Perth Mint suspends gold sales

[jtabeb]

http://www.theaustralian.news.com.au...37-643,00.html

FEARS of the unknown long-term effects from the global financial crisis have sparked a new gold rush.
With retail and wholesale clients around the world stocking up on the precious metal, the Perth Mint has been forced to suspend orders.
As the World Gold Council reported that the dollar demand for gold reached a quarterly record of $US32 billion ($50.73 billion) in the third quarter, industry insiders said the race to secure physical gold had reached an intensity that had never been witnessed before.
Perth Mint sales and marketing director Ron Currie said the unprecedented demand had forced the Mint to cease orders until January, with staff working seven days a week, 24-hour days, over three shifts to meet orders.
He said Europe was leading the demand, with Russia, Ukraine, Middle East and US all buying -- making up 80 per cent of its sales. One European client purchased 30,000 ounces for $33 million.

[Yaowarat]

Re: Perth Mint suspends gold sales

Does this mean they won't issue paper certificates to foreign buyers, ie Schiff's Perth Mint program?

Or does it mean you can't purchase physical bullion for delivery?

Or both?

[Mega]

Re: Perth Mint suspends gold sales

I think its coins, they had problems early this year with silver. Cert program insured by Llyods & goverment of Oz. Oz its self is a vast land full of lots of this that China etc will in time want badly.

Britian on the other had is full of houses & office space in the "City" the FORMER centre of international banking!!!!!

No great resources, almost out of North Sea oil.....Basket case!

Mike

[rabot10]

Re: Perth Mint suspends gold sales

http://www.theaustralian.news.com.au...37-643,00.html

FEARS of the unknown long-term effects from the global financial crisis have sparked a new gold rush.
With retail and wholesale clients around the world stocking up on the precious metal, the Perth Mint has been forced to suspend orders.
As the World Gold Council reported that the dollar demand for gold reached a quarterly record of $US32 billion ($50.73 billion) in the third quarter, industry insiders said the race to secure physical gold had reached an intensity that had never been witnessed before.
Perth Mint sales and marketing director Ron Currie said the unprecedented demand had forced the Mint to cease orders until January, with staff working seven days a week, 24-hour days, over three shifts to meet orders.
He said Europe was leading the demand, with Russia, Ukraine, Middle East and US all buying -- making up 80 per cent of its sales. One European client purchased 30,000 ounces for $33 million.

Thanks for the info. I still think it's a ways out before we see a real rise in gold and silver jmho - btw I am wrong most of the time so it should be a good time to buy lol

good luck my friend
rick

[Guest]

Re: Perth Mint suspends gold sales

Post moved.

[FRED]

Re: Perth Mint suspends gold sales

http://www.theaustralian.news.com.au...37-643,00.html

FEARS of the unknown long-term effects from the global financial crisis have sparked a new gold rush.
With retail and wholesale clients around the world stocking up on the precious metal, the Perth Mint has been forced to suspend orders.
As the World Gold Council reported that the dollar demand for gold reached a quarterly record of $US32 billion ($50.73 billion) in the third quarter, industry insiders said the race to secure physical gold had reached an intensity that had never been witnessed before.
Perth Mint sales and marketing director Ron Currie said the unprecedented demand had forced the Mint to cease orders until January, with staff working seven days a week, 24-hour days, over three shifts to meet orders.
He said Europe was leading the demand, with Russia, Ukraine, Middle East and US all buying -- making up 80 per cent of its sales. One European client purchased 30,000 ounces for $33 million.

Today on SCPM:

U.S. Gold Eagle (Price now-delivery 4-6 weeks)

1.0 oz

$839.21 (live)

$895.16 (live)

Spot prices:

Spread narrowing?

[ydewit]

Re: Perth Mint suspends gold sales

Sorry to be a bit off topic and for my ignorance in the subject, but what happens when I sell my Perth Mint unallocated certificate and repatriate the funds? Is there a tax or any additional costs I should be aware of?

In addition, why would I want allocated vs. unallocated gold?

Last question, would buying unallocated silver with Perth Mint also be a good idea?

[skidder]

Re: Perth Mint suspends gold sales

I don't mean to impune Perth Mint as I don't know the facts, however there has been a fair amount of talk that Perth is being very slow to send folks their physical when asked.
If they shut down physical orders but take money for "allocated & unallocated" accounts, that would raise flags for myself.

I can recommend goldmoney.com and I've heard good things about bullionvault.com as well. These are allocated accounts which is a superior position to unallocated, imo.

[*T*]

Re: Perth Mint suspends gold sales

In addition, why would I want allocated vs. unallocated gold?

bullionvault have a long section in their FAQ explaining the difference between allocated and unallocated.