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Physical gold market "on fire"

Tuesday, October 7, 2008, 2:46 PM

I have long advocated that owning physical gold is the cornerstone of a prudent portfolio.  How much is up to you, but in my estimation it should be somewhere north of 10% of your total holdings.

I have recently had difficulty trying to help a few individuals obtain the gold and/or silver they desired.  In my 6 years of being a very active gold/silver investor, I have never seen anything like this.   Product is hard to find, and getting harder. 

The "official price," as set by the paper traders in the NY Comex pits, is miles away from the actual price you'd have to pay to actually get real physical gold, and growing wider by the week.

This "spread" between the "official" spot price and the real price you'd have to pay has doubled for gold in the past month and is now a whopping 40% for quality silver product.

And that's if you can find any.

Today the US mint announced that "due to high demand" they are ceasing production of a wide range of gold products.

Quote:
US Mint halts some American Eagle coin production
NEW YORK, Oct 7 (Reuters) - Unprecedented demand for precious metals and volatile markets forced the U.S. Mint to cease production for the half-ounce and quarter-ounce popular American Eagle gold coins for the rest of this year and to supply other bullion coins on an allocation basis.

The 'explanation' given is that with demand so high the mint has decided to cease production so that it can "catch up".   I am no production expert, but halting production seems like an odd way to go about "catching up". 

What makes more sense to me is that the US Mint is running out of stock material with which to work.  That fits the decision like a t-shirt that's three sizes too small.

At Colorado Gold, a very reliable gold dealing website, these messages now grace the front page:

Quote:
Gold:  No Credit Suisse, Buffalos, Maple Leafs, or tenth ounce or half ounce Gold Eagles till you see it here

Silver:  SORRY. NO SILVER ORDERS ACCEPTED TILL ALL EXISTING ORDERS ARE FILLED. THE MINTS WILL NEVER CATCH UP, IF ORDERS KEEP PILING UP. IT COULD BE SEVERAL WEEKS BEFORE SILVER ORDERS ARE ONCE AGAIN TAKEN.

These speak to a broad shortage, because the proprietor of this site has access to all sorts of mints, both official and private.  They are all cleaned out.

What happens in a free market when supply is short?  Prices rise.

Only this has not been happening, at least not when the US paper markets are open.  Between yesterday and today, when it was announced that the Fed was going to buy Corporate Paper in unlimited amounts, possibly drop the interest rate, and double the size of its TAF auctions, gold *should* have gone up a LOT.

But here's the mysterious behavior of gold, with green arrows marking its price behavior when the US markets are closed, and red arrows denoting the times when the US gold markets are open.

The pattern seems pretty clear to me.  Gold rises, unless the US markets are open, and then it is subject to very strange 'capping' behavior.

Remarking on this very odd behavior,  Jurg Kiener, CEO of Swiss Asia Capital, told CNBC that there's a huge disconnect between the physical market for gold, which he described as being "on fire," and the official "price", and that if (when?) the paper market collapses, gold prices may double very quickly.

Watch the stunned CNBC hosts as he tells them this in this video.

Last week we heard about unprecedented demand for gold overseas in this Financial Times article:

Quote:
Investors in gold are demanding "unprecedented" physical levels of bullion bars and coins and moving them into their own vaults as fears deepen about the health of the global financial system.

Here's my bottom line.  The enormous and growing disconnect between the physical gold market and the US dominated "paper gold" markets will resolve in the same way that these battles always do.  Reality will win.

I am expecting a very rapid doubling or even tripling of gold's price at some point over the next couple of months.  When this happens, it will be remarkably sudden, and your position will be easy to characterize.  Either you already had physical gold in your possession, or you didn't.  If you think physical gold is tricky to find now, you haven't seen anything yet.

The only wild card for me here will be the extent to which the US government will seek to modify or change the rules, if/when it turns out that the entity(ies) responsible for capping the gold price with aggressive shorting strategies turn out to be "favored" banks that are integral to the bailout implementation.  JPM comes to mind. 

This is a very real possibility, and it would not surprise me at all to hear that the government allows the JPM short positions to be simply nullified in their favor, stiffing all the people who thought they had invested in gold, when they had actually invested in a paper contract.

Fortunately, you can avoid all this unpleasantness by taking delivery.

