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Real potential problems at Provident Metals - Page 2
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Thread: Real potential problems at Provident Metals

  1. #11
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    It's still unclear if Provident Metals is actually no longer part of the Elemetal group. They are still linked together on the internet through Elemetal Online and Provident Metals is still selling some items produced by Elemetal Mint. While they no longer have a long list of items to sell from Elemetal, they are still posting some other items as out of stock and taking information notifications as to when these items will be back in stock as well as listing a buy back price. Many new items they are selling list the mint as "PRIVATE", which could be my next door neighbor or Elemetal mint. With all the bad press regarding Elemetal mint, one sure way around that is to simply list the mint name as "PRIVATE".

    We all saw how long Tulving, Bullion Direct and Northwest Territorial Mint were able to drag out their operations long after they were a failed operation. Provident Metals is too close to a major meltdown with The Elemetal group. Even though the CEO of Provident Metals posted a noticed stating they were parting ways with Elemetal, unless they only had a handshake deal, it might not be that easy. I haven't seen any information regarding this "new" partner that Provident Metals is suppose to be tying the knot with, so to me it just seems like a stall tactic at best. Since Provident is no longer selling anything special in the way of high quality rounds or bars at low premium prices, it seems like a prudent idea to make your purchases somewhere else. And even if they were, I still wouldn't make a purchase from them until Elemetal is either completely gone from the precious metal business or they have filed for bankruptcy and the records show Provident is free and clear of them. As you can tell from the above posts, they are having problems paying people for the metal they sent in months ago and not being able to keep their promised payment schedule or so it seems. Which may very well just be another way for them to clear all their assets before any bankruptcy is actually filed. At least with Elemetal we are getting some inside information as to the trouble they have going on versus what we didn't know about the others.




    The Fall of Elemetal?

    June 29, 2017 2:30PM EST from about.ag

    It appears that Elemetal has been silently dismantling its empire over the past 6 months or so (well before the news of the $3.5B of illegal gold purchased by the 3 Elemetal/NTR employees came to light).

    The first clue should have been that was that John Loftus, founder of NTR Metals (which basically morphed into Elemetal) became the CEO of DGSE (which Elemetal has been the majority shareholder of since 2012 or earlier) in December, 2016. Within 2 months, Loftus announced that DGSE was in negotiations to buy Elemetal Recycling, for about $20M.
    The 8 Elemetal companies are:
    Company Status Details
    Elemetal Online GONE "In late 2016, [Elemetal Online/Provident] found a new partner." The Provident website does not seem to mention Elemetal.
    Elemetal Recycling GOING 17 Feb 2017 announcement that it is being acquired by DGSE. A non-binding Letter of Intent was signed in April.
    Elemetal Refining GOING Gold/silver shut down early April, 2017, insolvent, just handling base metals.
    Elemetal Capital GONE Acquired by Dorado Trade Group, LLC
    (founded/run by Elemetal employees) about June, 2017.
    Elemetal Diamond UNKNOWN Still appears to be running. However, one of the heads of the company left by March, 2017. And, sometime after May 17, 2017, Elemetal Diamond let the hosting for their app website lapse.
    Elemetal Mint GONE? Reports are that no new bars have been produced over the past few months. It is unclear what was produced by Elemetal Mint (Dallas) versus Elemetal Refining (Ohio). It may have shut down as part of Elemetal Refining shutting down gold/silver operations.
    Elemetal Vault GOING? Apparently has only 1 part-time employee who is leaving.
    Elemetal Direct UNKNOWN Appears to be running.
    Last edited by valerb; 30th June 2017 at 08:21.
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  2. #12
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    The following is Just a recap of what's going on in the news without any detail, so I've copied one of the articles and posted it below for you after the post from about.ag.

    AP's 'News' on NTR Metals

    July 10, 2017 7:30AM EST from about.ag

    Yesterday, the Associated Press (a national news 'wire service' that supplies news to thousands of newspapers, radios, TV stations, etc.) wrote an article titled 'US prosecutors: illegal gold used in money-laundering scheme'. It appeared on the Washington Post website, ABC News, Fox News, CNBC, and at least dozens of other websites.

    So what is this news? Nothing! As far as I can tell, this is all news that did appeared in national media more than 3 months ago. I do not see a single piece of information that was not known 3 months ago.



    US prosecutors: illegal gold used in money-laundering scheme

    By MARCOS MARTINEZ, Associated Press
    Sunday, 9 Jul 2017 | 9:47 AM ET The Associated Press

    MIAMI (AP) A man who considered himself the Pablo Escobar of gold smuggling and two other former workers at a Miami-area refinery imported more than $1 billion in illegally mined gold from South America in a vast money-laundering scheme from 2013 to 2016, U.S. prosecutors say.

