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Bullion Direct Files for Bankruptcy No Metal

 
SkeptiSchism
User ID: 53158832
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07/30/2015 10:42 PM
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Bullion Direct Files for Bankruptcy No Metal
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


[link to about.ag]

.
Anonymous Coward (OP)
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07/30/2015 10:47 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
bump
dmore4

User ID: 56164175
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07/30/2015 10:48 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Just goes to show,IF YOU ARE NOT HOLDING IN YOUR HANDS YOU DO NOT OWN IT.
Anonymous Coward (OP)
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07/30/2015 10:50 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Just goes to show,IF YOU ARE NOT HOLDING IN YOUR HANDS YOU DO NOT OWN IT.
 Quoting: dmore4


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

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dmore4

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07/30/2015 10:53 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Good luck with Bitcoin also.
Anonymous Coward (OP)
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07/30/2015 11:02 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Good luck with Bitcoin also.
 Quoting: dmore4


I never bought any bitcoins although I first heard about them when they were trading around $15/btc

I also got some free litecoins from a vendor but never opened them up, got them somewhere on my hard drive in a zipped file I think.

.
Anonymous Coward (OP)
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07/30/2015 11:04 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Thanks for the karma pin

cheers
dmore4

User ID: 56164175
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07/30/2015 11:07 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
No problem OP,this is a big story
Kira mai Kadwalladyr

User ID: 34796550
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07/30/2015 11:10 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
whoa
dmore4

User ID: 56164175
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07/30/2015 11:14 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
If people decide to start taking delivery of their silver it could bring to light the fraud in the markets and send the price of silver as well as gold up.
Anonymous Coward
User ID: 69904181
Mexico
07/30/2015 11:14 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
bsflag

THEY HAVE METAL BUT BANKRUPTCY !!

[link to www.bulliondirect.com]
Anonymous Coward
User ID: 3617696
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07/30/2015 11:17 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Well gosh fellers...

20,000,000 minus 660,000 is only 19,334,000 that's like about 2 percent reserves?

Compared to the Jew-Stream Frauderal Reserve they are flush?

?
Anonymous Coward (OP)
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07/30/2015 11:18 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
THEY HAVE METAL BUT BANKRUPTCY !!

[link to www.bulliondirect.com]
 Quoting: Anonymous Coward 69904181


They don't have enough metal, or they were practicing fractional reserve selling (if that is the correct term).

As I said in the OP

I calculate as having a value of roughly $633,000, compared to the estimated $20M+ of metal that Bullion Direct stored for customers

That is about 3% of their declared metal in warehousing for customers. That could be the same for big warehouses like COMEX.

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Anonymous Coward (OP)
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07/30/2015 11:18 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Well gosh fellers...

20,000,000 minus 660,000 is only 19,334,000 that's like about 2 percent reserves?

Compared to the Jew-Stream Frauderal Reserve they are flush?

?
 Quoting: Anonymous Coward 3617696


I posted after you should have read your comment.
Anonymous Coward
User ID: 19876247
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07/30/2015 11:20 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
I am laughing so hard I may cry...you just can't make this stuff up...

OK WHO said it about - its easier to get people to believe a BIG lie than a small one -and these were WHOPPERS!!!


Oh, and there are Bitcoins people can keep on a flash drive.
I was afraid of ...you know...EMP...and poof!

bullion/bouillon
[link to public.wsu.edu (secure)]
Gold bricks are bullion. Boil down meat stock to get bouillon. It's an expensive mistake to confuse bouillon with bullion in a recipe.

Bought the wrong thing - and many have this paper in their IRA's-banksters say "too bad so sad"

Someone PLEASE post the Simpsons cartoon


~WHOOSH~~~~and its GONE~~~~~~~~~~~~
Vituperate Me

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07/30/2015 11:21 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
WOWOWOWOWOWOWOWOWOWOWOWOWOWOWOWOWOWOWOWOWWOWWOWOWOWOWOWOWOW​OWOWOWOWOWOWOWOWOWOWOW
"I fear the day that technology will surpass our human interaction. The world will have a generation of idiots."--Albert Einstein

"The future must not belong to those who slander the prophet of Islam."--President Barack Obama addressing the United Nations General Assembly

“Freedom is never voluntarily given by the oppressor; it must be demanded by the oppressed.”—Martin Luther King Jr.

