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GoldSilverPros' Robert Kientz gets Perth Mint's confirmation of a fractional-reserve gold vaulting system
12:22p ET Sunday, May 23, 2021
Dear Friend of GATA and Gold:
In another video posted at YouTube, Robert Kientz of GoldSilverPros.com reported yesterday that a statement from the Perth Mint cnfirms what he alleged this week after a detailed examination of the mint's annual report -- that the mint is operating a fractional-reserve gold sales business and has sold its customers nearly a billion Australian dollars in metal the mint has not yet obtained.
Of course this is the nature of any business offering free "storage" of "unallocated" metal, as the Perth Mint long has done.
... Dispatch continues below ...
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Asante Gold C$5 Million Placement Is Oversubscribed
and Another C$2 Million Is Accepted;
Drilling Finds 7.47 g/t Gold over 30 Meters
Company Announcement
Monday, March 22, 2021
VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE, Frankfurt: 1A9, U.S. OTC:ASGOF) announces that assays have been received for the first hole of a three-hole geotechnical drill program at our Kubi Gold project in Ghana.
DDHK21-001 was collared approximately 100 meters to the north of the Kubi Pit, near the middle of the 1Kubi Main Mineral Resource. On this section gold mineralization has been previously outlined to a depth of 450 meters. The gold is free milling and occurs within a near vertical 1-kilometer by 1-meter to 15-meter-thick shear-bounded "garnet" zone.
Gold is associated with up to 30% garnet and 15% sulfide mineralization and as coarse gold in late quartz veins.
The drilling has confirmed typical Kubi Main Zone gold mineralization.
-- 30 meters grading 7.47 g/t gold (true width estimated at 7.5 meters), including:
-- 14.31 g/t over 10 meters.
-- 5.69 g/t over 9.0 meters.
-- 10.75 g/t over 16 meters.
Given the presence of visible gold and the numerous high assays received, samples have been resubmitted for screened metallics assays, which give more exact results when coarse gold is present. Further results will be announced as received. ...
... For the remainder of the announcement:
https://www.asantegold.com/news/cad-5-million-placement-oversubscribed-a...
Anyone owning "unallocated" metal held by a financial institution is only a creditor of that institution and accepts extra counterparty risk. Storage is free because a customer's metal does not necessarily exist, at best being comingled with metal belonging to others, at worst not being in hand at all. Owners of "unallocated" gold may be investing less in the metal than in the solvency and integrity of the financial institution they have given their money to. They have indirect exposure to the gold price more than they have gold itself.
Kientz's latest report may be most interesting for including a long and seemingly contradictory statement by fund manager and gold advocate Peter Schiff. A dealer for the Perth Mint, Schiff assures mint customers that their unallocated gold at the the mint is really there and belongs to them even as he acknowledges that their gold is being used to create gold products for other customers and that disruptions caused by the worldwide virus epidemic may delay its delivery to the people who think they own it and want to claim it.
As a practical matter the counterparty risk posed to customers of the Perth Mint may not be so great, since the mint is owned by the government of the state of Western Australia and thus its liabilities carry a government guarantee.
But such guarantees may become less persuasive as gold owners increasingly realize that the monetary metal's price long has been suppressed by the sale of claims on metal that doesn't exist -- imaginary supply, "paper gold," which defeats the premise of gold ownership: limited supply. Owning "unallocated" gold at the Perth Mint or any other institution perpetuates imaginary supply and thus gold price suppression.
Kientz's latest report on the Perth Mint is 22 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=gjfu3qbh9Ho
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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