Perth Mint Crisis Update

[stackerp5]

7 hours ago, Edeline said:

I almost envy the sleepers sometimes.

Ignorance is bliss isn't it! 

... until SHTF and all types of things start happening xD

[Bigmarc]

24 minutes ago, stackerp5 said:

Ignorance is bliss isn't it! 

... until SHTF and all types of things start happening xD

I was into it in a big way once. My mates and i even tried 5 days with bug out bags on Dartmoor. After 3 sleepless nights under a tarp I found a pub with rooms, endless carlesberg on tap and a mammoth mixed grill. Lesson 1 learned.

People talk about taking the red or blue pill. I say don't take either and be the gray man

[Spark268]

the crisis at the Perth mint has mutated....

Edit: looks like John Adams is going all out on Peter Shiff - his outfit holds & recommends unallocated gold at the Perth mint.

Edited April 16, 2021 by Spark268

[Hyperion]

On 13/04/2021 at 15:42, ScentSationCandles said:

(This is not quite what you were asking about, but having reread it, I'm not going to delete it, although the last paragraph comes close to what you're asking. The short answer is, above ground, unpurchased silver might be more rare at the moment. Below the ground, I don't know that anyone has an idea, but the final paragraph provides insight how silver would likely be rarer than gold before the end of the century.)

 

Here is an example that might give you more perspective and I will follow it up with a link. The value of silver has been manipulated a lot more than gold. It isn't that silver should be worth more than gold. It is that more is to be gained percentage-wise from owning silver. That is, should we be returned to a precious metals standard worldwide. I will point out that presently that would appear to be a very big if.

So these are the figures behind why silver has greater potential, but these are only United States figures: usdebtclock.org/gold-precious-metals.html.

It should be noted too that these are the official numbers. There was a news story about a college professor in my state who discovered a further discrepancy of 21 trillion dollars. Also the day before 9/11, Donald Rumsfeld announced a major discrepancy of trillions and the documents were supposedly stored at the Pentagon where the alleged planes allegedly crashed, making no claim one way or the other concerning the details of the official story. It's thought by some that an ounce of gold could be reevaluated at 100k. Whether that is true or not, no idea, but I do know that currently that is a little more than 7x the silver than gold, so theoretically, if gold is 100k US an ounce, silver--based on the numbers of silver bullion in the US--silver would be 14k an ounce. Again those numbers sound outrageous.

Another thing to consider. About 15% of gold is used industrially. 50% of silver is used industrially. Solar as well as electric cars depend heavily upon silver and copper, two technologies that have yet to achieve wide adoption. Of course a lot of other electronics use these metals as well, and one would be foolish to believe that no other tech in the future would use these metals, so the likelihood that silver could eventually be rarer than gold is not out of the question. Will it happen in our lifetimes? Not sure, but it doesn't have to because, when the people own a majority of the silver, the corporations will have to come to us and pay our prices or they won't be able to meet demand which means that holding silver, even for a poor normie, will make us very rich if we live long enough. Of course you can't eat silver, so make sure to have an extra freezer fully stocked with food or you might not live long enough to see it.

Thanks a lot for the very exhaustive response and explanation....at least I’m finally able to read it lol I apologize for the huge delay.
 

It sounds all very logical and agreeable, definitely very good points!

[MetalGerry]

Was there any conclusion to that whole situation was with Perth Mint, and what it is now?

I was thinking about putting part of my money into their online depository, in addition to holding physical, until I came upon this whole story of their crisis of with the unallocated silver.  Checked a few internet posts on that, and saw a Reddit post last year that analyzed their balance sheet and concluded they only had like 4% of the actual metal, and the conclusion by the likes of Joe Adams that basically all unallocated schemes are a type of scam, and not just Perth Mint, but others as well.

I would go with Allocated, but at this point I just don’t see how I can trust Perth Mint at all……… if they allowed such mishandling of the unallocated metal, then all their claims of extra security and being backed by the government all go down the drain.

I can’t find any recent reports if there was any resolution to that whole story, if people quit their program in droves, or if they made any attempts to restore their reputation?

Edited November 26, 2021 by MetalGerry

[Bigmarc]

20 minutes ago, MetalGerry said:

Was there any conclusion to that whole situation was with Perth Mint, and what it is now?