    In a criminal complaint, the U.S. said that the three ex-employees of NTR Metals Miami and accomplices from several South American countries coordinated the purchase of illegally mined gold originating from Peruvian mines controlled by drug traffickers.

    "The international gold trade has become a common method for the laundering of illegal mining, narcotics and other criminal proceeds," said the complaint filed by prosecutor Francisco Maderal.

    Prosecutors identified the ringleader as Juan Pablo Granda, a 35-year-old U.S. citizen born in Ecuador who formerly was director of operations for NTR Metals Miami. FBI agents detained him at his mother's home in Miami on March 15, after he was fired by NTR's Texas-based parent company.

    Evidence in the complaint includes exchanges among the three men through messaging apps, such as Whatsapp. In one of them, Granda boasted about his gold-smuggling operations by comparing himself to the Colombian drug lord Pablo Escobar, killed in 1993. "I'm like Pablo coming to get the coke," Granda wrote, according to the complaint.

    Renato Rodriguez, once the company's executive sales director for Latin America, and Samer Barrage, a U.S. citizen born in London who once oversaw NTR's operations in Miami, also were charged. The three have pleaded not guilty and now await a trial that U.S. District Judge Robert Scola set for January 2018.

    Prosecutors say the men purchased the illegal gold from early 2013 to 2016. During Granda's bail hearing in March, Maderal said Granda alone coordinated the laundering of more than $1 billion in illegal gold.

    "In general, gold is a good medium for money laundering because it has universal and readily ascertainable value and is difficult to trace," the U.S. said in its complaint.

    NTR Metals, a Dallas-based refining company, was not charged in the case. The company did not respond to requests for comment.

    In 2014, after a Peruvian government crackdown on illegally mined gold, the drug traffickers who owned the illegal mines began smuggling the gold into Bolivia, Ecuador, Colombia, and other Latin American countries, and then exported it to Miami refineries, prosecutors said in the complaint.

    The U.S. government gained access to the cellphones of Granda and Rodriguez from NTR Metals, which had confiscated the devices months before the company was notified of the criminal investigation. NTR Metals requested that Granda and Rodriguez surrender their cellphones after it began an internal investigation into a $304 million gold shipment that was stolen while on its way from Peru to the United States.

    During Granda's bail hearing, Magistrate Judge Andrea Simonton said she considered the text messages to be crucial evidence.

    "These are text messages from your client that are specifically discussing gold smuggling and mules carrying gold into other countries with, you know, certain explicit details," Simonton said. In one of the exchanges, authorities say, Granda sent pictures of young men he said were hired as "mules" to carry smuggled gold.

    Granda, Rodriguez and Barrage searched for clients using "smiling and dialing" cold calls, authorities added.

    Prosecutors said the three cultivated relationships with gold sellers by entertaining them and bringing to Miami. On a trip to Chile, Rodriguez and Barrage entertained a Chilean gold smuggler with alcohol and prostitutes, the complaint says.

    Defense lawyers for Granda and Rodriguez declined to comment about their clients' cases. Barrage's lawyers did not respond to requests for comment.





    Last edited by valerb; 10th July 2017 at 17:16.
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  3. #13
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    Apparently there are a number of Gold bars in question as to rather they actually contain the minimum standards to be called .999 or .9999. It's not yet been established that I'm aware of, but the following is one method of checking to see if your Gold bar might be a counterfeit bar with a fake serial number. Especially if they are using the checksum method which is a random number generating approach as I understand it. There is some lab testing being done on a couple bars right now that seem to fall below the standards.

    OPM/Elemetal/NTR Serial # Tester


    July 20, 2017 9:45AM EST

    There has not been much news about Elemetal lately.

    In the meantime, I now have the details behind the OPM 1oz gold bar serial numbering system. The bars sold from around January, 2013 through around August, 2015 have 10-character serial numbers in the format A00000000A. They include a checksum, making it quite difficult to come up with valid serial numbers (without knowing the formula).
    I have set up a simple page that lets you test to see if the serial number on an OPM, Elemetal, or NTR appears to be valid. It can also check bars with the serial format 00-00000, although those are trivial to fake (the first 2 digits are the year). But the 10-character OPM serial numbers are very, very hard to fake, as the checksum is very thorough. So while B15202129R is a valid serial, B15202130R is not valid (it fails the checksum). The chances of making up several correct bar numbers (without knowing the checksum formula) is close to impossible.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

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