Silvercorp Metals A0EAS0

Alle selber schuld wen sie, sie bei 6,15€ abgeben..

Wir sind bei 7,08€ !!

und das bei einem wesentlich höheren Silberpreis ... ist das hier Hütchenspiel ?

kauf kurse.. 6€ sind es heute! Ich bin übrigens schon bei 7,90€ ausgestiegen, war etwas früh aber jetzt kann ich ja mit dem gewinn erstmal nach kaufen..

CIBC World Markets - Silvercorp Metals Aktienrückkauf ist positiv

11:01 06.09.11


Toronto (aktiencheck.de AG) - Brian Quast und Barry Cooper, Analysten von CIBC World Markets, stufen die Aktie von Silvercorp Metals (Silvercorp Metals Aktie) von "sector underperformer" auf "sector performer" hoch.

Im Rahmen einer Studie zur Edelmetallbranche werde am Sektorenrating "overweight" festgehalten. Der positive Goldpreistrend dürfte sich weiter fortsetzen. Es wäre wenig überraschend, wenn die Unsicherheiten wegen der Schuldenkrise und den Währungsschwankungen zu weiteren Anstiegen führen würden. Die Preisannahmen seien für 2011 und 2012 auf 1.625 USD sowie 2.000 USD pro Unze angehoben worden. In 2013 werde mit einem weiteren Anstieg auf 2.200 USD gerechnet.

Die Prognosen für die Silberpreise in 2011 und 2012 hätten dagegen mit 40 USD sowie 50 USD pro Unze weiterhin Bestand. In 2013 werde mit einem Anstieg auf 52 USD gerechnet. Da eine beträchtliche Anzahl von neuen Silber-Assets kurzfristig in Betrieb gehe, dürfte der Silberpreis bis 2013 nur schrittweise und weniger stark vorankommen als der Goldpreis, da hier das Nachfrage/Angebots-Verhältnis knapper sei.

Im Zuge der Berücksichtigung des vermutlich höheren Silberpreises in 2013 seien die Bewertungsmodelle in die Zukunft fortgeschrieben worden.

Das Kursziel für die Silvercorp Metals-Aktie werde von 13,00 auf 14,00 Kanadische Dollar angehoben. Der angekündigte Aktienrückkauf sei positiv. Als Folge von Bilanzierungsproblemen anderer Unternehmen sei der Aktienkurs in den letzten Monaten unter Druck geraten. Derzeit liege eine Unterbewertung der Aktie vor.

Vor diesem Hintergrund lautet die Einschätzung der Analysten von CIBC World Markets für die Aktie von Silvercorp Metals nunmehr "sector performer". (Analyse vom 02.09.11)
(06.09.2011/ac/a/a)

aktuell 6,515 €

den folgenden Artikel ("Liquiditätstod an der COMEX") von Silber-Guru Ted Butler zu
lesen:
www.goldseiten.de/content/diverses/artikel.php?storyid=17227
Butler geht davon aus, dass der exorbitante Silberpreisanstieg von März bis Mai durch
Glattstellung großer Teile der Shortspekulation verursacht war. Der ab 1. Mai folgende
Kurseinbruch sei herbeimanipuliert worden. Offenbar existieren noch große Teile der
damals aufgebauten Shortpositionen. Die Positionen müssten früher oder später glatt-
gestellt werden, was zu einem deutlichen Preisanstieg führt. Träfe diese Nachfrage auf
eine verstärkte Nachfrage seitens der industriellen Verarbeiter -zB in einer wirschatftlich
starken Situation- käme es zu einer Preisexlosion, mehr als beim Gold, das es hier kaum
industrielle Nachfrage gibt.

Nach der Rede von US-Präsident Obama ist eine Konjunkturspritze im Umfang von 450
Mrd. US-Dollar geplant. Wird dies beschlossen, dürfte auch die Silbernachfrage deutlich
stimuliert werden.

