CYL Value v Current Market Cap, page-8

One risk of cyl business model is that to my knowledge cyl has only a single customer buying gold dore bars, the perth mint. The perth mint has very large underwater naked short positions in both physical gold and physical silver represented by the perth mint fractionally reserved customer unallocated accounts which if marked to market make perth mint insolvent. Here in U.S.A. we have had several private mints go bankrupt in recent years and in each case mining outfits that had their physical metals in possession of mint, but hadn't got paid by mint yet, had to wait years to get paid and mining outfits were behind secured creditors when getting paid out of bk estate of insolvent private mint. To mitigate the solvency risk perth mint pose to cyl, I think cyl need to explore right away selling dore bars for fiat paper outside the perth mint western lbma/comex...perhaps sell gold to buyers in Singapore, Hong Kong or Shanghai? I heard that in Shanghai physical silver was trading for USD $36.50/oz at same time spot silver on comex was trading at usd$30/oz so potentially cyl also get better price for the gold as well in Shanghai or Singapore vs. what perth mint pay for cyl the gold?