Perth Mint Crisis Update

[OldCoin]

 

Edited March 26, 2021 by OldCoin

[ChrisSilver]

Thank you for sharing. Do you know if it due to the restrictions around non essential businesses running during the pandemic (i.e. the mining capacity of the mint is currently limited or on pause?) and this supply issue of silver also being combined with an increased demand currently. I haven't researched into it myself, but an interesting topic.

I emailed John Adams, to invite him to join the forum if he isn't already a member here, as he likely has some interesting information and knowledge to share  

[Robda1986]

Think I've found the delivery window he was on about when he got flustered https://www.perthmint.com/storage/depository-program.html

[OldCoin]

3 hours ago, ChrisSilver said:

Thank you for sharing. Do you know if it due to the restrictions around non essential businesses running during the pandemic (i.e. the mining capacity of the mint is currently limited or on pause?) and this supply issue of silver also being combined with an increased demand currently. I haven't researched into it myself, but an interesting topic.

I emailed John Adams, to invite him to join the forum if he isn't already a member here, as he likely has some interesting information and knowledge to share  

Thanks Chris was nice to read your post this morning. To answer your question as best as I can there are no restrictions on business in WA as far as I know, things aren't being played that seriously by the political monkeys at this point, in fact WA (West Australia) has the strongest economy in Australia and has been the least effected by Covid.

The video did a pretty good job and I will refrain form too much speculation till more is known, but from what I am hearing on the ground is that there is something afoot and they are most likely in damage control mode.

I will post another video which has a clip from ABC radio in Perth where they got a damage control segment to try and dispel the fears and backlash. Was interesting that John said one of his clients took the liquidation ie $ payout of his multi ton unallocated position and moved to their firm for an allocated position, he obviously was not going to wait and bother with the messing around. It's other mints too and surely Covid and the Suez canal, and other things are part of it as it goes onward more will be known. The Suez canal mishap has already spiked fuel prices 5% but I think that's conservative figure, how will that carry over to commodities in the coming months it will add to the cost of mining and all kinds of freight, then there's the supply chain delays the canal incident will further disrupt.

Nothing is simple in the world today and it takes quite a bit to figure it out, and there will always be some areas where one can only speculate, on the whole though it's a stack of things that are building and it will blow at some point. 

I'd really like to see more people join the forum and I'm not sure they are aware it even exists so I will be spreading the word when I can in comments etc, John's knowledge will certainly be invaluable.

Cheers

Edited March 26, 2021 by OldCoin

[OldCoin]

1 hour ago, Robda1986 said:

Think I've found the delivery window he was on about when he got flustered https://www.perthmint.com/storage/depository-program.html

From 19.30 mins the Perth Damamge control announcements are discussed, there's not much continuity some have been told 4 months, and some have then been told 2 days, then some have been told 6 months. There's hundreds of people demanding delivery so it must be a difficult time for them, this has not happened before and I bet they are wishing they had have sourced more product when they had opportunity. 

Myself I think it's a good idea to add some pressure by cleaning out remaining inventory of Perth products. Miles Franklin CEO is apparently being told 4 months on a 12,500 oz order of Kangas, and generally speaking most of the supply from the mint goes overseas, most of the good designs are easier for me to get from overseas than locally in general even when there's not so much demand as there still obviously is.

Things are strange, I bought Silver Eagles here this week for 25% less than USA are paying right now but that deal has sold out so I was lucky to get a 20 tube. I paid the same price in AUD that they pay in USD and there's a 25% difference in the exchange rate. They are not current but random year but who cares.

[OldCoin]

Further, the dissatisfaction of their clients is based on the clients apparently losing trust, being fobbed off etc. The rhetoric ie. the stated delivery times on their site (10 days) for unallocated to become allocated is not being met by the said time frame, and that is what's got people uneasy who are locked into those contracts, it does not look good for the mint. Further compounding this is the world situation and the moves we've seen in Silver recently.

