It is unclear if this was a very serious mistake in court by a federal agent, or whether there really was a $300M gold heist that never made the news. The final person tested a wide variety of Elemetal/NTR/OPM silver products (using electrical resistivity), which all tested fine. Reports are that no new bars have been produced over the past few months. This is for falling afoul of our responsible gold guidelines due to their ongoing FBI investigation.". Provident had presumably been using either Elemetal Refining or Elemetal Mint for their silver bars. Not even a day or two to give customers who sell in batches to send what they have. Although OPM is not required to follow ATSM specs, from what I understand iron reacts with gold in a way that alters the resisitivity. Sending the metal to scrap processors would be an excellent way to treat newly purchased inventory in this case, except that it could significantly hurt Elemetal's business for those few weeks: some people will feel ripped off, some may switch to another wholesale bullion dealer. We Do Not Share In Your Profits, And Thus Will Not Take Responsibility For Your Losses As Well. The Doc Is Not An Investment Adviser And Information Obtained Here Should Not Be Taken For Professional Investment Advice. If all the paperwork is done properly, all should be fine. This post is simply to help get this important piece of news out, that ISIS may be hoping to sell fairly large quantities of gold. Next, there is a lawsuit (dating a few years back) by a coin retailer, accusing NTR of encouraging the company to speculate in the futures markets, simply to profit from trading. If you have tested any Elemetal/NTR/OPM bars or rounds, using any testing method ranging from assaying to XRF to a Sigma Metalytics tester to acid testing, I would be very interested in hearing the results (good or bad). The Commodity Futures Trading Commission (“CFTC”) will be notified of the aforementioned during the week of April 3, 2017 via the weekly notification procedures set out in Part 40 of the CFTC’s Regulations. The Commentary On Silverdoctors Reflects The Opinions Of The Doc And Other Contributing Authors. One says he has assayed many of the Elemetal gold bars, and they are usually pure (my emphasis), and believes they fail bullion verification devices because of irregular minting processes. On the other hand, it was based on an oral contract (the standard Elemetal Refining contract seems to apply to Elemetal paying for the metal to be refined, not returning pure metal). 20% of the amount owed customers will be paid out today. That does suggest that the title would not transfer. So I'm stuck on that lead, even though logic suggests that if this were not true, Dillon Gage would immediately respond saying so (who turns down extra business?). Typical tips I have received for other companies range anywhere from experiences with the company to other places I should be looking to various files (financials, E-mails, etc.). So while Elemetal Refining is effectively insolvent (it is still having troubles paying back customers who have been owed money for over 6 months), Elemetal Vault seems to be doing fine. Elemetal is a conglomerate of bullion companies, including NTR Metals, OPM, and Provident, now all using the Elemetal name. Again, anyone with XRF or assay results of Elemetal, NTR, OPM or Provident bars, I would love to hear from you (you anonymous tips page or E-mail the address on the tips page). https://coinweek.com/bullion-report/ntr-metals-illegal-south-american-gold Any other updates would be appreciated! / Elemetal gold and silver shut down. Nothing! Stockmeister stated "We are solvent as a company and I am confident in our ability to pay everybody", It will take about 4 months "to eliminate the current refining streams they had in place because it takes that amount of time to complete the entire process. It had been widely assumed that they were de-listed for the $3.5B of illegal gold they bought. Over a period of 6 years, a Colombian company called Goldex is reported to have exported $1.4B of illegal gold, 97% of which, Elemetal Refining, LLC is still "open for business". According to a court transcript, Elemetal has a skybox at the Dallas Cowboys AT&T Stadium. When buying bars from Kitco, they specify that they sell bars from "selected reputable refiners", whereas when selling bars to Kitco they do not specify what brand(s) are acceptable. And the exhibits show that Elemetal refers to the glass company's metal being "credited to pool account to be returned" (suggesting it would be Elemetal's metal). So although it appears that Dillon Gage did not actually purchase Provident Metals, a group of private investors did, and have contracted with Dillon Gage to manage the company for the next 5 years. One, however, failed. Their ultra-high relief silver rounds, such as the American Landmark and Privateer series, were highly popular and have been a hit with collectors and stackers alike. In the arrangement they had with Elemetal Refining, the glass company would use pure silver as part of the process to coat glass, and then send Elemetal the impure silver that resulted for refining. October 19, 2017 7:00PMM EST UPDATE: I have heard from an Elemetal customer that this most recent payment was about 6% of what the October payment was supposed to be. NTR/Elemetal was issued subpoena(s) last year that they provided documents in response to. My recommendation is that if you have any Elemetal/NTR/OPM bars, you test them using whatever tools you have easily at your disposal. Again they say they have a goal of "paying all Ohio-refinery customers in full.". This relieves most of my concern regarding Provident Metals and Elemetal Vault, LLC. Why OPM was leasing metal is beyond my expertise. So why do they not find the answer? The glass company states that the silver was always their property, and the only time the title would transfer to Elemetal is when the glass company sold Elemetal some of the silver to cover the fees (in fact, exhibits include a trade confirmation showing the metal to cover fees being sold to Elemetal -- something that likely could not be done if the glass company was not the owner of the metal). You will be limited to either getting Elemetal gold/silver bars, or cash. If that is the case, it could boil down to whether Elemetal Vault properly transferred ownership to customers (if so, customers are in somewhat good shape; if not, they might get nothing). In it (at around the 11:35 mark), she discusses their de-listing of Elemetal. Two companies that had reputations similar to Provident went belly-up after lying about stored metal. 