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Posted: 7/29/2015 1:19:03 PM EDT
[#1]
Have you checked their forums on the website? From the quick view of topic headings I scanned, I saw things regarding filing claims, bankruptcy, I'm owed $16,000, and other things that would appear that they are having issues. Probably a good idea to read some of the posts to get a better idea what is going on with them.
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Posted: 7/29/2015 1:54:29 PM EDT
[#2]
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Posted: 7/29/2015 8:09:31 PM EDT
[#3]
Quote HistoryNope it doesnt.  Looks like im out over $500.
I didnt know they had a forum. |
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Posted: 7/29/2015 8:11:50 PM EDT
[#4]
This is why I paid more to walk in and get my stuff and walk out with it in hand. Some told me I paid too much.......
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Posted: 7/29/2015 8:15:13 PM EDT
[#5]
THIS SUCKS!
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Posted: 7/29/2015 8:17:24 PM EDT
[#6]
I ordered some today from Silvertowne. I think I already have shipping info.
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Posted: 7/29/2015 8:25:27 PM EDT
[#7]
And people wonder why I only pay with my Discover Card.
I never have to worry about crap like this. |
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Posted: 7/29/2015 8:27:16 PM EDT
[#8]
I've read a little about this. What was the advantage to having them store your metals, rather than shipping them to you?
CHRIS |
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Posted: 7/29/2015 8:33:41 PM EDT
[#9]
Quote HistoryQuoted:
I've read a little about this. What was the advantage to having them store your metals, rather than shipping them to you? CHRIS Mine was supposed to be shipped to me, because coins not in your possession are useless. I guess coins they dont have to sell are not much good either.
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Posted: 7/29/2015 8:36:02 PM EDT
[#10]
Quote HistoryQuoted:
Nope it doesnt. Looks like im out over $500.
I didnt know they had a forum. Quote HistoryQuoted:
Nope it doesnt. Looks like im out over $500.
I didnt know they had a forum. CC payment or ACH? CC could be contested. |
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Posted: 7/29/2015 8:39:52 PM EDT
[#11]
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Posted: 7/29/2015 8:45:04 PM EDT
[#12]
Quote HistoryQuoted:
CC payment or ACH? CC could be contested. Quote HistoryQuoted:
Quoted:
Nope it doesnt. Looks like im out over $500.
I didnt know they had a forum. CC payment or ACH? CC could be contested. Paper check. 
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Posted: 7/29/2015 8:58:49 PM EDT
[#13]
Quote HistoryQuoted:
Mine was supposed to be shipped to me, because coins not in your possession are useless. I guess coins they dont have to sell are not much good either. 
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Posted: 7/29/2015 10:02:56 PM EDT
[#14]
APMEX
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Posted: 7/29/2015 10:25:54 PM EDT
[#15]
That sucks.
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Posted: 7/29/2015 10:39:17 PM EDT
[#16]
Quote HistoryQuoted:
Paper check. Quote HistoryQuoted:
Quoted:
Quoted:
Nope it doesnt. Looks like im out over $500.
I didnt know they had a forum. CC payment or ACH? CC could be contested. Paper check. I pay everything online with a CC, then pay it off the moment I receive the items. I would suggest you do the same from now on. |
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Posted: 7/29/2015 10:54:22 PM EDT
[#17]
I have/had 5 oz in Canadian Maple Leaf rounds stored there. I was waiting to buy a few more before having them all shipped to me. I guess I better start doing some research on what, if anything, I can do to get my rounds.
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Posted: 7/29/2015 10:55:38 PM EDT
[#18]
Quote HistoryQuoted:
I pay everything online with a CC, then pay it off the moment I receive the items. I would suggest you do the same from now on. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
Nope it doesnt. Looks like im out over $500.
I didnt know they had a forum. CC payment or ACH? CC could be contested. Paper check. I pay everything online with a CC, then pay it off the moment I receive the items. I would suggest you do the same from now on. I will. They offered a discount if you sent a check in the mail, thats why I was doing it that way. |
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Posted: 7/29/2015 11:04:30 PM EDT
[#19]
Quote HistoryQuoted: And people wonder why I only pay with my Discover Card. I never have to worry about crap like this. |
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Posted: 7/29/2015 11:08:21 PM EDT
[#20]
Ugh. This happened to another company whose name I can't recall at the moment. Jack Spirko of the Survival Podcast recommended them and, when it became obvious the ship was sinking, made a video and stood with them, telling everyone it was a solid company and would bounce back in no time. Shortly thereafter, they had their assets seized by the court. Apparently, quite a few people got hosed in the same manner as you are getting hosed right now.
