WEBVTT 00:00.270 --> 00:05.590 Hey guys, we're rhoderoota.com. I have a treat today. This is a treat going way back 00:06.110 --> 00:09.890 In my just after I got out of Gata. I was fighting the fight 00:09.890 --> 00:12.850 John Adams was fighting his own fight in Australia 00:13.630 --> 00:20.390 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 00:21.530 --> 00:26.910 John has experience and first of all the ladies and gentlemen John Adams from Australia John 00:26.910 --> 00:29.950 How you doing? It's good to see you. It's been a long time 00:30.470 --> 00:32.530 Give us a little idea what you've been up to lately 00:33.870 --> 00:39.890 Hello Vicks. Thank you for having back on your channel. We haven't spoken since 2021. So it's been a 00:40.530 --> 00:46.410 It's been a long time between drinks and so yes in 2021 when silver squeeze was happening and 00:47.110 --> 00:51.290 Perth meant and unallocated pull allocated was the rage of the international market 00:53.090 --> 00:57.650 Basically, I went away from the from the precious middle sort of complex publicly 00:57.650 --> 01:01.770 For for the last two three years, but now I've sort of resurfaced and 01:03.550 --> 01:04.590 Why'd you take off? 01:07.110 --> 01:09.390 Here's the here's an extraordinary story Vicks 01:10.330 --> 01:16.110 Back in so what got me on to the Perth meant because I know you want to touch on that in today's discussion 01:16.970 --> 01:21.730 Which really got me going was what I've I've started buying silver in 2017 01:22.320 --> 01:26.950 In 2018 I joined the industry working for another company and then I started to 01:26.950 --> 01:29.790 Learn who's who in the zoo and I started to do a lot of reading 01:30.240 --> 01:37.450 And it was actually a publication by Craig Hemke from TF metals report that really got me around this concept of fractional reserve 01:37.450 --> 01:40.410 unallocated pull allocated schemes and so 01:40.410 --> 01:46.450 So in 2019 I think in 2020 I wrote some public articles about 01:47.180 --> 01:51.410 The dangers of unallocated pull allocated and then February 2021 01:51.730 --> 01:52.610 we had 01:53.630 --> 01:57.830 We we had silver squeeze happen and then I was getting stories 01:58.530 --> 02:04.370 From customers around the country in February and March of 2021 saying we can't get our 02:04.370 --> 02:10.010 Silver out of the Perth Mint's because people were seeking redemptions for unallocated pull allocated 02:10.010 --> 02:12.930 and the Perth Mint on the website had a 02:12.930 --> 02:18.150 10 day I think it was 10 days or less than 10 days time frame in which delivery must be done 02:18.150 --> 02:21.170 And they were failing to meet the contractual obligation 02:21.170 --> 02:24.150 And so that's why in in March of 2021 02:24.870 --> 02:28.870 I went public on twitter and I said that the Perth Mint was in default 02:28.870 --> 02:32.230 Wall Street silver picked it up within two weeks. I think 02:33.530 --> 02:34.530 365,000 02:35.250 --> 02:39.650 Impressions on that tweet happened and and and then for about six seven weeks 02:40.570 --> 02:45.810 Unallocated pull allocated was the talk of the industry worldwide and there was you me David Morgan 02:46.590 --> 02:47.570 Duncan Kaiser 02:48.310 --> 02:54.630 Chris Marcus the whole the whole crew we were talking about the dangers of unallocated pull allocated and you know 02:54.630 --> 02:58.370 One thing you've preached consistently on the road to ruta is about 02:59.110 --> 03:02.930 counterparty risk and if you don't own it if you don't hold it you don't own it 03:03.630 --> 03:08.730 And a lot of investors didn't actually understand what unallocated pull allocated was but 03:09.370 --> 03:11.890 But now in this period of time Vicks 03:12.450 --> 03:17.010 I I gave a bit of a clue but but I was holding my cards close to my chest because 03:17.650 --> 03:23.870 I mentioned in a couple of interviews around April and May of 2021 that there was an issue potentially with 03:23.870 --> 03:27.530 Not just unallocated pull allocated, but actually allocated 03:28.090 --> 03:33.210 Ie that you know where you actually buy the physical you put it into a storage place 03:33.210 --> 03:37.410 You are paying storage fees and whether that metal is actually