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Sunday, April 3, 2016

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Robert Kiyosaki And Harry Dent Warn That Financial Armageddon Is Imminent

Posted: 03 Apr 2016 01:00 PM PDT

Financial experts Harry Dent and Robert Kiyosaki- the man who predicted a that a great crash was coming in 2016 all the way back in 2002 – are both warning that Financial Armageddon is Imminent…   Submitted by Michael Snyder: Financial experts Robert Kiyosaki and Harry Dent are both warning that the next major economic crash is […]

The post Robert Kiyosaki And Harry Dent Warn That Financial Armageddon Is Imminent appeared first on Silver Doctors.

The Pitfalls Of Buying Gold And Silver Online, And How To Avoid Them

Posted: 03 Apr 2016 12:43 PM PDT

Back in 2014, online bullion dealer Tulving shocked its many customers by suddenly failing. See Coinweek’s story: How does $40M of Gold and Silver Disappear: The Collapse of Tulving Company

Last week another one bit the dust:

NW Territorial Mint seeks bankruptcy protection

(Seattle Times) – Northwest Territorial Mint, a Federal Way company that sells precious metals and produces medals and medallions, filed for Chapter 11 protection Friday, a month after the company and its owner were hit with large jury verdicts in a defamation case.

Northwest Territorial Mint, a Federal Way company that sells precious metals and produces medals and medallions, filed for Chapter 11 bankruptcy protection Friday.

The move came a month after the company and its owner, Ross B. Hansen, were each hit with multimillion-dollar jury verdicts in a defamation and invasion of privacy lawsuit brought in Nevada by a Los Angeles businessman.

The company's filing says it has more than 200 unsecured creditors, and its assets and liabilities both exceed $10 million. Its biggest listed debts are a $7 million judgment in favor of the businessman, Bradley Steven Cohen, and a $5.5 million judgment in favor of his firm, Cohen Asset Management, both classified as disputed.

The defamation suit claimed Northwest Territorial Mint and Hansen created anonymous websites that compared Cohen to Bernard Madoff, the Wall Street broker convicted of a massive Ponzi scheme. The lawsuit claimed the animosity stemmed from litigation by an affiliate of Cohen's firm, which had been the mint's landlord at an Auburn warehouse.

The federal judge's order in the defamation case indicates the judgments against Northwest Territorial Mint and Hansen total $37 million.

This morning a DollarCollapse.com reader (and disappointed NTM customer) sent the the following:

I’ve dealt with this company many times since 2008 and was accustomed to excessive delays, but eventually did receive the ordered products. In September 2015, my wife and I placed an order and paid by credit card. At the time of order, delivery was estimated to be 6 – 8 weeks. In December, they informed us that there would be delays and this repeated in January, February and March. In early March, they told us the order would be shipped in the first week of April and instructed us to call to confirm in April. Yesterday, April 1, my wife called again and the order was still on hold – that, in fact, everything had been suspended. This made me very uneasy and this morning (April 2) we called the credit card issuer to find out what they could do to reverse the charges. Their policy limits that action to 120 days, even if the product wasn’t delivered. When the credit card company checked their information on NWT Mint, they tell us that as of April 1 NWT Mint is now under BANCRUPTCY PROTECTION. That is not good news, and I fear we have lost our $3,000+

Presumably a lot of other people are in the same boat. So here’s how to keep something similar from happening to you:

  • First and foremost, don’t binge; dollar-cost-average. Customers who did all their metals buying with one big order, only to see the whole thing disappear, were devastated by NTM’s failure. But customers who placed small, regular orders were out considerably less. This is yet another reason (along with the extreme volatility of metal prices) to enter this market gradually and steadily rather than all at once.