Before that happened, I thought Spirko was pretty suspect. After that happened, I was positive. |
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Posted: 7/29/2015 11:10:10 PM EDT
[#21]
Quote HistoryQuoted:
Ugh. This happened to another company whose name I can't recall at the moment. Jack Spirko of the Survival Podcast recommended them and, when it became obvious the ship was sinking, made a video and stood with them, telling everyone it was a solid company and would bounce back in no time. Shortly thereafter, they had their assets seized by the court. Apparently, quite a few people got hosed in the same manner as you are getting hosed right now. Before that happened, I thought Spirko was pretty suspect. After that happened, I was positive. At least im out only $538. Some of the people on the 3rd party forum are out $20,000 and more. Plus they had "their" bullion and bars stored in BD's vaults. |
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Posted: 7/29/2015 11:10:12 PM EDT
[#22]
Quote HistoryQuoted: They protect you from fraud when you authorized the purchase? Quote HistoryQuoted: Quoted: And people wonder why I only pay with my Discover Card. I never have to worry about crap like this. most CC companies let you dispute a charge if the merchant doesn't deliver |
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Posted: 7/29/2015 11:11:27 PM EDT
[#23]
Quote HistoryQuoted:
Ugh. This happened to another company whose name I can't recall at the moment. Jack Spirko of the Survival Podcast recommended them and, when it became obvious the ship was sinking, made a video and stood with them, telling everyone it was a solid company and would bounce back in no time. Shortly thereafter, they had their assets seized by the court. Apparently, quite a few people got hosed in the same manner as you are getting hosed right now. Before that happened, I thought Spirko was pretty suspect. After that happened, I was positive. Tulving? |
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Posted: 7/29/2015 11:13:18 PM EDT
[#24]
yeah Tulving went tits up last year
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Posted: 7/29/2015 11:17:00 PM EDT
[#25]
Quote HistoryQuoted:
most CC companies let you dispute a charge if the merchant doesn't deliver Quote HistoryQuoted:
Quoted:
Quoted:
And people wonder why I only pay with my Discover Card. I never have to worry about crap like this. most CC companies let you dispute a charge if the merchant doesn't deliver This. Anyone outed like this, call your credit card company if you paid with them. Most have a 90 day charge back. Some even will allow longer depending on the terms. Call your credit card company and discuss this with them. Keep in mind that a ATM bank card with a visa logo on it is not a credit card. |
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Posted: 7/29/2015 11:25:00 PM EDT
[#26]
That's some pretty massive fraud.
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Posted: 7/29/2015 11:25:06 PM EDT
[#27]
Quote HistoryHoly shit From the site: "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. The declaration states: "[Bullion Direct] interpreted the provisions of the Terms of Service agreement such that when a customer placed an order, the precious metal was not actually purchased unless the customer agreed to take actual delivery of the product."" 1) That is a HUGE difference. 2) Did you all not read the fucking TOS? If you give the money to buy silver, and don't actually buy silver, what happens is silver actually goes up in price and then you want your silver? They wouldn't have the money to buy it. It sounds to me like a scam where they were counting on silver to tank but in the mean time spent too much of the money they were supposed to be holding. |
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Posted: 7/29/2015 11:26:06 PM EDT
[#28]
Quote HistoryQuoted:
This. Anyone outed like this, call your credit card company if you paid with them. Most have a 90 day charge back. Some even will allow longer depending on the terms. Call your credit card company and discuss this with them. Keep in mind that a ATM bank card with a visa logo on it is not a credit card. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
And people wonder why I only pay with my Discover Card. I never have to worry about crap like this. most CC companies let you dispute a charge if the merchant doesn't deliver This. Anyone outed like this, call your credit card company if you paid with them. Most have a 90 day charge back. Some even will allow longer depending on the terms. Call your credit card company and discuss this with them. Keep in mind that a ATM bank card with a visa logo on it is not a credit card. Will they do a charge back on an insolvent company that appears to be involved in massive fraud? |
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Posted: 7/29/2015 11:26:56 PM EDT
[#29]
Quote HistoryQuoted:
Holy shit From the site: "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. The declaration states: "[Bullion Direct] interpreted the provisions of the Terms of Service agreement such that when a customer placed an order, the precious metal was not actually purchased unless the customer agreed to take actual delivery of the product."" 1) That is a HUGE difference. 2) Did you all not read the fucking TOS? If you give the money to buy silver, and don't actually buy silver, what happens is silver actually goes up in price and then you want your silver? They wouldn't have the money to buy it. It sounds to me like a scam where they were counting on silver to tank but in the mean time spent too much of the money they were supposed to be holding. Quote HistoryQuoted:
Holy shit From the site: "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. The declaration states: "[Bullion Direct] interpreted the provisions of the Terms of Service agreement such that when a customer placed an order, the precious metal was not actually purchased unless the customer agreed to take actual delivery of the product."" 1) That is a HUGE difference. 2) Did you all not read the fucking TOS? If you give the money to buy silver, and don't actually buy silver, what happens is silver actually goes up in price and then you want your silver? They wouldn't have the money to buy it. It sounds to me like a scam where they were counting on silver to tank but in the mean time spent too much of the money they were supposed to be holding. What I read says they were using the money to fund another company instead of actually buying silver. |
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Posted: 7/29/2015 11:29:15 PM EDT
[#30]
Sucks
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Posted: 7/29/2015 11:29:48 PM EDT
[#31]
Sorry about your rotten luck, and I hope you get paid back in full. Whenever they DO get around to paying you, send me whatever money they give you and I'll sell you some precious coins that I think are going to increase in value so that you can have the profit and I can take the loss.
