(The Perth Mint – Tarnished?)
Silver Stock Report
by Jason Hommel, May 22nd, 2008
Australia’s Perth Mint is suspected of being bankrupt by customers who are discovering a dizzying array of fees, delays, and refusals upon making requests for delivery of silver.
The Perth Mint, by its own admission, has a precious metals liability of $880 million Australian dollars to certificate holders, and has leased $380 million of this metal out to its own subsidiaries to be used as an operating pool for operations, as is indicated in their 2007 annual report at the bottom of page 81.
But an operating pool’s primary purpose is to fulfill customers’ orders, and if those orders cannot be filled in a timely manner, then that would indicate a precious metals pool that has evaporated.
Jason Hommel of SilverStockReport.com, writes a internet newsletter on precious metals that goes out to 80,000 subscribers, and has recently notified various agencies of the government of Western Australia that he has received complaints from 30-50 customers who have been unable to obtain silver from the Perth Mint.
The Perth Mint maintains that it is backed by the government of Western Australia. But if the mint has no silver to sell, the mint’s reputation may be tarnished. They’d better polish up their act.
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