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View Full Version : Is Kitco Pool safe ATM?


II DALTON II
06-12-2011, 11:55 AM
Is there any chance of seizure of accounts or assets in this tax investigation? Is there any slow down in order processing too? I'd have normally just PM's a Mod regarding this but decided to create a topic as I'm sure I'm not the only one with some concerns. I've thought about setting up a Pool account for a while but this recent event has scared me off. Can anyone provide clear and correct information on this?

Let's hope this whole Tax problem gets sorted quickly and fairly.

Scorp
06-12-2011, 12:21 PM
Is there any chance of seizure of accounts or assets in this tax investigation? Is there any slow down in order processing too? I'd have normally just PM's a Mod regarding this but decided to create a topic as I'm sure I'm not the only one with some concerns. I've thought about setting up a Pool account for a while but this recent event has scared me off. Can anyone provide clear and correct information on this?

All I can provide is this right now :

In a statement, the company said it has never participated in any tax fraud, nor has it ever carried out any fictitious transactions, and it will "vigorously contest all aspects of the Revenue Quebec investigation."

The company won court approval to appoint an interim receiver, RSM Richter, to help it deal with the allegations. Its daily operations are continuing as they normally do, company spokesperson Sharlene Dozois said.

"(We appointed the receiver) to protect the interest of everyone and have someone work with us through the process," Dozois said. "We did that voluntarily."

Read more: http://www.montrealgazette.com/news/Kitco+denies+fraud/4929975/story.html#ixzz1P4xe9yKm


They have an interim receiver. Here is the definition of an interim receiver I found online from The Canadian Insolvency Dictionnary:

Interim Receiver

A person appointed by the Court to be a watchdog regarding the assets of a debtor during that time between the application to the Court for a Receiving Order and the time where the Receiving Order is handed down. An Interim Receiver may also be appointed where a secured creditor is about to send out, or has sent out, a Notice of Demand under the Bankruptcy and Insolvency Act of its intention to enforce its security, or the debtor has filed a Notice of Intention to Make a Proposal or has filed a proposal.

Scorp
06-12-2011, 12:30 PM
Here is info on RSM Richter's services from their website. They have been in business since 1926 and seem a very good choice to handle the situation.

http://www.rsmrichter.com/disputeresolution.aspx

Whether a financial dispute follows a process of litigation, mediation, arbitration, or some other mechanism, we can help to bring clarity to complex situations. RSM Richterís Dispute Resolution and Financial Investigation Services Group assists the legal community, corporations, financial institutions, governments, regulatory bodies and individuals by investigating and assessing the financial issues involved in a dispute, and offering sound financial advice to facilitate resolution of the dispute.

The majority of RSM Richterís clients are large, successful mid-market enterprises. Our tax advisors are knowledgeable, creative and proactive tax accounting professionals who help you keep more of what your company earns.


Creative tax planning is a critical component of wealth preservation. RSM Richterís team of tax accounting professionals are state of the art tax accounting practitioners who keep up-to-date with fast-moving changes in tax law to achieve the best results for our clients.

II DALTON II
06-12-2011, 12:35 PM
Thanks for the info.

So say I buy 200 oz of Pool Silver the transaction should not be delayed on either the buy side of the deal nor the sell side of the deal if I decide to dump? Even with them going over every purchase/sale with a fine toothcomb looking for irregularities?

Scorp
06-12-2011, 12:42 PM
Thanks for the info.

So say I buy 200 oz of Pool Silver the transaction should not be delayed on either the buy side of the deal nor the sell side of the deal if I decide to dump? Even with them going over every purchase/sale with a fine toothcomb looking for irregularities?

I think Kitco's customer service is your best bet to get delay information related to the pool. I am sure they have been given answers to all possible questions that might arise due to the current situation or if they haven't they can refer you to the next level of customer service that will get you your answers.

AnotherDave
06-12-2011, 12:52 PM
Thanks for the info.

So say I buy 200 oz of Pool Silver the transaction should not be delayed on either the buy side of the deal nor the sell side of the deal if I decide to dump? Even with them going over every purchase/sale with a fine toothcomb looking for irregularities?

I'm sure that as long as they are answering the phone, you will have your transaction recorded.

That is what you are worried about, isn't it?

jogslvr
06-12-2011, 12:58 PM
Creative tax planning is a critical component of wealth preservation.

:rolleyes:

I'm surprised Harvey Organ hasn't commented on the Kitco/Tax situation :confused: ;)

ez_willis
06-12-2011, 01:25 PM
I did pool transactions on Wednesday and Friday of last week without issue or any type of delay or irregularity. My Wednesday one was done on-line and the Friday one over the phone and my call was answered quickly and professionally. I also personally know two other people who also have pool accounts with Kitco and they are not concerned about the situation. One of them having a significant amount invested too!

All that said, there are few absolute guarantees in life as we all face perils each time we venture outside our door to go about our lives. I would rank the risk of Kitco disappearing on us as a very low risk considering their history and reputation. And as far as investments go, almost any stock or bond can go to zero or have its trading halted because of irregularities in their operations. And even the biggest, safest banks which may have been deemed "too big to fail" in the past may not get bailed out again.

