Silver Eagle probs

Very interesting article from the BBC about missing coins. https://www.bbc.com/news/business-66094057?at_medium=RSS&at_campaign=KARANGA

 

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This is not the first time this has happened. If you are going to invest or speculate in gold or silver bullion, take physical possession of it. Leaving the storage to someone else is only asking for trouble.

 

I like the part where they left IOU slips in empty boxes in their vault. Why did they bother?

 

To convince themselves that they weren't stealing.

 

Reminds me of where in "Catch 22", Milo Minderbender took the morphine out of the emergency medical packs and left an IOU for a share of Minderbinder Enterprises!

 

I still have the "deed" to one acre on the moon !!! Just waiting for someone to land there so I can paper them. Well anyone that doesn't have nucs in their possession.

 

"We're honest thieves", I guess.

Thanks! I had an IOU scenario in my head but couldn't remember what it was. Been a long time since I read that book.

 

I don't even like the banks holding my money. I would never trust somebody to hold my bullion. I'm not surprised one bit that this happened.

 

Good book & flick........

 

I know. I wonder if they ever saw their investment. My dog could of done a better job protecting

 

So, fines and penalties. Please excuse my lack of legal savoie-faire, but if paid, does any of that go back to the investors (the REAL aggreived party here), or does it go to to government?

 

The government can order restitution, but if the company is bankrupt, the people who lost the money won't get much if anything. It like the Bernie Madoff situation. When it came to assets, there were not enough to make people whole.

 

I had put my coins in our Credit Union years ago, but I read an article that the bank could seize assets store in the bank to support the bank's solvency. I put it in a very safe place. It is now protected by a 5 year old Australian shepherd, 2 chiweenies, a wire terrier and a cat I picked up on Christmas 4 years ago.
Honestly, I just didn't like someone or something to have my collection.

 

Oh yeah! There have been commercials on the TV about a gold company that you can store your money with. I believe a former U.S. Mint Director is their mouthpiece. It still sounds "hinky." (As my mother use to say.)

 

I think you need to go find that article, and mark the publication that ran it as "not reliable".

 

I once got hot and chased a deadbeat that made a sizable purchase from my office days before he declared bankruptcy. I won the case and all I got for it was legal bills on top of my material monetary loss. That was years ago and I keep that legal file on my desktop to remind myself to never react while I am fuming……. There are three giant flagpoles standing in front of a major hotel in downtown Charlotte. Should you go there and find three holes in the ground….. You will know why.

 

So, why no indictments for fraud, theft, etc.? The fine likely won't do much. The guilty parties probably have millions squirreled away offshore and will simply declare bankruptcy in the U.S. A long stint in prison is what's needed.

Cal

 

It's been a while, but it was a TV as trying to get people to sign up with them. When I see it, I will let you know what I find out.