I was thinking about putting part of my money into their online depository, in addition to holding physical, until I came upon this whole story of their crisis of with the unallocated silver.  Checked a few internet posts on that, and saw a Reddit post last year that analyzed their balance sheet and concluded they only had like 4% of the actual metal, and the conclusion by the likes of Joe Adams that basically all unallocated schemes are a type of scam, and not just Perth Mint, but others as well.

I would go with Allocated, but at this point I just don’t see how I can trust Perth Mint at all……… if they allowed such mishandling of the unallocated metal, then all their claims of extra security and being backed by the government all go down the drain.

I can’t find any recent reports if there was any resolution to that whole story, if people quit their program in droves, or if they made any attempts to restore their reputation?

I was looking I to this a little while ago. The Perth mint token (pmgt) seems to be run buy a third party. It's probably ok but put me off a little. There are many out there and have even seen a couple created by mining companies. Shop around for a bit because some companies give you a return on your holdings. As for listening to John Adams, he is hardly a positive soul, so probably best turn your bs filter on. Most of the members on here use kinesis but found it a little to complicated. As for if it's allocated, vaulted, physically backed or unallocated, you probably have to go down to the small print to work it out. Most sell you a 1% share in a huge bar. 

[MetalGerry]

2 hours ago, Bigmarc said:

The Perth mint token (pmgt) seems to be run buy a third party. It's probably ok but put me off a little. There are many out there and have even seen a couple created by mining companies.

I see you are talking about the token https://pmgt.io..I didn't even know about that.

I was talking PM Depository Online, https://www.perthmint.com/storage/depository-online.html which is run by Pert Mint itself afaik, I think this whole thread was about their crisis earlier last year.

(just noticed the website is down at the moment  and for another 5 days for upgrades, Wow, talk about real time liquidity...another red flag right here...I expect 99.9% uptime)

 

[frugalman]

3 hours ago, Bigmarc said:

huge bar

Small print it is then Groan.

Thanks again Bigmark  

[Oddjob]

From an another Aussie's point of view (and I've been watching this unfold too)I believe there's a few other factors at play re PM and their alleged issues that have made the PM media and forums.

1) My understanding is that PM is not the largest silver refiner in Australia. I believe ABC Bullion (in Sydney) is. ABC are a LBMA accredited refiner for silver and gold and accounts for circa 70% of all silver refining done in Australia with PM close to 30% and some small local shops less than 1% combined. Conversely, PM refine circa 70% of all Australian gold and ABC circa 25-30% (allowing for the small local refiners). 

As such PM's inability to meet retail demand, and honour (??) allocated withdrawals / unallocated conversions (which has been in the headlines in recent times) I believe is due to them just producing large bars and shipping them o/s to help out the LBMA or COMEX....and stuff the local market. PM's retail inventory / for sale has been pretty sad of recent times and they even whacked a max "one per household" on some retail items a few months back which is a shame as their coins and bars are top shelf quality. Some of the larger bullion dealers (inc ABC) have little to no PM stock and it's been that way for months & months.

2) There's been other's in the PM media (YT) who have been pulling apart the PM financials (2020 & 2021) and reckon PM is running a fractional reserve system with their unallocated and inventory.....(that pic PM released of old mate standing amongst the 1000oz bars didn't help matters for them). I think PM are playing silly buggers with their inventory and unallocated as John Adams found out in last 12 months (?) that the PM was leasing gold from the RBA and given the change to accounting standards re leases in last 24-36 months, a company can call a leased asset their asset...so I wonder just how much physical - on site silver and gold PM has v what is sitting somewhere else but leased to PM thus they claim they have it.

3) The problem is that we'll probably never find out the answer to (2). As we know, the PM (aka Gold Corporation) is wholly owned by WA Government and reports to the WA Treasurer, who also happens to the be the State Premier. Add to that that PM / Gold Corporate is audited by the Office of the Auditor General for Western Australia, who at a ministerial level also reports to the Treasurer, so no chance of finding anything untowards going on. The head of "Financial Audits" for Auditor General for Western Australia also has some interesting bibs and bobs in his past from KPMG days....all public knowledge...just not something he puts on his CV these days.

 

[Centauri167]

After reading most of this topic I can only say that silver is a Pm that likes to attract conspiracies ...

Since the start of the pandemic, there was not one moment I could not buy new silver BU coins of all the mints around the world.

Perth Mint coins were always available in big quantities.

[StackemHigh]

No problem with supply. All a bit of hype really.