Perth Bullion Liquidation

Discussion in 'General Precious Metals Discussion' started by nighttrader, Jul 9, 2019.

  1. nighttrader

    nighttrader New Member

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    Am I missing something? Perth Bullion was placed into liquidation by the ATO and I cannot find any mention of this anywhere here.
     
  2. leo25

    leo25 Well-Known Member Silver Stacker

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    Last edited: Jul 10, 2019
  3. nighttrader

    nighttrader New Member

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    You should Google "bullion bourse liquidation" as this is the name of the company. You will get the details and the appointed liquidator, Neil Raymond Cribb. They might be trying to sell it as a going concern as the website is still operational but they do not answer the phone.
     
  4. harry_mr

    harry_mr Member

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    Yes a shame, they seemed very reasonable
     
  5. leo25

    leo25 Well-Known Member Silver Stacker

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    The link i wrote is a link to ASIC page. i wasn't asking for a link.
     
  6. mongrelmaple

    mongrelmaple Active Member Silver Stacker

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    I got an email from them yesterday saying they wanted all my orders i had in storage to be shipped within 48 hours. Took me off guard for sure! Shame if they go under, I really liked them!
     
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  7. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    So the Australian Bullion Dealer with the biggest variety of coins/bars (afaik) and very good prices is going under?

    Speaks volumes to me about the precious metals market....
     
  8. madaw1

    madaw1 Active Member

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    I can't believe-I like them!
     
  9. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    I suspect RMS (the liquidator) will be fielding calls from coin / bullion dealers across Australia wanting to buy the stock. RSM will probably want to sell the entire inventory as a job lot to limit time and cost in getting the the ATO's money back. Would be surprised if they held an auction / fire sale open to the public.
     
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  10. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    This is indeed a very sad day for me.

    It is NOT a reflection on the bullion market, but the result of an ATO order asking for GST to be remitted on coins that were clearly GST free according to the ATOs own guidelines (GSTR 2003/10).

    I wish I could say more but I can't.

    Ck.
     
  11. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    May I ask if these were recent orders / purchases or older purchasers they stored for you. Also, was it vaulted, allocated, un-allocated given the correspondence and request you rec'd to remove your purchasers from storage, this is a real life example of what has been discussed in SS re what happens if a bullion dealer holds your PM's and they go under etc.
     
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  12. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    NO!!!!!!!!!!
     
  13. ozcopper

    ozcopper Administrator Staff Member

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    The ATO is clearly at war with the bullion industry!
     
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  14. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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  15. SilverDJ

    SilverDJ Well-Known Member

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    Website seems operational?
     
  16. dollars

    dollars Member Silver Stacker

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    It seems that to sell bullion coins you would have to list price related to spot price of metal

    Ie 1oz gold lunar dragon 2012 spot +25%. Quite possibly all similar coins would need to be the same price?

    KC. Can you say more in private or are you bound to silence?
     
    Last edited: Jul 10, 2019
  17. SilverDJ

    SilverDJ Well-Known Member

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    What happens to their storage products? Both allocated and unallocated.
    They had a SMSF storage program.
    EDIT: I see they contacted people to remove all storage items within 48hours.
     
  18. Bullion Now

    Bullion Now Active Member Commercial Member

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    This is nothing to do with the Bullion Now mystery boxes. We purchased those off a Melbourne based manufacturer via one of our wholesalers.

    You can probably guess who if you watch the video closely :)

    We are aware of the situation in Perth and our sympathies go to those involved.

    Michael
     
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  19. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    Price related can be either a % or fixed price. This creates confusion.

    To add to that, Perth Mint charges its wholesalers a % over Gold for coins, a fixed $ price for Gold bars and a fixed price for Silver.

    As spot moves, it affects one style of pricing more than others. Any interpretation of GST status that includes a fixed threshold is going to have problems.
     
    Last edited: Jul 10, 2019
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  20. dinduboy14

    dinduboy14 Member

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    Oh no, sad day indeed! I bought 80% of my stach from them.
    Great prices and variety!
     
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