kitco in trouble?

Kip

Text

derryb

Kitco claims it paid required sales taxes to its scrap suppliers and the suppliers failed to pay the tax money to the government. Kitco also claims, starting in 2005, it sent over 60 monthly reports to tax authorities stating its concerns. Tax authorities never responded. "If [Revenu-Québec] had acted upon the information in Kitco’s reports in a timely manner, their tax losses could have been prevented,” the company said.

I believe Kitco came out unscathed from a very similar government attack a few years back. However, as a precaution, I have closed my pool account with them until the dust settles. And, if the OP had not shared this link I would not have had the needed information to make that decision. Thank you OP.

indiananationals

I'm cashing out my pool account got me scared any advice would it be better to take90% bags over .999 bars

DrBuster

I'd take the bars over the 90%, no telling if you'd get a bag of slicks.

derryb

why not take the cash and buy the physical where it is cheaper?
I've never taken anything but cash out of their pool accounts. Usually left it on deposit in the accounts for the next dip, but always received a check when I requested it.

CaptHenway

Item is three months old. Any further news?

Pokermandude

<< <i>Kitco claims it paid required sales taxes to its scrap suppliers and the suppliers failed to pay the tax money to the government. Kitco also claims, starting in 2005, it sent over 60 monthly reports to tax authorities stating its concerns. Tax authorities never responded. "If [Revenu-Québec] had acted upon the information in Kitco’s reports in a timely manner, their tax losses could have been prevented,” the company said.

I believe Kitco came out unscathed from a very similar government attack a few years back. However, as a precaution, I have closed my pool account with them until the dust settles. And, if the OP had not shared this link I would not have had the needed information to make that decision. Thank you OP. >>



Indeed, they did have the exact same "scare" a few years ago. Which also prompted me to close my pool account.

Do note that this is the provincial government of Quebec making these claims, not the Canadian federal government. Quebec has a history of doing things differently than everyone else. For instance, they run their own lotteries rather than participating in nation-wide lotteries. Under Quebec provincial law any game or contest MUST have a certain number of winner(s) from within the province of Quebec. This doesn't necessarily mean that their claims against Kitco have no basis, but there is a good chance it is just another attempt at bullying more tax money out of the company.

indiananationals

Because if I take cash I loose .30 per oz and every place around me wants 25 a oz and I can get it for 21.14 from them

jmski52

I hope Kitco wins, and then leaves Quebec.

indiananationals

I'm just afraid if all there accounts get frozen if they are in the wrong I could loose a nice size amount of money so I have to get out my thought was I can get close to 20x for 90% in my area and for me to make the same amount from .999 I would have to sell it for close to $28 just to be even andi don't think its possible right now

MilesWaits

From Mining.com regarding the "damp squib":

The pro-gold group is gleeful after Friday's news that analyst and bullion's damp squib, Jon Nadler, is leaving Kitco.

Nadler's former employer announced his leaving in a press release.

"We appreciate Jon’s contributions to the company and wish him well," wrote John Dourekas, Media Director for Kitco.

"Jon played a significant role in making expert commentaries an important feature of Kitco.com. We sincerely thank him for all the years on our team and wish him the very best in his future endeavors."

No reasons for the departure were given.

The Gold Anti-Trust Action Committee must have had fun with this headline when reporting the news:

Kitco cans analyst Nadler; gold rises $5.50
Silver Doctors took their own shots.

After 7 years of degrading precious metals investors and GATA, Kitco has finally let go bullion bank apologist and gold and silver perma-bear Jon Nadler.

Apparently 7 consecutive years of predicting massive declines in the midst of bull markets for gold and silver finally caught up to Nadler as Kitco stated that We are dedicated to having the best-of-the best expert analysis on Kitco.com.

While we would like to say we wish Nadler all the best in his career pursuits, we don’t recommend wasting your ink submitting a resume to SD, Jon.
Peter Grandich was harsh.

The departure of Jon Nadler from Kitco was not only long overdue (and the wording of their release strongly suggests he was let go), but one of the few instances where gloating is most appropriate.

Nadler forecast a bubble building under gold due to ETFs and other factors and predicted a massive correction. He did recommend that investors keep gold as an insurance position, not as an investment.