Perth Bullion Liquidation

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

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  1. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    Don't forget your GST!
     
    bubblebobble2, Jul 11, 2019
    #41
  2. innerpath

    innerpath Active Member Silver Stacker

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    I didn’t get that email and I have one order on Back Order
     
    innerpath, Jul 12, 2019
    #42
  3. raven

    raven Well-Known Member Silver Stacker

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    Yep ! .... and then it's us.
    :)
     
    raven, Jul 12, 2019
    #43
  4. Gigrantor

    Gigrantor Member

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    I made a purchase of $1,139.81 on the 2nd of July via a transfer from my bank account to theirs.

    The purchase was taking a lot longer to ship than usual so I tried calling them but the phone kept ringing out.

    So I came to these boards to discover the bad news...

    I just got off the phone from my bank, basically they can't do anything in this situation and it looks like I may be out of pocket!

    I'm really stressed and have no idea what to do next!!!

    Any advice would be appreciated!

    Thanks in advance...
     
    Gigrantor, Jul 12, 2019
    #44
  5. Pendragon

    Pendragon Active Member

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    I read the ATO guidelines I do not see anything about 10%. How do we know that ATO claims GST on bullion sold 10% over spot?. And how do they deal with bullion sold with a fixed premium?
     
    Pendragon, Jul 12, 2019
    #45
  6. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    I have a feeling but am not 100% sure, that Perth Bullion was behind the new Englehard bars and that's why they disappeared.
     
    ozcopper, Jul 12, 2019
    #46
  7. 66rounds

    66rounds Well-Known Member Silver Stacker

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    66rounds, Jul 12, 2019
    #47
    ozcopper and Oddjob like this.
  8. gsswan

    gsswan New Member

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    gsswan, Jul 12, 2019
    #48
    Gresham's Law, Oddjob and 66rounds like this.
  9. 66rounds

    66rounds Well-Known Member Silver Stacker

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    This will be a good indication of the potential outcomes for those who do not physically hold their gold. I was considering unallocated gold with Bullion Now but will wait to see how this plays out first, even though its likely to take a while.
     
    66rounds, Jul 12, 2019
    #49
    Gresham's Law and leo25 like this.
  10. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    Email this guy and explain your situation
    [email protected]
    And hope for the best
     
    bubblebobble2, Jul 12, 2019
    #50
  11. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    [​IMG]
     
    ozcopper, Jul 12, 2019
    #51
    Gresham's Law and 66rounds like this.
  12. Niknakniko

    Niknakniko New Member

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    Hi, I’m fairly new to the site and stacking in general.

    Unfortunately, having never heard of Perth Bullion until a couple of weeks ago, on 9th July I bought online some silver coins, transferred the money ($1616) the same day, only to now find out they are in liquidation. Couldn’t Have time do it better.

    How can they have traded after 2nd July...???. Not very fair at all.

    Not a very good start for my stacking career.

    Hopefully I will get something back, but am slightly pissed.
     
    Niknakniko, Jul 12, 2019
    #52
    silverlining333, cracka stacka and Gresham's Law like this.
  13. madaw1

    madaw1 Well-Known Member

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    This is very, very weird indeed.:confused:
    Niknakniko-hoping you will get money back. Be positive!!!
     
    madaw1, Jul 12, 2019
    #53
  14. maverick

    maverick Active Member Silver Stacker

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    Me too, they have/had the best collection.
     
    maverick, Jul 12, 2019
    #54
  15. maverick

    maverick Active Member Silver Stacker

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    True dat!
     
    maverick, Jul 12, 2019
    #55
  16. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    I have moved this thread to General Precious Metal Discussion and sticky-ed it as I feel this topic is important.
     
    ozcopper, Jul 12, 2019
    #56
    Gresham's Law, CuBuffAu, goldpelican and 2 others like this.
  17. maverick

    maverick Active Member Silver Stacker

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    If this is really the case, then expect a price hike (in the name of GST) at other bullion dealers as well. . . . .I suppose!
     
    maverick, Jul 12, 2019
    #57
    66rounds likes this.
  18. nickybaby

    nickybaby Active Member Silver Stacker

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    Firstly i hope the boys are ok and come out of this somehow. Meet them at a meet up once and have bought off them a few times over the last 5 years. i felt a top notch company. I hope nobody loses a livelyhood out of this.


    It is very frustrating as i'd saved up for a while to make a purchase as they had a coin I wanted and couldn't find anywhere else. Went to pull the trigger and no coins had to view this thread to realise they were in trouble.

    I wonder what WA will be left with in terms of bullion dealers now.
     
    nickybaby, Jul 12, 2019
    #58
    66rounds and maverick like this.
  19. mrsilverservice

    mrsilverservice Well-Known Member

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    It seems that the squeeze is on from the top to the bottom,that suggests to me that prices are going higher :)

    Supply and demand :D













    The Book of Proverbs Chapter 22 verse 9

    He who has a generous eye will be blessed,for he gives of his bread to the poor :)
     
    mrsilverservice, Jul 12, 2019
    #59
  20. President Trump

    President Trump Active Member Silver Stacker

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    Sorry to hear you are going through this. It has been a while since I have looked into this in Australia but going back to basics, if a liquidator is appointed then the Company is already deemed insolvent. It can't trade and it can't take on new creditors. That is not to say that the relevant insolvency legislation can't empower a liquidator to continue doing business if to do so would, in the opinion of the liquidator, ultimately increase the return to the unsecured creditors. But if the liquidator chooses to do this any new creditors taken on by the liquidators rank above the unsecured creditors, which means they are protected. So the liquidator can choose to send you the coins (which would amount to running the business) or return the money. As Oddjob (who is often full of good advice) and others said the most important thing is that you contact the liquidator. Make sure it is in writing. They will be working the mess out and I am sure you will be fine. So your timing definitely COULD have been worse... you could have made the transaction the day before the appointment. Good luck, I think it is just a waiting game.
     
    President Trump, Jul 13, 2019
    #60
    Gresham's Law, CuBuffAu, barneyrubble and 1 other person like this.
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