Bron versus Holter versus Premiums

Discussion in 'Silver' started by JulieW, Sep 17, 2015.

Page 1 of 5
  1. JulieW

    JulieW Well-Known Member Silver Stacker

    Joined:
    Oct 14, 2010
    Messages:
    13,064
    Likes Received:
    3,292
    Trophy Points:
    113
    Location:
    Australia
    Bron:

     
    JulieW, Sep 17, 2015
    #1
  2. aleks

    aleks Well-Known Member Silver Stacker

    Joined:
    Oct 14, 2010
    Messages:
    2,210
    Likes Received:
    27
    Trophy Points:
    48
    Location:
    Karl-Marx-Allee
    [​IMG]

    These are the only premiums that matter.
     
    aleks, Sep 17, 2015
    #2
  3. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,433
    Likes Received:
    40
    Trophy Points:
    48
    Bill Holter??? The same guy who said recently about the chemical blast in China "I seriously believe a tactical nuke was set off."


     
    SpacePete, Sep 17, 2015
    #3
  4. Jislizard

    Jislizard Well-Known Member Silver Stacker

    Joined:
    Apr 7, 2011
    Messages:
    7,517
    Likes Received:
    639
    Trophy Points:
    113
    Location:
    Australia
    He sounds like a legit source of information to me.
     
    Jislizard, Sep 17, 2015
    #4
  5. ninteno

    ninteno Member

    Joined:
    Mar 25, 2011
    Messages:
    644
    Likes Received:
    9
    Trophy Points:
    18
    Location:
    Germany
    For me there is no question left for the Perth Mint -> only resolution is to fire him.

    Why should i ever again buy phys. bullion coins from PM?
    After his public disscussion there is no reason left.
    They should ask themselfe why we are buying their stuff.
    PM stands for physical coins worldwide and is not alternative to sprott or gold money.

    Bye,bye PM - it looks like to better buy the chinese gold and silver bullion
     
    ninteno, Sep 17, 2015
    #5
  6. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

    Joined:
    Dec 31, 2014
    Messages:
    2,089
    Likes Received:
    3,132
    Trophy Points:
    113
    Location:
    Melbourne, Australia
    Where Bron mentions "physically backed pool accounts", doesn't this mean that the mint has the physical metal to cover your purchase in an unallocated account?

    I always assumed this was a way for the mint to have someone else pay for their working stock of PMs that they need to operate their business? I also assumed their would be an independent auditor to check that there was no more unallocated PMs sold than what they had in stock?
     
    GoldenEye, Sep 17, 2015
    #6
  7. bron suchecki

    bron suchecki Active Member Silver Stacker

    Joined:
    Jul 10, 2009
    Messages:
    1,239
    Likes Received:
    2
    Trophy Points:
    36
    Location:
    Perth, Western Australia
    Why? Because I say don't overpay on premiums, there are cheaper ways to buy PMs until premiums come down, trying to save people money?
     
    bron suchecki, Sep 17, 2015
    #7
  8. bron suchecki

    bron suchecki Active Member Silver Stacker

    Joined:
    Jul 10, 2009
    Messages:
    1,239
    Likes Received:
    2
    Trophy Points:
    36
    Location:
    Perth, Western Australia
    We run unallocated which is backed by our working stock but we also offer pool allocated silver which is backed by 1000oz bars with a public numbered bar list. And you can do allocated of course as well.
     
    bron suchecki, Sep 17, 2015
    #8
  9. aleks

    aleks Well-Known Member Silver Stacker

    Joined:
    Oct 14, 2010
    Messages:
    2,210
    Likes Received:
    27
    Trophy Points:
    48
    Location:
    Karl-Marx-Allee
    Oh dear...
     
    aleks, Sep 17, 2015
    #9
  10. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,644
    Likes Received:
    1,502
    Trophy Points:
    113
    Location:
    Northern NSW
    [​IMG]
     
    wrcmad, Sep 17, 2015
    #10
  11. Ronnie 666

    Ronnie 666 Well-Known Member Silver Stacker

    Joined:
    Mar 16, 2011
    Messages:
    2,430
    Likes Received:
    126
    Trophy Points:
    63
    Location:
    Australia
    According to Bron and the PM website the working inventory supposedly backs those accounts. I have been watching the PM supplies of bars and coins and lots of items are or have been suspended including bars. So this "production problem" is not about planchette (blanks) shortage as you don't require round blanks to make cast bars ? In my understanding however limited that is, the Perth Mint cannot afford to have a real shortage as those unallocated accounts will have no backing or alternatively the mint will make no sales. Either way they are out of business. So there cannot be a real shortage.
     
