Perth Mint Crisis Watch(Here's a few more stories!)Silver Stock Reportby Jason Hommel, May 23th, 2008So, it appears to me that the government of
Western Australia will do nothing about the Perth Mint Crisis, at least,
not yet based on what I've sent them. Dear
Jason, I too am a
dissatisfied Perth Mint customer. I purchased several thousand ounces in
January 2008 and converted them to silver bullion a couple of
months later. The process was however protracted and took about four
weeks from the time I requested it. The bullion was obviously being
shipped from the eastern states and I could feel the sense of relief in
the voice of the agent of the Perth Mint when he was finally able to
deliver my metal. When I questioned him
about whether he really had silver bullion he said they stored it in Perth
and London and when I asked him why he didn’t charge storage fees he said
it was because they themselves could use the silver.. and then he broke
off the conversation with the ‘well if you can’t trust the West Australian
government’ speech. I suggest that your
pursuit of the Perth Mint at the moment is spot on. Their strength is that
they are owned by the West Australian government but this is also their
weakness as they can be forced to reveal their true financial
situation. If they are indeed
selling promissory notes of future silver and not real bullion then they
are acting fraudulently under the Fair Trading Act of Australia.
If you really do have a subscriber base of 80,000 then I suggest that if 20,000 of them donated $25 to a legal fund to challenge the Perth Mint under Australian Law then this would give a starting budget of $500,000. Further I suggest the moment the case is advertised for court action then the worldwide interest will begin and the silver price should begin to move rapidly upwards. A $25 investment then should be a bargain! ============= You
should see the corporate ownership structure around the Perth
Mint. So
listen Jason you don’t live in Australia I do. People don’t have
foresight so your comments to government bodies will fall on deaf
ears, the gullible public here would believe that State
Government guarantee was good as gold. Let me tell you, a
previous Premiere of State Govt of WA was brought up on corruption charges
and convicted, as far as I know. At one time the current Prime
Minister of Australia lunched with this Premier as they were both in the
Labor Party at that time. After the conviction the current
Prime Minister sort of washed his hands of
him… There
was a corporate group know as the Bond Corporation that had it roots in WA
and the largest shareholder there was done for raiding corporate
coffers.. amongst other allegations. A few decades ago WA was still
know as the Wild West. I find it ironic that pure metals are trying to be sold out of WA with a WA State Guarantee. I would say that without the current mining boom, the state’s financials underpinning such a guarantee could well be questioned. You know talk is cheap and I would wonder if the State Government would do good on this guarantee.. ============= Dear Mr.Hommel, 1000 thanks for your action regarding Perth Mint! Before Easter I ordered to change my unallocated deposit in a allocated one involving gold and 3000 ozt of silver. It took more than one month, a dozen emails and about a dozen phonecalls to finally get it done. Slowly I increased the pressure until finally reminding them of their legal obligation to supply metal as they state on their website. Publicity is the best way to get improvements. Some people hold their life savings with Perth Mint and I certainly had many sleepless nights until these 1000 oz. bars (serialnumbered) were put into my allocated account. Many thanks again for your actions which will surely lead to an internal enquiry at the mint. Australia is a very fair and caring nation and people there do not like it when their country is put into the wrong light. Perhaps a change of management at the mint will lead to the necessary improvements. Please keep up the good work and kind regards,
According to my
bullion dealer in Brisbane he is aware of the problem with Perth Mint
since 2006.
He reduced his business absolutely drastically with them. If I insist to get Perth Silver I have to wait at a long long time. How long is long was my question? He said, "XXXXX, too long for you." Luckily I bought 1350 kg in 2006 from 2 sources in Australia. By the way, West
Australia is governed by a very very questionable labor government. (I try
to be polite).
Kind
Regards
Jason Hommel |