Perth Mint says it has enough silver in stock following online claims the refinery is defaulting

Discussion in 'General Precious Metals Discussion' started by ozcopper, Mar 24, 2021.

  1. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    Perth Mint says it has enough silver in stock following online claims the refinery is defaulting.

    Demand for silver has grown over the past 12 months, putting pressure on the world's refineries.

    Customers of the Perth Mint have criticised the refinery online, claiming it has defaulted on purchases because it doesn't have enough of the precious metal in stock.

    But Perth Mint says that isn't the case.

    Listen to CEO Richard Hayes explain. Listen here: https://www.abc.net.au/radio/perth/programs/breakfast/perth-mint-silver-demand-supply/13269254
     
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  2. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    I'd like for the CEO of ABC Bullion to comment on current market (ie silver) conditions and ABC's current position to deliver physical when withdrawn from unallocated / allocated holdings inc timing for same as their web site is silent on such.

    Also I thought ABC was the largest silver refiner in Aust???...not according to Perth Mint's CEO....interesting comment re Perth Mint's position as the largest silver refiner in Aust.
     
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  3. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    I found out about this interview from a CEO of a USA silver company and he called the interview disingenuous
     
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  4. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    Ooh .. he said the word!

    LOL
     
  5. jultorsk

    jultorsk Well-Known Member Silver Stacker

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  6. PMCollector

    PMCollector Active Member

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    For retail (the plebs) around 1-2 weeks for the PM 1kg cast bars, PM 10oz and 100oz roughly 2- 3week away.
     
  7. Bobsydney

    Bobsydney Member

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  8. fishduck

    fishduck Active Member Silver Stacker

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    I went to the Perth Mints website and noticed 2 things (image below)

    1) There are no silver bars even for selection
    2) They are out of individual 2021 silver kangaroos

    My thesis has always been that:
    1) If the current year 1oz kangaroos are out of stock
    2) And this is happening in a sustained manner (out of stock for 3~6 months+)
    Then we have a problem

    Luckily they're still selling kangaroos by the tubes so I don't think we have a problem yet and things might change this week (they might list silver bars for sale again) but this has got my attention as I initially thought condition 1) above was met. Keep in mind that we're still in March and this is happening.

    Please let me know if silver bars not being listed in the Perth Mint has ever happened before as its the first time seeing this.
    PM.png
     
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  9. Bobsydney

    Bobsydney Member

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  10. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    ^ What a load of rubbish!
     
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  11. shinymetal

    shinymetal Well-Known Member

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    They often let the calls go to voice mail from my experience, not a massive deal, they get back to me in a reasonable timeframe.
    Michael's a genuine guy who just wants to help get bullion into the hands of anyone that wants it.
    I don't have a reddit account so I can't put my 3d in, but I'm considering making one.
     
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  12. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Don't waste your time it's a literal echo chamber. Can't wait for AustraliaBiggestStacker to be exposed as a competing dealer.

    Michael's customers know his honesty, his business will only grow from this exposure. Once my latest shipment arrives from him I'll be posting on Reddit.
     
    Last edited: Mar 29, 2021
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  13. Silverling

    Silverling Well-Known Member Silver Stacker

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    How does the writer get away with what he is saying? For the comments that he made there is definitely a defamation case there. I've seen another forum taken to the courts when a member made untrue comments.
     
  14. ozcopper

    ozcopper Well-Known Member Silver Stacker

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    I had an order in with Bullion Now last week and got my order way faster than any of the Sydney dealers I have dealt with.
     
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  15. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Imagine wasting time litigating against Reddit posts. In Michaels case there is no such thing as bad publicity, new customers will try him out when they see his prices and headache customers will buy the rumour and piss off somewhere else.
     
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  16. Silverling

    Silverling Well-Known Member Silver Stacker

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    ^^Yes that's true, if I was in his shoes I wouldn't pursue it either. But the things that dude says is way out of line, he should watch himself, he's lucky Michael is a nice guy.
     
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  17. kjimmy

    kjimmy New Member

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    Great comments here. Micheal seems genuine. I’m a newbie, but this argument is entertaining. No side showing any proof either way. One thing for sure is the obvious dip in the inventory of the comex silver depository warehouse from mid-March to now. Ppl wanting physical. Interesting
     
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  18. shinymetal

    shinymetal Well-Known Member

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    When I tried to post about a negative experience with a particular company on here the posts were removed because the forum was threatened with legal action.
    It was ğòļđ ďē ŕøýąĺě and was my first buy, they never delivered after months, I asked for refund and although they said they would they never did, my bank did because it was basically a scam.
    After I'd paid it was impossible to contact them, their phone goes to a call center.
    I'm not sure if they are a straight up scam or what the deal was, but I sure as shit never tried them again and just wanted to warn others.
    Over time I found this forum and better dealers now life's good :)
    If it's still off limits to mention them, oops. just remove this post :p
     
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  19. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Exactly, all this banter is just distraction from the great analysis posted for free on Reddit about COMEX being slowly drained. This is the Achilles heel of the JPM scalp trade.
     
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  20. 66rounds

    66rounds Well-Known Member Silver Stacker

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    What I'm curious about is Michael once mentioned a dealer telling customers his prices are cheaper because his gold is not .999 fine. If it's the same person posting on Reddit, I hope they get nailed to the wall in court.
     

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