there 03:38.030 --> 03:39.110 Now I think 03:39.110 --> 03:44.890 I think there was a there's a famous case that David Morgan put me on to around 2005 2006 03:44.890 --> 03:46.570 I think it was Morgan Stanley 03:47.290 --> 03:52.850 There was a class action against them because they were supposed to buy physical silver and and bolted and they never did 03:52.850 --> 03:59.190 And their legal defense in the class action was it was standard industry practice in the united states not to buy the silver 03:59.190 --> 04:01.770 I go like, you know, what the hell I mean 04:01.770 --> 04:07.630 I mean like I have to say Vicks you Americans either sometimes you just amaze me with the brazeness 04:07.630 --> 04:14.310 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 04:14.970 --> 04:16.530 But now what happened 04:17.010 --> 04:19.070 Vicks is that in march of 2021 04:19.870 --> 04:20.990 There was a woman 04:21.630 --> 04:26.090 From the south coast of new south wales who went public on war street silver 04:26.770 --> 04:28.050 And then it went viral 04:28.050 --> 04:32.930 And she basically she was a customer of abc bullion, which is one of the largest dealers in australia 04:33.590 --> 04:33.950 and 04:34.570 --> 04:38.030 That she sought redemption of her silver from the storage facility 04:38.650 --> 04:43.030 or or what she understood to be a first storage facility and and basically 04:43.550 --> 04:48.890 Um, she was told we don't have your silver even though she was getting official statements from the company 04:48.890 --> 04:56.270 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 04:56.610 --> 05:01.170 um, uh, some of the products that were in dispute were um, 10 ounce, uh, pamp 05:03.610 --> 05:07.930 Bars, um, that that that that had a unique pattern on them 05:07.930 --> 05:14.550 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 05:14.550 --> 05:16.390 Is that two weeks after 05:17.310 --> 05:19.130 That woman went public 05:19.690 --> 05:24.870 I ended up having dinner in sydney with an employee of abc bullion 05:25.750 --> 05:28.410 Someone who's who's actually watched your channel in the past 05:29.030 --> 05:33.630 Um, and it was an extraordinary dinner. So so we were talking about perth meant 05:33.630 --> 05:38.970 We were talking about this woman in the abc bullion. We're talking about that just the general market conditions 05:39.590 --> 05:44.090 And I I I noticed something was particularly sort of, you know 05:44.630 --> 05:49.290 Something was not right in this in this dinner conversation and I kept on saying to this guy 05:49.820 --> 05:53.190 Are you okay? Um, I noticed that, you know, you don't see yourself 05:53.670 --> 06:00.910 Um, you know, are you comfortable and Vicks, I kid you not it took me an hour of badgering this guy over dinner 06:01.490 --> 06:03.250 And then he basically comes clean 06:04.210 --> 06:05.830 And he basically says that 06:06.370 --> 06:11.550 In essence, he said that abc bullion was running in his view again, not my 06:12.210 --> 06:18.650 Opinion, not my conspiracy theory, but an abc bullion employee said that they were running a fractional reserve allocated scheme 06:19.170 --> 06:20.390 And and I was just shocked 06:20.390 --> 06:24.010 And and and so so I said to him so 06:24.610 --> 06:30.770 How long has this been going on for he said to me at least a decade? I said, um, how is this possible? 06:31.330 --> 06:34.370 But the largest dealer in Australia could be running a fractional reserve scheme 06:34.910 --> 06:39.150 Of of of, you know, of of immense scale and size 06:40.170 --> 06:43.450 That and and no one was able to to be able to pick it up 06:43.990 --> 06:44.590 And so 06:45.310 --> 06:48.130 Real real quick when you say at least a decade 06:48.130 --> 06:51.190 I I found this in my archives 06:51.850 --> 06:53.450 Going back a little ways here 06:54.650 --> 06:58.350 And I was kind of blown away. Let me share this with you 06:59.670 --> 07:01.710 This is a an article I wrote 07:02.310 --> 07:04.870 from January one decade before 07:05.710 --> 07:11.290 To the Perth Mint about their unallocated allocated accounts and how 07:12.170 --> 07:16.410 They were running it. It was a Ponzi scheme and the way they were doing it is 07:17.270 --> 07:17.810 Basically 07:18.550 --> 07:21.230 Telling people that we are holding their silver 07:21.760 --> 07:24.170 But when the mint ran out of silver 07:24.940 --> 07:31.270 They were using basically inventory that they were making all the silver coinage from when the rent mint ran out of silver is when 07:32.000 --> 07:36.410 All of a sudden the unallocated accounts didn't have any silver in the account 07:36.970 --> 07:41.370 And I was writing to this guy bronze. How do you say his name sticky? 