Another "stored metal" scheme bites the dust
Another "stored metal" scheme bites the dust
ALWAYS take delivery if you are speculating on the physical
possession of Precious Metals...:00x10
By Joshua Gibbons ? About.Ag ? for CoinWeek?.August 2015
As Much as $25M of Stored Metal ?Not Actually Purchased?
As a bullion investor and webmaster of About.Ag, I understand well the risks that customers face when ordering precious metals, especially from out of state vendors or websites.
I?ve seen firsthand the implosion of such companies and the havoc these business failures bring to investors ? people like you and me who want to diversify their asset holdings and look to bullion as a way to do that.
Last year, I had started warning people about The Tulving Company a few months before they shut down owing customers $17M, so I quickly noticed the red flags showing that this respectable 15-year-old company might have serious financial problems.
So when, in June, a customer alerted me to problems at Bullion Direct, saying that he had waited several months without receiving metal he had purchased. I looked into it.
I sent an email to the company?s owner, and let him know my concerns. He quickly responded, and I gave him some information about how the Tulving fiasco unfolded and some general advice. The next day, Bullion Direct suspended operations.
Last week, Bullion Direct filed for Chapter 11 bankruptcy, stating they have as many as 6,000 total claimants and total debt ?perhaps as great as $25 million.?
Another "stored metal" scheme bites the dust
ALWAYS take delivery if you are speculating on the physical
possession of Precious Metals...:00x10
By Joshua Gibbons ? About.Ag ? for CoinWeek?.August 2015
As Much as $25M of Stored Metal ?Not Actually Purchased?
As a bullion investor and webmaster of About.Ag, I understand well the risks that customers face when ordering precious metals, especially from out of state vendors or websites.
I?ve seen firsthand the implosion of such companies and the havoc these business failures bring to investors ? people like you and me who want to diversify their asset holdings and look to bullion as a way to do that.
Last year, I had started warning people about The Tulving Company a few months before they shut down owing customers $17M, so I quickly noticed the red flags showing that this respectable 15-year-old company might have serious financial problems.
So when, in June, a customer alerted me to problems at Bullion Direct, saying that he had waited several months without receiving metal he had purchased. I looked into it.
I sent an email to the company?s owner, and let him know my concerns. He quickly responded, and I gave him some information about how the Tulving fiasco unfolded and some general advice. The next day, Bullion Direct suspended operations.
Last week, Bullion Direct filed for Chapter 11 bankruptcy, stating they have as many as 6,000 total claimants and total debt ?perhaps as great as $25 million.?
