Hey guys, we're rhoderoota.com. I have a treat today. This is a treat going way back
In my just after I got out of Gata. I was fighting the fight
John Adams was fighting his own fight in Australia
Very similar to what we were fighting in the United States, but but John took it farther than than what the road to Ruda did
John has experience and first of all the ladies and gentlemen John Adams from Australia John
How you doing? It's good to see you. It's been a long time
Give us a little idea what you've been up to lately
Hello Vicks. Thank you for having back on your channel. We haven't spoken since 2021. So it's been a
It's been a long time between drinks and so yes in 2021 when silver squeeze was happening and
Perth meant and unallocated pull allocated was the rage of the international market
Basically, I went away from the from the precious middle sort of complex publicly
For for the last two three years, but now I've sort of resurfaced and
Why'd you take off?
Here's the here's an extraordinary story Vicks
Back in so what got me on to the Perth meant because I know you want to touch on that in today's discussion
Which really got me going was what I've I've started buying silver in 2017
In 2018 I joined the industry working for another company and then I started to
Learn who's who in the zoo and I started to do a lot of reading
And it was actually a publication by Craig Hemke from TF metals report that really got me around this concept of fractional reserve
unallocated pull allocated schemes and so
So in 2019 I think in 2020 I wrote some public articles about
The dangers of unallocated pull allocated and then February 2021
we had
We we had silver squeeze happen and then I was getting stories
From customers around the country in February and March of 2021 saying we can't get our
Silver out of the Perth Mint's because people were seeking redemptions for unallocated pull allocated
and the Perth Mint on the website had a
10 day I think it was 10 days or less than 10 days time frame in which delivery must be done
And they were failing to meet the contractual obligation
And so that's why in in March of 2021
I went public on twitter and I said that the Perth Mint was in default
Wall Street silver picked it up within two weeks. I think
365,000
Impressions on that tweet happened and and and then for about six seven weeks
Unallocated pull allocated was the talk of the industry worldwide and there was you me David Morgan
Duncan Kaiser
Chris Marcus the whole the whole crew we were talking about the dangers of unallocated pull allocated and you know
One thing you've preached consistently on the road to ruta is about
counterparty risk and if you don't own it if you don't hold it you don't own it
And a lot of investors didn't actually understand what unallocated pull allocated was but
But now in this period of time Vicks
I I gave a bit of a clue but but I was holding my cards close to my chest because
I mentioned in a couple of interviews around April and May of 2021 that there was an issue potentially with
Not just unallocated pull allocated, but actually allocated
Ie that you know where you actually buy the physical you put it into a storage place
You are paying storage fees and whether that metal is actually there
Now I think
I think there was a there's a famous case that David Morgan put me on to around 2005 2006
I think it was Morgan Stanley
There was a class action against them because they were supposed to buy physical silver and and bolted and they never did
And their legal defense in the class action was it was standard industry practice in the united states not to buy the silver
I go like, you know, what the hell I mean
I mean like I have to say Vicks you Americans either sometimes you just amaze me with the brazeness
Of you know, what you think he like, you know what particularly, you know, the corrupt elite what they think they can get away with
But now what happened
Vicks is that in march of 2021
There was a woman
From the south coast of new south wales who went public on war street silver
And then it went viral
And she basically she was a customer of abc bullion, which is one of the largest dealers in australia
and
That she sought redemption of her silver from the storage facility
or or what she understood to be a first storage facility and and basically
Um, she was told we don't have your silver even though she was getting official statements from the company
Even though she was paying storage fees. They said we you know, we didn't have the silver and this was very specific silver. So there was
um, uh, some of the products that were in dispute were um, 10 ounce, uh, pamp
Bars, um, that that that that had a unique pattern on them
And those were supposed to be in storage so they didn't have them and so but but here's the amazing story of Vicks
Is that two weeks after
That woman went public
I ended up having dinner in sydney with an employee of abc bullion
Someone who's who's actually watched your channel in the past
Um, and it was an extraordinary dinner. So so we were talking about perth meant
We were talking about this woman in the abc bullion. We're talking about that just the general market conditions
And I I I noticed something was particularly sort of, you know
Something was not right in this in this dinner conversation and I kept on saying to this guy
Are you okay? Um, I noticed that, you know, you don't see yourself
Um, you know, are you comfortable and Vicks, I kid you not it took me an hour of badgering this guy over dinner
And then he basically comes clean
And he basically says that
In essence, he said that abc bullion was running in his view again, not my
Opinion, not my conspiracy theory, but an abc bullion employee said that they were running a fractional reserve allocated scheme
And and I was just shocked
And and and so so I said to him so
How long has this been going on for he said to me at least a decade? I said, um, how is this possible?