07:42.130 --> 07:47.970 I I think the pronunciation is bronce leckie. I mean, I mean, that's the way I pronounce it 07:47.970 --> 07:52.370 Yeah, well, he was a he was a manager of the mint and he was writing me back and this is the early days 07:52.370 --> 07:55.030 I mean, this is 2011 so 10 years prior 07:55.570 --> 07:59.290 And it blew up into something pretty damn big in my opinion 07:59.850 --> 08:02.110 I mean, I I couldn't 08:02.110 --> 08:05.530 The the Perth Mint. I don't think was a 08:06.590 --> 08:10.630 Indirect ownership by the government. I I'm not exactly sure how that worked 08:11.370 --> 08:15.870 With the Perth Mint. Yeah, so I was going to say Perth Mint is is is 08:15.870 --> 08:19.790 So it is 100 owned by the western austrian state government 08:20.330 --> 08:25.930 Okay, okay, and then they had there was another arm. It was their quote treasury arm called 08:25.930 --> 08:29.350 I think it was gold ink or or something of that 08:30.050 --> 08:30.590 nature 08:30.590 --> 08:37.810 But that's where they were running their derivative book from so I get into this long conversation with this guy via 08:38.410 --> 08:40.190 emails and I was you know 08:40.190 --> 08:46.630 Publishing everything at the time and and he just kept counteracting everything he said before in the prior email 08:46.630 --> 08:52.730 And I'm like just admit it, you know, I have no problem with you running a legit 08:53.870 --> 08:59.850 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 08:59.850 --> 09:02.290 But they have to understand there's third-party risk 09:02.290 --> 09:08.770 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 09:08.770 --> 09:13.750 And at the same time the Perth Mint is declaring that they don't have any silver to make 09:14.530 --> 09:16.370 Any of the silver products 09:16.370 --> 09:21.770 Then you have a problem because you've run out of silver in inventories that you have 09:22.670 --> 09:29.190 Unallocated people's claim on that silver and and that was the big thing. I said that's fraud in any country 09:29.890 --> 09:34.130 and you are doing and then the kitco was doing it with the 09:34.950 --> 09:39.250 World Canadian Mint and I'm like why how is this? 09:39.610 --> 09:44.570 Even legal so I'm spreading that word everywhere and then the Perth Mint changed how they did things 09:44.570 --> 09:47.450 And that might have been the 10 years as you're talking about 09:47.450 --> 09:54.010 Maybe it went over to to the eight. What is it abc bullion? Yes. So the company's called abc bullion 09:54.650 --> 09:55.670 so, I mean 09:56.190 --> 10:02.490 If you move from and this is I see this all the time when when entity that's rigging a market gets kind of 10:02.990 --> 10:06.810 You know called to the mat like jp morgan and the silver rigging 10:07.570 --> 10:10.390 All of a sudden it they'll just move it over another entity 10:10.390 --> 10:17.090 Which jp morgan did with their physical silver moved it to bank of america and all of a sudden it was no longer 10:17.090 --> 10:18.250 jp morgan 10:18.970 --> 10:22.730 Their house account on the comics. It was now their customer account 10:22.730 --> 10:26.670 But it's the same con just moved over another entity so that 10:27.150 --> 10:31.290 One entity gets in trouble gets a little pat on the on the back on the hand 10:31.290 --> 10:32.150 Don't do that again 10:32.150 --> 10:36.670 It just moved to another entity and another entity and another and that sounds like the same thing has done 10:36.670 --> 10:40.690 Right, you know that you're dealing with in in australia right now 10:42.350 --> 10:47.650 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 10:47.650 --> 10:48.850 last year 10:49.330 --> 10:52.630 The national broadcaster here in australia did