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. PMCollector

    PMCollector Active Member

    Joined:
    Feb 13, 2021
    Messages:
    133
    Likes Received:
    116
    Trophy Points:
    43
    Location:
    Melbourne
    This is my take on it. The Perth Mint experience has overall been a both sloppy and unprofessional. On multiple occasions, I have tried sourcing certain sizes in both gold and silver for a months before the so called squeeze and when I have finally got a very delayed response and received the goods, it's always taken a few weeks to get the good in my hands. I do continue to buy from them because at least I have confidence in knowing what I'm getting. Have they run out of silver and gold, did they bail out the comex? Personally I don't think so.... They probably shipped out most of the goods to overseas customers and fell very short somehow. Despite being a mint, I just think they have serious management and fabrication issues within their business. Are ppl in the gold/silver community using this situation to claim a default issue to leverage their clicks/views on youtube and strengthen the reddit short squeeze movement, probably. The problem is now, this has created a snowball effect which could see them really 'run out' due to everyone wanting to order, hence why they have taken down the silver bars and reduce their gold size choices to a minimum. All IMO.
     
    Nocky and 66rounds like this.
  2. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,677
    Likes Received:
    2,836
    Trophy Points:
    113
    Location:
    Melbourne
    I have no doubt Perth Mint dug their own grave by bailing out the COMEX last year. I have never personally dealt with them because it's a pain in the ass to set up an account and I don't exactly like "guv-mint" products anyway. I can get their items faster through their distributers anyway.
     
  3. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,677
    Likes Received:
    2,836
    Trophy Points:
    113
    Location:
    Melbourne
    Shitty website, no phone number or street address, how do these wank stains get away with it in such a competitive industry??
     
    shinymetal likes this.
  4. Bobsydney

    Bobsydney Member

    Joined:
    Aug 19, 2016
    Messages:
    70
    Likes Received:
    24
    Trophy Points:
    8
    My understanding from all this is that unallocated or allocated gold and silver is what they are concerned about. I don't know how they work but believe people are saying that more than deliverable in unallocated has been promised by perth mint causing delays of weeks to months for delivery on orders. What this means for future price im not sure. Bullionnow probably got contacted by this person who couldn't get through and assumed the worst imo. In my experience it's not unusual for days or weeks for email reply from bullionnow I would suggest to keep trying them if you cant get through.
     
    66rounds likes this.
  5. PMCollector

    PMCollector Active Member

    Joined:
    Feb 13, 2021
    Messages:
    133
    Likes Received:
    116
    Trophy Points:
    43
    Location:
    Melbourne
    Spoke to Perth Mint, silver in 10oz and 1kg back in stock and ready for delivery.
     
    66rounds, jultorsk and fishduck like this.
  6. jultorsk

    jultorsk Well-Known Member Silver Stacker

    Joined:
    Oct 17, 2016
    Messages:
    1,224
    Likes Received:
    1,828
    Trophy Points:
    113
    Location:
    Brisbane
    $364 / ea for 10oz in the webshop. Can order max 3.

    Screen Shot 2021-03-30 at 12.56.11 pm.png

    $1105 for kilo bars, limit 10.

    Screen Shot 2021-03-30 at 12.59.43 pm.png
     
    66rounds and PMCollector like this.
  7. PMCollector

    PMCollector Active Member

    Joined:
    Feb 13, 2021
    Messages:
    133
    Likes Received:
    116
    Trophy Points:
    43
    Location:
    Melbourne
    Yeh, I just got 10 x 1kg
     
    sgbuyer and jultorsk like this.
  8. fishduck

    fishduck Active Member Silver Stacker

    Joined:
    Feb 14, 2018
    Messages:
    268
    Likes Received:
    185
    Trophy Points:
    43
    What’s the shipping and insurance cost?
     
