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Texas Gold Promoter Missing $30 Million in Metals He Claimed to Store

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The Austin Texas Bullion Direct has filed for bankruptcy and it is alleged that $30 million in metals that were supposed to be in storage is gone (Bullion Direct Bankruptcy-Case-Filing-7-20-2015). This is one of the bigger problems with the gold promoters claiming to be storing customer’s metals without independent audits, insurance, etc. This was a problem after the crash from 1980 going into 1985 as dealers were sent to prison for the same problem. Interest rates were high back in 1981 and the Internal Gold Bullion Exchange opened in Florida with the scam of selling gold coins at spot (4% below cost) but with delayed delivery of 90 days. The owner of the operation eventually went to prison for 10 years. If you want to trade back and forth, use the COMEX. You are better off not storing metal with a gold seller UNLESS they have official audited statements and vaults by a major auditing firm — not their brother-in-law.