so there's a 10:53.310 --> 10:58.250 So there's a current affairs a program that runs every monday night here in australia called four corners 10:58.250 --> 11:00.750 And they did an expose on the perth mint 11:01.390 --> 11:08.470 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 11:09.090 --> 11:10.910 The interesting thing there is is that 11:11.410 --> 11:15.230 Back in 2021 when you and I and chris market and others were talking about the perth mint 11:15.870 --> 11:19.290 The person who went public to defend the perth mint was the ceo richard hays 11:19.290 --> 11:22.690 Within I think eight months of him going public. He was sacked 11:22.690 --> 11:28.130 Um, and he was sort of exposed in this four corners piece as well. So very shady 11:28.570 --> 11:30.750 A sort of state of operations under the perth mint 11:30.750 --> 11:36.310 But the one thing that came from that program that I wish is absolutely shocked and I had no idea is is that 11:36.310 --> 11:39.830 Because it is owned by the government people who 11:40.630 --> 11:42.830 Work for the perth mint are 11:43.390 --> 11:44.990 Sworn to secrecy provisions 11:45.690 --> 11:48.230 And they face five years jail 11:49.290 --> 11:53.750 If they reveal the any confidential information at the perth mint. So 11:53.750 --> 11:58.490 Um, so when you're engaging with bronze seleccion saying, well, why don't you just tell me the truth? 11:58.830 --> 12:03.810 Well, here's the thing if it was, you know, and again, I can't speak to what was happening in 2011 12:03.810 --> 12:05.750 Because I was sort of I wasn't in the market 12:05.750 --> 12:11.010 But whatever was happening if there anything was anything untoward if he actually came clean with you 12:11.010 --> 12:14.430 He could have faced five years jail and and so you know 12:14.430 --> 12:17.130 That's actually quite one, you know one interesting thing because 12:17.130 --> 12:20.390 Most of the bullying dealers in Australia are private companies 12:20.910 --> 12:27.670 Um, and yet yet the major the major public institutions the perth mint and and and because it's enacted by the state parliament 12:28.230 --> 12:31.370 You know that they've made a criminal offense to reveal the secrets of the mint 12:31.370 --> 12:36.730 Which is like, why would you do business where when the you know, the when you talk about county party risk and the 12:36.730 --> 12:41.310 Counter party has to keep the mouth shut. Otherwise, they're going to go to jail. Why would you even touch it? 12:41.330 --> 12:45.430 It's just too risky. Yeah, and and I mean we've had whistleblowers in the u.s 12:45.430 --> 12:47.790 About bark children is a famous one 12:47.790 --> 12:54.750 Um a one of the two judges at the CFTC the CFTC only has two judges for the entire market 12:55.270 --> 12:56.070 um for 12:56.790 --> 13:02.570 People dealing on the comics the futures and options market and there was two judges and one judge finally came out and said 13:02.570 --> 13:06.950 I quit this is a rigged market and this other judge all he does is 13:07.590 --> 13:08.970 find um 13:09.590 --> 13:13.330 Let's the bank do whatever they want all the commercials can do whatever they want 13:13.330 --> 13:19.090 He never stops them and never has has brought up one case against them in 13:19.770 --> 13:23.190 20 years being a judge and he writes this as his 13:23.630 --> 13:30.430 resignation letter to the public and it's it's literally it's still on the CFTC website his resignation letter 13:31.170 --> 13:32.290 and everybody's going 13:33.010 --> 13:36.890 Oh my god, finally someone admitted, you know from an official position 13:36.890 --> 13:41.530 Which is you can't get more official than a judge at the CFTC when there's only two 13:42.170 --> 13:43.550 And nothing happened 13:44.570 --> 13:46.250 Absolutely nothing happened 13:46.810 --> 13:50.410 It's like the the rig moves to a different area every single time 13:50.970 --> 13:56.330 So I know you've been years fighting the government involved in the government 13:56.330 --> 13:59.250 Working with the government to expose the government 13:59.890 --> 14:04.450 I gave that up a long time ago because I I I just saw it as a 14:05.270 --> 14:08.530 Literally, I'd be chasing my tail like a dog chasing