Tulving in Trouble

http://about.ag/tulving.htm

It looks like the complaints against Tulving have been mounting, has anyone here done business with them?

 

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nope, just lucky.

 

Assuming everything in the link is true, it doesn't sound good.

It reminds me a lot of the antics of Tim Blixseth, the founder of the Yellowstone Club. Once a person gets up into the hundreds of millions of dollars, it seems they believe they are above the law, but it eventually catches up to them anyway. The problem is that by the time the law does catch up with them, the money is gone...

 

This has been going on for about a year. All kinds of bad...and it's catching up to them in a hurry

 

It looks like things started piling on late last year in the complaints compartment. At first I thought give them the benefit of the doubt, out of town on vacation, bad weather, things that can happen. But then you can see it is getting worse. As if he has no more supply? I always wondered how some people can have a warehouse full of PM's. If they could afford that much to start with do they really need to be in the business of selling them?

 

Unfortunately until people start getting the actual law involved with their issues and complaints this will continue as long as the dealer can string it out. Complaints to the BBB don't mean a dam thing. The BBB has no authority what so ever and won't do anything except give the dealer a negative rating on their website.

 

For too long people gave the usual platitudes that you can't fight questionable business activity by using the system to your advantage. Once the AG gets involved the business is on life support, waiting for the other shoe to drop. There are just too many good alternatives, why should people trust those with this type of trouble?

 

i wonder if hannes is in bed with rob gray

 

Of you order from a website that looks like a 7th grader created it, you should know what you're gonna get.

 

i do agree with you to a degree on that; however, one of the businesses i own adheres to a minimalist approach - it translates to an overall lower cost to the consumer.

the part that bothers me about this tulving character (keep in mind i have never purchased from him) is that it seems he had built a somewhat positive reputation over 20+ years in the business. then, when he felt reaady to "retire" or because he made some bad hedges, he decides to sell his good name for a price. its gross. i see it all the time.

 

I was fortunate to buy gold coins from him when gold was slightly under $300 back in '92 or so, and he was outstanding in his service and prices then. I had thought he retired as you mainly hear of others now. Broken bad.

 

Stick a fork in it?
Hopefully nobody here is affected.

 

Owle, I want to thank you for your post, and the included link which allowed me to ascertain the potential demise of Hannes Tulvings PM business. I have dealt with the individual for a couple decades, buying/selling 5 figure Dollar sums of products without problems, until last year. I had interceded for several groups/individuals to successfully acquire commodities, as Hannes is a "no nonsense" individual who clearly posts his business requirements, but many individuals believe that their promise of a potential order entitles them to special consideration, resulting in a disconnected call. When instructions were followed, the process was generally tolerable.
My last order took more than month to be shipped, with several interrogatory efforts on my part I was about to place another order when I saw your post. I tried phoning Tulving to receive a quote confirmation, and sent an e-mail to Hannes without a response. I received a call today from an associate whose relative had violated the rules, disregarded my interceding suggestion, and had sent a 5 large figure dollar sum for product shown/stated to be in "stock", without receiving subsequent confirmation Telephone calls and e-mails were unanswered, .When utilizing your "link", it was determined that the firm had recently posted notice of closure.
I've experienced this process on several occasions in the past, currently still being involved in an extended delay process of bankruptcy. These PM firms are occasionally open for business after a brief interlude. We may soon see another rejuvenated "coin" business, akin to the seemingly ever evolving TPG organizations.

 

I'm glad that you did not get stung as their ship was sinking! Everyone should try to do their due diligence when considering large $$$ transactions, but sometimes confidentiality requirements, fear of defamation charges, as well as lack of hard facts may not permit people getting to the bottom of concerns.

 

Flashback: Not nearly enough info on Hannes Tulving, here! THANK FOR THE LINK in the OP: it's updated on 'the saga' of Crooked Hansie.

Recall, he was loudly trumpeted as "one of the very best dealers" on many bullionist websites - any more recent developments?

http://www.coinweek.com/bullion-report/tulving-company-collapse/
http://www.uncommonwisdomdaily.com/how-not-to-get-robbed-buying-gold-bars-or-rare-coins-18649
http://www.ocregister.com/articles/tulving-608094-million-secret.html

 

My experience, having dealt with Hannes for an extended period of time, acquiring and selling, a 7 dollar figure of commodities, he was an honest individual.

Tulving had all germane information required for a transaction posted on his site. He had the smallest buy/sell margin I've ever seen for his products. He sold some real quality mechandise, appreciably less than his competition. He was personally available virtually 24/7, as an insomniac, I've called him at all hours, where he'd personally answer the phone. He took several forms of payment. He paid for full insurance coverage, whether you were buying or selling. All you had too do was follow the posted instructions, which I'd do for groups that wanted to buy but were "indecisive", wanting "special consideration", a.k.a. "hand holding". I heard many complaints from individuals who disregarded stellar advice, ordered, and then wanted to consume Hannes time, to be disconnected abruptly without conversation.

I've been in similar situations with numerous other firms, which many of you know, as they survived their bankruptcy, eliminating their creditors, to start again. I'm still involved with the NGE fiasco.

I found that generally the reason for failure is greed, and belief of invincibility, as I've experienced on several occasions in recent dealings. Time is often a conquering nemesis for those less than honest.

I had received 20 ounces of Gold shortly before the notice of a law firm hounding Hannes. Once an attorney starts an action, "your time" may quickly evaporate, which I believe consumed the Tulving business.

I really miss him, as I've not located a peer/substitute.

JMHO

 

I'd consider looking at Provident Metals if you haven't already (They are owned by NTR/Ohio Precious Metals). Their pricing on Tulving like quantities (500 oz silver+ and 20 oz gold+) is very competitive with the margins that Mr. Tulving used to have. In fact some of their pricing actually beat Tulving's while he was still around. I remember comparing pricing and I think Provident had him beat on about 25% of items.

An example of a few items and their pricing, right now you can buy 500 oz + of 2014 silver American eagles for $2.47 over spot w/free shipping. (any order of $5,000+ ships for free)

They have 1 oz .9999 gold bars of "their choice" for $9.95 over spot any quantity. American gold eagles random year for $42.95 over spot any quantity. (or 2015's for $49.95 over if you buy 20+)

 

Thanks for the information. I did order from Providence in the past, having some of the problems that people suggested they had with Tulving. When there was great volatility in the market with appreciable "swings", product was seemingly unavailable from many. Tulving generally indicated unavailability. Others took orders for future unannounced delivery.

Tulving was a PCGS distributor, and I purchased PR70 Gold products and other high grade Gold items from him. He a;so sold U.S. pre-1933 classic Gold coins, and the 2009 UHR Double Eagle at a competitive price. He had some nice material. His bags of 90% were very competitive, and he seemingly had the best buy policies to be found.

JMHO

 

Did they ever determine what brought him down ?

Clearly, he bet on the price of silver/gold somehow and guessed wrong.

 

In Lieu of speculation, lawsuit threats seemingly dictate a recommended reading of a believed objective investigative posting: about.ag/tulving.htm

JMHO