1302.42 stating that title of metal sold to Elemetal Refining, LLC vests when the metal is delivered, and states that their bank (presumably the Bank of Nova Scotia) has a first lien on the metal. Elemetal further says that they are developing an updated payment plan, in which they hope to make additional payments within 20-30 days, and have a goal of paying customers in full. I have just been told by Elemetal Vault that the metal purchased by Elemetal Vault customers is located in a Brinks vault in a different state. Today, a customer reported that they received a letter stating that a further payment was made, which appears to be another one of these "tiny" payments. OPM To Shut Down [High Grade Refining] April 9, 2017 8:20PM EST There were rumors that OPM (Ohio Precious Metals, an Elemetal company) had shut down operations, and this appears to have been confirmed from a letter sent to Elemetal Refining customers. So what is this news? In other words, if a customer was owed $50,000, the October payment should have been $10,000, but was actually around $500-$600. They include a checksum, making it quite difficult to come up with valid serial numbers (without knowing the formula). Still appears to be running. In that case, the title transfers to Elemetal (the question being when; Elemetal stated that they believe it is on delivery to Elemetal). 17 Feb 2017 announcement that it is being acquired by DGSE. They have signed a management agreement improve inventory management as well as fulfillment operations.". Again, if you have any information that might be useful, feel free to leave an anonymous tip. Remember, Bullion Direct and NWT Mint lied to customers regarding their stored metals. Weve decided to clean house. Elemetal recently told refining customers that they are "pleased to report that paydowns will continue, though at a reduced pace." ", less than 2 months after receiving an article detailing illegal gold mining in Peru and gold smuggling through Bolivia). In my opinion, this is pretty damning. Your Own Due Diligence Is Recommended Before Buying Or Selling Any Investments, Securities, Or Precious Metals. Was the metal given to (or sold, with the proceeds going to) one of Elemetal Refining's banks? This suggests an urgency behind this audit. Elemetal Refining, LLC then expect to make additional 20% payments by June 15, August 15, October 16, and December 15. "We have been acquired by a group of private investors. The concern here is that the Bank of Nova Scotia has a lien on metal (a right to keep the metal until a debt is paid) that it consigned to Provident Metals and "certain of its affiliates" (Elemetal Vault is an affiliate of Provident Metals). Although .99984 is below what was marked, that is nowhere near the concern that it would have been at .997 as some people were expecting. The purity was measured per per ATSM B562-95(2012) specs for 99.99% refined gold. See the 'Elemetal Update' of 12 Apr 2017 above for further details. The documents also point out that illegal gold mining is a crime in Peru (legislative Decree 1102, Article 307-A), and that smuggling gold out of Peru is also a crime in Peru (law No. The letter specifies that they expect to pay Elemetal Refining, LLC customers within 6 months. I have set up a simple page that lets you test to see if the serial number on an OPM, Elemetal, or NTR appears to be valid. We Do Not Share In Your Profits, And Thus Will Not Take Responsibility For Your Losses As Well. Starting Wednesday, however, converting the metal to items sold by Provident Metals will no longer be an option. That would mean that all customers would get 100% of what they are owed before the end of the year. Any information would be helpful, but especially useful would be the type of metal (e.g. It was insolvent, unable to pay customers who had provided metal for refining. SUBJECT: Suspension of Warranting of Elemetal Refining, LLC (ELEM) Gold and Silver Brands. Both Bullion Direct and NWT Mint were in business longer than NTM/Elemetal/Provident. Elemetal Mint Silver Rounds. The Commentary On Silverdoctors Reflects The Opinions Of The Doc And Other Contributing Authors. The bar was was marked ".9999+ FINE GOLD" (with the certificate stating ".9999 FINE GOLD"). .997 fine instead of .999 fine). So for .999 or .9999 fine gold, it would be required to be .996 or .9969. Elemetal Direct is a precious metals company focusing on the recovery and refining of precious metals, and providing retail and wholesale investment possibilities to a broad range of customers nationwide. So if NTR's prediction was correct, the shutdown of the Elemetal Refining gold and silver refining business was a result of defamation, not improper business practice. You are also welcome to E-mail me (I am very careful to protect my sources). The first clue should have been that was that John Loftus, founder of NTR Metals (which basically morphed into Elemetal) became the CEO of DGSE (which Elemetal has been the majority shareholder of since 2012 or earlier) in December, 2016. Another mentioned some OPM gold bars testing .999 fine with XRF, but changed color when heated, and testing as .950-.980 fine (if true, it suggests that the impure bars were plated with .999 fine gold). Another states that XRF consistently shows Elemetal bars as having 0.3% to 0.8% copper (which translates to .992-.997 fine or lower). Then, on March 31, for reasons unknown, the LBMA dropped both OPM (Ohio Precious Metals, an Elemetal company) and Elemetal from their "Good Delivery" list.
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