    Ronnie 666, Sep 17, 2015
    #11
  12. monopolize

    monopolize Well-Known Member Silver Stacker

    Joined:
    Mar 28, 2013
    Messages:
    1,207
    Likes Received:
    227
    Trophy Points:
    63
    Location:
    Melbourne
    I've wondered about how unallocated works in terms of physical backing. Presumably it's good for Perth Mint because it funds the cost of their working stock, however there must be times when the unallocated is not fully backed by physical metal I would imagine ie. When stock is sold and metal is reordered and not yet delivered to the mint.
     
    monopolize, Sep 17, 2015
    #12
  13. SpacePete

    SpacePete Well-Known Member Silver Stacker

    Joined:
    Mar 1, 2014
    Messages:
    12,433
    Likes Received:
    40
    Trophy Points:
    48
    This thread is what happens when internet logic merges with the Shemitah.
     
    SpacePete, Sep 17, 2015
    #13
  14. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

    Joined:
    Dec 31, 2014
    Messages:
    2,089
    Likes Received:
    3,132
    Trophy Points:
    113
    Location:
    Melbourne, Australia
    So how often does an independent auditor check that there was no more unallocated PMs sold than what they had in stock? When I asked another non-govt organisation about independent auditors to check that their client's unallocated assets are backed by the real thing I just got a blank look.
     
    GoldenEye, Sep 17, 2015
    #14
  15. bron suchecki

    bron suchecki Active Member Silver Stacker

    Joined:
    Jul 10, 2009
    Messages:
    1,239
    Likes Received:
    2
    Trophy Points:
    36
    Location:
    Perth, Western Australia
    We are constantly buying physical from mines as we refine it. We get in between 300-400 tonnes of gold a year and only 20 tonnes is minted into coins/bars, some as small cast bars and the rest we sell as kilobars into Asia. As the mines constantly produce we have a somewhat stable working inventory, the question is how is that processed into what product.

    On the cast bars issue, our refinery is geared up to make kilobars in bulk, not large quantities of small cast bars, hence cast bars can get production bottlenecks too.
     
    bron suchecki, Sep 17, 2015
    #15
  16. bron suchecki

    bron suchecki Active Member Silver Stacker

    Joined:
    Jul 10, 2009
    Messages:
    1,239
    Likes Received:
    2
    Trophy Points:
    36
    Location:
    Perth, Western Australia
    We do quarterly physical stocktakes where the whole mint and refinery are shut down from a production point of view. I am not sure whether our internal auditors attend every one of those but the external auditor do on the year end one. I should note that unlike private companies, we don't appoint our external auditor, it is done by the WA Auditor General, who reports to the WA Parliament, not the Government. The Government is guaranteeing all that metal so they want to know we are doing the right things - that's why the under treasurer sits on our Board. It is a lot more oversight than many companies.
     
    bron suchecki, Sep 17, 2015
    #16
  17. miniroo

    miniroo Well-Known Member Silver Stacker

    Joined:
    Jun 21, 2012
    Messages:
    1,042
    Likes Received:
    84
    Trophy Points:
    48
    Location:
    Victoria
    But it's not Australian Gold is it?
    Mexican Gold?

    I believe China is the only mint that makes their coins from their own countries gold.
     
    miniroo, Sep 17, 2015
    #17
  18. bron suchecki

    bron suchecki Active Member Silver Stacker

    Joined:
    Jul 10, 2009
    Messages:
    1,239
    Likes Received:
    2
    Trophy Points:
    36
    Location:
    Perth, Western Australia
    We refine pretty much all of Australia's gold and from surrounding countries plus some scrap.
     
    bron suchecki, Sep 17, 2015
    #18
  19. REDBACK

    REDBACK Well-Known Member Silver Stacker

    Joined:
    Nov 22, 2011
    Messages:
    4,135
    Likes Received:
    1,640
    Trophy Points:
    113
    Location:
    Melbourne
    i don't see what the kerfuffle is all about as both Bron suchecki & Bill Holter's view can be utilised together in a combined strategy or separate.
    Both views have equal merit depending on you belief system.

    Whats more intriguing is SilverPetes reference that went right over my head so please explain to this Dinosaur what this combined reference means.?
    'This thread is what happens when internet logic merges with the Shemitah'

    Cheers
    Awaiting enlightenment

    REDBACK
     
    REDBACK, Sep 17, 2015
    #19
  20. fiatphoney

    fiatphoney New Member

    Joined:
    Jun 12, 2010
    Messages:
    1,056
    Likes Received:
    1
    Trophy Points:
    0
    I opened a PM account as I like the pooled option.
    So when is ag going under aud $19.70?
     
    fiatphoney, Sep 17, 2015
    #20
Page 1 of 5

Share This Page