“The most effective way to destroy people is to deny and obliterate their own understanding of their history. […] He who controls the past controls the future. He who controls the present controls the past.” – George Orwell, 1984

"In the event that I am reincarnated, I would like to return as a deadly virus, in order to contribute something to solve overpopulation." - Prince Philip (Great Britain)
Anonymous Coward
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07/30/2015 11:22 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
If people decide to start taking delivery of their silver it could bring to light the fraud in the markets and send the price of silver as well as gold up.
 Quoting: dmore4


This.
Anonymous Coward
User ID: 58670080
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07/30/2015 11:22 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
I can remember telling people not to get involved with this kind of thing. All you get is a piece of paper saying you own it. Now they have nothing.....
Anonymous Coward (OP)
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07/30/2015 11:23 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Someone PLEASE post the Simpsons cartoon

 Quoting: Anonymous Coward 19876247


Anonymous Coward
User ID: 69834669
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07/30/2015 11:23 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
bought 500 worth silver last week did not have any rounds like to diversify.
dmore4

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07/30/2015 11:24 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
3%.Like i said everybody should stand for delivery.How much would a oz o silver be worth ,if they only have 3% of what they say they have.
Anonymous Coward
User ID: 15483798
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07/30/2015 11:24 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Bwahahahahaha!......seems virtual gold and paper gold is the same.....

Sure... we purchased and stored your physical gold in our vault....trust us.....


As others say if the gold is not in your hot little hands, you don't own it.......
Anonymous Coward
User ID: 69834669
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07/30/2015 11:25 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
I can remember telling people not to get involved with this kind of thing. All you get is a piece of paper saying you own it. Now they have nothing.....
 Quoting: Anonymous Coward 58670080


yeah when governments cant get their metal why ya think you can.
Anonymous Coward (OP)
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07/30/2015 11:27 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
3%.Like i said everybody should stand for delivery.How much would a oz o silver be worth ,if they only have 3% of what they say they have.
 Quoting: dmore4


Yah exactly. I think Paul Craig Roberts had an article out last week that claimed the ratio of paper silver traded to physical in warehousing was around 1%.

.
Anonymous Coward
User ID: 748089
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07/30/2015 11:27 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Of course this will make gold go down

per usual
Vituperate Me

User ID: 69630441
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07/30/2015 11:28 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Of course this will make gold go down

per usual
 Quoting: Anonymous Coward 748089


ROTFLMAO
"I fear the day that technology will surpass our human interaction. The world will have a generation of idiots."--Albert Einstein

"The future must not belong to those who slander the prophet of Islam."--President Barack Obama addressing the United Nations General Assembly

“Freedom is never voluntarily given by the oppressor; it must be demanded by the oppressed.”—Martin Luther King Jr.

“The most effective way to destroy people is to deny and obliterate their own understanding of their history. […] He who controls the past controls the future. He who controls the present controls the past.” – George Orwell, 1984

"In the event that I am reincarnated, I would like to return as a deadly virus, in order to contribute something to solve overpopulation." - Prince Philip (Great Britain)
Anonymous Coward (OP)
User ID: 53158832
United States
07/30/2015 11:30 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
Of course this will make gold go down

per usual
 Quoting: Anonymous Coward 748089


And stawks up!

lmao
TheToolMan

User ID: 48782165
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07/30/2015 11:31 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
YEs, all the dealers are SOLD OUT of silver. If they can't sell, they can't stay in business...

Silver-Tards, Lets Ride!

sealsealseal
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
Anonymous Coward
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07/30/2015 11:32 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
It IS illegal but they do it any way. Fractional Reserve. They have not had the physical to backup paper gold and silver for years. If you own paper gold or silver,you own just that, a piece of paper, and someone else holds the gold and silver. FOOLS!
Copperhead

User ID: 69904405
07/30/2015 11:33 PM

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Re: Bullion Direct Files for Bankruptcy No Metal
Paper silver epiclol
Anonymous Coward
User ID: 19876247
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07/30/2015 11:34 PM
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Re: Bullion Direct Files for Bankruptcy No Metal
3%.Like i said everybody should stand for delivery.How much would a oz o silver be worth ,if they only have 3% of what they say they have.
 Quoting: dmore4

Estimates 2-3 years ago were SILVER Certificates were oversold to the tune of 600 TIMES the mined silver above ground so far on EARTH...





GLP