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Perth Mint and Kitco Scheme Exposed

By: Jason Hommel, Silver Stock Report


-- Posted 26 March, 2008 | | Discuss This Article - Comments: Source: SilverSeek.com

(What's going on here?!)

Silver Stock Report

Yesterday, I got into a bit of trouble by writing that the NorthWest Territorial mint was bankrupt, which they are not (consider this a second retraction).  The NorthWest Territorial mint only has a risk of bankruptcy since they have so much silver owed to them by their suppliers, and those risks concern me in light of shortages of silver reported everywhere, and their long delivery times.

What is going on with Perth and Kitco is very unfortunate, since the Perth Mint is reportedly one of the largest bullion dealers in all of Asia, and Kitco has the largest presence on the internet, ranking number two in the search terms for silver and gold, just behind wikipedia.

So I have to choose my words carefully regarding the Perth Mint & Kitco.  Perhaps the words of Jesus and Andrew Jackson are appropriate to quote in this context:

"You are a den of vipers. I intend to rout you out and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning." --Andrew Jackson, 1828

Matthew 23:33  "You snakes! You brood of vipers! How will you escape being condemned to hell? 34  Therefore I am sending you prophets and wise men and teachers. Some of them you will kill and crucify; others you will flog in your synagogues and pursue from town to town.


You know who Jesus and Andrew Jackson were addressing?  The moneylenders who offer to hold your money for you!

Since I advocate that you hold your own bullion yourself, I've wondered if the business practices of Kitco gave them a bias to rarely ever publish my articles, even though I was an advertiser for years, and my articles appeared far more regularly at gold-eagle.com and goldseek.com.  I think I finally figured it out, and it's time for me to finally burn my bridge to kitco; as I don't need them anyway, and stopped advertising with them a while ago.

Kitco is a partner in a bullion certificate scheme with the Perth Mint, and also offers a pool account like Perth Mint does. 
https://online.kitco.com/pmcp/

I believe, but cannnot prove, that Kitco is short of bullion owed to their own customers in their pool account, and this would explain why they publish the anti-gold articles that they do.  If you own precious metal in a pool account or certificate form with anyone, Kitco, Perth, Monex, Goldline, any Major Bank or Brokerage, or anyone else, I think you would be wise to cash out, and get real silver somewhere else, even if you have to pay extra fees to do so.

Here are my five witnesses in my case against the Perth Mint (Kitco is implicated only by association, as they advertise the Perth certificates.)

The testimony of the people below go to show that you cannot trust silver certificates, nor can you trust allocated silver storage, nor can you trust government guarantees.  (Trusting government guarantees for bullion is the most absurd thing I can think of, since governments are the ones who are printing money which competes with the demand for silver as money!)

=============

Date: Thu, 28 Feb 2008 18:52:05
Subject: Re: Silver Stock Report: How to Get Into Silver, for Billionaires

S Tabikh wrote:

Jason,
        
Ive just ordered $20k worth of Silver 100oz bullion from the Perth Mint and have to wait upto 6 months for delivery for such a small order. Goes to show the lack of Silver avaliable.
        
Regards,
Shafic

=============

Date: Thu, 28 Feb 2008 15:07:40
Subject: Re: How to get into Silver for Billionaires

peter wrote:

    Hi Jason,

    Thanks for sending me your latest email, I'm always interested in hearing your opinion of the current state of the Silver market.

    I was rather alarmed, however, to read the story of the gentleman you mentioned who had 10,000 ozs of allocated Silver stored on his behalf by a "AAA rated,... guaranteed "  mint which "services the Asian market" ...I assume you are unable to publicly identify the mint concerned for legal and other reasons, but I would greatly appreciate it if you could inform me privately of same. IE: Is it the Perth Mint?

    The reason I ask, as you can probably guess, is that my own situation is almost identical to the one mentioned in your article (which listed difficulty getting allocated silver which took 6 months) and you have now further aroused my suspicions about the alleged security of allocated storage of precious metals. In addition, I have also met with an un co-operative attitude when making enquiries about taking delivery of my Silver, so again there are further parallels with your story.

    I hope you can take a moment from your busy schedule to share this information with me as obviously, its vitally important to my future financial security -just a simple 'yes' or 'no'  in answer to my query above would suffice, no need to elaborate.

    Thanks again for your time and I wish you every success in spreading the Story of Silver to the world.

    Regards,
    Peter

Jason: YES!  I was alluding to the Perth Mint, but I didn't have enough testomony at the time to name them publically, but now the truth comes out!  Get your silver.  Travel to their location, and get it, and haul it away, as soon as possible.  (They might not have it!)

=============

3/19/2008 9:20 PM
Jason,

Just placed another order with Perth Mint, they are out of stock on everything, however there waiting period is no longer 6 months (Im guessing they received alot of complaints) its now 6-8 weeks.

