5 November 2013

Perth Mint Certificates - A customer Story

CelticGold comment: The below email was send from a customer to us this week. He describes the process of redeeming his gold and silver certificates held with Perth Mint. We published an article in February 2013 about Perth Mint Certificates and classified them as a scam.

Please read the article by clicking here.

The below email confirms what has been researched a long time ago. If you own physical gold and silver you hold the highest valuable form of money in your hands - 5,000 years of monetary history teach us this lesson over and over again.

There's no need to have outside rating agencies such as Standard & Poors rating gold as AAA. Actually Standard & Poors has rated Perth Mint Certificates with a triple A rating, obvioulsy not knowing the hints in their Terms and Conditions. Considering that complex debt certificates were rated AAA in 2008 this is not without a sense of irony.

Gold is gold; own it only physical and remove third parties from owning and holding your assets.

Stefan, Here are my thoughts and experiences with Perth Mint Certificates (PMC) of Australia, via Asset Strategies International (ASI) of the USA:

1.- promised easy acquisition and liquidation of precious metals.

2.- Buying the certificates was relatively easy, but liquidation has been anything, but easy. I started the liquidation process on 11 Sept. 2013. It is now Nov.3rd and I still don’t have my money. I have sent them my certificates endorsed by myself and my wife, the owners of the Certificates, with a notary's endorsement. Then I was asked, weeks later, to send them a certified letter stating that we, in fact, wanted to liquidate our holdings. Although that letter was sent certified by DHL mail to ‘ASI’, but they claimed they never got it, so we had to resend the letter. This took more than two weeks to be received by ‘ASI’, to whom they were sent. Supposedly these documents had to be mailed to ‘PMC’ in Australia by ‘ASI’. Since Australia is thousands of miles and a 24 hour time change  from the USA this took more time. Then there was the claim that ‘PMC’ only accepted liquidation of claims on a Friday for processing the next week. All of this, as one can see has eaten up time.

3. With the time laps, the changes in precious metal prices, the storage fees charged by ‘PMC’, the high liquidation fees charged by ‘ASI’ (1.25%) and the changes in monetary exchange rates (USD – EURO) I have steadily seen nothing, but a depletion of my savings.
4. ‘ASI’ had assures us when we bought the ‘PMC’s (2005) from them that it would be easy to liquidate our certificates. My experience has been the exact opposite. I would not recommend either of them to anyone. I feel they are both in a Ponzi Scheme together.
5. It has been a hard lesson for us to learn, but it is now learned:
Please, don’t buy anything you can not hold personally, don’t allow anyone to do that for you, do it yourself. No one will take care of it the way you will, nor more economically (no storage, liquidation fees) and when you need it you don’t have to ask anyone else for what is yours.
Our experience with CELTICGOLD has been a positive one. I just wish I had known of them back in 2005. With CELTICGOLD I can more closely manage my purchasing power. With them we receive our orders courteously, promptly, economically and reliably, but most especially we have control of what is ours.
C & H Davenport

Author: celticgold.eu

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