his tail because 14:09.170 --> 14:15.570 Yes, they you can get them every time like I interviewed the head of silver eagle sales at at the us mint 14:16.150 --> 14:21.690 This guy jack sermon amazing guy. He's 77 years old. He's still ahead of sales. He says, yeah 14:21.690 --> 14:24.370 We're doing these five things that are completely illegal 14:24.990 --> 14:30.050 And he's like nothing you can do about it. And it's true. This is the head of silver eagle sales 14:30.050 --> 14:32.270 One of at the time. It was the largest 14:32.590 --> 14:36.110 Uh national coin silver coin made now 14:36.110 --> 14:42.270 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 14:42.710 --> 14:49.270 But but you have confessions from people in the know within the government and nothing is ever done 14:49.270 --> 14:50.990 These people control 14:51.410 --> 15:00.090 The politicians they control and it's a revolving door between politicians and goldman sacks and jp morgan and you know 15:00.090 --> 15:02.990 Great examples the cftc. There was a commissioner 15:03.590 --> 15:08.630 What was his name? I call him mr. Magoo. I forgot his name because he looked like that cartoon mr. Magoo 15:08.630 --> 15:14.810 He went from the cftc to the dtcc being in charge of the mint at 55 water street 15:15.450 --> 15:22.510 And literally within two months they had transferred all the derivative contracts the paper derivative contracts to 55 water street 15:22.510 --> 15:26.590 within two months hurricane sandy hits and he leaves the the uh 15:26.590 --> 15:32.410 Vault door wide open and floods the entire thing. They take a month to pump it out and then they light it on fire 15:33.130 --> 15:36.210 That's the kind of crap we're dealing with when we're dealing with 15:37.610 --> 15:40.130 corrupt politicians and political structures 15:41.010 --> 15:47.910 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 15:47.910 --> 15:50.270 And off escape the truth 15:51.490 --> 15:54.370 What what okay, so so I mean 15:54.370 --> 15:59.050 What one thing I was going to say because is so so I'll get into a little bit of the 15:59.050 --> 16:05.230 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 16:05.230 --> 16:09.490 not just uh some wild idea, but what actually happened during the 16:09.490 --> 16:14.490 um investigation of in terms of abc bullying but but I'll just make this point is 16:14.490 --> 16:18.470 Because of what happened with jp morgan in 2010 16:18.470 --> 16:23.750 Because I heard from you from gata from from when chris marcus interviewed by shilton 16:24.250 --> 16:28.490 I heard all these warnings about what happens in america when you go after 16:29.110 --> 16:29.490 um 16:29.490 --> 16:31.730 unethical or corrupt practices 16:31.730 --> 16:39.650 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 16:40.470 --> 16:44.210 Because so you got to understand because I've been doing economics now for 25 years 16:44.210 --> 16:49.650 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 16:49.650 --> 16:54.790 I've never ran it like a formal investigation. So during 2021 and early 2022 16:55.730 --> 17:00.670 I decided to drop everything and start my own privately funded investigation 17:01.310 --> 17:06.770 Using, you know professional lawyers embarrasses and auditors etc to to to uncover 17:07.490 --> 17:09.490 What I understood this abc bullying 17:10.130 --> 17:11.050 situation to be 17:11.650 --> 17:16.450 Um, and in in in april 2022 I delivered a 608 page file 17:17.270 --> 17:18.230 to um 17:18.970 --> 17:20.630 Here's the we don't have the safety 17:20.630 --> 17:23.130 We don't have an equivalent of the cfc in australia 17:23.130 --> 17:29.010 But we have what we call the australian securities and investments commission, which is the you know the rough equivalent would be the sec 17:29.530 --> 17:34.190 So but but they but they look at many things. So they have one of the widest remits in in the world 17:34.690 --> 17:39.230 In terms of comparative regulators, so they actually regulate companies as well as the financial markets 17:39.230 --> 17:43.350 So legal advice. I got said, okay go to acic 17:44.010 --> 17:47.010 And so I went to acic and now the chances of me 17:47.550 --> 17:52.250 Coming off the street going to acic and