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Thread: Discussion of converting Kitco pool holdings to physical metal

  1. #11

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    My last pool account with kitco was 3 years ago. I was dealing in rhodium and I had no problems converting to phys and then selling back phys later.

  2. #12

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    Quote Originally Posted by maxwellsilverhammer View Post
    My last pool account with kitco was 3 years ago. I was dealing in rhodium and I had no problems converting to phys and then selling back phys later.
    Ok, well I know the pool accounts for the various companies USED to work back when metal was plentiful, but what is important to know is if they STILL work now that there seems to be a shortage of metal, silver specifically.

    Perth assured its customers they would ship allocated pool accounts within 2 days, and unallocated pool accounts within 10 days of requesting delivery, but now the pool holders are being told it may take 6 or more months before Perth can ship, according to reports. ABC Bullion had a similar pool account and were found to be charging people storage fees on metal that did not exist in their vaults, according to reports. These are interesting times.
    Jesus saith unto him, I am the way, the truth, and the life: no man cometh unto the Father, but by me.

    For what shall it profit a man, if he shall gain the whole world, and lose his own soul? Or what shall a man give in exchange for his soul?

  3. #13

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    oh damn, agbug. to be paying storage fees on metals they are not holding. that is indeed a major issue and sounds like criminal charges could be a possibility. i hope you are not personally having this current issue. just another reason we have all been floating around the if you dont hold it idea on this forum.

  4. #14

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    Quote Originally Posted by maxwellsilverhammer View Post
    oh damn, agbug. to be paying storage fees on metals they are not holding. that is indeed a major issue and sounds like criminal charges could be a possibility. i hope you are not personally having this current issue. just another reason we have all been floating around the if you dont hold it idea on this forum.
    The fines are worth it for these criminals in the long run.
    "Compulsory altruism is none too altruistic." - me

    "All of us necessarily hold many casual opinions that are ludicrously wrong simply because life is far too short for us to think through even a small fraction of the topics that we come across." -- Julian Simon

  5. #15

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    If you go back in the video a little further (around 6:00), you may notice that the guy seems to be a shill for theta token. That immediately makes me suspect of his motives.

    The most major default in the PM industry that I am aware of off the top of my head, is the Tulving company that went under around 2014. I also read on the GATA website of a coin shop (Rust?) in Utah that went under in 2018 in a similar way. Tulving had a long track record of poor shipment practices. The place in Utah was a much smaller shop. They did not resemble Kitco in any way I can see, aside from dealing in similar goods. The other major default I know of in the industry was Republic metals in Miami coming up short on material & not supplying (& getting tied up in money laundering). They were a refiner, not a dealer. I think that there was a private "mint" that went out too, but the name escapes me.

    My experience with Kitco, over more than 10 years, is that they have sometimes been 1 or 2 days late shipping, but they have always shipped & the goods have always been as advertised.

    In the distant past, they would accept a deal to lock in a price before payment was made or a credit card was given. When that was the practice, it seemed strange to me, as it relied on the good word of the buyer to not cancel if the market went south. A Kitco representative on the phone even let slip that this sort of thing did happen to them. That policy changed many years ago. My more recent transactions have required me to pay in full before locking in a price. Under those conditions, even a 1 day delay in shipment got me watching closely, as I was fully at risk & they had none. The current business model relies 100% on the customers having faith that Kitco will ship as promised. Any default would erase that faith & would be devastating to them. The current business model, upon which they rely, would be hobbled.

    At a time when paper price is far lower than physical street price, there would certainly seem to be an opportunity for abusive arbitrage if one was able to buy at paper price & then take delivery. This is why current Comex contracts allow for settlement in currency if metal is not available. I have never used pool accounts, so I have not read the contracts. I would be curious if they also had a similar safety valve clause.

    The headline of this thread certainly got my attention. If any actual defaults can be documented, I would very much like to find out about them. At this time, I am treating the claims as hearsay. As AGbug has asked - Can anyone confirm this?

    If Kitco were driven out of the market, what would people like us do? It would be devastating for us. Kitco is both a source for us directly & probably also a source for shops that sell to others like us. Lets please not damage the goose that supplies our golden eggs without actual proof. Lets please get our information straight.

    Edit:
    Actually, Coinweek covered some of the companies in default -
    https://coinweek.com/bullion-report/...pany-collapse/
    https://coinweek.com/people-in-the-n...ted-for-fraud/
    Last edited by SilverPalm; 04-05-2021 at 11:33 AM.

  6. #16

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    Good afternoon to all Gold Forum users!

    This thread was brought to my attention this morning. Please allow me to provide the process on how to convert your unallocated Kitco Pool or digital VaultChain ounces with Kitco Metals, Inc.
    Kitco will convert your ounces to physical coins and bars for delivery based on available products from our online store and prices will be based on current market prices for that day and time.
    
    Customers would need to contact our customer service team at toll free 1 877 775-4826 for US and Canada, conversion orders can only be handled by phone request. Our business hours are from 8:30 a.m. to 10:00 p.m. ET, Monday to Thursday and Friday from 8:30 am to 5:00pm EST.

