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Thursday Conversation - John Adams of Adams Economics

29

There has been a lot of smoke lately regarding the unallocated precious metals accounts at Perth Mint and elsewhere. John Adams joins us today to discuss his concerns with unallocated accounts and he gives a first hand account of the issues impacting customers of the Perth Mint.

John Adams is chief economist for As Good As Gold Australia and also the proprietor of Adams Economics. As John explains, he first came to understand the sleight of hand known as "unallocated accounts" back in 2016. In the years since, he has championed the cause of exiting these unbacked positions in favor of real, physical metal.

Of late, John has been a point man in Australia for bringing to light the issues within the unallocated accounts of the Perth Mint. He's caused such a ruckus that Richard Hayes, the CEO of the Perth Mint, recently appeared on Australian radio in an attempt to dispel concerns about their programs. Did Hayes effectively pull this off? Judge for yourself here: https://www.abc.net.au/radio/perth/programs/breakfast/perth-mint-silver-...

John then proceeds to explain how and why Hayes did a good job of dodging and obfuscating while completely avoiding the primary issue. Hayes states that there are over "60 metric tonnes of silver readily available in 1000 ounce bars" but John shares a story of a client who, just last week, was denied the opportunity to purchase such bars.

So whom to believe? All I know is what I've stated repeatedly since 2010. Namely...if you don't hold it, you don't own it. Period. End of story. My most recent public article on this subject was just posted earlier this week at Sprott Money: https://www.sprottmoney.com/blog/When-Unallocated-Becomes-Unavailable-Cr...

This call unfolds in three parts:

  1. John explains his background for the first five minutes.
  2. I ask John to discuss the Australian attempt at Yield Curve Control for the next ten minutes.
  3. The final twenty minutes are dedicated to the Perth Mint and ABC Bullion unallocated metal programs with John relaying first-hand accounts of the issues his clients have had in converting and obtaining physical metal.

Many thanks to John for taking the time to visit with me today. I know you will enjoy listening to this podcast.

TF

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