"If you don't hold it in your hand you don't own it"

[OldCoin]

currently live
https://www.youtube.com/watch?v=4d2z4mBzBwU

[Robda1986]

I would order from the Perth mint but I'm not going through the indefinite delivery window again been there done that 

[OldCoin]

Just now, Robda1986 said:

I would order from the Perth mint but I'm not going through the indefinite delivery window again been there done that 

There is stock at Australian dealers still, it won't last, and who knows if the usual mintage will get on the market this year from Perth, I think wise to get whats left available of 20/21 coins

[Robda1986]

Yea I've ordered from bullion now before and the Perth mint but I'm at the point where I'm just not believing the sphil that comes out of most dealers mouths and they get super annoyed buy customers asking for their delivery or money back like their doing a favour to the customer for supplying a product the customer has paid for in good faith 

[OldCoin]

15 minutes ago, Robda1986 said:

Yea I've ordered from bullion now before and the Perth mint but I'm at the point where I'm just not believing the sphil that comes out of most dealers mouths and they get super annoyed buy customers asking for their delivery or money back like their doing a favour to the customer for supplying a product the customer has paid for in good faith 

Aha, I ordered from GBA for first time last week and they need to be prompted to update my invoice paid, in answer to my question when it would be shipped they said call this number blah blah blah. Still no answer.

Ainslie have awesome service but the prices are too jacked right now but they are not the worst. I wonder about Bullion Be Roayle or whatever it's called they have harmonicas for $39 wow. And my experience with Perth is they never make enough stock available exclusively to Au customers just sells out too fast, the limited stuff that is, and I hate the lunar series which is usually available. Ainslie now have the dragon bars for $42 but I wont touch them as I'm not a Pagan and goes against my beliefs

Edited March 27, 2021 by OldCoin

[Robda1986]

The only issue I had when I ordered from the Perth mint was my package tracking number started bouncing around the world think it landed in France 3 times so was a couple of days later than expected 

[TutoredSoup232]

9 hours ago, OldCoin said:

Aha, I ordered from GBA for first time last week and they need to be prompted to update my invoice paid, in answer to my question when it would be shipped they said call this number blah blah blah. Still no answer.

Ainslie have awesome service but the prices are too jacked right now but they are not the worst. I wonder about Bullion Be Roayle or whatever it's called they have harmonicas for $39 wow. And my experience with Perth is they never make enough stock available exclusively to Au customers just sells out too fast, the limited stuff that is, and I hate the lunar series which is usually available. Ainslie now have the dragon bars for $42 but I wont touch them as I'm not a Pagan and goes against my beliefs

What is it about the dragons that you're against?

[OldCoin]

9 hours ago, TutoredSoup232 said:

What is it about the dragons that you're against?

Seeing as you've asked I will do my best to answer, but somewhat reluctantly.

I think they are beautifully made and intricate and I respect eveybody's choice to do as they believe and see fit,  however as I mentioned I'm against the symbology for spiritual reasons and I wont comment further as it may open a can of worms.

In a nutshell though and the main focus for me is to follow my traditional roots and cultural roots and dragons, and mythical beasts like warewolf or unicorn, are not in that realm, I consider it demonic.

Same with something like Darthvader, or Kraken or what have you in those fictitious, Modern Fiction, or Pagan Mythical realms, it's all the same to me, no matter how popular, just not my thing. These wont stand the test of the ages, to be of any significance IMO. The designs have no value to me and I consider them a curse. Again my opinion.

I hope that answers that and I'm happy to discuss further with you privately but that's the end of it for me here.

Again, I respect eveybody's choice to do as they believe and see fit. But I can't touch these items and feel good no matter how tempting it is. You're welcome to make of that what you will but hopefully you don't ridicule that but accept my choice is for spiritual reasons which I'm very firm about, for reasons reflecting on the experiences of my life, and my disgust at the decadence of this world.

Therefore, I've made these decisions out of principal and I find strength to stick to that regardless of temptation to own a few when the price is very sweet and I could flip for a quick profit.  Cheers

[Bigmarc]

Hello 

I'm trying to find a solid source of info on what is happening in the mints. I hear rumours about Perth, Mexico and now the USA mints. Is there any trusted news outlets that can keep me updated.

 

Edited March 27, 2021 by Bigmarc
Hadn't finished

[OldCoin]

2 minutes ago, Bigmarc said:

Hello 

I'm trying to find a solid source of info on what is happening in the mints. I hear rumours about Perth, Mexico and now the USA mints. Is there any trusted news outlets that can keep me updated.

 

I'm getting my news on this from the following chanels who are focused on the issue, I think they are quite reasonable.

https://www.youtube.com/channel/UC6X0ttmzTAJt_2ebcqcIbYw

https://www.youtube.com/channel/UC0xbkSGGxkI4AVp0BQRjnAA

https://www.youtube.com/channel/UC9yRBIpcPsC4qQc8buLa2Ig

https://www.youtube.com/channel/UClzSFvylrK8ij3KVwrHzjdA

[OldCoin]

Best source is John Adams of Adams Economics, and even you can call the Mint and ask questions directly if their phone line is not too busy.

