BlackRock Issues Refutation Of SLV Fraud Allegations; Is It Time To Panic For SLV Holders?

Usually when there is an official denial of something, beware of that something. 

http://www.zerohedge.com/article/blackrock-issues-refutation-slv-fraud-allegations-it-time-panic-slv-holders

In the case of SLV there are multiple safeguards in place.  For one, it’s structured as a grantor trust, which means the trust (on behalf of its shareholders) has the legal right of ownership to the silver it holds.  JPMorgan Chase Bank, N.A., London branch, provides custodial services for storing the silver, but has no legal rights to SLV’s silver holdings.

Umm, Mr. Feldman, we already understand that.  In fact, that is what concerns us "conspiracy theorists" the most.  Has there been an independent audit of JPMorgan's vaults in London?  No?  We didn't think so.

And since when did custodial banks follow the letter of the law?  Ya ever heard of the subprime mortgage crisis?  Or how about Morgan Stanley purchasing (allegedly) physical gold for their clients, charging them a storage fee for years, and when the clients demanded delivery, Morgan Stanley didn't have any gold in their vaults?  <click here>

See disclaimers in the side bar.

Disclosure:  no position in SLV.  In fact, hell no.