Bullion Now Unallocated

Discussion in 'Gold' started by JulieW, Jun 11, 2020.

  1. KangaBanga

    KangaBanga Member

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    Yes PM will be the safest option for unallocated. Also the main risk is not perth mint going belly up but rather whether your funds are accessible quickly during a big crash and credit crisis situation. If perth mint is owned by gov of WA, what happens during a crisis? It is likely all funds be frozen for withdrawal until all the allocated gold is packed up and shipped.

    AFAIK WA Gov is in a net debt situation still of 40billion plus and growing now due to COVID.

    https://www.ourstatebudget.wa.gov.au/2019-20/finances.html

    Sidetrack :
    Perth mint has a lot of gold, unless we get invaded, that gold is not going anywhere. On top of that there's heap of unmined gold in the ground. If the world order would to break down guess who has the gold to be mined and used as the next backing for a currency reset in addition to already refined gold in western aussie vaults?? I dont think any other mint has access to such a massive stack...

    Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes. Geoscience Australia estimates that 60 per cent of Australia's gold reserves are in Western Australia.

    Source : https://www.dmp.wa.gov.au/Investors/Gold-1480.aspx
     
    Last edited: Jun 27, 2020
  2. whay

    whay Well-Known Member

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    What I'm trying to say it's a mistake to gamble with paper precious metals.
     
  3. whay

    whay Well-Known Member

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  4. Davros10

    Davros10 Well-Known Member Silver Stacker

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    I'm not sure it's a question of honour, more a question of ownership due to the gold being collateral for unpaid loans.
     
    leo25 likes this.
  5. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Moral of the story don't take loans from the IMF with your gold as collateral
     
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  6. whay

    whay Well-Known Member

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    The gold is being retained by the Bank of England (BoE) following British and US sanctions on Mr Maduro's government.
    Nothing to do with loans or collateral. Just usual politician playing games with other's lives. Nothing to do with loans or collateral.
    Lines are drawn in the sand. What matters is which side of the line you happen to stand on.
     
    66rounds likes this.

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