saying I want a criminal investigation into this company 17:52.830 --> 17:55.670 Literally according to their own numbers the chances of is 17:56.170 --> 17:57.790 0.36 percent 17:58.290 --> 18:03.430 It is almost impossible to get an investigation now because I had invested so much time 18:03.430 --> 18:09.010 And and and my father of evidence was extremely thorough signed off by professional lawyers embarrasses 18:09.230 --> 18:11.190 We we got the investigation 18:11.660 --> 18:17.610 So I actually was able to achieve mission impossible, but I was still very conscious of what happened in america. So 18:18.130 --> 18:20.270 So what I did was um 18:20.800 --> 18:23.550 You know initially I was going after the abc bullion 18:23.550 --> 18:28.590 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 18:28.590 --> 18:35.690 Um, Andrew mcguire to happen to me. I did I turned my fire onto the cops. And so in in 18:36.380 --> 18:38.870 In in October of 2022 18:39.640 --> 18:46.390 I I published a I wrote a 70 page report into the performance of the regulator. So I actually found some 18:46.980 --> 18:49.950 Statistics from the annual reports. I you know, I was able to 18:50.440 --> 18:55.010 Tell a very compelling story as to why they were their performance was bad and was failing 18:55.010 --> 19:01.670 So I published a public report in October 2022. Um, they got national headlines around Australia 19:02.230 --> 19:06.030 Um, you know, and then one can look this up and go to google instead type in 19:06.030 --> 19:09.210 Um, you know, John Adams acic abc 19:09.210 --> 19:12.030 So an abc is for the Australian Broadcasting Corporation 19:12.030 --> 19:17.510 And you're going to see an article about economists says that acic only investigates less than 1 percent of complaints 19:17.510 --> 19:21.970 And so so we got the national media and then three and a half weeks after 19:22.630 --> 19:26.370 the the um the the publicity about my public report 19:27.110 --> 19:32.310 The Australian Senate. So I took the fight to parliament and the Australian Senate established an inquiry 19:32.310 --> 19:38.970 So they voted 43 to 20 because I went to parliament said, you know, I want an inquiry because this this these statistics 19:38.970 --> 19:43.770 And this performance of this agency is woeful. I want to inquire. So I got an inquiry 19:43.770 --> 19:49.330 Um, and then the inquiry went ran for 21 months. So in july of this year 2024 19:49.970 --> 19:52.890 Um, senator Andrew Bragg who's a senator from new south wales 19:53.630 --> 19:57.030 He delivered a 300 a 300 page plus report 19:57.530 --> 20:02.870 Into the performance of acic and he and the conclusion is it is so bad 20:03.450 --> 20:06.610 That that he recommends that acic be abolished 20:07.210 --> 20:12.870 And we and we create like you know, and we come up with two new regulators to to actually reform the system 20:12.870 --> 20:18.210 So so the one thing I'll say is is that um acic has been a long-running problem in Australia 20:18.210 --> 20:21.710 Its performance is bad and getting worse. Um, and so 20:21.710 --> 20:26.610 So so so one of the differences between the american approach and my approach was to say well 20:26.610 --> 20:29.990 I can't just go to the cops and trust the cops to do the right 20:29.990 --> 20:32.070 Thing I have to change 20:32.070 --> 20:36.750 I have to go after the cops at the same time to to to provide myself some form of insurance 20:36.750 --> 20:39.230 And and but and that was some success 20:39.230 --> 20:44.450 So we actually did get an inquiry the inquiry cause that has called for acic to be abolished and now there is 20:44.450 --> 20:47.630 You know, uh, we're going to a federal election very soon in Australia 20:48.130 --> 20:54.410 And there'll be a number of um, uh policy announcements from various political parties of how to fix acic because 20:54.930 --> 20:58.470 Can I say this big and and this is something that's never happened in my career 20:58.970 --> 21:05.450 In early august of this year. I did a youtube video with a guy called robbie barwick and we and we talked about 21:06.830 --> 21:11.690 That acic and we didn't hold back. We put all of our cars on the table and within two weeks 21:12.450 --> 21:14.950 We got a a