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41 Comments

Xflies's picture
Xflies
Status: Silver Member (Offline)
Joined: Aug 19 2008
Posts: 157
Here's a trick to buying gold and getting it physically delivere
I can sense the fear growing... I'm not convinced it's justified yet and all this talk of protecting your familes with guns and learning to live off the fat of the land sounds very disconcerting but for those interested, I am about to do an interesting experiment.  I will be buying paper gold... yes, gold certificates from a major Canadian bank.  I will then put them in my name, and right away send them in for conversion.  They charge $10 for the physical exchange.  I'll let you know what happens.  One more appropriate, maybe more plausible explanation is that the reason why there are such large premiums is because of the daily volatility in the gold markets.  If I was a market maker, I'd be charging the same kinds of premiums because you don't literally hedge your book for every yahoo that comes into buy 1 bar... I know, many people won't like that explanation and would prefer to spend time at the local gun store but maybe all this 'premium' is due to an increase in volatility and not an actual shortage of gold... there I said it... don't shoot me.
jrf29's picture
jrf29
Status: Gold Member (Offline)
Joined: Apr 18 2008
Posts: 453
Huzzah!
Huzzah!  Hard data obtained from direct experimentation.  This is exactly what we need.  I too have heard all the clamor about how physical is very difficult to obtain, etc, but I'm glad that we'll soon have some real information.  Be sure to keep us posted!
purplequill's picture
purplequill
Status: Member (Offline)
Joined: Oct 7 2008
Posts: 3
What do you think are good "hard currency" alternatives?

I'm someone who doesn't have a lot of money to spare in the first place, and I don't think I can get in on the gold or silver market while it's running up and running out.

I heard that in post-crash Russia the black-market currency of choice was vodka. Do you think stocking up on something like that might be a good alternative?

gregroberts's picture
gregroberts
Status: Diamond Member (Offline)
Joined: Oct 6 2008
Posts: 1024
90% Silver Coins
 I like the 90% Silver Coins, aka junk silver, they are the pre 1965 US coins, they sell them in bags of dimes, quarters, and half dollars in $1000 face value. Look it up at Monex Precious Metals.
affert's picture
affert
Status: Silver Member (Offline)
Joined: Sep 22 2008
Posts: 100
Ad?

Does a person really sign up for an account just so they can tell people to shop at Monex? 

I have not done any business one way or the other with Monex, but I thought it would be worth mentioning that there are people that don't trust them.  google for "monex fraud" and take the above recomendation with a grain (or three) of salt.

 I guess the moral of the story is make sure you do your homework before trusting a company with a bunch of money.

capesurvivor's picture
capesurvivor
Status: Platinum Member (Offline)
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Posts: 963
Canadian certificates

Xflies,

 

Are you Canadian? If so, can an American do this?

 

SG

LifeisGood's picture
LifeisGood
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Joined: Aug 16 2008
Posts: 27
re: Dealing With Monex

I bought from Monex about 2 weeks ago. I bought a pretty substantial amount too. I wired my money and my account rep was very friendly and knowledgable and willing to help every step of the way.

Then the problems arised. I sent them payment on  September 30th and they said they would ship in 2 business days but every day was a nightmare as I called daily for a status check.My account rep would continue to tell me that they will probably ship either on Friday or Monday - then it didn't and I got a call from him today that it is taken from the vault and will be shipped. Reading the latest blog Chris posted up, its really true what my rep told me about precious metal sales skyrocketing and thats why my package was delayed so if you order from Monex, expect the same.

Let's say I had quite a bit of anxiety, especially when I went to sites like MonexFraud.com

Then I kept telling myself that these guys are alright and that everything will be OK. My account rep (Jay Arthur x 2128) was very cool and he made me feel great about the transaction but I did get worried up until today when he called to tell me it is shipping today and he will have a registration number for me in the next few days. He also told me that they ship from two banks in NYC and one in CA so if it comes from NYC, I will have it tomorrow and if thats the case, I will come online and report back here. (I live in NYC - I know!! I should get the heck out of here..  lol)

 

PS: They have the 90% junk bags for $1000 face value if you can't find any silver.

PPS: They will have .999 silver philharmonics tomorrow. He said he will call me. They sell them in packs of 100. Going rate as of right now is about 14 per unit.

gregroberts's picture
gregroberts
Status: Diamond Member (Offline)
Joined: Oct 6 2008
Posts: 1024
Ad?