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Posted: 7/29/2015 11:30:21 PM EDT
[#32]
Looks like they're reading from the .gov's playbook.
Now you know how Germany feels. "Hey America... can ve have ze gold back?" |
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Posted: 7/29/2015 11:32:14 PM EDT
[#33]
From the site:
"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. The declaration states: "[Bullion Direct] interpreted the provisions of the Terms of Service agreement such that when a customer placed an order, the precious metal was not actually purchased unless the customer agreed to take actual delivery of the product."" SCAMSCAMSCAMSCAMSCAM |
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Posted: 7/29/2015 11:33:58 PM EDT
[#34]
Quote HistoryQuoted:
From the site: "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. The declaration states: "[Bullion Direct] interpreted the provisions of the Terms of Service agreement such that when a customer placed an order, the precious metal was not actually purchased unless the customer agreed to take actual delivery of the product."" SCAMSCAMSCAMSCAMSCAM Banks work the same way. Try to cash a check for $100,000. Your going to have to wait a day or two. It was a scam but other legitimate businesses work like this. |
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Posted: 7/29/2015 11:38:46 PM EDT
[#35]
People who think precious metals are a good investment are ideal candidates for a swindle.
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Posted: 7/29/2015 11:47:00 PM EDT
[#36]
Paper metals contracts strike again...
"Storage" means it doesn't exist... |
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Posted: 7/29/2015 11:50:57 PM EDT
[#37]
Quote HistoryQuoted:
Banks work the same way. Try to cash a check for $100,000. Your going to have to wait a day or two. It was a scam but other legitimate businesses work like this. Quote HistoryQuoted:
Quoted:
From the site: "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. The declaration states: "[Bullion Direct] interpreted the provisions of the Terms of Service agreement such that when a customer placed an order, the precious metal was not actually purchased unless the customer agreed to take actual delivery of the product."" SCAMSCAMSCAMSCAMSCAM Banks work the same way. Try to cash a check for $100,000. Your going to have to wait a day or two. It was a scam but other legitimate businesses work like this. Not at all. Banks might not have the physical cash, but dollars is dollars. You put in $1000, they add $1000 to their pile. When you come back you can take out $1000. Inflation may or made no have made your $1000 "worth" more or less, but $1000 is $1000. And while the physical amount of cash isn't as large as the amount on the books, we could theoretically pull out the money from the banks and everyone is even. They were selling a commodity. Which fluctuates. So if I buy $1000 worth a silver, which translates to 10oz (or what ever, simple numbers for example), they should have added 10oz of silver to their pile. If they don't buy the actual product, and the price of that item goes up, how are they going to pay you back when you want what you paid for? Now your 10oz went up in price and is now worth $1500. You try to pull out that 10oz and they lose money on the deal. If everyone demanded the silver they were supposed to have, they would come up short even if they still had every time others sent them. Aside from a stupid business plan, I don't know why anyone would give someone money for silver, and they don't actually buy the silver. Logic says if they don't buy the silver and just sit on your money, that is no different than you putting it in the bank and then pulling it out and buying silver when you want it. Only at least in a bank you are FDIC insured the money will be there. |
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Posted: 7/29/2015 11:54:24 PM EDT
[#38]
There are a lot of dirt bags in the precious metal business. Sorry OP for your misfortune.