I just subscribed to John's Newsletter https://www.adamseconomics.com/

[MrFreezerrr]

On 26/03/2021 at 00:11, OldCoin said:

 

Wow, looks like Chris is on ‘the green’ and John ‘powdered’ his nose. Talking about two opposites in speaking.

Edited March 28, 2021 by MrFreezerrr

[OldCoin]

4 hours ago, Bigmarc said:

Hello 

I'm trying to find a solid source of info on what is happening in the mints. I hear rumours about Perth, Mexico and now the USA mints. Is there any trusted news outlets that can keep me updated.

 

Good point, if I recall correctly it was US Mint first to suspend production of Silver Eagles back early Feb I think, claiming a refit of dies for the micro holographic or laser security feature on 21 Eagles?. Any ETA on how long it takes to swap out all the dies on their machinery, I heard they were expecting this to take a very long time? Hmmm

The Perth reacted just prior to the last Comex settlement date.

Apparently Canadian Mint and Royal Mint in UK have been the most reliable according to Miles Franklin CEO.

My  basic theory: I'll bet it is industry creating part of this obvious shortage and they buy direct from the mines own refineries, and the big bullion banks and associated players are accumulating their long positions too, because they know the price and shortages will create a run and they want to get back at the redit crowd by front running what they know is inevitable. Perth mint probably accepted a deal with the Comex they couldn't refuse. But one can only guess. the Comex's main concern is to at least in part cover/hedgesome of their short positions and they expect a Comex run on silver deliveries as they can see the sentiment of the market has changed. All these are signs of things to come. I think it might even get quite exciting at some point and that will add more FOMOentum....hehehe

I think I just made a new word !

Edited March 28, 2021 by OldCoin

[Bigmarc]

7 hours ago, OldCoin said:

if I recall correctly it was US Mint first to suspend production of Silver Eagles back early Feb I think, claiming a refit of dies for the micro holographic or laser security feature on 21 Eagles?. Any ETA on how long it takes to swap out all the dies on their machinery, I heard they were expecting this to take a very long time? Hmmm

I'm no expert but I wouldn't have thought dies were used to stamp micro holographic.

I would have thought the laser would put the security feature on the coin and this would be run on a separate machine. The die design may have changed but surely this would have been done in advance. To actually change a die would take minutes. They wouldn't have one machine per coin design. So they would swap dies daily. 

I think it is a long process to create a die as the artist designs it in a much larger scale. Then that size is reduced over a number of processes. 

So it's my guess that the two don't go together and the dies have to be redesigned. 

 

[dwreck]

There's more than enough digital currency floating around to buy every cheap ounce of silver not bolted down and some. Elon needs it to build cars/space ships and nvidia needs it to make more graphics cards so kids can mine buttcoins.

It's the future and we don't need silver as currency anymore because it's worthless and gold is a relic of the past. So stop buying it so the banks and ultra rich can have more for themselves to produce and sell electronics that need to be updated every couple years. They sell you electronic junk to distract you from reality.  

In reality there is a physical shortage and you all have to be lied to because it would become a huge issue for the companies building the spy devices... I mean cell phones...or run out of silver that they need to use for guidance systems in their cruise missiles to bomb countries into submission into only accepting the US dollar in exchange for oil. 

Don't be surprised if this ends up being my last post and last day on earth for speaking the truth. God bless you stackers and i hope you all have a healthy long life.

[NewCoins]

The 77th brigade are watching, apparently.

[Spark268]

it looks as though the holdings by perth mint on behalf of customers was held by the mint itself in unallocated form. So there's likely a chain of defaults.

meanwhile, over the the Comex, 50 mln oz have been delivered out of the vaults in March. that's the second highest on record, and equivalent to the annual production of the likes of fresnilo..

Edited March 28, 2021 by Spark268

[NewCoins]

Does anyone think there is actually a silver shortage and it would be beneficial to start buying heavy bars and bullion coins I'm the short or medium term ?

[kimchi]

20 minutes ago, NewCoins said:

Does anyone think there is actually a silver shortage and it would be beneficial to start buying heavy bars and bullion coins I'm the short or medium term ?

Absolutely.