Ich bin in Silvercorp Metals und U.S. Silver engagiert. Letztere dürfte 50% unterbewer-
tet sein. Silvercorp gilt als "wieder preisgünstig". Die alten Kurshochs dürften schon
bald wieder erreicht werden.
P.S.:
Tierisch freut mich, dass die Gangster, die vor 8 Tagen Betrugsgerüchte in die Welt gesetzt haben, um den Kurs zu drücken, widerlegt und abgestraft worden sind.
Lügen haben halt kurze Beine.

der Shortspekulation hat den Kurs gestern fast 20% auf Talfahrt geschickt. Dafür ver-
antwortlich waren -wieder einmal- Betrugsvorwürfe: Während es im Juni Muddy Waters war, war es vor 2 Wochen ein anonymer Brief.
Diesmal nun trägt ein gewisser Alfred Little seitenlang vor, dass die Silbervorkommen in den chinesischen Minen sehr viel niedriger seien, als in den Geschäftsberichten behaup-tet.

Dazu hatte sich der Anklageerheber teils bizarrer Methoden bedient: er gab vor, dass
man die LKWs gezählt habe, die die Mine mit dem Abraumgut täglich verlassen. Der
Zahl und Ladekapazität dieser LKWs nach, könnten die behaupteten Abbauvolumina
nicht stimmen. Man habe auch von den LKWs gefallene Abbaupartikel untersucht und
festgestellt, daß der Silbergehalt wesentlich geringer sei, als von Silvercorp angegeben.

Ich habe mich mit der Person "Alfred Little" beschäftigt. Und siehe da: dieser "Herr"
scheint sich auf Shortspekulationen spezialisiert zu haben. Immer wieder taucht sein
Name im Zusammenhang mit Betrugsvorwürfen auf und jedesmal crasht das beschul-
digte Unternehmen.

Und nun kommt es: dieser Alfred Little ist laut Berichten von "Investing Today" eine
Erfindung - es gibt ihn gar nicht. Dahinter soll angeblich eine lose Gruppierung von
Shortspzeialisten aus China stecken, die mit ihren durch Betrugsvorwürfe hervorgeru-
fenen Crashs wohl glänzend verdient.

Für mich steht fest: hinter den erhobenen Vorwürfen steckt nichts. Nichts als Täu-
schungsabsicht; allerdings nicht der beschuldigten Silver Corp., sondern der Gruppe,
die alias Alfred Little ihr Unwesen treibt.

Einerseits bedauerlich, andererseits eine Gelegenheit, billig nachzukaufen.
Die nutze ich jetzt.

gestern Abend hat mich fast der Schlag getroffen, als ich nach einem langen Arbeitstag nach Hause gekommen bin!

Ich hatte ja bereits 200 Stück zu 5,54 nachgekauft vorige Woche, leider dann nicht bei 6,60 wieder verkauft (Limit war 6,68...). Damit lag ich nun wieder hinten. Und dann gestern schon wieder so ein Crash!! Nachdem ich erstmal ein Bier auf den Frust getrunken habe, weitere 250 im Tradegate zu 4,584 gekauft und heute für 5,20 börslich wieder raus :)

Immerhin hab ich dadurch wieder nen Hunderter Gewinn nach Steuern&Gebühren, ich halte diese Short-Seller auch für äußerst dubios. Wenn der Kurs wieder Richtung 4,50 geht kaufe ich nochmal nach - diesmal reicht's schon für knapp 300 Aktien ;-)

Sei gegrüßt, bin gestern auch auf SVM aufmerksam geworden durch das dicke Minus bei wallstreet-online:-)

Bin gerade am überlegen, ob ich meine trading-posi von Porsche (bei 36€ erstanden) auflöse und hier reinstecke.
Was meinst Du, auf 2-Monatssicht sollten hier die Chancen besser stehen?

Wie auch im Porsche Forum sind Deine Beiträge immer auf dem höchsten Niveau, weiter so!
Gruß Markus

Porsche ist im Moment schwierig einzuschätzen, gleichwohl günstig bewertet. Der faire Wert liegt gut 50% höher. Nachrichten, die einen günstigen Ausgang der Klagen erwar-
ten lassen, zB Abweisung der Klagen in den USA, könnten den Kurs umgehend 20% nach oben befördern. Umgekehrt besteht natürlich weiteres Abwärtsrisiko, das aber bei rd. 34,-Euro gut abgesichert ist.