But the largest dealer in Australia could be running a fractional reserve scheme
Of of of, you know, of of immense scale and size
That and and no one was able to to be able to pick it up
And so
Real real quick when you say at least a decade
I I found this in my archives
Going back a little ways here
And I was kind of blown away. Let me share this with you
This is a an article I wrote
from January one decade before
To the Perth Mint about their unallocated allocated accounts and how
They were running it. It was a Ponzi scheme and the way they were doing it is
Basically
Telling people that we are holding their silver
But when the mint ran out of silver
They were using basically inventory that they were making all the silver coinage from when the rent mint ran out of silver is when
All of a sudden the unallocated accounts didn't have any silver in the account
And I was writing to this guy bronze. How do you say his name sticky?
I I think the pronunciation is bronce leckie. I mean, I mean, that's the way I pronounce it
Yeah, well, he was a he was a manager of the mint and he was writing me back and this is the early days
I mean, this is 2011 so 10 years prior
And it blew up into something pretty damn big in my opinion
I mean, I I couldn't
The the Perth Mint. I don't think was a
Indirect ownership by the government. I I'm not exactly sure how that worked
With the Perth Mint. Yeah, so I was going to say Perth Mint is is is
So it is 100 owned by the western austrian state government
Okay, okay, and then they had there was another arm. It was their quote treasury arm called
I think it was gold ink or or something of that
nature
But that's where they were running their derivative book from so I get into this long conversation with this guy via
emails and I was you know
Publishing everything at the time and and he just kept counteracting everything he said before in the prior email
And I'm like just admit it, you know, I have no problem with you running a legit
Allocated unallocated pool of accounts that I don't I think that's a great way if people don't want to store their metal
But they have to understand there's third-party risk
But you got to tell the truth and if you're if you're telling people that you have their silver in an unallocated form
And at the same time the Perth Mint is declaring that they don't have any silver to make
Any of the silver products
Then you have a problem because you've run out of silver in inventories that you have
Unallocated people's claim on that silver and and that was the big thing. I said that's fraud in any country
and you are doing and then the kitco was doing it with the
World Canadian Mint and I'm like why how is this?
Even legal so I'm spreading that word everywhere and then the Perth Mint changed how they did things
And that might have been the 10 years as you're talking about
Maybe it went over to to the eight. What is it abc bullion? Yes. So the company's called abc bullion
so, I mean
If you move from and this is I see this all the time when when entity that's rigging a market gets kind of
You know called to the mat like jp morgan and the silver rigging
All of a sudden it they'll just move it over another entity
Which jp morgan did with their physical silver moved it to bank of america and all of a sudden it was no longer
jp morgan
Their house account on the comics. It was now their customer account
But it's the same con just moved over another entity so that
One entity gets in trouble gets a little pat on the on the back on the hand
Don't do that again
It just moved to another entity and another entity and another and that sounds like the same thing has done
Right, you know that you're dealing with in in australia right now
Well, well the thing is is that I mean well, I mean one thing I'll say because it's a couple of things is
last year
The national broadcaster here in australia did so there's a
So there's a current affairs a program that runs every monday night here in australia called four corners
And they did an expose on the perth mint
And now it was a bit of a blown-up story about this concept of gold doping and money laundering and things of that nature
The interesting thing there is is that
Back in 2021 when you and I and chris market and others were talking about the perth mint
The person who went public to defend the perth mint was the ceo richard hays
Within I think eight months of him going public. He was sacked
Um, and he was sort of exposed in this four corners piece as well. So very shady
A sort of state of operations under the perth mint
But the one thing that came from that program that I wish is absolutely shocked and I had no idea is is that
Because it is owned by the government people who
Work for the perth mint are
Sworn to secrecy provisions
And they face five years jail
If they reveal the any confidential information at the perth mint. So
Um, so when you're engaging with bronze seleccion saying, well, why don't you just tell me the truth?
