John Adams EXPOSES Perth Mint Fraud!

Dear Colleagues of the Silver Market,

I just wanted to highlight that in the past week since I tweeted about the Perth Mint being in default of its obligations to deliver physical silver with respect to its synthetic products (unallocated and pool allocated), the Perth Mint has amended its commitment to the market.

Product Information Statement I have attached the 2015 version of the "Product Information Statement" and the version issued in the past week (i.e. March 2021). On page 16, the following paragraph has been inserted:

" Please note that depending on the complexity or your freighting requirements, it may take longer than the two or ten days for The Perth Mint (or yourself, if you are organising your own delivery) to obtain freight quotes and make arrangements for delivery. The PMDP team will make every effort to have your metal dispatched as quickly as possible however delays may be experienced due to flight schedules and other freighting delays outside The Perth Mint's control and/or stock availability and production"

Website Changes Also, on the Perth Mint website the following sentences have been added:

1) When you look under the section: "What is the difference between allocated, pool allocated and unallocated storage?" you will see the following sentence be included under the delivery timetable:

"**Note that delivery times are subject to production lead time constraints." NOTE: this was not on the Perth Mint website 3-4 days ago when I tweeted about the delivery schedule listed on its website. Go to the following link: https://www.perthmint.com/storage/help/faq-storage-options.html 2) When you look under the section: "Can I convert between storage types" you will see the following sentence be included under the delivery timetable:

"**In the case of Unallocated metal or Pool Allocated metal, clients wishing to take delivery must first request that their precious metal be converted to Allocated. Note that some products may be temporarily unavailable from time to time due to production lead time constraints"

When you look under the section: "What are the delivery/collection procedures?" you will see the following sentence be included under the delivery timetable:

"**Subject to stock availability and production lead times and at our sole discretion"

Go to the following link: https://www.perthmint.com/storage/help/faq-depository-program.html

Implications

The most concerning implications are for "pool allocated" clients with over 1,000 ounces. This product is supposed to be 100% backed by 1,000 ounce bars and yet the Perth Mint is now denying immediate delivery. '"Pool allocated" clients have to now convert to allocated before being able to take delivery. During the past 7 days, multiple clients were denied by both the Perth Mint's online platform and by staff the ability to convert to allocated.

To my mind this makes no sense (can anyone else figure this out?). If a pool allocated client with over 1,000 ounces wants to take delivery of a 1,000 ounce silver bar, then surely they should be able to receive immediate delivery. The Perth Mint just has to retrieve a 1,000 ounce bar from their pool stockpile.

Why can't this happen immediately? Perhaps the Perth Mint doesn't have the 1,000 ounce bars in the pool?

This requires further inquiry. I plan to write to the Perth Mint to ask the question.

-- yours faithfully,

John Adams Principal Economic Analyst Adams Economics E-mail: [email protected] Website: www.adamseconomics.com