SVM ist meiner Meinung nach durch Betrug und mit kriminellen Methoden in den Keller
geschickt worden, wodurch sich natürlich erhebliche Chancen ergeben, da man die
Aktie sonst wohl nie mehr zu diesem Preis bekommen hätte. Wie weit es noch abwärts geht -wenn überhaupt- weiß ich nicht, aber irgendwann müssen die Betrüger covern.
Und dann haut es dem Kurs den Deckel weg. Schau evtl mal hier rein:
www.wallstreet-online.de/diskussion/...tig-los#neuster_beitrag
Hier habe ich einiges zum Betrüger Alfred Little geschrieben.

Gesplittet je zur Hälfte in Porsche und in SVM zu investieren, wäre sicher nicht die
schlechteste Idee.
Viel Glück!

und hoffe, dass dieser Betrugsvorwurf bals aus der Welt ist.

Bin nach wie vor von dem UNternehmen überzeugt und bin mall auf die Geschäftszahlen am 23.09.11 gespannt.

Wenn meine Rechung nicht aufgeht, so habe ich eben Pech gehabt.

C la vie 

Silver Manipulation FRAUD Explained By Eric Sprott:

ericsprott.blogspot.com/2011/10/...ion-fraud-explained-by.html

bin ich immer noch dabei. Leider gibt es kaum Beiträge, weshalb ich mich auch im WO-
Thread tummle.
Bei den Gold- und Silberaktien fällt mir negativ auf, dass sie schlecht performen, wenn
die Edelmetalle unter Druck. Ebenso schlecht performen sie aber auch, wenn der Aktien-
markt unter Druck ist. Da eines von beiden häufig der Fall ist, kommen die Minenaktien
nicht so recht vom Fleck. Daran ändern auch die ständigen Verlautbarungen der Analys-
ten nichts, wonach die Minenaktien unterbewertet seien und sich "demnächst" über-
durchschnittlich entwickeln. Darauf warte ich nun schon recht lange.

siehe blog:

davidmorganblog.blogspot.com/

noch weitere Minenwerte? Wenn ja, welche?

...wieder Quartalsdividende:

0,02 Canadische $ pro Aktie, für alle diejenigen welche das Papier am 30.09.2011 gehalten haben :)

Ansonsten bin ich weiter überzeugt dabei! Hab ja schonmal aufgestockt, schade dass ich unter 5,00 EUR nicht noch mehr zugelangt habe :(

derzeit nicht, hatte fast alle longpositionen im juli/aug. glattgestellt.
SVM war aber aufgrund der fraud-story (john little reports) eine gute gelegenheit zu traden.
hab die svm noch. beobachte ob die USD 9 demnächst nachhaltig durchbrochen wird (siehe liste in post#42 link - der 25mio shortblock läuft demnächst aus).

good luck
LaLu

buyback program:
silvercorpmetals.com/news/2011/index.php?&content_id=319

Zacks Investment Research, Inc. upgrades SILVERCORP METALS INC. from HOLD to BUY

UND:
"Buy SVM prior to the release of the KPMG report"


I spent an entire workweek with Silvercorp management, touring all their major operations in China. We asked questions at every turn and always received straightforward answers. We reviewed reams of both internal and public documents. We had conversations with government, tax, and smelter officials. I spoke candidly with various employees and toured all major plant operations. I put my hands on high-grade veins running throughout the Ying mine.

Based on all this, it is my opinion that there is no fraud on the part of Silvercorp Metals. The level of cooperation required among all the various entities would have to be so widespread and well coordinated that it’s almost ludicrous to consider. I’m confident that anyone who saw what I did would reach the same conclusion.

It’s time to put the allegations of the anonymous groups behind us. The KPMG report should be the final nail in the coffin of the short sellers’ claims. On the other hand, if they do find serious discrepancies, Silvercorp would be toast. Since I don’t expect this, nor do I anticipate any of the other analysts to reach a different conclusion, I think the stock is a Strong Buy.

