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Bullion Direct bankrupt--and takes the bullion with them!

dpooledpoole Posts: 5,940 ✭✭✭✭✭
in Precious Metals
Our local bullion dealer went under. But the big deal is that the bullion they had stored for people--surprise--wasn't there after all.

Undoubtedly I'm preaching to the choir among this crowd, but the moral is: get your bullion in hand:

Link

Here's a warning parable for coin collectors...



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    PerryHallPerryHall Posts: 45,447 ✭✭✭✭✭


    << <i>Our local bullion dealer went under. But the big deal is that the bullion they had stored for people--surprise--wasn't there after all.

    Undoubtedly I'm preaching to the choir among this crowd, but the moral is: get your bullion in hand:

    Link >>


    I wonder how many other major bullion dealers will be declaring bankruptcy in the future? image

    Worry is the interest you pay on a debt you may not owe.

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    BAJJERFANBAJJERFAN Posts: 30,994 ✭✭✭✭✭
    Amazing that BD could employ and pay 12 people.
    theknowitalltroll;
    MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
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    derrybderryb Posts: 36,217 ✭✭✭✭✭
    Don't worry, at least your dollars are safe with the bank holding them.

    Give Me Liberty or Give Me Debt

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    roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭


    << <i>Don't worry, at least your dollars are safe with the bank holding them. >>



    Just as safe as your stock "certificates" that are not registered in your name, or your broker's name. First come, first served.

    This same story will continue to occur with bullion and coin dealers, and others who hold or manage your "stuff" for you.
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
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    derrybderryb Posts: 36,217 ✭✭✭✭✭
    But it's OK for the COMEX to sell gold it knows that it can't deliver. image

    image

    Give Me Liberty or Give Me Debt

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    BaleyBaley Posts: 22,658 ✭✭✭✭✭
    Condolences to the victims of this particular precious metals scam

    Liberty: Parent of Science & Industry

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    SpoolySpooly Posts: 2,107 ✭✭✭
    Always keep your precious metals within rifle range. image
    Si vis pacem, para bellum

    In God We Trust.... all others pay in Gold and Silver!
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    DoubleEagle59DoubleEagle59 Posts: 8,200 ✭✭✭✭✭
    One thing I'll never understand, if these investors bought Gold and silver because they basically don't trust banks and governments, why on earth would they trust a company to hold their life savings in bullion?
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
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    GrumpyEdGrumpyEd Posts: 4,749 ✭✭✭


    << <i>One thing I'll never understand, if these investors bought Gold and silver because they basically don't trust banks and governments, why on earth would they trust a company to hold their life savings in bullion? >>




    Agreed, they avoided the "too big to fail" banks and went with the "so small nobody cares if it fails" company. Ouch!
    Ed
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    ashelandasheland Posts: 22,695 ✭✭✭✭✭
    That sucks. image

    My YouTube Channel

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    MilesWaitsMilesWaits Posts: 5,311 ✭✭✭✭✭
    A very comprehensive article on the challenges and possible rewards of bullion purchasing, absent the trust of a storage facility.

    I feel immensely fortunate that I have yet to be taken to the cleaners by my purchases or sales in this area.
    Now riding the swell in PM's and surf.
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    derrybderryb Posts: 36,217 ✭✭✭✭✭
    Paypal buyer protection is heavily underrated.

    Give Me Liberty or Give Me Debt

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    TwoSides2aCoinTwoSides2aCoin Posts: 43,863 ✭✭✭✭✭


    << <i>A very comprehensive article on the challenges and possible rewards of bullion purchasing, absent the trust of a storage facility.

    I feel immensely fortunate that I have yet to be taken to the cleaners by my purchases or sales in this area. >>



    Same here. It's always a "balancing" act. (I have been very hurt a few times buying "fake" gold and silver coins/ jewelry/watches)…. and the buck always stops there.
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