  • While your money is at risk, watch for emerging problems. From the previously-referenced Coinweek article:

    • Fortunately, I was suspicious. I don't consider myself paranoid, but I do believe in Ronald Reagan's "Trust, but verify." I looked at the Better Business Bureau (BBB) reports, and saw a big uptick in complaints, from 1 every 6 months to 8 within 6 months. In a private forum, I wrote "So the first sign of trouble with a business like this, in my opinion, would be a noticeable change in delivery times and "juggling" orders." At that point, I did not think they had a problem. But even if I had, I would have had no clue how monstrous a problem it would become.

    Finally in September, 2013, stories started getting out about delays at The Tulving Company. Someone claimed they had sent $200,000 to Tulving five months prior, and had not received any metal yet. The problem with Internet forums, however, is that while they are great at getting information out, they are nearly anonymous. Some of the early complainers were accused of being shills from competitors. Those that had done business with Tulving before would back up the company, recalling times they had gotten their orders very quickly. Nobody really knew who or what to believe.

    I decided to spend a few minutes back at the BBB website to see where things stood. There was a noticeable change this time, with 18 complaints in 2 months. Not to the point of screaming "scam!", but enough that I really started to take notice. In the private forum I mentioned, I explained that I was confused because "it doesn't fit what I would expect the 2 most plausible fraud scenarios to be: [1] funding his retirement, or [2] ponzi scheme funding a flashy lifestyle (ala Bernie Madoff)."

    At that point, I knew there was a problem. From the many reports that Hannes was picking and choosing which orders to ship each day, I thought maybe he was simply unable to properly manage the business anymore. Perhaps he needed some extra people to help ship orders, perhaps his health had deteriorated. After 20 years of impeccable service, it was hard to imagine the worst.

    What I should have focused on at the time was the length of the delays: even in June, 2013 and July, 2013, the average delays reported were 7-8 weeks. The FTC does not allow companies to take orders if they know they cannot ship it within the timeframe they specify (or 30 days, if no time is specified). And Hannes himself stated in his FAQ that he believes taking over 30 days to deliver is a futures contract, which he is not allowed to sell.

    My "Aha!" moment was in October, 2013, when someone reported that she sent Tulving 220 ounces of gold to Tulving, and couldn't get them to pay her. It's one thing to delay bullion (there could be delays due to drop-shippers, metal shortages, insurance limits, heavy volume, etc.). But I realized that the inability to pay cash was the smoking gun, since he should have had a huge amount of money sitting in the bank from all the delayed orders.

    It slowly dawned on me that The Tulving Company had a massive backlog of orders worth many millions of dollars that they would not be able to fulfill. I knew this was not going to have a pretty ending, I knew that something was terribly wrong. In a number of cases, people had trusted The Tulving Company with their life savings. Worse, I had recommended Tulving to many people over the years. I had to do something, I had to let people know.

    By the end of November, The Tulving Company had racked up over 150 complaints, and by the end of 2013 they had nearly 250 complaints.

  • Know the “statute of limitations” on your credit card. As the above reader found out, the order could have been cancelled via the credit card up to 120 days in. Presumably different cards offer different terms, so it’s imperative to know when this feature runs out on the card you’re using, and to take advantage of it. Cancel the payment if your metal hasn’t arrived by the expiration of the card’s protection.

  • And finally, keep some perspective. Bullion dealer bankruptcies are a bit like plane crashes. They’re big news when they happen, which makes the event seem more common than it is. Dozens of reputable dealers have been delivering on time and without hassle — and without publicity — all along. So Tulving and NTM don’t justify swearing off on-line bullion buying. But they are a good reason for vigilance until that package arrives.

Jim Willie Warns Final END GAME Is Underway

Posted: 03 Apr 2016 11:25 AM PDT

Many gold and silver investors have been waiting and preparing for the Great Financial Collapse along with a revaluation of gold and silver ever since 2007.  You might not have to wait much longer…   In this Exclusive SD Interview, Jim Willie warns the Final END GAME has now begun… With the Global Financial System […]

The post Jim Willie Warns Final END GAME Is Underway appeared first on Silver Doctors.