Buy SVM prior to the release of the KPMG report. We don’t know exactly when the report will be released, but it could be as early as one week (from October 7). If the report concludes what we think it will, the company will be exonerated in the eyes of many investors. I am not saying the stock will pop dramatically (though it certainly could), but this will pretty much be the end of the road for the accusations made by the anonymous groups.

My only hesitation with going all in over the next week is if we were to get another 2008-style selloff in all markets. The stock would suffer along with others in that scenario, and I’d like to have one last tranche available if that came to pass. If you don’t own the stock, I might buy more than one tranche now, though, because current prices are very attractive, especially if you can get it at or below US$8. If the stock were to rebound like some of the other Chinese companies that were vindicated, the rise could be dramatic, but a falling silver price could dampen the enthusiasm.

Also note that the stock has already recovered 33% since its September 13 low (as of October 6). Most of this occurred while the silver price was falling, so it appears some of the short sellers have been covering. However, short interest remains high, around 25 million shares. This is probably due to the US Department of Justice investigating alleged accounting irregularities of certain Chinese companies operating in the US; SVM is a Canadian company and thus wouldn’t be part of any US investigation, but short sellers are probably lumping it in with other Chinese firms. At some point, though, all these shorts will have to cover.

Bottom line: the stock is a Strong Buy. A year from now this will all be old news, and the opportunity to buy at current levels won’t be available.


Jeff Clark, Senior Editor

später dann, mit zunehmendem volumen.
hat auch damit zu tun:
www.nasdaq.com/symbol/svm/short-interest

@fuzzi: übrigens, hab gestern NaMi AUMN (Golden Minerals Corp.) mit ek von $8.45 getradet.
angelegt als "längerer swing". mal gucken wies läuft (sehr gute newslage)

Silver Stocks Volatile as Asian Demand Deteriorates
Servicemaster Com (NYSE:SVM)
Intraday Stock Chart
Today : Wednesday 19 October 2011

Silver prices have been volatile of late as signs of a strengthening US economy has pushed the dollar up, and taken away the metal's safe haven appeal. Meanwhile, a slowing Asian economy has led to concerns regarding industrial silver demand. The Bedford Report examines the outlook for companies in the Silver Industry and provides equity research on iShares Silver Trust (NYSE: SLV) and Silvercorp Metals Inc. (NYSE: SVM) (TSX: SVM). Access to the full company reports can be found at:
www.bedfordreport.com/SLV

www.bedfordreport.com/SVM

Several marquee silver producers forecasted a drop in silver prices and took necessary precautions such as selling several mining sites. Many companies also increased hedging. Hedging programs allow producers to lock in current silver prices for future production, guarding against any potential price declines in the future. Banks which execute these forward sales borrow silver from the spot market, which reduces the physical supply of silver temporarily. Analysts warn that an increase in hedging could be taken as a bearish signal for silver prices as it directly increases selling pressure in the market.

The World Silver Survey 2011 report produced for Washington's Silver Institute noted that last year saw a dramatic return to net producer hedging, with 61.1 Moz added to the global hedge book -- a volume just short of the 1997 record high.

The Bedford Report releases stock research on the Silver Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.bedfordreport.com and get exclusive access to our numerous analyst reports and industry newsletters.

Silver mining stocks -- which have underperformed silver prices all year -- are also struggling. "Concerns about a possible hard landing for the Chinese economy has weighed on mining stocks," David Jones, chief marketing strategist at IG Index, explains. "It is difficult to see a catalyst for further gains in the short term."

In China, roughly 70 percent of the country's silver demand comes from the industrial sectors. Chinese customs data recently showed export growth falling last month more than expected, while import growth also slowed.

The Bedford Report provides Market Research focused on equities that offer growth opportunities, value, and strong potential return. We strive to provide the most up-to-date market activities. We constantly create research reports and newsletters for our members. The Bedford Report has not been compensated by any of the above mentioned publicly traded companies. The Bedford Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at www.bedfordreport.com/disclaimer

Contact:

The Bedford Report

Silvercorp Update

Silvercorp Metals Inc. to Attend The Silver Summit October 20-21, 2011
Silvercorp Metals Inc. (NYSE/TSX: SVM) is pleased to be attending the upcoming Silver Summit at The Davenport Hotel in Spokane, Washington.

