Anyone remembers e-gold?
Nah, these are completely useless.What about crypto backed with gold, is it any better?
Multiple cryptocurrencies are backed by gold, including Tether Gold, DigixGlobal, Paxos Gold, Goldcoin, Perth Mint Gold, and Meth Gold.
Arthur Budovsky! Great guy! Honest AF! Guy delivered like clockwork! Made EVERY banker, politician, and regulator look like the crooks they are, so in retaliation they indicted, convicted, sentenced, and remanded him like the crooks THEY are!Liberty Reserve.
These "scandals" at the Perth Mint are hot air...no one has lost money or been scammed or cheated or whatever. The so called "doped" gold to China was by all accounts 9999+ and the Chinese themselves have not complained.Really? Wouldn't trust them at all after this behavior....
The $9 billion dirty secret of an Australian gold icon
In a bid to save money, the world's largest processor of newly mined gold started "doping" its bullion. Then its customers started asking questions.www.abc.net.au
Australia's Perth Mint faces federal inquiry over gold 'doping' -ABC News
The Perth Mint faces a federal parliament inquiry over allegations of having sold "doped" gold to China, the Australian Broadcasting Company (ABC) News said in a report on Thursday.www.reuters.com
100% this! In general, the people who are usually the most revered by the masses are the worst humans. Bernie was at one-time chairman of the Nasdaq stock exchangeYou just can't trust anybody, too many Bernie Madoffs lurking around.
100% this! In general, the people who are usually the most revered by the masses are the worst humans. Bernie was at one-time chairman of the Nasdaq stock exchange
If it is not a private owner the government will be stealing it from you!There are government owned mints and storages. For example,
The Perth Mint | Buy gold, silver coins and bullion
The Perth Mint manufactures and sells gold, silver and platinum collector coins; gold and silver bullion bars and coins; luxury jewellery. Buy online or visit the shop todaywww.perthmint.com
Reminds me of big chinese companies getting these massiv big loans with fake gold as collaterals----- quote start
July 03, 2023
Today, the Commodity Futures Trading Commission (CFTC or Commission) filed a Consent Order for Permanent Injunction, Civil Monetary Penalty, and Other Equitable Relief Against Settling Defendants in the U.S. District Court for the District of Delaware against First State Depository Company, LLC (FSD) and Argent Asset Group LLC (Argent, and together with FSD, Settling Defendants), resolving an action initially filed on September 27, 2022, charging the Settling Defendants and their owner, Robert Leroy Higgins (together with the Settling Defendants, Defendants), with engaging in a fraudulent and deceptive scheme in connection with the purchase and sale of precious metals.[1] The CFTC’s complaint alleged that the Defendants operated fraudulent silver leasing programs referred to as the “Maximus Program” and the “Silver Lease Program,” through which they fraudulently solicited and misappropriated at least $7 million in funds and silver from at least 200 customers. FSD purported to be a “private depository” that would store customer metals. Argent was engaged in the business of buying, selling, and leasing precious metals.
Following the filing of the complaint, the investigation of the Court-appointed receiver revealed the full scope of the Defendants’ fraud—as much as $112.7 million in assets were missing from FSD, including over 500,000 American Silver Eagle Coins. Defendants deceived customers by suggesting that they were holding the coins on behalf of customers. Over 9,000 gold coins were also missing from customer accounts. According to the receiver, a majority of the assets that were supposed to be held at FSD were missing. The receiver found that Defendants brazenly left “IOU” slips in empty boxes marked to indicate a customer’s account, yet containing no assets. This kind of egregious behavior merits the full weight of the Commission’s enforcement authority.
The active efforts to conceal misappropriation by sending fake account statements indicating that Defendants had carefully stored and accounted for customer assets, and offering false and misleading excuses for why assets could not be withdrawn represents the very type of fraud Congress expressly intended to prevent when it enacted the Commodity Exchange Act. The CFTC has initiated many actions against fraudsters seeking to bilk hard-working Americans out of their hard-earned dollars by aggressively marketing precious metals, often at an excessive mark-up, while charging exorbitant storage and other fees.[2] This case is deeply troubling; Settling Defendants simply stole customer money or metals, without even a veneer of legality. Accordingly, the Consent Order requires the Settling Defendants to pay restitution of $112.7 million, as well as a civil monetary penalty of $33 million and permanent trading and registration bans.
While these sums are large, they are justified. Our enforcement efforts must be sufficiently calibrated to deter fraudsters from targeting vulnerable investors. There can be no mistake; we are committed to policing markets, identifying and investigating fraud, and protecting vulnerable customers from such conduct.
I thank the Division of Enforcement staff for their efforts in bringing this case, including Erica Bodin, Brian Hunt, Michael Loconte, and Rick Glaser, as well as former employee Michael Solinsky.
--- quote end
Makes you wonder how many other precious metals scams are out there from companies pushing you to invest in metals .
Would the Swiss be more trustworthy?Sadly every year there are scandals in the gold market - recently Red Rock Secured, before that Regal Assets, metals.com etc - all big names until they aren't.
It's either straightforward scamming and stealing like Regal Assets or using dark/blood gold like OPM - which was a huge surprise for many when they got caught.
Always take delivery. Always.
Not sure...just trying to assess my situation. I have gold stored in CH.Why?
Crypto backed with gold is just packing dubious counterparty risk on counterparty risk. The issuers of the crypto can rug pull, the peg can break, the holders of the gold can disappear. The gold can be tungsten, or paper gold relying on yet another counterparty.Like with any other financial instrument, the important part is the issuer. If you trust those issuers then it's ok but you always need to make sure the issuer is legit... Plus, I don't trust tokenized gold because they don't charge any fee and that doesn't make sense in my opinion.
It's just another financial instrument that someone can use,
Crypto backed with gold is just packing dubious counterparty risk on counterparty risk. The issuers of the crypto can rug pull, the peg can break, the holders of the gold can disappear. The gold can be tungsten, or paper gold relying on yet another counterparty.
Not your vault, not your gold.Not sure...just trying to assess my situation. I have gold stored in CH.
I don't have where to put them in CH.Not your vault, not your gold.