Loading ...Another shock to investors stiring metals.their web site just closed down. They used to post metals news. They were maybe worse than Tulving. Vaults were empty when people called for delivery.
According to Bullion Direct’s statement, somewhere around 6,000 customers bought $25M of metal from Bullion Direct, and to store for them — but Bullion Direct did not actually purchase the metal.
Of course, Bullion Direct’s customers didn’t know this because when the company’s customers paid the company for bullion and storage, Bullion Direct would show the metal in their portfolios. Now we know that these holdings never existed.
What sets this sad situation apart from the failure of The Tulving Company is that people stored metal with Bullion Direct (or at least thought they did). So while Tulving customers lost metal from a single purchase, most Bullion Direct customers lost metal from many purchases, often over the course of years. Bullion Direct also held metal — paper, actually — in hundreds of IRA accounts. People were trusting Bullion Direct to safeguard their life savings. That trust was misplaced.