By: Mark O’Byrne, Gold & Silver Investments Limited

Further to recent articles containing unfounded rumours and allegations alleging that the Perth Mint does not have physical precious metals (especially silver) to back its storage programmes or to make deliveries we have received a few phone calls and emails from concerned clientele.

Both the Perth Mint and Gold Investments strongly refute these absolutely baseless allegations.

Firstly, it is important to remember that the Perth Mint is owned by the Government of Western Australia and is run within very strict and ethical guidelines. The Perth Mint does not and would not contravene the law and act in a manner which would embarrass its government owner. Indeed because it is government owned it has to be absolutely scrupulous in adhering to strict business procedures. For every ounce of precious metal that is sold to a client, the Perth Mint must buy a corresponding ounce in the marketplace. The Perth Mint is audited rigorously by the Auditor General of Western Australia as well as by internal auditors Price Waterhouse Coopers, to ensure that this policy is maintained at all times.

The Perth Mint holds full inventory confirmations on a quarterly basis as well as the comprehensive audits. The Perth Mint Depository programs are not permitted to, and do not, run short positions under any circumstances The Perth Mint does not lease metal out to mining or exploration companies and does not undertake precious metal derivative transactions.

The Mint shares concerns about pool and unallocated accounts where it cannot be established if the operator is backing its liabilities to investors. Gold Investments would advise investors to research and question any program or facility they are investing in.

The Perth Mint Certificate Program remains one of the world’s safest and securest ways of owning gold and silver offshore. All methods of investing in precious metals have pros and cons. However we are confident that the AAA rated government Perth Mint is the safest option when it comes to third party precious metal ownership. (more…)