Perth Bullion Liquidation

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

  1. Gigrantor

    Gigrantor Member

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    My order was made over a week before the liquidators took over yet the business was still taking orders, it almost feels like they did this with the intention of stealing people's funds for as long as they could get away with it!

    I was a loyal customer for over 5 years and this is how they repay me!

    Not bloody happy!!!
     
  2. mrsilverservice

    mrsilverservice Well-Known Member

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    From what I've read it could be safer to buy from here o_O

    I wish you well :(












    The Book of Timothy - Timothy 1 Chapter 6 verse 10

    The love of money is the root of all kinds of evil :mad:
     
  3. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    I would find it very strange if a receiver or liquidator took the stance that the safety deposit box contents belong to them. Be it held in trust or not, if operated as safety boxes. Ie paying $x a month or per year and a key is required for a physical box.

    It would be akin to a property owner defaulting on mortgage and the bank claiming the contents like wedding rings, the car in the garage inside the rental property belongs to bank and not to the Tenants.

    Though if the safety box was pseudo gimmick like “your allocated gold is stored in our safety box” than it belongs to the liquidators.
     
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  4. fishduck

    fishduck Member

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    I wanted to spin this discussion a little bit into a topic I don't think I saw anyone talking about, if the unallocated/allocated and safety deposit boxes has insurance included in whatever contract/arrangement made, how would this work?
    My understanding is that SMSF holders must have insurance if they are storing their PMs in a safety deposit box.
    I also know that for people who have allocated storage, most(or almost always) of the time insurance is included in the storage fees.
    My understanding is that this covers fire/theft etc and should cover insolvency (please correct me if I'm wrong).
    How long would this take and would this under the liquidators discretion? Or would the insurance not trigger if its held in a seperate trust under your name and therefore your PMs get returned?

    As mentioned above, how about a scenario where the liquidator takes a stance on your unallocated/allocated and safety boxes? Can you claim insurance if you don't get a full return?

    Any ideas would be much appreciated :)
     
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  5. josh_676

    josh_676 New Member

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    Precious metals are like Bitcoin, if you don't hold the private key (or in this case the physical gold) you don't own the gold... Very sad.
     
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  6. CuBuffAu

    CuBuffAu New Member

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    No point ringing OR emailing as they have not responded to any of the above options of mine since weeks ago, i paid 1 month ago!!
    and still received nothing !!!
     
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  7. josh_676

    josh_676 New Member

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    I think a big part of the problem here will be, the Federal Government will be the major creditor, and I am 100 percent sure they'll get the pound of flesh, and leave nothing at all for other creditors.
     
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  8. madaw1

    madaw1 Active Member

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    That's correct. It looks like safety boxes /in Banks and some other institutions/are NOT SAFE any more. You own it whatever you hold it!!!
     
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  9. President Trump

    President Trump Member Silver Stacker

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    2 things are certain:

    1. The liquidators can't take items in true safety deposit boxes. There is plenty of case law on this. The contents of a safety deposit box is owned by the depositor (not the provider of the box) so the liquidator has no rights to it. There is no trust arrangement, it is very simple; the owner is the owner.

    2. After the liquidator is appointed, he cannot accept money for a PM unless a) he decides it is in the interest of the unsecured creditors to conduct this business and b) he is able to supply the product. So the liquidator will return Gigrantors money or supply the PM. But he needs time to do so.
     
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  10. President Trump

    President Trump Member Silver Stacker

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    The question is: is it a TRUE safety deposit box!
     
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  11. fishduck

    fishduck Member

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    What is a true safety box and what isn't?
     
  12. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    A true safety box is YOU have a physical key to a physical box, that can only be opened physically by you which can be in a secured common area.

    Think of it like Kennards Storage, if Kennards storage goes kaput, as long as you paid your rental you can go in and get it.

    A pseudo safety box which is more a marketing idea ie “We keep your allocated or unallocated metals securely stored in our high tech safety box in a secure vault for safety” this box and it’s content is OWNED by Bullion Bourse with a promise that when you want it, it’s yours.
     
    Last edited: Jul 13, 2019
  13. President Trump

    President Trump Member Silver Stacker

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    If you have a contractural arrangement with a third party that they supply you with a segregated secure location (physically a box or something else) where you can store your items which you may collect at an agreed time following an agree procedure this is purely a safe custody arrangement. No liquidator can touch this because he only has rights with respect to the property of the company under liquidation and the property in the safe custody box is not the company's. It is clear whose property this is. There is simply a contractural arrangement to provide safe keeping.
    But if the company here is calling this a "safety deposit box"... but physically there is no segregated place, the PM is not identifiable, the contracts talk about more than just safe keeping and contain clauses about the right of the company to use the PM in certain circumstances for company purposes and otherwise water down the rights of the owner ... then things get mirky.
    If there is no contract of sale that shows specific PM was bought and sold on a particular date then things get complicated because the ownership element may be missing.
    But if this is a sale of PM and then a true safety deposit box is provided it is very cut and dried.
     
    Last edited: Jul 13, 2019
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  14. mrsilverservice

    mrsilverservice Well-Known Member

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    Quote - I paid 1 month ago - it looks like misplaced sympathy towards Perth Bullion for me :mad: I thought being robbed here was more of a risk but how wrong was I :eek:

    Will this type of PM theft become more main stream with the supply chain tightening,very possible I would think.

    So saying that buy now if you can and hope for the best :)












    The Book of Timothy - 1 Timothy Chapter 6 verse 10

    The love of money is the root of all kinds of evil :mad:
     
  15. Bullion_ron

    Bullion_ron Well-Known Member Silver Stacker

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    Where am I going to get the rest of my 1/4 oz Queens beasts now? Checked with swanbullion, they're not stocking at this point in time. KJC maybe? But their premiums are not the best.

    Really sad
     
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  16. jultorsk

    jultorsk Active Member Silver Stacker

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    I'll be sourcing some from Europe for myself, maybe can grab an extra one for you Ron. LPM is also an option but shipping is steeply priced with them.
     
  17. innerpath

    innerpath Member Silver Stacker

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    I paid on 21st June for a tube of American Eagles including postage but have not got.
     
  18. serial

    serial Well-Known Member Silver Stacker

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    I have dealt with them a limited number of times, the warning signs were there guys.
    With me they took possession of metals and then failed to pay on the agreed time giving excuses about only making deposits a certain number of times a week and that my payment had just missed one. after the last time I was messed around I started to report it online and was warned that I would face legal action if I continued. decided that it wasn't worth the headache and to just no longer deal with them. They also had been pushing margins locally for a while now and failing to pay the agreed price when parties were in shop banking on the fact that people would just sell them the item at the reduced price after driving out to them despite the quoted phone price.
    locals had reported business practices that indicated that they were kicking a can up the road debt wise and in my opinion it would only take a single debt to topple them. when that happened they would do what they have done now protected by the corporate entity they had created.
    I warned multiple people of this and as much the staff are "nice guys" they had a reputation amongst locals and dealers in the know and i had verbally warned all those i could
     
  19. Bullion_ron

    Bullion_ron Well-Known Member Silver Stacker

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    For sure man. Next one is released Septemberish, let me know!
     
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  20. innerpath

    innerpath Member Silver Stacker

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    Who is LPM?
     

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