handwritten letter 21:15.610 --> 21:18.190 um in a official acic envelope 21:18.190 --> 21:23.070 So this is an official government envelope and inside is official acic 21:23.070 --> 21:27.750 government stationery and and and and it's a handwritten note and it says 21:29.050 --> 21:31.370 Confidential due to culture of fear 21:31.850 --> 21:38.610 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 21:38.610 --> 21:40.370 It's worse than what you portray 21:40.370 --> 21:42.870 So so so when we talk about corruption 21:42.870 --> 21:48.790 The one of the key differences here in australia is I have people inside the regulator 21:48.790 --> 21:57.290 Prepared to risk their job to write to me on official government stationery and say the corruption is 100 legitimate. It's real 21:57.290 --> 22:01.750 Um and and the people at the top of the regulator are thoroughly corrupt 22:01.750 --> 22:08.410 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 22:09.090 --> 22:10.330 various politicians, etc 22:10.330 --> 22:13.910 And I've just said to them i've been doing politics for for more than 20 years 22:13.910 --> 22:17.330 I've never seen a situation where and I used to be a public servant 22:17.330 --> 22:20.090 I used to work in the um in the federal bureaucracy myself 22:20.090 --> 22:22.450 And that's when I started my career after university 22:22.450 --> 22:26.230 I've just never seen a situation where someone was prepared to write to a youtube 22:26.230 --> 22:32.010 Effectively and risked the career and say that the allegation my allegation of corruption is 100 legitimate 22:32.010 --> 22:35.750 So so when you talk about corruption in the in the u.s. Uh system 22:35.750 --> 22:38.410 We have ethical public servants 22:38.410 --> 22:46.470 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 22:46.470 --> 22:47.590 so so 22:48.690 --> 22:50.390 abc bullion was investigated 22:51.150 --> 22:57.090 Um, and we can get into this in a moment. So there was a conspiracy to protect abc bullion 22:57.090 --> 23:03.150 um, um and and uh, and you know, uh, I've been able to expose it and um 23:03.650 --> 23:07.210 And and you know, there's been a number of media articles in the last two months 23:07.210 --> 23:13.410 That has actually gone into a lot of detail as to what I was able to find but um, yeah, so so so now 23:14.070 --> 23:17.550 One thing I'll well, I actually you know before I get into further 23:17.550 --> 23:20.950 Was there anything you wanted to respond to that or do you want to just sort of keep going? 23:21.390 --> 23:25.710 Well, was abc bullion did they have any connection with 23:26.130 --> 23:28.270 The mint or gold corp 23:29.550 --> 23:37.690 Um, well, we're not so from a legal structure. No, there's no legal connection. Um, but but but there is uh, 23:38.050 --> 23:39.170 so so one of the 23:39.710 --> 23:44.130 Things that is well known in the Australian industry is that is that staff 23:44.730 --> 23:48.770 From abc bullion have gone to the Perth mint and vice versa. So so mr. 23:48.950 --> 23:52.270 Selecki who wasn't transparent with you back in 2011 23:52.270 --> 23:57.730 Well, guess where he after he left the Perth mint after a long stint and where did he go? 23:57.730 --> 24:01.490 He went to abc bullion and and then he was there for a for a period of time 24:01.490 --> 24:05.110 And him and then he went to the Perth mint. So you so you have 24:05.510 --> 24:11.950 You know, um, I mean look the two biggest players in the market have a lot of back and forth between staff 24:12.470 --> 24:18.530 Um, and then you have a whole bunch of smaller businesses second to 30 bullion dealers who are who are obviously 24:19.090 --> 24:21.210 Sort of you know trying to service the rest of the market 24:21.830 --> 24:24.330 Do you know if they have any, uh 24:24.330 --> 24:25.350 reciprocal 24:26.030 --> 24:28.050 metal storage programs where 24:28.570 --> 24:32.770 abc will store metal in perth mint vaults and vice versa 24:34.910 --> 24:41.110 That that well, uh, Selecki, um during my investigation. I saw no evidence of that. Okay 24:41.810 --> 24:47.870 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 24:48.470 --> 24:50.190 control of slv 24:50.910 --> 24:58.570 And they are also the number one holder