Please note that while taken as it was spoken it implies that Elemetal is under investigation, that may have been misspoken. So while B15202129R is a valid serial, B15202130R is not valid (it fails the checksum). DATE: March 31, 2017 The stored metal is in a vault that has metal that 2 banks have liens on, so this is more than a trivial question.
I am not suggesting that Elemetal or Provident would lie, but a prudent investor must assume the possibility of a lien exists. The 3 employees then began opening accounts for the known gold money launderer using front companies.
back as OPM), and it is unclear if Elemetal Mint ever operated at a separate facility. They include a checksum, making it quite difficult to come up with valid serial numbers (without knowing the formula). ", less than 2 months after receiving an article detailing illegal gold mining in Peru and gold smuggling through Bolivia). If this is all true, is the metal actually owned by the glass company? Typical tips I have received for other companies range anywhere from experiences with the company to other places I should be looking to various files (financials, E-mails, etc.). The situation is bad enough that Provident blogs about it to do damage control. And inventory audits do require a method to keep newly purchased inventory separate from the inventory that is being valued. The concern here is that the Bank of Nova Scotia has a lien on metal (a right to keep the metal until a debt is paid) that it consigned to Provident Metals and "certain of its affiliates" (Elemetal Vault is an affiliate of Provident Metals).
This relieves most of my concern regarding Provident Metals and Elemetal Vault, LLC. Until now, that is.
At the rate they are paying what they owe, it looks like it would take another 1-3 years for Elemetal to pay back customers in full. So while Elemetal Refining is effectively insolvent (it is still having troubles paying back customers who have been owed money for over 6 months), Elemetal Vault seems to be doing fine. Elemetal is a conglomerate of bullion companies, including NTR Metals, OPM, and Provident, now all using the Elemetal name.
But since their response was not to respond, I cannot say for certain that they have detected enough impure bars to warrant rejecting them (any info, please E-mail or send an anonymous tip). I have set up a simple page that lets you test to see if the serial number on an OPM, Elemetal, or NTR appears to be valid. This is very disconcerting. However, in this case, in theory, the glass company should be receiving exactly what it sent (minus impurities, and some extra silver to pay for refining). Later that day, COMEX said they would no longer register (warrant) Elemetal bars. It may have shut down as part of Elemetal Refining shutting down gold/silver operations.
So they have gone from not answering my question (non-action) to deleting it (an intentional action).
The results were .99984.
This is different than the refining that I believe Elemetal Refining normally does, where someone sells them scrap silver/gold for cash. With Elemetal Vault, the metal is allocated but not segregated. 20% of the amount owed customers will be paid out today. American Heritage Bullion (a/k/a Honor Mint) dead(? Or if Elemetal owes all customers a total of $10,000,000 (as an example, not a real amount), they only sent out about $100,000 of the $2,000,000 in payments they hoped to have. So if NTR's prediction was correct, the shutdown of the Elemetal Refining gold and silver refining business was a result of defamation, not improper business practice. Court documents refer (during a sworn examination) to $300M of gold that was stolen from NTR, that NTR had purchased in Peru. The Assistant U.S. Attorney stated that Elemetal "willfully failed to develop, implement and maintain an [anti-money laundering program] reasonably designed to prevent Elemetal from being used to facilitate money laundering and the financing of terrorist activities.". Presumably, the metal in the Elemetal Vault (which appears to be located in the Elemetal Refining, LLC facilities) is not covered by the bank's lien (if so, there would be disastrous consequences).
The Justice Department says that the 3 Elemetal employees that plead guilty last year state that they had "conspired to purchase billions of dollars of criminally derived gold ... through Elemetal LLC, a dealer in precious metals ...".
First, let me say that Provident does not have the red flags that Tulving, Bullion Direct, and NWT did (serious delays in shipping orders). From what I can tell, assuming Elemetal is honest, this should not be possible. Weve decided to clean house. The glass company alleges that Elemetal has refused to return the metal. The Doc Is Not An Investment Adviser And Information Obtained Here Should Not Be Taken For Professional Investment Advice. checking the latest news each time), and being careful how I pay (a credit card is safest, a bank wire allows quickest shipment). So I'm stuck on that lead, even though logic suggests that if this were not true, Dillon Gage would immediately respond saying so (who turns down extra business?). You will be limited to either getting Elemetal gold/silver bars, or cash. The PMV isn't designed to test exact purity, so further testing was needed. We Do Not Share In Your Profits, And Thus Will Not Take Responsibility For Your Losses As Well.
