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Bron Suchecki
Member since May 2012
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has posted a comment on the article :
Response To Bix Weir Questions
- Perth Mint Blog -
Perth Mint
Sam,
"Obviously the Perth Mint knows exactly how many 1oz, 2oz, & 10oz coins are in unallocated storage. The Perth Mint also knows how many 1kg bars, 100oz bars etc are in unallocated storage."
When you say that above information is more than enough to determine the maximum timeframe then it tells me there is some confusion about how the Perth Mint's unallocated is operated. Some clarification:
1. Unallocated clients only hold ounce balances, they do not hold or specify particular sizes of "unallocated" coins or bars. As a result, we have no information on exactly what physical form our clients may request in the future.
2. I said that SOME of the metal backing unallocated is in the form of finished coins and bars but that MOST of it is not.
Because we don't know what physical forms our clients may want and most of the metal backing their unallocated is not in those forms ready to deliver, it is not possible to determine a timeframe. This was the point of my last response.
The delivery timeframe question is two sided - you have to know what assets "are on your books" but you also have to know the exact nature of the liabilities also on your books. We only know the latter in respect of a total number of ounces, not potential physical forms.
You are either ignoring this lack of information on our part (which is what results in us being unable to estimate a timeframe) or are operating under a misunderstanding that unallocated clients in some way pre-indicate what physical form their unallocated is/should be backed by.
If the above doesn't make sense, then I don't think I'm communicating the practical operational issues we face very well. I think I'll have to come up with an appropriate analogy, which is eluding me at this time.
Regards,
Bron
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4858 days ago
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chers Vladi,il est lor, oui, effectivement, et alors ? un fonctionnaire crée de la richesse ? creuser des trous crée de la richesse ? si nous arrêtions, pour voir, de payer nos impôts, vos 55, fonctionnaires compris, font quoi fin du mois ? merci d'expl
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- 20/04/2013 à 20:03 GMT
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