Re: Coronavirus scare causing markets to fall
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Looks like the Perth Mint has been selling way more "certificates" of gold than they actually have.
May as well write scrap bits of paper or serviettes.
The way it works they lease gold from a vault in England to satisfy the bean counters that they actually have the gold on the books.
Pity if too many people want to cash in their useless bits of paper.
My son bought some last year, last week he tested the system.
Sure they said, but there is a 600 dollar fee to create the ingots, an admin fee of about 200 hundred bucks and then a shipping fee.
Puts most people off...and that is the idea...they want you to accept cash instead of actual gold.
Who would have thought of this ponzi scheme...?
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