You are cordially invited to attend Silvercorp’s breakfast at 7 am on Thursday, October 20th in the Early Bird Room. Don’t miss your opportunity to attend - please rsvp to laurennrussell@silvercorp.ca to reserve your seat!

Silvercorp will also be presenting at 9 am on Thursday, October 20th in the Marie Antoinette Ballroom. Additionally, the company will be located at Booth #62 in the Grand Pennington Ballroom throughout the conference. Please visit the following link for more information:

cambridgehouse.com/conference-details/the-silver-summit-2011/48
We hope to see you and we look forward to the opportunity to update you on Silvercorp’s exciting growth strategies going forward.
Best wishes,
Laurenn Russell
Investor Relations Manager
Silvercorp Metals Inc.
Tel: (604) 669-9397
Fax: (604) 669-9387
Toll-Free: 1-888-224-1881

Email: laurennrussell@silvercorp.ca
Website: www.silvercorp.ca
IMPORTANT: This e-mail (including all attachments) is confidential and may be legally privileged. It may be read, copied and used only by the intended recipients, and must not be re-transmitted in an amended form without our consent. If you have received it in error, please notify the sender immediately by email or by telephone, and delete this email and any attachments permanently from your system, and do not disclose its contents to any other person.

Investor Relations
Telephone: 604-669-9397
Fax: 604-669-9387
Toll Free Tel: 1-888-224-1881
Email: ir@silvercorp.ca
Office Address
Silvercorp Metals Inc.
Suite 1378 - 200 Granville Street
Vancouver, BC
Canada V6C 1S4

If you no longer wish to receive future mailings from Silvercorp Metals Inc., please click here .


for more details please visit: www.silvercorpmetals.com/

   authorities in China (the "Tax Reported Revenue"), which was
   independently confirmed by KPMG with the tax authorities; and
   
   
--  KPMG reconciled the SAIC Reported Revenue to within one thousand dollars
   of the revenue ("SEC Reported Sales") reported in the financial
   statements filed with the United States Securities and Exchange
   Commission (the "SEC Filed Statements").
   

The Special Committee has advised the board that in its view the findings of the forensic review support the integrity of the Company's accounting system and financial reporting in China and North America. The review was intensive and it is also the view of the Special Committee that the Company's processes were shown to be in accordance with good accounting practices. In light of the findings of the KPMG Report, the Special Committee is considering its review of the remaining allegations.

The full KPMG Report will be delivered to the British Columbia Securities Commission, the Toronto Stock Exchange and the New York Stock Exchange.

The KPMG Report:

Silvercorp's Special Committee requested KPMG's assistance in establishing the facts related to the allegations issued from two anonymous sources in September respecting the Company's financial cash position, and particularly the anonymous allegations contained in the internet posting dated September 14, 2011, on www.chinastockwatch.com, and its prior version delivered to the Company on September 1, 2011 (the "Allegation Letter").

Summary of KPMG's Findings:

KPMG's key comments and observations based on the procedures they performed are set out below:

Cash and Short Term Investments

KPMG confirmed with third parties cash balances (the "Confirmed Cash Balances") and those short term investments (the "Confirmed Short Term Investments") held by banks or financial institutions as of December 31, 2010, March 31, 2011 and August 31, 2011, and performed various other procedures outlined in their report. KPMG's findings, which are based on the procedures performed and detailed in their report, do not support the allegation that Silvercorp overstated its cash and short term investments. KPMG's procedures confirmed that the balances reported by Silvercorp at December 31, 2010 and March 31, 2011, and shown in the financial records at August 31, 2011, were substantially correct.

