Perth Bullion Liquidation

Please check your inbox guys, I have sent through link to the telegram group to those I reckon got impacted. We can discuss how to go forward from there.
 
Yef said:
I was a regular customer in person at PB and they could always tell me what quantities of items i wanted they had on hand so no accurate database seems rather odd to me.
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Perhaps there is a system that tracks stock and ownership etc and the liquidators have just not found it. The owner(s) might have "rage quit" after the $2M tax bill and the loss of the business and refused to cooperate with the liquidators maybe?
Does seem implausible that you could run such a system without any form of at least rudimentary database.
Did the un/allocated storage programs have any sort of online login that let you see your status? If so then a database and system has to exist. IIRC there was an account login where you see your previous orders etc, surely there is something for the storage programs?
 
Hi all, please let us know who is affected by this and in what way to see how many people we have for a group and what kind of interests... Thanks
 
Captain Kookaburra said:
Unfortunately, and I speak from experience, scammers prey on situations like this. They spoof email address headers and send emails to people already in panic mode.

What's to say that someone (possibly even attached to the liquidators) sells a list of customers to scammers who then fleece any unfortunates who respond?

Changing account numbers is a common attack vector. Unless we know who controls the new account numbers, we cant presume anything. Also the bank never compares the account name you give them, it is not checked. So they can call it Kermit the Frog Pty Ltd, but it really belongs to Gerard Turtletard. Try and verify ownership and the banks wont check for you citing privacy reasons. So if this happens, and someone changes account details in an email, be immediately suspicious and confirm through another verifiable channel, i.e. Phone.

Don't assume these emails are from anyone connected to PB. The small amounts that come through would not be worth their while.
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Don't assume the email is PB? Really? I know what your saying is possible, but it's much much more likely Ben or another PB staff member has switched bank accounts because they could easily. Ben just lost everything from a shit gst ruling and is likely feeling really hard done by so is taking whatever he can.

I definitely will be finding out who's account I paid into.

I don't think sdb holders will lose anything, but anything PB were holding like unallactoed or or guys waiting for delivery will lose everything. To easy For Ben to say they just never had it.

But saying that I do find the lack of communication from RSM pretty worrying.

And how does RSM make money out of all this?

No records of this bar of gold, well then isn't that convenient
 
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Oddjob said:
I do note that KJC in Sydney note they provide SBD holders with PPSA registration. Refer link to their overview. Could be warranted or just a marketing ploy to differentiate from other SBD providers.

https://www.kjc-gold-silver-bullion.com.au/applicationforms/KJCBullionStorage.pdf
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Oddjob: KJC storage looks different. KJC store with G4S. So the owner of the gold isn't simply putting putting it in a SDB with KJC. There will be all sorts of term and conditions in documentation allowing KJC to store the PM with G4S, some of these terms could trigger PPSA.
 
PBC have been good to deal with, honest and trustworthy from day one & now some feel they would turn on a dime in an instant to become crooks whilst under the ATO microscope, seriously who would be so stupid, it makes no logical sense once the emotion is removed along with the mud flinging stick (divide to conquer). Did any SDB owners here ever have any issues in the past with PBC record keeping or find them lacking when checking their boxes? More likely the owner and staff were locked out and banned from entering premises than them record tampering. I am not involved but reading what records and evidence already SDB holders have supplied v's the stance the liquidators are taking along with the lack of communications other than what is the legal requirement I'd say they are the issue weather or not under the watchful eye of their handlers. Their are legal time lines they will need to meet at certain stages of this whole process which should have been laid out to those who registered as affected parties (find out what those time lines are so you can do whatever before it becomes a mute point and get together as one very clear and loud voice guys ASAP for your own sake please). These are my own observations only not legal advise etc. just a concern fellow stacker.
 
As someone who hasn't been impacted by this but is keeping an interested eye on it all, all my concerns up until this point are around the Liquidator

I dealt with PB quite a lot, and as far as I could recall I could easily see all of my purchase history online once logged in, and had nothing but great experiences with them. Now I understand that a positive experience with them doesn't clear them of any wrong doing, nobody would be that naive, but RSM's claims of no/poor records, receipts or whatever just seems too fishy to me, not to mention they seem to be very amateurish with how they have dealt with/communicated so far

As others have mentioned, liquidators don't do what they do just out of the goodness of their heart - they need to be gaining in order to do this, and I just hope that the truth about all of this comes out, and most importantly that everyone who has been impacted doesn't get burnt and receives their SDB contents, and soon - not through some painful and stressful time consuming process

This truly is an absolute debacle. I hope the truth comes out soon
 
SilverDJ said:
To me this whole thing highlights the importance of using the Perth Mint deposit program, it's government guaranteed. No need to worry about a private company going broke etc.

"But if the government has my gold they can just take it!" I hear people saying.
Yeah, sure, minuscule chance compared to a private company going broke or corrupt or whatever.
And if they can take your gold they can also lock down your private SDB too, no company will fight a court or government order to do that.
And you'd be able to see such an event coming with plenty of time to get your metal out.
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Since it's backed by the western australian government, if I don't need to take delivery, does this mean there's actually no difference between allocated, pool and unallocated? Unallocated is attractive since it has no storage fee!
 
Gazzasore said:
With Perth Billion
I could buy a couple of oz a week
And ship when I had a few
Do any other Bullion outfits slow this?
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City Gold in Adelaide do this, its not on their website. But I call up and place an order and then ask them to hold off for a few weeks of shipping while i order some more to bundle it up, had no issues with them at all.
 
sgbuyer said:
Since it's backed by the western australian government, if I don't need to take delivery, does this mean there's actually no difference between allocated, pool and unallocated? Unallocated is attractive since it has no storage fee!
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Correct. All are backed by physical metal and also the government guaranteed. This is unlike all other storage programs in which unallocated is not safe if the company goes bankrupt.
I presently have all mine in unallocated as a result.
And because they are government owned I'd expect them to have extensive bureaucratically controlled processes in place for ownership data etc. I'm sure Bron can fill us in on that?

I don't want to shill for the Perth Mint, as I wasn't happy with their data breach some time back, but they are still the best game in town in terms of safely storing your metal.
 
SilverDJ said:
If you are regularly selling physical metal back to dealers then you are very likely doing it wrong :eek:
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Exactly, you shouldn’t be accumulating PM’s unless you’re prepared to not have to exchange them back into fiat for a considerable time frame! I happened to look at their buyback rates when I was looking at what their crypto spreads were like since I’m looking at getting started in that realm.
 
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