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Bullion Vault

Discussion in 'Other Asset Classes' started by Redwing, 14th Sep, 2015.

  1. Redwing

    Redwing Well-Known Member

    18th Jun, 2015
    Downtown Austin vault of precious metals turns up mostly empty

    By the time auditors and lawyers got access to Bullion Direct’s 14th-floor offices six weeks ago, there were only a handful of gold and silver coins in an office safe. A second vault it had recently rented held only slightly more.

    An estimated $30 million in cash, metal bullion and valuable coins, meanwhile, had vanished.

    Bullion Direct began as an online virtual trading floor where thousands of customers could buy and sell precious metals to each other, with the company taking a cut of each sale.

    Later, it began selling the metals to customers directly. It also stored the commodities for those who requested it — such as Barbala — with the glittering coins and bars kept safely in individual piles for each investor in an old bank vault in its Lavaca Street offices.

    At least that’s what everyone thought.....

    The Falcon likes this.
  2. Bullion Baron

    Bullion Baron Well-Known Member

    25th Jul, 2015
    Adelaide, Australia
    May be worth updating thread title to Bullion Direct as Bullion Vault is the name of an unrelated business :)

    Stories like this just go to show that you should buy and store yourself (in a safe deposit box or otherwise secure) or carefully select an allocated provider. Seems pretty clear these were unallocated accounts. Unfortunate for those who didn't do their research/read the terms and conditions.