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Posted: 7/29/2015 11:57:45 PM EDT
[#39]
"Paper" bullion and physical bullion need to have separate markets... Or just do away with the paper BS...
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Posted: 7/29/2015 11:59:12 PM EDT
[#40]
Quote HistoryQuoted:
At least im out only $538. Some of the people on the 3rd party forum are out $20,000 and more. Plus they had "their" bullion and bars stored in BD's vaults. Quote HistoryQuoted:
Quoted:
Ugh. This happened to another company whose name I can't recall at the moment. Jack Spirko of the Survival Podcast recommended them and, when it became obvious the ship was sinking, made a video and stood with them, telling everyone it was a solid company and would bounce back in no time. Shortly thereafter, they had their assets seized by the court. Apparently, quite a few people got hosed in the same manner as you are getting hosed right now. Before that happened, I thought Spirko was pretty suspect. After that happened, I was positive. At least im out only $538. Some of the people on the 3rd party forum are out $20,000 and more. Plus they had "their" bullion and bars stored in BD's vaults. Prolly sold "their" bullion to thirty other people as well.who would buy something and not take possession of it? |
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Posted: 7/29/2015 11:59:54 PM EDT
[#41]
Quote HistoryQuoted:
2) Did you all not read the fucking TOS? If you give the money to buy silver, and don't actually buy silver, what happens is silver actually goes up in price and then you want your silver? They wouldn't have the money to buy it. It sounds to me like a scam where they were counting on silver to tank but in the mean time spent too much of the money they were supposed to be holding. hesrightyouknow.jpg |
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Posted: 7/30/2015 12:05:39 AM EDT
[#42]
Quote HistoryQuoted:
And people wonder why I only pay with my Discover Card. I never have to worry about crap like this. This guy gets it. It also pays to have your metal delivered not stored at some warehouse on your behalf. |
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Posted: 7/30/2015 12:12:47 AM EDT
[#43]
I use silvertown. Good folks, fast and often free shipping.
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Posted: 7/30/2015 12:18:46 AM EDT
[#44]
Quote HistoryQuoted:
Not at all. Banks might not have the physical cash, but dollars is dollars. You put in $1000, they add $1000 to their pile. When you come back you can take out $1000. Inflation may or made no have made your $1000 "worth" more or less, but $1000 is $1000. And while the physical amount of cash isn't as large as the amount on the books, we could theoretically pull out the money from the banks and everyone is even. They were selling a commodity. Which fluctuates. So if I buy $1000 worth a silver, which translates to 10oz (or what ever, simple numbers for example), they should have added 10oz of silver to their pile. If they don't buy the actual product, and the price of that item goes up, how are they going to pay you back when you want what you paid for? Now your 10oz went up in price and is now worth $1500. You try to pull out that 10oz and they lose money on the deal. If everyone demanded the silver they were supposed to have, they would come up short even if they still had every time others sent them. Aside from a stupid business plan, I don't know why anyone would give someone money for silver, and they don't actually buy the silver. Logic says if they don't buy the silver and just sit on your money, that is no different than you putting it in the bank and then pulling it out and buying silver when you want it. Only at least in a bank you are FDIC insured the money will be there. Quote HistoryQuoted:
Quoted:
Quoted:
From the site: "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. The declaration states: "[Bullion Direct] interpreted the provisions of the Terms of Service agreement such that when a customer placed an order, the precious metal was not actually purchased unless the customer agreed to take actual delivery of the product."" SCAMSCAMSCAMSCAMSCAM Banks work the same way. Try to cash a check for $100,000. Your going to have to wait a day or two. It was a scam but other legitimate businesses work like this. Not at all. Banks might not have the physical cash, but dollars is dollars. You put in $1000, they add $1000 to their pile. When you come back you can take out $1000. Inflation may or made no have made your $1000 "worth" more or less, but $1000 is $1000. And while the physical amount of cash isn't as large as the amount on the books, we could theoretically pull out the money from the banks and everyone is even. They were selling a commodity. Which fluctuates. So if I buy $1000 worth a silver, which translates to 10oz (or what ever, simple numbers for example), they should have added 10oz of silver to their pile. If they don't buy the actual product, and the price of that item goes up, how are they going to pay you back when you want what you paid for? Now your 10oz went up in price and is now worth $1500. You try to pull out that 10oz and they lose money on the deal. If everyone demanded the silver they were supposed to have, they would come up short even if they still had every time others sent them. Aside from a stupid business plan, I don't know why anyone would give someone money for silver, and they don't actually buy the silver. Logic says if they don't buy the silver and just sit on your money, that is no different than you putting it in the bank and then pulling it out and buying silver when you want it. Only at least in a bank you are FDIC insured the money will be there. That is not how banks work. When you deposit your $1,000, do you think the bank just sits on it and guards it? |
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Posted: 7/30/2015 12:27:23 AM EDT
[#45]
Quote HistoryQuoted:
I have/had 5 oz in Canadian Maple Leaf rounds stored there. I was waiting to buy a few more before having them all shipped to me. I guess I better start doing some research on what, if anything, I can do to get my rounds. You didn't have ANYTHING stored there; there was no physical metal for you to actually go put your hands on. You gave them money, and they made a notation in a ledger that you had "ownership" of a nonexistent commodity. |
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Posted: 7/30/2015 12:31:32 AM EDT
[#46]
.