    When you buy Kitco Pool, fabrication fees https://online.kitco.com/premiums-USD.html are not levied, since the holdings are purchased as unallocated units. Fabrication fees are only levied (along with shipping and insurance charges) when you convert your Pool holdings into precious metal bullion products. Also, there are no administrative fees when converting ‘pool’ to ‘product’ when placed over the phone.
    
    Insurance is charged at $6.50 per $1,000.00 of value. **Washington state [WA] insurance fee is $8.00 per $1,000; Texas [TX] is charged at $9.90 per $1,000. For the continental U.S. and Canada, we offer free Ground Service for orders exceeding $5,000 in value. If the order's value is less than $5,000 the shipping fee will be charged [$15.00]. 
    
    *Example of costs to convert 100 oz's of Silver VaultChain or Kitco POOL to current year 1 oz. American Eagle Silver coins.
    Converting to 2021 1 oz Silver American Eagle Tube (20 coins) - MintFirst™ ,each tube [5+] costs $195.00 USD each X 5 = $975.00 USD for fabrication cost
    Shipping fee would be $15.00 [min. charge]
    Insurance would be $26.16
    Total to convert 100 oz's to coins for delivery = $1016.16 USD

    I hope this helps! Please do not hesitate to contact us via email [info@kitco.com] by phone or by chat!
    Kind regards,
    Super Moderator

  7. #17

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    Quote Originally Posted by Agbug View Post
    There have been reports for weeks now of Perth Mint in Australia refusing to give silver to pool account holders,...
    Can you please point me towards information sources for this? When I google it, all I get is claims on Reddit.

  8. #18

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    Quote Originally Posted by SilverPalm View Post
    Can you please point me towards information sources for this? When I google it, all I get is claims on Reddit.
    I will link some videos for you:

    https://www.youtube.com/watch?v=QhnqPwf5bmw
    https://www.youtube.com/watch?v=9mVKVHof9uc
    https://www.youtube.com/watch?v=gYjNom7IluU
    https://www.youtube.com/watch?v=fCTEH5FCuGg

    there are tons more, just go to youtube and type "perth mint default" in the search box. There is alot of noise about this from big names on youtube....
    Jesus saith unto him, I am the way, the truth, and the life: no man cometh unto the Father, but by me.

    For what shall it profit a man, if he shall gain the whole world, and lose his own soul? Or what shall a man give in exchange for his soul?

  9. #19

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    Quote Originally Posted by SuperMod View Post
    Good afternoon to all Gold Forum users!

    This thread was brought to my attention this morning. Please allow me to provide the process on how to convert your unallocated Kitco Pool or digital VaultChain ounces with Kitco Metals, Inc.
    Kitco will convert your ounces to physical coins and bars for delivery based on available products from our online store and prices will be based on current market prices for that day and time.
    
    Customers would need to contact our customer service team at toll free 1 877 775-4826 for US and Canada, conversion orders can only be handled by phone request. Our business hours are from 8:30 a.m. to 10:00 p.m. ET, Monday to Thursday and Friday from 8:30 am to 5:00pm EST.

    When you buy Kitco Pool, fabrication fees https://online.kitco.com/premiums-USD.html are not levied, since the holdings are purchased as unallocated units. Fabrication fees are only levied (along with shipping and insurance charges) when you convert your Pool holdings into precious metal bullion products. Also, there are no administrative fees when converting ‘pool’ to ‘product’ when placed over the phone.
    
    Insurance is charged at $6.50 per $1,000.00 of value. **Washington state [WA] insurance fee is $8.00 per $1,000; Texas [TX] is charged at $9.90 per $1,000. For the continental U.S. and Canada, we offer free Ground Service for orders exceeding $5,000 in value. If the order's value is less than $5,000 the shipping fee will be charged [$15.00]. 
    
    *Example of costs to convert 100 oz's of Silver VaultChain or Kitco POOL to current year 1 oz. American Eagle Silver coins.
    Converting to 2021 1 oz Silver American Eagle Tube (20 coins) - MintFirst™ ,each tube [5+] costs $195.00 USD each X 5 = $975.00 USD for fabrication cost
    Shipping fee would be $15.00 [min. charge]
    Insurance would be $26.16
    Total to convert 100 oz's to coins for delivery = $1016.16 USD

    I hope this helps! Please do not hesitate to contact us via email [info@kitco.com] by phone or by chat!
    Kind regards,
    Super Moderator


    Is there enough silver in Kitcos available inventory to cover all pool account holders if they were all to call up on the same day to convert the pool holdings to physical?





    .
    Jesus saith unto him, I am the way, the truth, and the life: no man cometh unto the Father, but by me.

    For what shall it profit a man, if he shall gain the whole world, and lose his own soul? Or what shall a man give in exchange for his soul?

  10. #20

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    Lol, I am sure they are balls deep in silver.


    The way I read it is available inventory on the website. I would be at the front of the line. I can tell you that.

    I said it before and now again. You are not locked into Kitco. If they can't handle your trade plenty of others can. All you need to do is cash out and hope the market don't turn until you lock in physical.

    If you are new to this game the way it's played is if you don't hold it, you don't own it.
    Last edited by ifionlyhadsomegold; 04-05-2021 at 02:20 PM.

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