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Quiet Guy

Kitco Rumour Mill

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Recently, a story has broke that Kitco is being investigated for tax fraud:

http://www.cbc.ca/news/business/story/2011/06/10/kitco-quebec-gold.html

It's early days and I have no idea if there is any substance to the story but the response by Kitco has been interesting:

'The company won court approval to appoint an interim receiver, RSM Richter, to help it deal with the allegations. Its daily operations are continuing as they normally do, said company spokesperson Sharlene Dozois. “[We appointed the receiver] to protect the interest of everyone and have someone work with us through the process,” Ms. Dozois said. “We did that voluntarily.”'

(source: http://business.financialpost.com/2011/06/10/revenue-quebec-investigates-massive-gold-fraud/)

Now the point of all this is that Kitco sell unallocated bullion and this little legal problem might unnerve some of their customers. Irrespective of whether the tax fraud charge is true or false, if holders of unallocated metal get nervous, the demand for real metal might be boosted - paricularly if Kitco suffer a run on their unallocated products.

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Recently, a story has broke that Kitco is being investigated for tax fraud:

http://www.cbc.ca/news/business/story/2011/06/10/kitco-quebec-gold.html

It's early days and I have no idea if there is any substance to the story but the response by Kitco has been interesting:

'The company won court approval to appoint an interim receiver, RSM Richter, to help it deal with the allegations. Its daily operations are continuing as they normally do, said company spokesperson Sharlene Dozois. “[We appointed the receiver] to protect the interest of everyone and have someone work with us through the process,” Ms. Dozois said. “We did that voluntarily.”'

(source: http://business.financialpost.com/2011/06/10/revenue-quebec-investigates-massive-gold-fraud/)

Now the point of all this is that Kitco sell unallocated bullion and this little legal problem might unnerve some of their customers. Irrespective of whether the tax fraud charge is true or false, if holders of unallocated metal get nervous, the demand for real metal might be boosted - paricularly if Kitco suffer a run on their unallocated products.

A run on Kitco's accounts would be a welcome straw (potentially a heavy one) on the camel's back of our fraudulent global financial system and would no doubt help us get to where we are inevitably going that little bit sooner. :)

Edited by General Congreve

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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