Well, here's the thing if it was, you know, and again, I can't speak to what was happening in 2011
Because I was sort of I wasn't in the market
But whatever was happening if there anything was anything untoward if he actually came clean with you
He could have faced five years jail and and so you know
That's actually quite one, you know one interesting thing because
Most of the bullying dealers in Australia are private companies
Um, and yet yet the major the major public institutions the perth mint and and and because it's enacted by the state parliament
You know that they've made a criminal offense to reveal the secrets of the mint
Which is like, why would you do business where when the you know, the when you talk about county party risk and the
Counter party has to keep the mouth shut. Otherwise, they're going to go to jail. Why would you even touch it?
It's just too risky. Yeah, and and I mean we've had whistleblowers in the u.s
About bark children is a famous one
Um a one of the two judges at the CFTC the CFTC only has two judges for the entire market
um for
People dealing on the comics the futures and options market and there was two judges and one judge finally came out and said
I quit this is a rigged market and this other judge all he does is
find um
Let's the bank do whatever they want all the commercials can do whatever they want
He never stops them and never has has brought up one case against them in
20 years being a judge and he writes this as his
resignation letter to the public and it's it's literally it's still on the CFTC website his resignation letter
and everybody's going
Oh my god, finally someone admitted, you know from an official position
Which is you can't get more official than a judge at the CFTC when there's only two
And nothing happened
Absolutely nothing happened
It's like the the rig moves to a different area every single time
So I know you've been years fighting the government involved in the government
Working with the government to expose the government
I gave that up a long time ago because I I I just saw it as a
Literally, I'd be chasing my tail like a dog chasing his tail because
Yes, they you can get them every time like I interviewed the head of silver eagle sales at at the us mint
This guy jack sermon amazing guy. He's 77 years old. He's still ahead of sales. He says, yeah
We're doing these five things that are completely illegal
And he's like nothing you can do about it. And it's true. This is the head of silver eagle sales
One of at the time. It was the largest
Uh national coin silver coin made now
I think the uh, the maple leaf is is beat it because the new head of the mint can't make a silver eagle to save her life
But but you have confessions from people in the know within the government and nothing is ever done
These people control
The politicians they control and it's a revolving door between politicians and goldman sacks and jp morgan and you know
Great examples the cftc. There was a commissioner
What was his name? I call him mr. Magoo. I forgot his name because he looked like that cartoon mr. Magoo
He went from the cftc to the dtcc being in charge of the mint at 55 water street
And literally within two months they had transferred all the derivative contracts the paper derivative contracts to 55 water street
within two months hurricane sandy hits and he leaves the the uh
Vault door wide open and floods the entire thing. They take a month to pump it out and then they light it on fire
That's the kind of crap we're dealing with when we're dealing with
corrupt politicians and political structures
That they claim to be oh, we're the government. We're here to protect the people. They aren't they're here to to do what they're told
And off escape the truth
What what okay, so so I mean
What one thing I was going to say because is so so I'll get into a little bit of the
Because I know you want to touch on some of the conspiracies and we can talk about the conspiracy that happened in like a literal conspiracy
not just uh some wild idea, but what actually happened during the
um investigation of in terms of abc bullying but but I'll just make this point is
Because of what happened with jp morgan in 2010
Because I heard from you from gata from from when chris marcus interviewed by shilton
I heard all these warnings about what happens in america when you go after
um
unethical or corrupt practices
Um, they get protected by the government. So so I was very conscious in 20. So so so we talked about what happened in 2021 now
Because so you got to understand because I've been doing economics now for 25 years
I'm 43 I started at 16 years old, but I've never been a lawyer. I don't I didn't understand the law
I've never ran it like a formal investigation. So during 2021 and early 2022
I decided to drop everything and start my own privately funded investigation
Using, you know professional lawyers embarrasses and auditors etc to to to uncover
What I understood this abc bullying
situation to be
Um, and in in in april 2022 I delivered a 608 page file
to um
Here's the we don't have the safety
We don't have an equivalent of the cfc in australia
But we have what we call the australian securities and investments commission, which is the you know the rough equivalent would be the sec
So but but they but they look at many things. So they have one of the widest remits in in the world
In terms of comparative regulators, so they actually regulate companies as well as the financial markets
