Thread: Gold Buying
View Single Post
  #1124  
Old 07.09.2016, 21:21
me.anon's Avatar
me.anon me.anon is offline
Forum Veteran
 
Join Date: Jan 2012
Location: thun
Posts: 1,867
Groaned at 36 Times in 25 Posts
Thanked 2,399 Times in 1,161 Posts
me.anon has a reputation beyond reputeme.anon has a reputation beyond reputeme.anon has a reputation beyond reputeme.anon has a reputation beyond reputeme.anon has a reputation beyond repute
Re: Gold Buying

Quote:
View Post
Anybody buy gold or silver from Gold Professionally AG or their subsidiary Gold Professionally Austria GmbH?
They run a service to buy precious metals and store them for you.

The Swiss authority FINMA has forced Gold Professionally AG into liquidation because they are not happy that the precious metals are actually stored anywhere.

There was an inventory audit by a Zürich lawyer, Theodore G. Seitz, last October that showed everything was OK but he says it was an audit of the company records; not an actual physical check of stocks.

Source (German language).
It seems that a gold bullion backed ETF sponsored by the Deutsche Bank (Xetra-Gold) which promises clients the service of a physical delivery of their gold on demand, has had some difficulties meeting this promise:
http://www.marketslant.com/articles/...ry-allegations

There is a lot more paper gold out there than real gold. One day, there could be a big problem if people start losing confidence and want to get their hands on the real stuff.
Reply With Quote
This user would like to thank me.anon for this useful post: