Gold bullion dealer Bullion Direct customers were greeted with an information message over the Holiday Weekend that they have “suspended operations” due to “significant transactional delays”
While Tyler Durden and others among the PM community immediately began speculating that a significant bullion delivery shortage/issue has developed, SDBullion can confirm that this is NOT the case in the US wholesale market.
While demand has increased exponentially in the past several weeks with both gold and silver near recent lows, and spiked even more dramatically beginning June 27th with speculation that a Greek default was imminent, major mints and distributors are still acquiring and shipping large quantities of bullion in what we would describe as normal with current market conditions.
While we can merely speculate, a visit to Bullion Direct’s Better Business Bureau page sheds quite a bit of light on the issue, as the BBB has revoked Bullion Direct’s Accreditation and has issued an Alert on Bullion Direct Inc.:
BBB has received a pattern of disputes regarding Bullion Direct. Complainants allege they have ordered products, but the product has not been received after several weeks despite their payment being processed. Disputes also allege that consumers have sold products through the Bullion Direct exchange, and product was delivered but payment was not received from Bullion Direct. Additional disputes allege that consumers contracted with Bullion Direct to store their previous purchases, but are unable to reach anyone and get their product out of storage. These disputes range in amounts from $300-$97,000. Consumers generally request assistance in having products delivered immediately, delivery of funds owed or a refund of the purchase. The business has been unresponsive to recent disputes.
On 6/25/2015 this business’s accreditation in the BBB was revoked by the BBB’s Board of Directors ...