 

 "Does a person really sign up for an account just so they can tell people to shop at Monex? "

I have no connection with Monex and have heard that they are suspect but the site has good info on 90% silver coins. I buy from local stores that sell precious metals.The only reason I posted this is I only recently found out that they sell junk silver and I like it because of the small denominations. I thought some people here would be interested.

machinehead's picture
machinehead
Status: Diamond Member (Offline)
Joined: Mar 18 2008
Posts: 1077
Govworld = Bizarro World

"Today the US mint announced that 'due to high demand' they are ceasing production of a wide range of gold products."

Let's try to imagine the private sector using this business model:

1. "Due to high demand for Harry Potter books, we are stopping the presses and ending the print run."

2. "Due to high demand for tickets to the hit movie 'Dark Knight,' we are pulling it from theater distribution and letting the screens go dark."

3. "Due to high demand for gasoline during the summer driving season, we are shutting down our refineries and closing our gas stations."

In the case of #3, oil company executives would be hauled before Congress, and probably sent to jail.

Where is the Congressional investigation of the US Mint?

* sound of crickets chirping *

 

 

Soulmaster's picture
Soulmaster
Status: Bronze Member (Offline)
Joined: Sep 16 2008
Posts: 27
Difficulty obtaining precious metals
I can tell you--it is definitely more difficult getting any precious metals today than it was even six months ago.  One ounce of gold, sure, no problem...but try to buy anything substantial and you will quickly find that you cannot.  Also the prices are becoming ridiculous as mentioned in the CNBC video and in Chris' posts.  Anything you can find will be way over spot and don't even ask about platinum!  Anybody who has platinum right now is not selling.  I could find 1/10 oz. coins for $120!  If you can find anything I would consider buying...
affert's picture
affert
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Joined: Sep 22 2008
Posts: 100
Ok.  Well, welcome to the
Ok.  Well, welcome to the forum.
Xflies's picture
Xflies
Status: Silver Member (Offline)
Joined: Aug 19 2008
Posts: 157
yes I am Canadian, I will see if it works and ask about US
citizens and post what happens
darqmatr's picture
darqmatr
Status: Member (Offline)
Joined: Mar 18 2008
Posts: 6
Two sets of books...

Like a truck driver ;)

LifeisGood's picture
LifeisGood
Status: Bronze Member (Offline)
Joined: Aug 16 2008
Posts: 27
re: Monex
Read my reply which is one of the newest ones. I've dealt with Monex, you don't need an account, they will create one for you if you want one.
ladamski99's picture
ladamski99
Status: Member (Offline)
Joined: Aug 5 2008
Posts: 17
Spoke with a local coin dealer

He was fairly confident he knew why the US Mint wasn't selling any more gold. He said the gold they sell is required by law to come from gold mines in the U.S. They can't use old coins,  buy gold from another country, or raid what's left (if anything) of Fort Knox. 

The heavy demand this year really has wiped them out. I'm not sure about other countries mints, so I'm very intrigued by our Canuck neighbor's experiment.

 

DavidC's picture
DavidC
Status: Silver Member (Offline)
Joined: Sep 29 2008
Posts: 243
Gold 'capping' behaviour

A very interesting post, Chris. I've been spread betting Gold and can confirm that the behaviour in the afternoons (I'm in England) has been a bit strange. There seems to be nice 'clean' moves in the mornings and then, when the US markets open, the price feels as though it's being suppressed in some way, it's really quite odd.

DavidC

Judithkitty's picture
Judithkitty
Status: Member (Offline)
Joined: Jul 8 2008
Posts: 11
Gold delivery weirdness

This past summer, Northwest Territory Mint didn't ship the gold I ordered till I called them. They said it'd take 6 weeks to delivery and I called them after 2 months. They explained it was some kind of unusual flake-out, and promptly sent it to me. 

 

 

ladamski99's picture
ladamski99
Status: Member (Offline)
Joined: Aug 5 2008
Posts: 17
I'm curious
It seems beyond a doubt that the demand for cold and silver COINS is way up. I'm curious if anyone knows where industrial users or even jewelers get their gold and if the demand is as high?
blackrott's picture
blackrott
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Posts: 20
Silver and Gold source

My coin guy in Las Vegas always has siver and gold. "AMERICAN COIN EXPRESS"

He's running low, but I picked up 2k in silver today and he had 1-2k in junk silver left.  

Silver coin was about 17.00 an ounce and junk may have been just over 10.00  an ounce. 

HE SEEMS TO ALWAYS HAVE TURN OVER, THEN AGAIN IT'S VEGAS.