Table 1 below summarizes the total cash and short term investments that KPMG confirmed or otherwise reviewed and makes a comparison to the balances reported in the SEC Filed Statements, the balances reported in the audited financial statements filed with the SAIC at the time of the KPMG visit and viewed by KPMG onsite at the SAIC offices (the "SAIC Viewed Statements") for Silvercorp's key revenue generating subsidiaries, Henan Found Mining Co Ltd. ("Henan Found") and Henan Hua Wei Mining Co Ltd. ("Hua Wei") and the cash amount referenced in the Allegation Letter.


Table 1 Summary of Cash and Short Term Investments                        
--------------------------------------------------
                                   December 31,     March 31,    August 31,
                                          2010          2011          2011
                                    USD (000's)   USD (000's)   USD (000's)
--------------------------------------------------
Balance in SEC Filed Statements        $223,745      $206,261           N/A
--------------------------------------------------
Confirmed Cash Balances(1)             $226,945      $206,475      $206,230
--------------------------------------------------
Balance in SAIC Viewed Statements     $66,918(2)          N/A           N/A
--------------------------------------------------
Balance in Allegation Letter             $7,000           N/A           N/A
--------------------------------------------------
(1) The cash and short term investments reported in the SEC Filed        
Statements differ from the Confirmed Cash Balance due primarily to          
outstanding cheques that have been recorded in the general ledger but have  
not cleared the bank, differences in exchange rates and differences related
to accrued interest.                                                        
(2) Amounts included in the SAIC Viewed Statements are the balances for    
Henan Found and Hua Wei only, whereas the balance in the SEC Filed          
Statements and the Confirmed Cash Balance includes balances for all accounts
held by Silvercorp and its subsidiaries worldwide.                          

None of the banks in China from whom KPMG obtained confirmations identified any amounts as being pledged, used as guarantees or otherwise restricted. The banks outside China identified two low dollar value guaranteed investment certificates, each less than CDN $50,000, which are held as security for MasterCard.

Comparison of Revenue from Various Sources

The Allegation Letter states that Silvercorp's "reported revenues of US $153 million are approx. 10x its true revenues of US approx. $15 million (according to SAIC filings)". According to the "simplified consolidation report" from the Allegation Letter, sales of the Chinese Subsidiaries for the year ended December 31, 2010 total RMB 98.7 million.

Based on the work carried out, KPMG found that:


--  The revenue recorded in the SAIC Viewed Statements agrees to the
   Management Provided Statements which were used to prepare the SEC Filed
   Statements of Silvercorp as at December 31, 2010; and
   
   
--  In particular, the SAIC Reported Revenue agrees to the revenue in the
   trial balances of the books and records of Silvercorp's China
   subsidiaries. This in turn agrees to the Tax Reported Revenue, in those
   instances where the tax authorities confirmed the revenue.
   

Generally KPMG's work involved confirming Tax Reported Revenue with tax authorities in China, visiting SAIC offices to view the SAIC Viewed Statements and independently verifying the SAIC Reported Revenue and reconciling the SAIC Reported Revenue to the SEC Reported Sales. Table 2 below summarizes the comparison of the revenue figures KPMG obtained from various sources.


Table 2 - Comparison of Revenue for 2010 Calendar Year                      
--------------------------------------------------
               Revenue Per                                                
                Management                                                
                  Provided                                     Revenue Per
              Statements(i)  SAIC Reported    Tax Reported      Allegation
Company                (RMB)   Revenue (RMB)   Revenue (RMB)    Letter (RMB)
--------------------------------------------------
Henan           964,812,317     964,812,316     964,812,316      63,470,000
Found(1)                                                                  
--------------------------------------------------
Hua Wei          89,717,997      89,717,996      89,717,996      33,850,000
--------------------------------------------------
Xinda(2)            180,973    Not Obtained    Not Obtained   Not Addressed
--------------------------------------------------
Xinshao      Not Applicable  Not Applicable  Not Applicable       1,295,000
--------------------------------------------------
Total (RMB)   1,054,711,287   1,054,530,312   1,054,530,312      98,615,000
--------------------------------------------------
Total (USD)    $155,780,857    $155,754,127    $155,754,127     $14,565,436
--------------------------------------------------
(i)  Reconciled to SEC Reported Revenue.                                    
(1) Based on the representation by local management in China that the Lushi
Branch financial results are consolidated with Henan Found and only the    
consolidated financial statements are filed with the SAIC.                  
(2) Based on management's representation that Xinda was amalgamated with Hua
Wei during 2010.                                                            

