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We needed this silver to be delivered to a Swiss vault, but were initially refused allocation unless we had it delivered within the LBMA system, namely to UBS in Switzerland. The client however, specifically wanted the silver stored outside the LBMA system in private vaulting facilities because they wanted to be assured they held unencumbered numbered bars in their name with no counterparty risk attached. The fact that this silver was to exit the LBMA system was of no concern as it was ultimately to be re assayed into smaller bars destined for Asian consumption and would not be reentering the LBMA system again.  Having Brinks simply pick up the paid for physical in London was refused. Considering that over 5000 tonnes of so called ‘physical silver’ is cleared between LBMA banks in London every day, this should not have posed a problem, however, these transactions although counted as ‘physical’ in reality consist of unallocated metal which the bulk of, when cleared, is simply netted on the books amongst the clearers every day with very little physical actually changing hands. Taking delivery of 312 tonnes shouldn’t have even caused a ripple, except for the fact it was ‘real numbered bars’ that were sought. If leveraged 100/1, (the lower side of Jeff Christians 400/1 silver summit estimations), this would have amounted to netting out 31,200 tonnes of unallocated silver, or a year’s mine output!