Bron Suchecki – The Perth Mint Really Does Have The Metal

from FinancialSurvivalNet

Bron Suchecki, director of strategy at the Perth Mint joined us today to clarify a number of rumors and misunderstandings about the Mint’s policies and accounting. Perth sells certificates that are backed up by the metal they have in inventory, awaiting fabrication. Buyers of the certificates are not charged for storage. This practice has led a number of reputable writers to question whether Perth really does have the metal and perhaps more importantly, what would happen if a shortage of metal prevented them from restocking their inventory. Bron explains that they never actually ran out of metal in 2008. They tapped other sources to keep the metal flowing, and if they were ever in a position where suddenly gold and silver became unobtainable, they would be forced to stop producing and keep the inventory in place. Additionally, Perth’s auditors have certified their financial statements, never qualifying them due to an inventory shortage. While there are no sure things in this world, especially where counterparty risk exists, Perth is probably as close as one can get to minimization of this risk.

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