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<p>[QUOTE=&quot;GoldFinger1969, post: 2355233, member: 73489&quot;]<b>I am well-familiar with Madoff since my bank would look at him from time-to-time and decide if we would place client&#039;s money with him (we never did).</b></p><p><br /></p><p>Assuming Tulving did not speculate on commodity prices, and assuming he never got burned shorting a rising market or getting caught buying lots of metal before a big plunge, I have to think that he did what Madoff did:&nbsp; <i>rather than &#039;fess up to a small 1-time hit to the balance sheet/income statement from some losses in whatever or just a decline in general sales, he tried to cover it up and hoped to get bailed out later on.</i></p><p><br /></p><p>In theory....if Tulving simply marks up coins to make a commission...he isn&#039;t taking any commodity risk.&nbsp; His only overhead is space rent, employee salaries, his salary, etc.&nbsp; But if business dries up, commissions on coins can be insufficient to cover expenses.&nbsp; Changing preferences -- from more lucrative products (numismatics) to less profitable (bullion) -- could also explain a problem.</p><p><br /></p><p>Then you try and make up for a decline in general revenues by taking on more risk -- like outright commodity speculation or buying a bunch of coins that you think will go up and give you plenty of inventory -- and if the market moves against you, you are dead. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie103" alt=":yack:" unselectable="on" unselectable="on" /></p><p><br /></p><p>I don&#039;t know the specifics, but the general pattern looks familiar.[/QUOTE]</p><p><br /></p>

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