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Bullion Direct Files for Bankruptcy No Metal
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In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Anonymous Coward 53158832:MV8yOTE3MzY4XzUxNDQ5NTcxX0U0MDk3QkNG] [quote:dmore4:MV8yOTE3MzY4XzUxNDQ5NTQwX0I4MjMxODlB] Just goes to show,IF YOU ARE NOT HOLDING IN YOUR HANDS YOU DO NOT OWN IT. [/quote] So true. They were taking people's money and making accounting entries for the metal without purchasing any of it. Regulators are asleep at the wheel. They will probably jump on this one though and spin it like all dealers are fraudsters. It looks like some of them are, but not all of them. The ones that need to be investigated are the big bullion banks like COMEX . [/quote]
Original Message
Bad News: Stored Metal Nonexistent
Two documents were filed today (Declaration of Dan Bensimon and Joint Stipulation Regarding Contents of Vault). There is a lot of information in these documents.
Most importantly, they show an inventory of the IDS vault that I calculate as having a value of roughly $633,000, compared to the estimated $20M+ of metal that Bullion Direct stored for customers
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