Revenue Confirmed with Chinese Tax Authorities

KPMG obtained confirmations from the Chinese tax authorities that confirmed total revenue for the Chinese Subsidiaries in the amount of approximately RMB 1.05 billion (US $156 million). The details of the balances confirmed are set out in Table 2 above. KPMG confirmed the Tax Reported Revenues correspond to the SAIC Reported Revenue.

Verification of SAIC Reported Revenue

For Henan Found and Hua Wei, Silvercorp's key revenue generating subsidiaries, KPMG obtained access to the SAIC Viewed Statements for 2010, and compared the SAIC Reported Revenue to the revenue reported in the Management Provided Statements, as set out in Table 2 above. KPMG confirmed the SAIC Reported Revenue corresponds to the revenue reported in the Management Provided Statements in all cases where such information was available, with the exception of Xinshao which KPMG was advised was not owned by Silvercorp at the time.

KPMG also obtained access to the 2009 and 2008 SAIC Viewed Statements for Henan Found and Hua Wei. KPMG made a detailed comparison of all figures presented in the Management Provided Statements against those presented in the SAIC Viewed Statements for the years ended December 31, 2010, 2009 and 2008. The figures reported in the Management Provided Statements correspond with those in the SAIC Viewed Statements for the years ended December 31, 2010, 2009 and 2008.

Reconciliation of Chinese Subsidiaries Revenue to SEC Reported Sales

KPMG's findings do not support the allegation that, for 2010, "reported revenues of US $153 million are approx. 10x its true revenues of US approx. $15 million (according to SAIC filings)".

KPMG reconciled the SAIC Reported Revenue to within one thousand dollars of the SEC Reported Sales.

Net Income Analysis

Based on KPMG's review of the Corporate Income Tax return for Henan Found, and on a simplified tax calculation described in their report, it appears that the corporate income tax ("CIT") paid in 2010 and confirmed by the local tax authorities is consistent with the net income shown in the SAIC Viewed Statements of Henan Found.

Summary of KPMG's Scope of Work and Procedures:

In carrying out their forensic work, KPMG confirmed cash and short term investments with the banks, confirmed Tax Reported Revenue, CIT paid and value-added tax ("VAT") paid with local tax authorities in China, and viewed financial statements on file with the SAIC for Silvercorp's two largest subsidiaries, Henan Found and Henan Hua Wei, for the years ended December 31, 2010, 2009 and 2008. The Chinese subsidiaries (the "Chinese Subsidiaries") reviewed were:


--  Henan Found - the 77.5% owned joint venture company running the Ying and
   TLP Mines;
   
   
--  Henan Found Lushi Branch - created to facilitate tax payments to a
   second county into which the Ying mine extends;
   
   
--  Hua Wei - the 80% owned joint venture company operating the HPG and LM
   Mines;
   
   
--  Xinshao Yunxiang Mining Co. Ltd. ("Xinshao") - the 70% owned joint
   venture operator of the BYP gold mine, Hunan Province;
   
   
--  Qinghai Found Mining Co Ltd ("Qinghai Found") - holding exploration
   properties in Qinghai Province;
   
   
--  Anhui Yangtze Mining Co. Ltd. Yunfu Branch ("Yunfu Branch")- the 95%
   owned joint venture holding 100% of the GC property in Guangdong
   Province;
   
   
--  Guangdong Found Mining Co Ltd ("Guangdong Found") - the 95% owned
   subsidiary; and
   
   
--  Silvercorp Metals China Inc. (British Columbia Incorporated) Beijing
   representative office.
   

