Perth Bullion Liquidation

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

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  1. alor

    alor Well-Known Member Silver Stacker

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    was referring to purity of that side
     
    alor, Sep 16, 2020
    #641
  2. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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    The figures on the far right relate to perthmintbullion.com (aka Perth Mint). It is showing that Perth Mint is selling their coins for a higher premium than the limit that was applied in calculating what was owing by Bullion Bourse (aka Perth Bullion).

    I agree the table is a bit confusing, it would have been better with just 1 or 2 lines highlighting common weights.

    From the table, the ATO is using $57 over spot as a premium limit (for 1oz gold), where Perth Mint are selling their gold coins for more than $100 over spot e.g.

    upload_2020-9-16_19-8-52.png
     
    Bullion Baron, Sep 16, 2020
    #642
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  3. innerpath

    innerpath Active Member Silver Stacker

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    thanks, I understand it much better now
     
    innerpath, Sep 19, 2020
    #643
  4. sctpc

    sctpc Active Member

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    Bullion Bourse had the lowest premiums at the time, I was buying bars at about $25 over spot and a coin was $40 or less. there was a reason they destroyed this Business but we will never be privy to that.
    Anyone know what happend to people who owned Unallocated, Did they get any PM or the value in cash or just become a unsecured creditor?
     
    sctpc, Sep 20, 2020
    #644
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  5. bbfounder

    bbfounder New Member

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    I would be very interested in finding this out too. I have heard from a couple of unallocated customers affected by the liquidation with contingent losses of their investments. These appear likely total losses as the unallocated holders have been told that they are considered unsecured creditors and in my personal opinion a payout for unsecured creditors appears unlikely. If there are others please contact me here (send PM and I'll provide a relevant phone / email address) and I will see if there is anything that can be done. However, I believe this is probably old news for most affected

    I believe the winding up application was defective, especially as the above was how the ATO calculated their position and also that it should have been terminated early on when apparent the company wasn't insolvent. The liquidation process itself appears to be the cause of any such losses.

    I am the director of Bullion Bourse pty ltd, but am not representing the company in the above or any other matter due to the appointment of a liquidator last year. I have a personal interest in the liquidation and that extends to anyone negatively affected and make the above offer in line with my personal interest in terminating the liquidation, or obtaining compensation for losses sustained because of the liquidation, given that the winding up process was defective.
     
    bbfounder, Oct 8, 2020
    #645
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  6. sctpc

    sctpc Active Member

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    I was told that they became unsecured creditors also, I made a comment about it was told to Prove it as I was wrong by John Adams from As Good As Gold Australia. On another note im told if you get a invoice stating you own XX of unallocated with free storage you would still own XX in the event of liquidation and would be sold to give you the value of XX upon sale.
    Then you have the Perth Mint who own no Unallocated gold as its leased from the reserve bank and stored in London so you can never own it, this was from Martin North and John Adams a couple moths ago.
     
    sctpc, Oct 8, 2020
    #646
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  7. sellmeyourbullion

    sellmeyourbullion Active Member Silver Stacker

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    Has anyone seen the posts on FaceBook today? Apparently Perth Bullion is open again?
     
    sellmeyourbullion, Nov 4, 2020
    #647
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  8. aussiesilver

    aussiesilver Well-Known Member Silver Stacker

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    Your a handsome woman Sellme, can you post a link?
     
    aussiesilver, Nov 4, 2020
    #648
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  9. sctpc

    sctpc Active Member

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    Well I searched on facebook and rang the guy said they have since new financial year, $2965 a oz for low premium gold. dident know if they have our old info or not.
     
    sctpc, Nov 4, 2020
    #649
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  10. sellmeyourbullion

    sellmeyourbullion Active Member Silver Stacker

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    sellmeyourbullion, Nov 4, 2020
    #650
  11. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    I clicked the link, it took me to Perth Bullion. I was hoping to see a bit of hot action on Sellme's page!
     
    sammysilver, Nov 4, 2020
    #651
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  12. StewyD32

    StewyD32 Well-Known Member Silver Stacker

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    Wasn't expecting that. Same management?
     
    StewyD32, Nov 4, 2020
    #652
  13. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    [​IMG]
     
    ozcopper, Nov 4, 2020
    #653
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  14. 66rounds

    66rounds Well-Known Member Silver Stacker

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    You'd think they'd change name/location at least. Their rep is finished.
     
    66rounds, Nov 4, 2020
    #654
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  15. slavaja

    slavaja Well-Known Member Silver Stacker

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    Looks like their back. The bullion is much cheaper from there sorry @Bullion Now
     
    slavaja, Nov 4, 2020
    #655
  16. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    They were always very competitive.
     
    ozcopper, Nov 4, 2020
    #656
  17. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Where's their pricing?
     
    66rounds, Nov 4, 2020
    #657
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  18. slavaja

    slavaja Well-Known Member Silver Stacker

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    Probs have to call up and find out. I always ordered from them in the pass because they are always cheaper
     
    slavaja, Nov 4, 2020
    #658
  19. 66rounds

    66rounds Well-Known Member Silver Stacker

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    If the difference is only $10-20/Oz of gold it's not worth the distance for me. But silver is where they can win me over as everyone has ridiculous premiums still.
     
    66rounds, Nov 4, 2020
    #659
  20. SteelHand

    SteelHand Well-Known Member Silver Stacker

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    SteelHand, Nov 4, 2020
    #660
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