logo
Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Perth Mint's holdings for investors reach record A$5 billion

By cpowell
Created 2020-03-11 00:36

Investors Take A$5 billion Shine to Solid Gold Bars

By Brad Thompson
Australian Financial Review, Sydney
Tuesday, March 10, 2020

https://www.afr.com/wealth/investing/investors-take-5-billion-shine-to-s... [1]

The Perth Mint is holding a record A$5 billion in precious metals for investors from around the world looking for a safe haven amid sharemarket turmoil.

Although the gold price has slipped back after breaking through $US1,700 an ounce -- and reaching an Australian dollar record of $2,695 an ounce -- on Monday, the mint expects the coronavirus outbreak and geopolitical tensions to keep it at high levels well into the future.

... Dispatch continues below ...



ADVERTISEMENT

Storage and Withdrawal of Gold with Bullion Star in Singapore

Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault StorageĀ® online around the clock. Storage rates are competitive.

For more information, please visit Bullion Star here:

https://www.bullionstar.com/ [2]



Price aside, the volume of gold, silver, and platinum the mint has stored for clients has increased by about 20 percent in the past eight months in a sign that investors were spooked even before the virus took hold.

The mint is now holding almost 50 tonnes of fine gold and 1,020 tonnes of fine silver in its vaults on behalf of clients.

Perth Mint chief executive Richard Hayes said the gold price had come off Monday's peaks on the back of profit taking and investors liquidating their positions to cover margin calls on other commodities.

Mr. Hayes said the price movement was reflected in gold mining stocks surging and then losing ground from late on Monday and into Tuesday.

"The markets are highly volatile, so investors are looking to gold as a safe haven asset to protect their wealth," he said.

"We are not in the business of predicting the gold price but what I can say is that the circumstances that we are seeing globally at the moment -- not only with Covid-19 but a range of other issues and geopolitical factors that have been knocked off the front page completely but are still there -- are supportive and positive for the gold price."

Mr. Hayes said North Korea's latest missile launch, the unresolved trade war tensions between China and the United States, and the huge number of refugees trying to enter Europe from Turkey were issues that would compound the virus outbreak.

"Certainly in Europe, and Germany especially, there is always a flight to safe-haven assets, mostly precious metals, in times of perceived turmoil and we are probably going into another one of those at the moment," he said.

The Perth Mint has the biggest network of central bank-grade vaults in the southern hemisphere to hold precious metals.

It has the physical capacity to hold substantially more gold on behalf of clients within the limits of its insurance coverage.

The mint refines about 350 tonnes of gold and about 600 tonnes of silver a year and exports to more than 300 countries.

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg [3]

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg [4]

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com [5].

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651... [6]

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net [7].

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org [8]

To contribute to GATA, please visit:

http://www.gata.org/node/16 [9]


Source URL:
http://www.gata.org/node/19920