ounces (‘000s). So it was ‘ a data submission error’. The question then is, a data error submitted by who? There are only 6 vault operators in the LBMA London vault network. These are JP Morgan, HSBC, Brinks, Malca Amit, ICBC Standard, and Loomis. Why does the LBMA not clarify which vault submitter submitted the claimed erroneous data? The LBMA runs a ‘Vault Managers Working Group‘ so should be intimately acquainted with the 6 heads of vault management at the respective vaults. 

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