But like the Provident Metals lien, this lien applies to metal likely held in Elemetal Refining's vault, the same place where Elemetal Vault's metal is held.
In this case, the metal is large bars: you might own 1 ounce of a 100oz gold bar.
At .99984, it would have 60% more contaminants than marked. with one of the largest bullion wholesalers in the world, Dillon Gage, through 2022 to help Within 2 months, Loftus announced that DGSE was in negotiations to buy Elemetal Recycling, for about $20M. One of the 3 NTR Metals Miami employees reportedly drives a car worth less than $10,000. I don't give much credence to most rumors, so I finally got my hands on a 1oz OPM bar marked .9999 that failed the Sigma Metalytics PMV test for .9999 pure gold.
The Exchange notes that pursuant to an active review under their Incident Management Process, the London Bullion Market Association has moved ELEM to the LBMA Gold and Silver Former Lists, effective March 31, 2017.
That, combined with the LBMA/COMEX news, makes this extremely plausible. The Commentary On Silverdoctors Reflects The Opinions Of The Doc And Other Contributing Authors. My recommendation is that if you have any Elemetal/NTR/OPM bars, you test them using whatever tools you have easily at your disposal. It was insolvent, unable to pay customers who had provided metal for refining. They wrote: "On November 16, 2017, Pedro David Perez Miranda, a/k/a Peter Ferrari, a/k/a Peter, 57, of Lima, Gian Piere Perez Gutierrez, a/k/a GP, 33, of Lima, Peter Davis Perez Gutierrez, a/k/a Peter Jr., 33, of Lima, and Jose Estuardo Morales Diaz, a/k/a Pepe Morales, 50, of Lima, were charged in a single-count Indictment for their alleged participation in a gold money laundering scheme (U.S. v. Miranda, Case No. It all started on March 9, when Bloomberg wrote an article How to Become an International Drug Smuggler.
SUBJECT: Suspension of Warranting of Elemetal Refining, LLC (ELEM) Gold and Silver Brands, another MF Global style event in which the big boy bankers, front run everyone else in a mad scramble to grab assets…, Federal Probe into alleged illegal gold smuggling. Over a period of 6 years, a Colombian company called Goldex is reported to have exported $1.4B of illegal gold, 97% of which, Elemetal Refining, LLC is still "open for business". Maybe one person owns the other 99 ounces, maybe 99 others each have 1 ounce. If that is the case, it could boil down to whether Elemetal Vault properly transferred ownership to customers (if so, customers are in somewhat good shape; if not, they might get nothing).
"We have been acquired by a group of private investors.
It had been widely assumed that they were de-listed for the $3.5B of illegal gold they bought. So let's take a closer look at this.
The next two payments are October 15 and December 15.
And the exhibits show that Elemetal refers to the glass company's metal being "credited to pool account to be returned" (suggesting it would be Elemetal's metal).
UPDATE June 29, 2017 1:35PM EST: I have now heard a report from someone saying that they did receive the June 15, 2017 payment on time.
It refers to O.R.C. They have signed a management agreement
Alternatively, it is possible that the glass company chose to accept the Elemetal Refining payout schedule.
But if Elemetal Vault is telling the truth, you have title to 1% of that bar.
The bars sold from around January, 2013 through around August, 2015 have 10-character serial numbers in the format A00000000A.
The third defendant, Renato Rodriguez, has chosen to go to trial, rather than sign a plea agreement. This does bring up some interesting questions. Sending the metal to scrap processors would be an excellent way to treat newly purchased inventory in this case, except that it could significantly hurt Elemetal's business for those few weeks: some people will feel ripped off, some may switch to another wholesale bullion dealer. I contacted Dillon Gage to ask if they were no longer buying back these bars (not mentioning the purity issue), and the person who received the E-mail deferred to the VP of Trading (I was Cc:'d), asking "how do you want us to respond?". So what is this news? Please call us for a live indication of our bid on the following items: Elemetal, OPM, NTR & Provident Metals.".
So although it appears that Dillon Gage did not actually purchase Provident Metals, a group of private investors did, and have contracted with Dillon Gage to manage the company for the next 5 years.
So why did this bar fail the PMV for .9999 fine gold, and show just outside the expected results for .999 fine gold? It can also check bars with the serial format 00-00000, although those are trivial to fake (the first 2 digits are the year). Is this a "Don't ask, don't tell" policy (like the gold smuggling appears to have been), or just a lower-level employee responding to this serious issue?
I do not see a single piece of information that was not known 3 months ago.
Both were given some credit in their sentencing for assisting federal prosecutors.
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