In this interview, David Morgan of themorganreport.com speaks with John Adams, an economist from Australia, about his extensive investigation into a major scandal involving ABC Bullion, one of Australia's largest bullion dealers. The focus is on allegations that ABC Bullion ran a fractional reserve scheme for precious metals storage, meaning they charged clients storage fees for metal that wasn't actually in their vaults.
John explains how he first became aware of the issue in 2021 when a client couldn't redeem their stored silver. After further investigation, a whistleblower and evidence, including a WhatsApp group chat, confirmed fraudulent practices. Despite John presenting a detailed case to the Australian Securities and Investments Commission (ASIC), they declared the company clean after what John describes as a "sham" investigation. He claims that during the investigation, ABC Bullion moved metal to an illegally occupied building, and the audit performed by a third party only counted a sample of the metal, further raising suspicions of manipulation.
John shares his frustration with Australia's regulatory failures and discusses his broader concerns about corruption in financial oversight. Despite the investigation's lack of resolution, his campaign brought national attention and led to a parliamentary inquiry into ASIC, with calls for the agency's overhaul.
The conversation also covers the broader issues of corruption in the bullion industry and the difficulties of ensuring genuine supply and demand for precious metals. John concludes by discussing the importance of educating investors on avoiding these schemes and promoting transparency in the precious metals market.
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