 

 

johndaniels's picture
johndaniels
Status: Bronze Member (Offline)
Joined: Aug 30 2008
Posts: 31
take a look at platinum, a
take a look at platinum, a prime example. price down 40 bucks tonite, yet there is no supply. none. no quality bullion coins, specifically american eagles, can be had. yet the prices are under 1,000 per ounce, almost par with gold....
johndaniels's picture
johndaniels
Status: Bronze Member (Offline)
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Posts: 31
NEVER never never buy from
NEVER never never buy from northwest territotial. they always delay, and leave you hangin'. use apmex or monex for physicals.
johndaniels's picture
johndaniels
Status: Bronze Member (Offline)
Joined: Aug 30 2008
Posts: 31
same with the .9999
same with the .9999 buffallos; those are a great looking coin, and have many distinctive markings making it difficult if not impossible to duplicate or counterfeit. Those need US gold too, and were suspended. methinks we be runnin outta gold. numanistic value? 
johndaniels's picture
johndaniels
Status: Bronze Member (Offline)
Joined: Aug 30 2008
Posts: 31
i had the same problem, but
i had the same problem, but they are swamped. in august, they shipped right away. but the munster i ordered in sept 11 was delayed and was only shipped just yesterday. otherwise, ive gotten everything ive ordered, and their prices are better than apmex, but apmex is very good.
johndaniels's picture
johndaniels
Status: Bronze Member (Offline)
Joined: Aug 30 2008
Posts: 31
1/10 for 120 is a great
1/10 for 120 is a great price...grab 'em
treasurehunt's picture
treasurehunt
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Joined: Oct 7 2008
Posts: 1
You want to get gold
Joseph Wealth Systems is the place to get a hold of physical gold, privately issued,swiss minted 9999.9 1/4 & full shekels,registered posted to your local post office for you to pick up by signing for it. check out www.josephwealthsystems.com  
johndaniels's picture
johndaniels
Status: Bronze Member (Offline)
Joined: Aug 30 2008
Posts: 31
just a note: today 10/8/ it
just a note: today 10/8/ it happened again...gold was up 30+, silver up .61 off the international markets, then the US markets opened and it pulled back hard. i dont trust the federal reserve or our government anymore, and im not alone. this whole thing is cracking.,,and they are becoming increasingly transparent..a harbinger of the end.
Xflies's picture
Xflies
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Joined: Aug 19 2008
Posts: 157
Update on my Physical gold purchase
I walked into the bank today and got some more information on purchasing phsyical gold bars so I thought I'd post my progress.  It doesn't seem to be a problem at all.  The account manager phoned a direct line down to the traders and asked for an offer but when I heard it was $20 above market, I was surprised.  I didn't want to get sucked into the conspiracy theories quite yet so I called them back and asked for a 2 sided quote and bam... they gave me a tight $10 spread.  (moral of the story?  dont tell them if you're a buyer or a seller of gold... just ask them for a two sided quote) I know, sounds wide right?  Well given the fact that they don't hedge up for every yahoo that wants to do buy/sell a gold bar and the given volatility in gold these days, it's actually a fair spread.  There's no shortage of gold, even stories of the US Mint not delivering to people is supposedly because of a backlog, not that they have run out of gold... anyways, I won't come to any conclusions until I receive the gold bars in my hand but I am going to the bnak tomorrow wiht a bank draft and buying 10 x 1 oz bars.  I am open minded to the facts as they come... I hope all of you are as well.  Reading these recent posts of the world going to collapse and images of Mad Max are amazing... is this really how the avg american citizen thinks?  Do you think they have an open mind?  Anyways, I'll keep everyone up on how my gold purchase goes.
Soulmaster's picture
Soulmaster
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Posts: 27
On paper?
Are you buying certificates?
barrt's picture
barrt
Status: Silver Member (Offline)
Joined: Aug 25 2008
Posts: 171
i bought gold and stored it in switzerland

Nice experiment xflies, cant wait to see how you get on. let us all know as soon as you do

its an interesting notion, physical gold, whether you have it your safe/ buried in your back garden or whatever. if you have an ETF of shares in any investment scheme, you dont own it physically as you should know and you wont have it should the sh*t hit the fan.

But... not many people talk about the added danger/ threat to you and your family if you have it in the house or buried in the woods... so what to do?

we all are agreeed on 'you should own gold' im sure, or you wouldnt be here now would you.