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“Insane Demand For Silver”

Posted: 03 Apr 2016 11:20 AM PDT

With Gold and Silver Creamed In the Wake of Friday’s BLBS Report, The Doc & Eric Dubin Break Down All the Action, Discussing:  “Insane Demand For Silver“ – SD Bullion Burns Through 30,000 Silver Rounds Friday In Wake Of Jobs Report Silver Smash Eric Explains Why Friday’s Action Demonstrates The 3rd Stage of the Secular […]

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Silver Eagle Sales Set All-Time Record In Q1!

Posted: 03 Apr 2016 11:00 AM PDT

Sales of American Silver Eagles just set a first quarter record…   Submitted by Smaulgld: Silver and Gold Sales at the U.S. Mint in March 2016. Sales of American Silver Eagle Coins set a first quarter record of 14,842,500. March 2016 sales of 4,106,500 were the second highest amount ever sold in March. Sales of […]

The post Silver Eagle Sales Set All-Time Record In Q1! appeared first on Silver Doctors.

Gold Price Forecast: Fractal Analysis of US Dollar Index Suggests Massive Gold Rally Coming

Posted: 03 Apr 2016 08:44 AM PDT

Gold Price Forecast 2017: Fractal Analysis of US Dollar Index Suggests Massive Gold Rally Coming Below is a fractal analysis of the US Dollar index (generated on tradingview.com), I have done. It shows that gold is likely to perform in a similar manner to how it moved from about $100 to $850 in the late […]

Wikileaks Reveals IMF Plan To “Cause A Credit Event In Greece And Destabilize Europe”

Posted: 03 Apr 2016 08:13 AM PDT

In a leaked transcript, IMF staffers are caught on tape suggesting that a threat of an imminent financial catastrophe was needed to force other players into accepting its measures such as cutting Greek pensions and working conditions, or as Bloomberg puts it, “considering a plan to cause a credit event in Greece and destabilize Europe.“ […]

The post Wikileaks Reveals IMF Plan To “Cause A Credit Event In Greece And Destabilize Europe” appeared first on Silver Doctors.

Alasdair Macleod’s Market Report: Quarter-End Resilience

Posted: 03 Apr 2016 08:00 AM PDT

Yesterday was 2016’s first quarter-end, and gold has had the best first quarter since 1974, rising 16.3% in dollars. The abject failure of expansionary central bank monetary policies is becoming more obvious by the day, placing a floor under the gold price.  There is bound to be a growing realization that seeking refuge in fiat […]

The post Alasdair Macleod’s Market Report: Quarter-End Resilience appeared first on Silver Doctors.

Dollar Erosion: Currency Will Never Be A Store Of Value

Posted: 03 Apr 2016 06:42 AM PDT

Jim Rickards: The U.S. Dollar Is A Shadow Gold Currency - The New Case For Gold

Posted: 03 Apr 2016 05:01 AM PDT

Silver Is A Coiled Spring

Posted: 02 Apr 2016 09:01 PM PDT

Silver's reluctant, sluggish participation in early 2016's powerful gold rally has been glaringly obvious.  Instead of amplifying the yellow metal's big gains as in the past, silver largely failed to even keep pace.  The lack of silver confirmation for gold's big move has certainly raised concerns. But despite silver's vexing torpidity in recent months, it […]

The post Silver Is A Coiled Spring appeared first on Silver Doctors.

Eric Sprott On Friday’s SMASH & Surging Demand For Physical Gold & Silver

Posted: 02 Apr 2016 08:29 PM PDT

In this excellent interview, The Admiral Himself discusses Friday’s U.S. jobs report as well as surging demand for physical gold and silver: The views and opinions expressed in this material are those of the author as of the publication date, are subject to change and may not necessarily reflect the opinions of Sprott Money Ltd. Sprott […]

The post Eric Sprott On Friday’s SMASH & Surging Demand For Physical Gold & Silver appeared first on Silver Doctors.
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