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Will The Australian Government Need to Bailout the Perth Mint?

Bailout the Perth Mint
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EDITOR NOTE: The moral of the story in the video you’re about to watch is this: if you buy gold and silver, you don’t “own” any of it until you have full physical access to your metals and you’ve stored it away in a private depository of your choosing. Everything else short of physical access is “paper”; promissory notes that might remain unfulfilled or “unallocated.” This is the current buzz surrounding Australia's Perth Mint--the suspicion that they’ve generated so much paper gold and silver, that they don’t have the actual metals to back up all of the claims to ownership. We’re looking at a gold and silver “bank run.” And the fear is that the government might have to bailout the Perth Mint if they go bankrupt. While those who run the Mint are making a handsome profit on “unallocated” holdings, those who have a right to claim their metals may get nothing in return for their investment. What we’re potentially seeing here is a fraudulent wealth transfer of capital from unsuspecting gold and silver owners to Mint stakeholders--not unlike the fiat system itself. Remember, owning unallocated metals or metals-backed ETFs means you own nothing more than paper. Protect your wealth. Don’t settle for anything other than the real thing.

Is the Perth Mint near bankruptcy? Will the Australian government need to bailout The Perth Mint? Are David Lin and Kitco News providing cover for the Perth Mint being insolvent? Rob Kientz, former auditor, joins us to explain The Perth Mint Gold and Silver losses.

Video posted by Wall Street Silver

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