Just got off the phone with them, they have no bullion in stock, its all on backorder, the official excuse is that it takes along time to make the bars and everyone wants them, could be viiewed as a good thing knowing demand is high, but I personaly dont like waiting 6-8 weeks for delivery.

I contacted several other dealers in Sydney, only 1 out of 5 has stock...... Everyone has back orders with PM which is the distributor.

Regards,
S

=============

In the March 26th Midas report, from lemetropolecafe.com (a site I subscribe to, and highly recommend):

G'day Bill
The shortage of silver is becoming acute in Australia. I phoned my supplier (THE major in my state) this morning, to confirm the developing situation re supply and he has confirmed that he cant get silver until May. He has always had ample stocks on hand, with my son or myself able to walk in and transact on a cash and carry basis.

NOT ANY MORE!!! He can't get a price from his supplier whom I assume is the Perth Mint or the Australian Bullion Co, as these are the bars that I have received from him. He only does Open Book orders where he will take your order but will not be able to price the metal until he is assured of a delivery price from his suppliers. Mid April is when he expects to be able to price an order. He said he has knowledge of a Perth Mint customer who has his money tied up in their Unallocated Pool Account, using Silver Certificates. Taking the advice of various "hold it in your hot little hands" advocates (such as yourself, Ted Butler and Jason Hommel etc,) he tried to redeem his certificates and have his holdings transferred into an Allocated Account.

The Perth Mint has advised him that they WILL NOT buy his certificates from him and WILL NOT allocate physical silver to him. They will however ALLOW him to swap them for gold. They will only do this by slugging him on the spreads. They slug him on their buy back price for silver and then whack him for their mark up on gold. He apparently is a man on the edge as my dealer feels that he is close to topping himself over the issue. Must be on Margin. I wonder if the Perth Mint is so broke that they can't pay him. Apparently they are backed by the full faith and credit of the Western Australian Govt. Yeah Right!

Stow it or blow it is the right call from you et al, and I thank you dearly for the advice, as I was once a Perth Mint PAPER silver certificate holder.

=============
5:24 AM, March 26th

Hi Jason,
                just wanted to let you know about recent dealing with Perth Mint.
As I have been following your emails now for some time I recently decided to buy silver at Perth Mint in the form of the PMCP (Perth Mint Certificate Program).
 Talking with a person in their Treasury Department I opted for Unallocated silver with the view of changing that to Allocated or pick up at a later stage.
After your email "If you don't hold it, you don't own it" I sent an email saying when I wished to pick it up, giving about 4 weeks notice that I was told I needed to give.
 Still have had no reply after a phone call and another email.

Wondering if you have had any similar emails from anyone else regarding Perth Mint?

God bless,
Graeme.

=============
=============

I've been thinking more about how people who are afraid of risks, and who don't want to pay the costs of storing their own silver, tend to trust promises of men rather than the provision of God.  The Great Harlot of Revelation 17-18, I believe, refers to moneylenders who lend to the kings of the earth to control them; and this is harlotry because the Harlot will trust the kings of the earth for security rather than the King of Kings, Jesus Christ.

So, now, I wonder how much different it is to trust having someone else hold your silver for you; is that an act of spiritual harlotry as well?  Do these people who put their trust in the Perth Mint, guaranteed by a "king", the government of Australia, get what they deserve?  The kings are said to turn on the harlot to destroy her, and I wonder if the Perth Mint not giving out silver that was paid for is like a preview of that prophecy.  You judge. 

As for me, I've long decided to choose to be responsible for taking dominion over God's provision of silver that He has entrusted to me to care for, and I'll accept and take the risks of holding it myself, and I'll trust in God that things will work out ok without man's insurance. 

I know that if I have wealth, then I must also have the wealth to guard it, as that is a basic undeniable truth. 

If you have a small amount of silver, get a lock box.  If you have more, get a floor safe.  If more, get a large gun safe.  If more, get several gun safes.  If more, build a vault.  If more, build a warehouse.

According to God, if you are Christians, you are Kings and Priests, and so, I try to act like it; taking possession and guarding my silver with my own safes, and preaching that others do the same.

Revelation 5:10 And hast made us unto our God kings and priests: and we shall reign on the earth.

The united States is supposed to be a nation of sovereigns, kings, the people are the kings.

Act like a King.  Get your silver.

Act like a Priest.  Tell other people to get their silver.

http://find-your-local-coin-shop.com/

Sincerely,

Jason Hommel
www.silverstockreport.com
www.miningpedia.com


-- Posted 26 March, 2008 | | Discuss This Article - Comments:

Last Three Articles by Jason Hommel, Silver Stock Report


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