Saturday, April 2, 2016

U.S. gold refiners running out of metals and starting to show insolvency

An interesting piece of news showed up on Friday which was not part of some April Fools joke.  It involved one of America's largest private gold and silver mints, and their inability to both provide gold to a customer who made a purchase from them back in February, and even worse, their inability to refund the customer their money.

Yet perhaps of even greater import, this mint and refiner admitted to a mainstream news source that they in fact owe between 100 and 200 customers a refund in which they are currently unable to pay.


FEDERAL WAY, WASH. – The owner of a large gold and silver mint based in Federal Way admits he owes money to 100 to 200 customers all over the country. 
Ross Hansen, owner of Northwest Territorial Mint, says he has not delivered products or refunded money to those customers even when they demanded it. 
Northwest Territorial Mint is one of the largest private gold and silver mints in the country. 
One of those unhappy customers is Kelly Clifton, who runs a small ministry in Sultan. 
Clifton ordered $6,000 worth of gold bullion in February from a small inheritance. A few weeks later, while still waiting for the gold, she says she asked for a refund. The company gave her half, she says. 
“The rest of it, we were told, we may get or we may not get,” said Clifton.
Other customers have similar complaints. - Chanel5 News/Seattle via Silver Doctors
The bottom line is that years of manipulated gold and silver prices by London and the U.S. Comex are leaving more and more mints and miners unable to function, and many are either shutting down or becoming insolvent.  And this will result in only the strongest gold sellers surviving in the coming months and years, and an opportunity for companies like Karatbars to take a huge chunk of the remaining market share when more and more individuals turn towards gold as the ultimate safe haven to protect their wealth.

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