He was a bit early with that call, but with the tightness around supply right now it could still happen to the mint if they can't call in those paper silver contracts. That is the problem with selling paper silver with the "promise" you can convert it to physical which is what Perth Mint does. Numerous times in the last year Perth Mint were down to only 4 x 1000oz bars in their depository and it has been consistently low. They certainly have way more unallocated and pool allocated silver outstanding than 4000oz. They barely have any kilo bars available on any date so small time players can't even take advantage of it.
So there has been tightness in Perth Mint for about 14 months now and that is no surprise since their refinery is at 100% utilization. The day will come in the next ~6 months when they can't source enough 1000oz bars to satisfy the retail side and depository which will show mainly as less retail products sold. Combined with a higher silver demand due to the shortages becoming widespread in the community there is going to be some interesting "happenings" going on over there.
That being said I think I have ~10000oz stored there as allocated, the fees aren't that bad and I just keep it there as a way to diversify where I am holding my physical and possibly to take advantage of short term movements. If they screw allocated holders they will be sued out the bottom ring in a class action. Allocated, and maybe pool allocated holders there I think can be screwed on large movements but I haven't read those T&C in a while, some very funky language in those contracts last time I read them.
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