of inventories for the comics and and a lot of people have, uh 24:59.390 --> 25:01.830 Surmised that that's one in the same 25:01.830 --> 25:07.390 There there's a lot of crossover between the comics inventories and the slv inventories 25:07.390 --> 25:09.970 Which is completely illegal if you ask me now 25:10.670 --> 25:13.670 You can look at the uh prospectus of the 25:14.190 --> 25:18.750 Um slv and say holy crap. This seems like swiss cheese as to where they can store 25:19.350 --> 25:22.350 The metal and I do think a lot of rehypothecation has gone on 25:23.010 --> 25:28.770 With slv inventory with the comics inventory with lbma inventories, which nobody knows where those are 25:28.770 --> 25:30.410 I think they're all three 25:31.170 --> 25:38.310 Double triple quadruple counted. Maybe even with the perth mint as well. Um, I I can't prove that 25:38.830 --> 25:40.270 but knowing the 25:41.730 --> 25:45.050 Proclivity of jb morgan to do things exactly like that 25:45.610 --> 25:50.890 Um, I would say it's it's more than a a lucky guess if if that ends up to be the truth 25:51.450 --> 25:54.530 When we hit a point that everybody has to show 25:55.130 --> 25:58.770 What they have and and a lot of people will be going without 25:59.310 --> 26:06.830 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 26:07.890 --> 26:11.830 As a moment in time to say, oh, there's half a billion ounces of silver 26:11.830 --> 26:14.450 We're gonna hit the market. Let's slam the price of silver with derivatives 26:15.010 --> 26:15.490 um 26:16.030 --> 26:19.410 I could see that happen pretty easy with the people who are involved 26:20.110 --> 26:23.550 black rock and jb morgan and uh 26:23.550 --> 26:28.850 company called virtue financial who does the all the high frequency trading on the on the comics so 26:29.990 --> 26:30.710 You know 26:31.190 --> 26:35.550 From my standpoint and you've taken it so much further than I ever did 26:36.830 --> 26:40.930 I've I've taken it upon myself to try to expose as much as I can 26:40.930 --> 26:44.810 But I do hit a point where it's like I don't have the time ever energy or money 26:45.390 --> 26:47.110 to fight these fights 26:47.670 --> 26:50.790 Into a system that I know even the judges are corrupt 26:51.450 --> 26:51.930 so 26:53.150 --> 26:58.030 Got good on you for for getting farther than than I ever got down there in australia 26:58.030 --> 27:01.510 well, I mean, I mean look at well, um 27:02.030 --> 27:06.630 One thing I was going to say because is you as as you were just making that sort of statement 27:06.630 --> 27:10.690 You said something which is very critical is um, I mean 27:10.690 --> 27:16.630 When you were talking about, you know jp morgan and where where the where the storage is you go in terms of, you know 27:16.630 --> 27:19.210 Well, I mean, I mean some of it. You don't know where it is 27:19.210 --> 27:22.630 And and and that is the critical issue with this abc bullion 27:22.630 --> 27:24.510 sort of story so so 27:25.170 --> 27:29.990 In 2021 so so when I had basically an abc bullion employee 27:30.630 --> 27:34.650 Who at the time was working at abc bullion who was working at abc bullion 27:34.650 --> 27:40.950 Who basically admitted to me he was lying to investors on a daily basis because that was what he was required to do 27:40.950 --> 27:44.110 He had no idea whether there was a vaulted where the vault was 27:44.630 --> 27:46.990 Um, now we had a smoking gun 27:47.450 --> 27:50.190 Um, so so now now this person who I ended up having dinner with 27:50.190 --> 27:52.510 He ended up actually being a whistleblower 27:52.510 --> 27:57.010 Who who we put forward to a second was interviewed by a second during the investigation 27:57.010 --> 28:03.290 But we had a smoking gun and the smoking gun was a whatsapp group chat of seven current and former 28:03.690 --> 28:05.030 um, acic, sorry 28:05.790 --> 28:08.330 Seven current former abc bullion employees 28:08.330 --> 28:14.010 And so during this period of 2020 march and april 2021 when we're talking about perth meant 28:14.490 --> 28:18.510 And and I was tweeting about abc bullion and about this woman who couldn't get her silver 28:19.290 --> 28:23.850 These people at abc bullion in this group chat were admitting to