But since their response was not to respond, I cannot say for certain that they have detected enough impure bars to warrant rejecting them (any info, please E-mail or send an anonymous tip). As if that weren’t enough, there are strong ties to drug smuggling and ties to terrorism. I contacted Dillon Gage to ask if they were no longer buying back these bars (not mentioning the purity issue), and the person who received the E-mail deferred to the VP of Trading (I was Cc:'d), asking "how do you want us to respond?". Granda, who joined NTR five years ago, held the title of operations manager but was actually a salesman in Peru and other South American countries, O'Donnell said. The results were .99984. This is very, very serious. Ntr Metals, LLC is listed as an officer in two other companies. So although it appears that Dillon Gage did not actually purchase Provident Metals, a group of private investors did, and have contracted with Dillon Gage to manage the company for the next 5 years. When buying bars from Kitco, they specify that they sell bars from "selected reputable refiners", whereas when selling bars to Kitco they do not specify what brand(s) are acceptable. If you are an Elemetal Refining customer, could you please let me know if you got that payment? One customer reported receiving only a small fraction of what they were owed for the October payment. 2020 © DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. The letter specifies that they expect to pay Elemetal Refining, LLC customers within 6 months. This really wouldn’t be newsworthy if illegal gold were simply gold that was mined and there was a slight violation of the law (perhaps a delivery truck was speeding).
In 2004, local Jackson, Ohio business man Alan Stockmeister purchased the company. If this is all true, is the metal actually owned by the glass company? In that case, the title transfers to Elemetal (the question being when; Elemetal stated that they believe it is on delivery to Elemetal). This was the year when things really started to change. Still appears to be running. This relieves most of my concern regarding Provident Metals and Elemetal Vault, LLC. The companies and people profiled on Corporation Wiki are displayed for research purposes only and do not imply an endorsement from or for the profiled companies and people. If I ran Provident, I would immediately respond, either with an answer, or giving a high priority to getting a detailed response.
20% of the amount owed customers will be paid out today. Previously, it was unknown if the company itself was under investigation. They invited customers to tour NTR facilities in the U.S., entertaining them and promising to pay for gold faster than other refineries. It also provided services to the jewelry industry including precious metal recycling and stone removal. He was then re-assigned to Colombia in January, 2017. It outlined a 23-year-old from Chile who smuggled $80M of illegal Peruvian gold, and how the Miami branch of NTR Metals (Elemetal) bought $3B of mostly illegal gold in the past 4 years. NTR, also known as Elemetal Direct, is one of eight divisions of Dallas-based Elemetal LLC. Another states that XRF consistently shows Elemetal bars as having 0.3% to 0.8% copper (which translates to .992-.997 fine or lower). Then, on March 31, for reasons unknown, the LBMA dropped both OPM (Ohio Precious Metals, an Elemetal company) and Elemetal from their "Good Delivery" list.
NTR Metals’ overall imports of gold from South America in 2014 stayed at a similar level to what they were in 2013. In the meantime, I now have the details behind the OPM 1oz gold bar serial numbering system.
NTR, also known as Elemetal Direct, is one of … But by the time that was over, he'd been fired. They state that each Elemetal client would need to be approved by Elemetal's Anti-Money Laundering (AML) Compliance Officer (well respected Steven Crogan).
The Dodd-Frank legislation in the United States requires most larger companies to practice due diligence to ensure that any gold coming from certain countries is sourced properly. Watchlist.
The complaint details some of the encrypted group chats Granda and the salespeople allegedly conducted on their mobile phones, including ones in which the operations manager and Salesperson 1 bragged about their gold "mules" and sent pictures of young men carrying backpacks. The simplest piece of advice? NTR Metals of Miami is under investigation. Any other updates would be appreciated! It is not uncommon for privately held companies to conduct inventory audits, so this could have been ordered by management. https://coinweek.com/bullion-report/ntr-metals-illegal-south-american-gold Maderal said Granda physically handled more than $200 million in gold and supplemented his salary with tens of thousands of dollars in kickbacks. Someone is filling their pockets." If you have tested any Elemetal/NTR/OPM bars or rounds, using any testing method ranging from assaying to XRF to a Sigma Metalytics tester to acid testing, I would be very interested in hearing the results (good or bad). Everything began to unravel on March 9, 2017 when Bloomberg came out with their “How to Become an International Gold Smuggler” article that introduced the United States to the illegal South American gold trade. But there is a reason that countries are cracking down on illegal gold. 17-cr-20814). Fortunately, Provident Metals appears to be getting orders out in a timely fashion. By October 2016, the FBI and the U.S. Attorney had gone to Chile to interview Harold Vilches. They did a destructive test, where they clipped off a small piece of the bar (~800mg). At these levels of purity, I imagine it would require XRF testing or an actual assay (melting the bar) to determine the exact fineness. Granda twice answered questioned from Jones Day lawyers, O'Donnell said. NTR Metals wasn't charged and prosecutors have declined to say whether the company is under investigation.
Is this a "Don't ask, don't tell" policy (like the gold smuggling appears to have been), or just a lower-level employee responding to this serious issue? In this case, the metal is large bars: you might own 1 ounce of a 100oz gold bar. I have just been told by Elemetal Vault that the metal purchased by Elemetal Vault customers is located in a Brinks vault in a different state. NTR then began "smuggling illegal gold through a shifting array of Latin American countries," eventually importing $3.6 billion worth from 2012 to 2015, according to the complaint. The same day they were removed from LBMA and COMEX, they became unable to make payments to customers, and on April 6 sent a letter to customers saying that they were discontinuing their high-grade-metals refining business.
If true, with the 20-year contract these require, the value of that contract would be around $10M-$20M. Data inaccuracies may exist. April 12, 2017 4:20PM EST Update: Elemetal Refining, LLC is not planning to shut down completely, just to shut down the high grade gold and silver refining.
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