In Jim Cook's Archive


Another coin dealer was shut down by the CFTC last month. First State Depository and Argent Asset Group were ordered by federal court to pay $146 million for fraud related to a precious metals scheme. They promised their customers they would issue them monthly lease payments in exchange for the use of their silver. They were supposedly storing the gold and silver for their clients, but the actual metal was missing. We frequently warn investors to never store their gold and silver with the dealer that sold it to them. Storage by dealers is a source of endless problems.

Our customers can store silver at Brink’s in New York or at our suburban bank in Minnesota.  The storage agreement is solely between the customer and the storage facility.

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