So legal advice. I got said, okay go to acic
And so I went to acic and now the chances of me
Coming off the street going to acic and saying I want a criminal investigation into this company
Literally according to their own numbers the chances of is
0.36 percent
It is almost impossible to get an investigation now because I had invested so much time
And and and my father of evidence was extremely thorough signed off by professional lawyers embarrasses
We we got the investigation
So I actually was able to achieve mission impossible, but I was still very conscious of what happened in america. So
So what I did was um
You know initially I was going after the abc bullion
But then I thought myself well to protect myself because I don't want to say I don't want the same thing that happened to
Um, Andrew mcguire to happen to me. I did I turned my fire onto the cops. And so in in
In in October of 2022
I I published a I wrote a 70 page report into the performance of the regulator. So I actually found some
Statistics from the annual reports. I you know, I was able to
Tell a very compelling story as to why they were their performance was bad and was failing
So I published a public report in October 2022. Um, they got national headlines around Australia
Um, you know, and then one can look this up and go to google instead type in
Um, you know, John Adams acic abc
So an abc is for the Australian Broadcasting Corporation
And you're going to see an article about economists says that acic only investigates less than 1 percent of complaints
And so so we got the national media and then three and a half weeks after
the the um the the publicity about my public report
The Australian Senate. So I took the fight to parliament and the Australian Senate established an inquiry
So they voted 43 to 20 because I went to parliament said, you know, I want an inquiry because this this these statistics
And this performance of this agency is woeful. I want to inquire. So I got an inquiry
Um, and then the inquiry went ran for 21 months. So in july of this year 2024
Um, senator Andrew Bragg who's a senator from new south wales
He delivered a 300 a 300 page plus report
Into the performance of acic and he and the conclusion is it is so bad
That that he recommends that acic be abolished
And we and we create like you know, and we come up with two new regulators to to actually reform the system
So so the one thing I'll say is is that um acic has been a long-running problem in Australia
Its performance is bad and getting worse. Um, and so
So so so one of the differences between the american approach and my approach was to say well
I can't just go to the cops and trust the cops to do the right
Thing I have to change
I have to go after the cops at the same time to to to provide myself some form of insurance
And and but and that was some success
So we actually did get an inquiry the inquiry cause that has called for acic to be abolished and now there is
You know, uh, we're going to a federal election very soon in Australia
And there'll be a number of um, uh policy announcements from various political parties of how to fix acic because
Can I say this big and and this is something that's never happened in my career
In early august of this year. I did a youtube video with a guy called robbie barwick and we and we talked about
That acic and we didn't hold back. We put all of our cars on the table and within two weeks
We got a a handwritten letter
um in a official acic envelope
So this is an official government envelope and inside is official acic
government stationery and and and and it's a handwritten note and it says
Confidential due to culture of fear
Dear john adams your videos are 100 spot on i've been here for a very long time. It's the worst it's ever been
It's worse than what you portray
So so so when we talk about corruption
The one of the key differences here in australia is I have people inside the regulator
Prepared to risk their job to write to me on official government stationery and say the corruption is 100 legitimate. It's real
Um and and the people at the top of the regulator are thoroughly corrupt
Um, and it's just unbelievable and and you know, and I've shown this letter to people in the in the mainstream media here in Australia
various politicians, etc
And I've just said to them i've been doing politics for for more than 20 years
I've never seen a situation where and I used to be a public servant
I used to work in the um in the federal bureaucracy myself
And that's when I started my career after university
I've just never seen a situation where someone was prepared to write to a youtube
Effectively and risked the career and say that the allegation my allegation of corruption is 100 legitimate
So so when you talk about corruption in the in the u.s. Uh system
We have ethical public servants
Um prepared to write to me and say the corruption is 100 real and and and so when you want to I know you want to talk about conspiracy
so so
abc bullion was investigated
Um, and we can get into this in a moment. So there was a conspiracy to protect abc bullion
um, um and and uh, and you know, uh, I've been able to expose it and um
And and you know, there's been a number of media articles in the last two months
That has actually gone into a lot of detail as to what I was able to find but um, yeah, so so so now
One thing I'll well, I actually you know before I get into further
Was there anything you wanted to respond to that or do you want to just sort of keep going?