Ive been looking at this for years, wondering how to do this and avoid all the pitfalls as a traveler (no house/ garden to bury it in)

and i think i have found it, with this company, you can buy gold, stored in your name, and store it in either of 3 different Via Matt run gold vaults in either London, New York or Zurich, your choice. needless to say most people choose Zurich for political reasons that if you want to buy gold, you should know about. But its stored in your name, you own it, and in switzerland thats pretty heavy! but if you stoe it in London, and things begin to get dangerous, sell it and buy it again in the US (only kidding!) in Zurich - you get the picture

there is so much going for this outfit, they seem to have all the angles covered that i am trusting almost all of my savings t them while this thing rides out, if you want to buy gold, i think its probaly too late to actaully get the truck round to your house, so think about storing it in switzerland in your name, might just work out that you have to cycle there one day to pick it up in your rucksack but that will be another chapter...

 

Xflies's picture
Xflies
Status: Silver Member (Offline)
Joined: Aug 19 2008
Posts: 157
I have another suggestion for those who want physical gold
While there are gold etf's out there I don't believe they can be converted into physical gold.  There is another option I was thinking about and that is to create our own private ETF but the problem here is that there needs to be enough people that want to do it.  I don't think it is a problem getting gold at the moment but definitely it could be a problem going forward.  I could set up a single purpose investment trust that will hold the physical gold at any bank (take your pick) and allow investors to take delivery whenever they want.  No gold leasing, no fractional lending... just plain and simple... hold all the gold bars in a safe at the bank and give investors the ability to take physical possession by sending their certificates in for conversion.  The problem is the cost... prospectus fees will be $50k but anyways, I just wanted to put it out there as an option. 
joe2baba's picture
joe2baba
Status: Martenson Brigade Member (Offline)
Joined: Jun 17 2008
Posts: 807
gold and banks

i am amazed to read the posts on gold here.

as the banks worldwide are collapsing. some of us are going back to the very first banks that ever existed 

goldsmiths. next i suggest we reinvent fractional reserve banking and change our names to rothschild.

there must be a war we can fund somewhere

therivler1's picture
therivler1
Status: Member (Offline)
Joined: Aug 24 2008
Posts: 2
To further Chris' point, gold capped in US markets again today

Today, Gold rose ~$20 when the US markets were closed (from 10/7 into 10/8).  And then when the US markets open, it jumped around and settled within a few dollars of where it opened.

So, 3 days in a row of gains when the US market is open, and flatlines when the US market is closed.

 

‘Once is happenstance.

Twice is coincidence.

Three times is enemy action’

 

miko9's picture
miko9
Status: Member (Offline)
Joined: Sep 18 2008
Posts: 6
Purchasing Gold from Scotia bank in Canada

I decided to purchase some 1 oz Canadian Maple Leafs today after researching my option I went to the Bank of Nova Scotia with cash and inquired about pricing and the procedure. 

- You can go to any branch. 

- The teller had know idea how process my request and had to get her boss who had to read the manual ( guess there has been much of a run on gold there)

- I am not a customer so I had to show 2 pieces of ID which they photocopied and retained on file

- She called to the " gold people" and got a quote which is quoted minute by minute

- My options were to buy gold bars - min 2 oz increment, Maple-leafs in differing weights from 1 oz on down, or certificates - 10 oz minimum. 

- I chose 3 - 1 oz  coins. 

- I was quoted a price in USD and they added $15 or 1 % surcharge, $ 20 for the brinks truck, and 7% provincial sales tax, then the whole thing was converted to CDN which were only worth 87 cents today and finally I got a grand total to pay.

- I checed with local coin dealer and his end price was the same. He advised me that his gold bars were except from sales tax. The advised theirs were not. Not sure why.   

- Payment is only cash, draft, money order or visa.

- The gold will be delivered next week and they will call me to pick it up.

Summary,

It was alot of messing around but in the end I feel secure that a major bank will deliver.

 

Cashing in the gold

- You bring the gold to the branch in and they charge you the $15 or 1 % again and send the gold off to be weighed/examined whatever, ( probably a charge fr that too)  once they decide you didn't shave a little off you get your money. Up to 2 weeks I'm told. Or of course you can trade it for a tractor or guns and a generator or some solar panels. 

 

just thought I would share some actual experience.

 

Question: Is the $1000 barrier a bit of a physiological thing and once it break that will a real panic set in.

I want let my teller girl know if she will be swamped.

