ALLOCATED account at ABC Melbourne, but they changed my bars

Discussion in 'Silver' started by lsj84, Jul 21, 2011.

  1. lsj84

    lsj84 New Member

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    surely
     
  2. projack

    projack Well-Known Member Silver Stacker

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    I think they sold your bars over the counter to someone who couldn't wait for the delivery.
    It was on order, but not arrived yet, so they borrowed yours for a few days.
     
  3. dccpa

    dccpa Active Member

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    I don't see how that would be legal. For a period of time, you wouldn't have any bars and would at best be unallocated.
     
  4. projack

    projack Well-Known Member Silver Stacker

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    Not legal but no other logical explanation
    Someone comes in who was promised a delivery, and each time wasn't available.
    They new it will came, but probably after a few times the customer was very upset and they just grabbed few from the storage.
     
  5. Matthew 26:14

    Matthew 26:14 New Member

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    Be really interested to hear the outcome of this if you have been in contact with your bullion house ?
     
  6. jparrie

    jparrie Member

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    Is this a form of Fractional Allocated Storage? lol.

    Seriously though, why come here whingeing if you haven't discussed it with ABC first?
     
  7. capt.sparrow

    capt.sparrow New Member

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    U ASS
    yeh, i decided a while ago already i wouldnt touch ABC Sydney as they demand ID for even a small online purchase... :mad:
     
  8. capt.sparrow

    capt.sparrow New Member

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    I agree! You need to eliminate third party risk - if you cant touch it it aint yours ...
     
  9. goldpelican

    goldpelican Administrator Staff Member

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    Just to clarify a point above - ABC Melbourne and ABC Sydney are unrelated companies trading in different states. Business name registration is on a state-by-state basis, which is how there can be two "Australian Bullion Company" companies that are NOT related. So please don't confuse the issue here by talking about the NSW company.

    Cheers
     
  10. BBQ

    BBQ Member

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    +1
     
  11. Willow

    Willow New Member

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    Make sure you talk to them in person before going off. May turn out simply fixed given the chance. If no Joy Then take posession personally.
     
  12. somerset

    somerset Member Silver Stacker

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    lsj84, would like to know the outcome when you get the chance.

    Thanks
     
  13. bron suchecki

    bron suchecki Active Member Silver Stacker

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  14. Matthew 26:14

    Matthew 26:14 New Member

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    There is any risk with storage of PM's. An allocated account has risk. But so does sticking it under your bed or wherever from break-in and theft. Nothing is 100% secure.
     
  15. adrenalin

    adrenalin New Member

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    What if you had a really nice or recognisable number on your Pamp bar like 0000001 or 8888888.

    And it ended up for sale on the forums or ebay?

    You would be saying "Hey that's my bar!" How did it get out of the storage facility without my permission!

    With Pamp bars don't you get a numbered Certificate. Do you leave that cerficate in the storage facility or take it home with you?
     
  16. lsj84

    lsj84 New Member

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    Clarification has been made during the meeting with senior managers of ABC Melbourne. The allocated account that I have guarantees the weight, purity and markings (i.e. the brand). But my bars are pooled with other accounts of this type, and this explains why the serial numbers of the pamp bars were different in my past two visits(i.e. it's a like-for-like allocated account). ABC Melbourne now does have another type of allocated account that allows you to lock away your bars in a security vault operated by another company, in other words, the serial numbers of the bars stored in that type of allocated accounts should not vary without account holders knowing it as the bars in that account are out of the circulation. And a management fee is applied to that type of allocated account.

    I think each bullion company has its own definition when comes to allocated and unallocated. My frustration with ABC Melbourne came from the misunderstanding of this very definition. So, if you have a storage account, make sure you know what conditions and services are included, just to save any possible inconvenience later on.

    I was sitting with three senior managers, the managing director Peter August being one of them, from the duration of the meeting being over one hour I can say the managers are very serious about this issue and vigorously defended the reputation of the company. I'm happy with this.

    But in the end, it is how much silver I have when and if everything in the fractional reserve monetary system falls apart that matters, and that's my exit strategy. I appreciate your comments, and knowing my options and rights I can only say one thing, that is, nothing is for sure, and that is the only thing I'm sure of.
     
  17. lsj84

    lsj84 New Member

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  18. goldpelican

    goldpelican Administrator Staff Member

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    So essentially your holdings were mingled with other customers' metal in a pool of allocated physical. You buy a kilo PAMP, they add a bar to the kilo PAMP pile. You collect a kilo PAMP, they grab a kilo PAMP. Might be a different bar to the one that was added when you purchased.
     
  19. lsj84

    lsj84 New Member

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    Yeh, that's my take from today's conversation.
     
  20. goldpelican

    goldpelican Administrator Staff Member

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    Glad that Peter A. took the time to resolve this issue with you.
     

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