Well, was abc bullion did they have any connection with
The mint or gold corp
Um, well, we're not so from a legal structure. No, there's no legal connection. Um, but but but there is uh,
so so one of the
Things that is well known in the Australian industry is that is that staff
From abc bullion have gone to the Perth mint and vice versa. So so mr.
Selecki who wasn't transparent with you back in 2011
Well, guess where he after he left the Perth mint after a long stint and where did he go?
He went to abc bullion and and then he was there for a for a period of time
And him and then he went to the Perth mint. So you so you have
You know, um, I mean look the two biggest players in the market have a lot of back and forth between staff
Um, and then you have a whole bunch of smaller businesses second to 30 bullion dealers who are who are obviously
Sort of you know trying to service the rest of the market
Do you know if they have any, uh
reciprocal
metal storage programs where
abc will store metal in perth mint vaults and vice versa
That that well, uh, Selecki, um during my investigation. I saw no evidence of that. Okay
That it would just make sense to me that uh, because there is a lot of double counting. You know, you look at jb morgan's
control of slv
And they are also the number one holder of inventories for the comics and and a lot of people have, uh
Surmised that that's one in the same
There there's a lot of crossover between the comics inventories and the slv inventories
Which is completely illegal if you ask me now
You can look at the uh prospectus of the
Um slv and say holy crap. This seems like swiss cheese as to where they can store
The metal and I do think a lot of rehypothecation has gone on
With slv inventory with the comics inventory with lbma inventories, which nobody knows where those are
I think they're all three
Double triple quadruple counted. Maybe even with the perth mint as well. Um, I I can't prove that
but knowing the
Proclivity of jb morgan to do things exactly like that
Um, I would say it's it's more than a a lucky guess if if that ends up to be the truth
When we hit a point that everybody has to show
What they have and and a lot of people will be going without
Especially in slv. I think at some point they're going to close up slv. Um, and then they'll use that as a as a
As a moment in time to say, oh, there's half a billion ounces of silver
We're gonna hit the market. Let's slam the price of silver with derivatives
um
I could see that happen pretty easy with the people who are involved
black rock and jb morgan and uh
company called virtue financial who does the all the high frequency trading on the on the comics so
You know
From my standpoint and you've taken it so much further than I ever did
I've I've taken it upon myself to try to expose as much as I can
But I do hit a point where it's like I don't have the time ever energy or money
to fight these fights
Into a system that I know even the judges are corrupt
so
Got good on you for for getting farther than than I ever got down there in australia
well, I mean, I mean look at well, um
One thing I was going to say because is you as as you were just making that sort of statement
You said something which is very critical is um, I mean
When you were talking about, you know jp morgan and where where the where the storage is you go in terms of, you know
Well, I mean, I mean some of it. You don't know where it is
And and and that is the critical issue with this abc bullion
sort of story so so
In 2021 so so when I had basically an abc bullion employee
Who at the time was working at abc bullion who was working at abc bullion
Who basically admitted to me he was lying to investors on a daily basis because that was what he was required to do
He had no idea whether there was a vaulted where the vault was
Um, now we had a smoking gun
Um, so so now now this person who I ended up having dinner with
He ended up actually being a whistleblower
Who who we put forward to a second was interviewed by a second during the investigation
But we had a smoking gun and the smoking gun was a whatsapp group chat of seven current and former
um, acic, sorry
Seven current former abc bullion employees
And so during this period of 2020 march and april 2021 when we're talking about perth meant
And and I was tweeting about abc bullion and about this woman who couldn't get her silver
These people at abc bullion in this group chat were admitting to