 

Miko  

 

rogermh's picture
rogermh
Status: Member (Offline)
Joined: Jul 13 2008
Posts: 4
BullionVault?
barrt, what company are you referring to? The link in your post simply directs back to your comment. It sounds like you're referring to BullionVault or possibly GoldMoney.
hans61's picture
hans61
Status: Member (Offline)
Joined: Sep 12 2008
Posts: 1
re: Dealing With Monex

This is for the therichone -

 Did Monex come through?

bullionboy's picture
bullionboy
Status: Member (Offline)
Joined: Oct 13 2008
Posts: 1
re: Dealing With Monex

I have place an order online w/Monex.  It was Monday 10/06/08.  It is a large order (35k plus).  Coincidentally, it is for the philharmonics mentioned.   It has been one week, and after 3 requests, I still have not received an email confirmation order from them.  Also concerning is all of the "monex-fraud" floating around.  I have not made payment arrangements as of this writing.  I would appreciate any other information from anyone regarding dealing with Monex.

LifeisGood's picture
LifeisGood
Status: Bronze Member (Offline)
Joined: Aug 16 2008
Posts: 27
re: Dealing With Monex

No, it has not come through yet. Today is a holiday and all banks/USPS offices are closed but I do have a tracking number that looks to be coming from BRIDGEWATER, MA 02324 and when I questioned my representative if they actually had a location in MA, they told me that they have a holding area there too.

I later called my attorney and he told me to give it till the end of the week then send a demand letter and then he will follow up with it too.

Doing some research on my own and putting all of this together - I wish I had done my research before I sent them a money but all in all, there Monex.com domain name was registered in 1995, they've been a business for the last 40 years and my representative has returned every phone call and has answered my questions as best he could (regardless if answers were available or not) so I do give him credit on that.

I won't worry about this anymore but if it doesn't come by the end of this week, I will have my lawyer send follow-up demand letters and we'll go about it from there.

I will report back when I have more news.

LifeisGood's picture
LifeisGood
Status: Bronze Member (Offline)
Joined: Aug 16 2008
Posts: 27
re: Dealing With Monex

No, it has not come through yet. Today is a holiday and all banks/USPS offices are closed but I do have a tracking number that looks to be coming from BRIDGEWATER, MA 02324 and when I questioned my representative if they actually had a location in MA, they told me that they have a holding area there too.

I later called my attorney and he told me to give it till the end of the week then send a demand letter and then he will follow up with it too.

Doing some research on my own and putting all of this together - I wish I had done my research before I sent them a money but all in all, there Monex.com domain name was registered in 1995, they've been a business for the last 40 years and my representative has returned every phone call and has answered my questions as best he could (regardless if answers were available or not) so I do give him credit on that.

I won't worry about this anymore but if it doesn't come by the end of this week, I will have my lawyer send follow-up demand letters and we'll go about it from there.

I will report back when I have more news.

LifeisGood's picture
LifeisGood
Status: Bronze Member (Offline)
Joined: Aug 16 2008
Posts: 27
re: Dealing With Monex

Update: the tracking number was updated this morning and it now shows that it has surfaced at my local post office. Perhaps I will receive it today but I will call my post office and speak to the supervisor there, I know them well.

This is good news!!

LifeisGood's picture
LifeisGood
Status: Bronze Member (Offline)
Joined: Aug 16 2008
Posts: 27
Re: Dealing with Monex

For those still following this trail and want to know about my Monex delivery, all is well and I've gotten my package.

The delay was caused because Monex used a 3rd party drop-shipper to ship the products to me. They got payment from me, sent payment to them (wire I guess) and days later, my package was shipped. Thats all good, I now understand the process. However, Monex will protect it's interest and won't tell you where they buy from but I later found out when I did some research over Google from the senders address in corralation to Monex and now I'm one happy camper now!

 

bullionboy - how are you holding up?

NJ_Tom's picture
NJ_Tom
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Posts: 1
Re: Monex

Just wanted to add my 2¢ regarding Monex.  I just opened an account for my first (small) bullion purchase.  I then read all the negative comments posted at various sites regarding Monex and was ready to cancel my purchase.  My (very persuasive) account rep talked me out of my fears, so I made the wire transfer - but I was still very nervous about wiring a large sum of money to them.

Long story short - although I was told that delivery could take several weeks, my bullion (Au & Ag) arrived only 4 days after I wired the money.  I don't know anything about their leveraged accounts, but if you want to purchase bullion for personal delivery, these guys are totally legit!

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