And inventory audits do require a method to keep newly purchased inventory separate from the inventory that is being valued. COMEX gave a cryptic reason for the LBMA removal: it followed an "active review under their Incident Management Process." I specifically asked Elemetal Vault regarding possible liens on metal stored with them (which is owned by their customers), and they stated that there are no liens nor could there be. 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? All News, Articles, Commentary and Opinions are contributed by the author(s), with or without compensation, who are solely responsible for the content, and do not represent CoinWeek Management. In my opinion, this is pretty damning.

So far, no Bullion Direct customers and only a handful of NWT Mint customers have seen any of their stored metal. Later that day, COMEX said they would no longer register (warrant) Elemetal bars. So for .999 or .9999 fine gold, it would be required to be .996 or .9969.

The PMV isn't designed to test exact purity, so further testing was needed. "Juan, as an employee of that very large company, just assumed it was done correctly.". But the 10-character OPM serial numbers are very, very hard to fake, as the checksum is very thorough. The company had a long and successful run, despite its unfortunate ending. At the hearing, a prosecutor said Granda played a key role in a conspiracy that involved laundering more than $1 billion in illicit gold sales. No executives were charged with any crimes.

NTR's office in Miami then laundered billions of dollars for Peruvian narco-terrorists and others who controlled those mines by purchasing their gold, according to the U.S. complaint filed in Miami. If anyone has more details about this beyond the E-mail that was sent to customers (or anything else you think I should know about), feel free to E-mail me or use the anonymous tips page. But by the time that was over, he'd been fired. _______________________________________________________________________, How to Become an International Gold Smuggler, Eric P. Newman Currency Rarities on Offer at Heritage Auctions, Over $15.9 Million in US Coins Sold in Stack’s Bowers March 2017 Whitman Baltimore Auction, The Continuing Threat of Counterfeits: A Problem for Numismatics and the NBA, Salome and the Rarity of Coins Featuring People From The Bible, United States 1976 Bicentennial Kennedy Half Dollar, Superb Austrian 100 Corona Gold, Deep Cameo 1839 Proof Sovereign at Atlas Numismatics, Stack’s Bowers October Ancient, World Coins Collectors Choice Online Auction Realizes Over $1.2 Million, A 430+ Year Old Gold Sovereign Fit for the Queen (and Her Favorite Nobles). https://coinweek.com/bullion-report/ntr-metals-illegal-south-american-gold In other words, if a customer was owed $50,000, the October payment should have been $10,000, but was actually around $500-$600. Ms. Crowell confirmed this, by stating "We delisted a refiner called Elemetal. The mushroom image is a commonly imprinted feature of OPM products, as is the recycled logo. You can either E-mail me or send any information anonymously, using the anonymous tips page. Stockmeister stated "We are solvent as a company and I am confident in our ability to pay everybody", It will take about 4 months "to eliminate the current refining streams they had in place because it takes that amount of time to complete the entire process. So, when NTR told him to fly home last week for a meeting, nothing seemed amiss. Elemetal does not make it clear what the differences are (or were) between Elemetal Refining and Elemetal Mint. A non-binding Letter of Intent was signed in April. Why in the hell is someone going though my diamonds? That may change, of course, but that is my stance for the time being. This time they frosted them and sorted them all out. You are also welcome to E-mail me (I am very careful to protect my sources). Elemetal Capital is the subsidiary of Elemetal that focuses on physical metal trading, metal derivatives, and foreign exchange. 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.

... NTR Metals® is a global company that refines over 30 million pounds of metal annually.

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