In particular, KPMG were asked to perform and report on the following tasks:


--  Assess the cash balances and short-term investments reported or recorded
   by Silvercorp at December 31, 2010, March 31, 2011 and August 31, 2011
   (the "Book Cash Balances" and "Short Term Investment Book Balances",
   respectively) compared to the Confirmed Cash Balances and Confirmed
   Short Term Investments, respectively);
   
   
--  Confirm with the local tax authorities in China the Tax Reported
   Revenue, the CIT paid and the VAT paid by Silvercorp subsidiaries in the
   periods January 1, 2010 to December 31, 2010, January 1, 2011 to March
   31, 2011, and April 1, 2011 to June 30, 2011;
   
   
--  Compare the confirmed amount of Tax Reported Revenue to the SAIC
   Reported Revenue reported in the SAIC Viewed Statements for the 2010
   calendar year;
   
   
--  Compare the confirmed amount of CIT paid and VAT paid to the CIT paid
   and VAT paid as presented in the trial balances of the Chinese
   Subsidiaries;
   
   
--  Obtain access to the SAIC Viewed Statements for the year ended December
   31, 2010 to independently verify that the Management Provided Statements
   agree to the SAIC Viewed Statements. For Henan Found and Hua Wei this
   analysis was extended to include the years ended December 31, 2009 and
   December 31, 2008;
   
   
--  Reconcile the SAIC Reported Revenue to the SEC Reported Sales for the
   period January 1, 2010 to December 31, 2010;
   
   
--  Review the press releases issued by Silvercorp's management in response
   to the allegations and filed on SEDAR (the "Management Response") to
   identify financial information included in the Management Response and
   compare it to financial information that KPMG obtained in performing the
   above-noted procedures (KPMG's review covered only those news releases
   available on www.sedar.com for the period September 2, 2011 until
   September 26, 2011); and
   
   
--  Assess the net income reported by Silvercorp's Chinese Subsidiaries in
   the SAIC Viewed Statements, based on the taxable income implied by the
   confirmed amount of CIT paid in China.
   

While the KPMG Report sets out certain scope limitations, it also states that aside from the possible impact of not speaking to the author of the Allegation Letter, the stated scope limitations are not expected to have a significant impact on its observations and conclusions.

KPMG was not asked to perform a broader investigation of all aspects of the allegations or an earnings management investigation. They did not undertake a comprehensive review of revenue and its source. Nor did they undertake a funds tracing or analysis of sources and uses of cash, or work to assess related parties.

Although KPMG's work was focused on specific allegations, in relation to those allegations they performed procedures that included obtaining a significant amount of records and information directly from third parties. In China, their work involved sending multiple teams of staff to 10 cities in five provinces throughout China to obtain information relevant to the eight Chinese Subsidiaries included in their scope of work. Financial records were obtained directly from management in China, including the Management Provided Statements. In addition, records and information KPMG obtained directly from third parties in China include the following:


--  In excess of 45 sets of bank confirmations from 25 banks and branches in
   China and related bank statements, most of which cover a 20 month
   period;
   
   
--  8 People's Bank of China settlement bank account checks;
   
   
--  7 sets of confirmations covering multiple periods from local tax
   authorities in China; and
   
   
--  8 annual filing reports from SAIC offices (the "SAIC Summary
   Information").

Lesestoff für die ganze Weihnachtszeit ;-))
Entscheidend ist die "Summary of KPMG's Findings", aus der hervorgeht, dass die Zahlen
von SVM nicht manipuliert waren, kurz, dass kein Betrug vorlag/vorliegt. Selbiges war für
mich ohnehin klar, nachdem ich gesehen hatte, wer hinter den Vorwürfen steckte: ein
Betrüger, Lügner und Manipulateur, der seinerseits professionell und gewerbsmäßig
betrügt, um damit Millionen zu scheffeln.
Ich gehe davon aus, dass sich SVM nun sukzessive erholen wird. Die einst erreichten
11,- Euro dürften aber doch noch eine Weile auf sich warten lassen.
Ich habe den Eindruck, dass sich Gold und Silber in dieser zerbrechenden Finanzwelt
erst mal neu sortieren müssen; der Big Run, den ich eigentlich erwartet hatte, ist bisher
jedenfalls ausgeblieben.

P.S.: was hältst Du (Ihr)  von WKN A0MMBT ?