Kitco/Perth Mint Scheme Exposed

Check this out from Silver Guru (and hero) Jason Hommel. (He’s a straight-shooter and tells it like it is, no matter what.)

http://www.silverstockreport.com/2008/perth.html

Jason build a case against Perth mint (Australia) & Kitco (USA) and their “allocated silver storage” programs. This is where you “buy” silver from them and they agree to “store” it for you. But, as you will see if you read the story, you may very likely not actually have any physical silver.

He details the experiences of a handful of his subscribers in the last few weeks. In some cases Perth is telling them they’ll have to wait 6 months for their silver. Yikes!

I agree with Jason: don’t mess with “paper silver.” Get the real, physical thing and store it yourself. If you absolutely cannot store it yourself, store it in a safe deposit box at your local bank. Just understand there’s a chance you may not be able to get to it when you need it if your bank goes under.

BTW, the dollar has just hit a new all-time low in the USDX.

◊◊◊◊ Now: Gold @ $953.30, Silver @ $18.43, USDX @ 71.40 ◊◊◊◊