  9. PMCollector

    PMCollector Active Member

    Joined:
    Feb 13, 2021
    Messages:
    133
    Likes Received:
    116
    Trophy Points:
    43
    Location:
    Melbourne
    Works out around $1135 a kg with insurance and postage. $210 + $123 for 10 kilos... so pretty much spot plus 10% to yr door..., could probably find cheaper, but really cant be bothered trying to mess around getting cheaper... we all know the end game and as far as I'm concerned, its a long term thing so Im happy...
     
    sgbuyer, Nocky, fishduck and 2 others like this.
  10. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,677
    Likes Received:
    2,836
    Trophy Points:
    113
    Location:
    Melbourne
    This has improved significantly since they hired Sam. He gets back to my emails within an hour usually
     
  11. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    3,618
    Likes Received:
    1,928
    Trophy Points:
    113
    Location:
    Singapore
    Spot plus 10% for kilobar is still a good price, definitely not possible to get in europe and usa.
     
    PMCollector and 66rounds like this.
  12. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    3,618
    Likes Received:
    1,928
    Trophy Points:
    113
    Location:
    Singapore
    Sometimes, I don't understand why people buy paper silver. Might as well buy silver mining stocks. Pays dividend even though it's usually very little but at least no holding expense.
     
    Bobsydney likes this.
  13. 66rounds

    66rounds Well-Known Member Silver Stacker

    Joined:
    Jun 22, 2019
    Messages:
    2,677
    Likes Received:
    2,836
    Trophy Points:
    113
    Location:
    Melbourne
    Useful to hedge price when you can't get physical like $11 spot Covid discount last year
     
    sgbuyer likes this.
  14. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

    Joined:
    May 25, 2018
    Messages:
    3,618
    Likes Received:
    1,928
    Trophy Points:
    113
    Location:
    Singapore
    Short term trading, yes, I did that for SLV myself, but can't imagine holding it for more than 2-3 months.
     
    66rounds likes this.
  15. ozcopper

    ozcopper Well-Known Member Silver Stacker

    Joined:
    Jul 17, 2009
    Messages:
    17,610
    Likes Received:
    3,960
    Trophy Points:
    113
    Location:
    Australia
    Link: https://www.perthnow.com.au/technol...-raid-will-fail-quite-dismally-ng-b881835992z

    There is an audio interview at that link, they cant even quote the correct silver price in the interview!



    There could be a raid on the Perth Mint’s silver vault today, but the precious metal refinery’s chief executive has already predicted it’ll fail “quite dismally”.

    Now, this isn’t some dramatic Italian Job-esque heist we’re talking about, where a Michael Caine-led crew blows “the bloody doors off” the mint.

    The raid in this instance is being driven by Reddit users in online forums, hoping to artificially inflate the price of silver for their own short-term gains.

    Far from urging people not to descend on the mint to buy silver, Mr Hayes welcomed it — as long as the people who turn up are prepared to pay the going rate for a 1000oz silver ingot, which is roughly $24,000.
     
    Bobsydney likes this.
  16. Jason1

    Jason1 Well-Known Member

    Joined:
    Aug 9, 2019
    Messages:
    1,205
    Likes Received:
    1,345
    Trophy Points:
    113
    Location:
    Qld
    when those comments were made $24k would have been about right. allot of PM guys talk USD
     
  17. jultorsk

    jultorsk Well-Known Member Silver Stacker

    Joined:
    Oct 17, 2016
    Messages:
    1,224
    Likes Received:
    1,828
    Trophy Points:
    113
    Location:
    Brisbane
    ^^

    https://www.silverstackers.com/foru...ddit-silversqueeze.99477/page-44#post-1198720
     
  18. heartastack

    heartastack Well-Known Member Silver Stacker

    Joined:
    Sep 2, 2010
    Messages:
    1,591
    Likes Received:
    1,197
    Trophy Points:
    113
    Location:
    Melbourne
    They are really going crazy on reddit over the PM lol
     
    jultorsk likes this.
  19. ozcopper

    ozcopper Well-Known Member Silver Stacker

    Joined:
    Jul 17, 2009
    Messages:
    17,610
    Likes Received:
    3,960
    Trophy Points:
    113
    Location:
    Australia
    Yes I got it was $USD. But it was and Australian radio interview and the listening public would have assumed the price to be in Australian dollars.
     
    Bobsydney, Lucky and 66rounds like this.
  20. Jason1

    Jason1 Well-Known Member

    Joined:
    Aug 9, 2019
    Messages:
    1,205
    Likes Received:
    1,345
    Trophy Points:
    113
    Location:
    Qld
    I dont really find it that weird especially in precious metals industry to talk USD by default.
     

Share This Page