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The Austin Texas Bullion Direct has filed for bankruptcy and it is alleged that $30 million in metal that was supposed to be stored is gone. (Bullion Direct Bankruptcy-Case-Filing-7-20-2015).
This has been one of the big problems with gold promoters who claim to be storing customer’s metals without independent audits, insurance, etc. This was a problem as with dealers going to prison for the same problem after the crash from 1980 into 1985. Interest rates were high back in 1981 and Internal Gold Bullion Exchange opened in Florida with the scam of selling gold coins at spot (4% below cost) but with delayed delivery of 90 days. The owner eventually went to prison for 10 years.
If you want to trade back and forth, use the COMEX. You are better off not storing metal with a gold seller UNLESS they have official audited statements and vaults by a major auditing firm – not their brother-in-law.
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Livio S. Nespoli has been a broker, registered investment advisor, and financial publisher since 1985.