WARNING FOR THOSE OF YOU STORING METALS FROM A 20 YEAR TRADER IN THE METALS BUSINESS
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I have been a broker for 20 years. Recently the major broker dealer I work
for asked me and my clients to leave due to too high of a concentration in
physical metals. After 4 months of trying to find a new home for my
business, and being denied by every major broker dealer in the US, I had
not choice but to become and RIA.
After three months of complete BS getting my RIA approved I am now in the
process of moving my clients and metals to the new custodian. Here is
where things get interesting. Every transfer is being rejected multiple
times for the any reason the old major broker dealer can come up with.
More interesting is all of the metals which have variable weights like
1,000 Silver, 100 oz gold and 50oz platinum, when the old broker dealer
finally does transfer the metals to the new custodian, NONE of the bars are
the same in weight or serial number as my clients statements. The old
broker dealer is having to come to me and my clients with bars of different
serial numbers and weight than the one listed on the statements or from
old trade confirms.
This mis-match on transfers proves to me that the old broker deal NEVER had
the metals and are now having to go acquire them to make good on client
transfers. Coincidentally, I was also a broker at Morgan Stanley in 2006
when MS got busted for excessive storage fees and it turned out MS never
owned the metals that were printed on client statements either.
Moral to the story, if you own metals at a major broker dealer, just
because they are printed on your statement, does not mean they exist. I
highly recommend shipping them home, even if they are in a qualified
account. If there too much to take out of a qualified account, transfer
them to a new custodian, for the new custodian will not accept the transfer
without video taping and verifying the move of metals from the storage
depository to the new storage depository.
Last thing, I am 100% for sure that the most of the metals have been
removed from the United States, and when the stock market and bond market
crashes this fall, all metals in private accounts will either not be there,
Heed this warning people, then end is HERE.
God Bless Steve... Keep Telling The Truth... We Are Making A Difference
Stephen (20 year financial advisor from four of the largest broker dealers)
Jun 6, 2013