You can file a claim as an unsecured creditor in their bankruptcy since they are under protection now and you are probably not going to see anything because you are not considered a secured creditor. Big fish will get 20 cents on the dollar, all little fish get screwed. I know hindsight is 20/20, but why would you deal with a company with their track record and only being in business 15 years? How does a company that sells a product with a built in profit and buys its product from people that HAVE to sell at a loss (again built in profit for Bullion Direct) go out of business? I will answer my own question, it is fraud or they had a criminal working there that stole inventory! They are not members of the BBB and only have complaints listed against them, not a good company to send a check to. Also however made the comment that this is why they use their Discover card, if they take credit cards you are being ripped off for what you paid for because nobody that works in the fixed daily priced metals market can afford to give away 2 to 4 percent margin on credit card fees unless they are ripping you off big time on the price or not actually selling you what you think you bought. The company I deal with has been in business since 1973 and I have been buying and selling with them since 1981. They are a member of the BBB and have an A+ rating. They offer fair pricing and line up deals when they can for additional savings. You place your order, get a total based on market, wire the money, and your order is immediately shipped out insured. When you sell, they receive the metal/coins, they verify it once received, immediately wire the money to your account. Its called good business and trust. If you can't trust the Metals Company you are dealing with and need to use a credit card to protect yourself, you are dealing with the wrong Metals Company and I can guarantee you are over paying for what you are receiving. |
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Posted: 7/30/2015 12:32:07 AM EDT
[#47]
I don't understand why you would buy that shit in the first place?
.22LR is going to be the true currency of SHTFantasy! |
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Posted: 7/30/2015 12:33:55 AM EDT
[#48]
Quote HistoryQuoted:
Prolly sold "their" bullion to thirty other people as well.who would buy something and not take possession of it? Quote HistoryQuoted:
Quoted:
Quoted:
Ugh. This happened to another company whose name I can't recall at the moment. Jack Spirko of the Survival Podcast recommended them and, when it became obvious the ship was sinking, made a video and stood with them, telling everyone it was a solid company and would bounce back in no time. Shortly thereafter, they had their assets seized by the court. Apparently, quite a few people got hosed in the same manner as you are getting hosed right now. Before that happened, I thought Spirko was pretty suspect. After that happened, I was positive. At least im out only $538. Some of the people on the 3rd party forum are out $20,000 and more. Plus they had "their" bullion and bars stored in BD's vaults. Prolly sold "their" bullion to thirty other people as well.who would buy something and not take possession of it? Apparently using IRA money to "buy" bullion is a thing now. For tax reasons you can't possess it, so another 3rd party "holds" it for you. Huge opportunity for scams there with shady dealings between the two where you're charged $20 now and they don't buy shit until it drops. Guessing all these companies have similar setups for after-tax purchases as well. Sorry OP. |
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Posted: 7/30/2015 12:36:35 AM EDT
[#49]
Quote HistoryQuoted: You didn't have ANYTHING stored there; there was no physical metal for you to actually go put your hands on. You gave them money, and they made a notation in a ledger that you had "ownership" of a nonexistent commodity. Quote HistoryQuoted: Quoted: I have/had 5 oz in Canadian Maple Leaf rounds stored there. I was waiting to buy a few more before having them all shipped to me. I guess I better start doing some research on what, if anything, I can do to get my rounds. You didn't have ANYTHING stored there; there was no physical metal for you to actually go put your hands on. You gave them money, and they made a notation in a ledger that you had "ownership" of a nonexistent commodity.  |
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Posted: 7/30/2015 12:44:03 AM EDT
[#50]
Awwwww crap. I think I have an investment through a retirement account there. Thanks for the heads up OP.
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