Death and taxes are all we can truly rely on. :D

Son of Isis
06-12-2011, 01:55 PM
I've had a pool account since Jan. and have no worries about the safety or availability of the funds held therein. However my one and only concern was during the unprecedented drop in Ag at the end of April - early May is that the website was so congested that I was unable to log on and sell my pool account. This imo is a fairly serious issue in that if one wants to get in or get out in a timely manner, the technology may not be there to permit it. Otherwise the pool account is very handy for moving between PM's and cash.

Copperhead
06-12-2011, 04:52 PM
Already the Internet rumor mills are putting out misinformation linking Kitco and Jon Nadler into a precious metals ponzi scheme. It is well known that Jon Nadler is on the top 10 hate list among many precious metal bugs. That's their right to hate him if they like, but when some start to spread rumors with no bases to panic investors then perhaps someone ought to be held responsible.

free_egyptian
06-12-2011, 04:58 PM
Is there any chance of seizure of accounts or assets in this tax investigation? Is there any slow down in order processing too? I'd have normally just PM's a Mod regarding this but decided to create a topic as I'm sure I'm not the only one with some concerns. I've thought about setting up a Pool account for a while but this recent event has scared me off. Can anyone provide clear and correct information on this?

Let's hope this whole Tax problem gets sorted quickly and fairly.

I had the same worries as yours. The only difference between us is that I am already invested in their silver pool and you ain't yet.

To be honest, I got a little irritated when I first read about their TAX issue with the government but for some reason, I have this inner feeling that is telling me it is going to be ok.

Another thing I would like to add is that before I get into their silver pool trading, I did a VERY extensive research on the company until I reached a point where my inner instincts say that the probability of the company's failure is NIL to 0.000000001% :D

I mentioned in my intro thread that I work in Egypt as a commercial lender for one of the largest banks in the world with offices in Egypt. As part of my job and apart from numbers, financials and tangible security..etc, I always rely on my inner instincts. There is this feeling inside you that could make you worried to lend to company X or Y, I don't know what it's called but as long as I don't have this feeling with Kitco pool, I am fine.

At the end, I would say only you can make a decision and good luck.

cheesybread
06-12-2011, 05:14 PM
Thanks for the info.

So say I buy 200 oz of Pool Silver the transaction should not be delayed on either the buy side of the deal nor the sell side of the deal if I decide to dump? Even with them going over every purchase/sale with a fine toothcomb looking for irregularities?

What happened to Goldmoney?

mrgneiss
06-12-2011, 05:43 PM
Already the Internet rumor mills are putting out misinformation linking Kitco and Jon Nadler into a precious metals ponzi scheme. It is well known that Jon Nadler is on the top 10 hate list among many precious metal bugs. That's their right to hate him if they like, but when some start to spread rumors with no bases to panic investors then perhaps someone ought to be held responsible.

Many say Bart Kitner is an upstanding person, but for Jon Nadler, why don't you hold the same standard to him, about all the misinformation he has put out through the years, god knows how many thousands potential precious metal investors he has scared off or scared holders into selling - karma is a biatch.

Copperhead
06-12-2011, 06:14 PM
Many say Bart Kitner is an upstanding person, but for Jon Nadler, why don't you hold the same standard to him, about all the misinformation he has put out through the years, god knows how many thousands potential precious metal investors he has scared off or scared holders into selling - karma is a biatch.


Misinformation or not, it is one thing to disagree with Nadler about precious metals. It is another to accuse him and Kitco of a ponzi PM fraud.

What I have to ask is why Nalder would be so bearish on PMs if he was involved in a fraud selling them> :confused:

SilverSal
06-12-2011, 06:53 PM
I stopped reading Nalder about 2 years ago, it cost too much. The only outside opinions I take into consideration come from Jim Rodgers and on occasion Jay Taylor.

Copperhead
06-12-2011, 07:00 PM
I stopped reading Nalder about 2 years ago, it cost too much. The only outside opinions I take into consideration come from Jim Rodgers and on occasion Jay Taylor.

I understand where you are coming from. I'm sure many others here feel the same way. But this isn't about his investment advice, but rather his involvement or not in a ponzi PM fraud.

SilverSal
06-12-2011, 08:15 PM
I understand where you are coming from. I'm sure many others here feel the same way. But this isn't about his investment advice, but rather his involvement or not in a ponzi PM fraud.

He's obviously negatively biased regarding silver. I agree completely with you in regard to being involved in a ponzi scheme I would think he would be puffing up silver not down playing it.

citizen doe
06-12-2011, 09:16 PM
I don't like reading Nadler because I find him tiresome, but I don't quite understand why so many people let him get under their skin.

But think about it: what does it say about Kitco that they give prominence to someone who shows some skepticism and critical thinking (wrong though you're convinced he is) toward the product their selling? Maybe it's just slick reverse psychology on their part, but it gives me more confidence in them.

Would you be happier if all he did was tout precious metals?

II DALTON II
06-13-2011, 11:39 AM
What happened to Goldmoney?

I've been considering both a GoldMoney and a Kitco account. Reason is incase one service goes down temporarily for whatever reason I can buy/sell on the other one.

I just like having options. I already have the GoldMoney account and I like them so far.

govikesgo
06-13-2011, 12:00 PM
Regardless of any wrongdoing, now the Canadian government will have the name and address of every PM collector/stacker who's done business with Kitco.