King World News has received concerned emails over time from KWN readers about a well-known precious metals dealer in the state of Washington. These emails revolve around delivery problems. People were experiencing extremely lengthy delays in receiving the delivery of their metals. Now it appears another individual has come forward and a website has suddenly terminated the sponsorship program with this well-known dealer.
Latest update: As of last Friday (December 12) the site below has withdrawn the complaint and renewed its recommendation of Northwest Territorial Mint CLICK HERE. Below is the original story.
Eric King: “John, I’m going to bring in a 30-year metals dealer into the conversation, but first I wanted to ask you about concerns people have had about Northwest Territorial Mint.”
John Embry of Sprott Asset Management: “Investors are doing the right thing by attempting to buy physical gold and silver at these depressed price levels. But it’s absolutely critical that the dealer with whom people are placing orders can guarantee you almost immediate delivery.
I think the gold and silver paper market is one of the greatwar Ponzi schemes on earth. So if you are going to buy physical, make sure the entity you are buying it from has it immediately available for shipment. If they are telling it’s going to be many weeks or months, I would run the other way because there is absolutely no excuse for that.”
Echoing John Embry’s warning, 30-year metals dealer Stephen Quayle shared the following details about what the precious metals purchaser can do to protect themselves.
Quayle: “If a deal seems to good to be true, it is. If dealers and distributors can’t buy at spot, what makes people think they can? People who are penny wise and pound foolish when buying precious metals get burned. And we are not talking about pennies here, we are talking about people’s life savings.”
Eric King: “There have been a number of people over time who have reached out to KWN and also to you about problems they have experienced with Northwest Territorial Mint. Below is a portion of an email from a concerned Northwest Territorial Mint customer that was made public on Monday at another site:
“Several years ago I purchased some gold Krugerands and a bag of “junk” silver from them (Northwest Territorial Mint). The service at that time was very courteous and the delivery was prompt. Fast forward to this year, and my experience with the company has been quite different. Hopefully my experience is not typical, but I thought you should at least be aware of it.
June 25th, 2014. I ordered a monster box of Silver Canadian Maples. I was promised delivery in approximately 6 weeks. August 25th, 2014 (approx.) I called to check on the order and was informed that the product was en-route to NWT and the shipping date to me was scheduled for August 25-29. September, 2014. The product had still not arrived. Called NWT mint and was told that the product was scheduled to ship on September 29. October 2014. Still no delivery.
I called again on October 3. It was very difficult to get a hold of the person responsible for my account so I finally left an e-mail on the company’s web site contact point. An e-mail back informed me that the product would arrive in 2 weeks, probably, but that I also had a right to cancel my order. Despite the drop in [the spot] silver price since 4 months earlier, I wanted to give NWT Mint the benefit of the doubt, and my patronage.
November 2014. Still no delivery. Called NWT Mint November 10 and requested cancellation of order. November 10, 2014. My cancellation was accepted. Refund in full of $11,570 promised. (This is actually a generous policy, since the price of an oz of silver has dropped since last June). However I was informed that it would take 7-10 business days for NWT Mint to get a check into the mail. (Can’t really understand this time-frame but I agreed to wait.)
November 29, 2014. Still no check. I emailed a request for status. I am surprised that a company of NWT Mint’s stature had over $11K of my money for 5 months with no delivery of the ordered product and no preemptive calls or emails regarding the status of my account with them. Perhaps these days we need to be patient for our precious metals, but this seems unreasonable.”
Eric King continues: “On receiving that email the website terminated the Northwest Territorial Mint paid sponsorship and stated in part, “I no longer recommend doing business with Northwest Territorial Mint. We value our reputation, and we cannot endorse or accept advertising from any company that does not continuously maintain high standards of conduct.” What are your thoughts on this situation Steve?”
Quayle: “Eric, it doesn’t get any easier than the following three points: First, ask what the delivery time is going to be, and is it guaranteed? Second, does the dealer use the clients funds to play the paper commodity market? Third, ask if the dealer can deliver the metal in the guaranteed time frame?
Eric, what the customer is describing in the email above is naive. This customer has a great deal of patience and hope in what is in reality a very bad situation. As most people are aware, if a company goes into bankruptcy the client will basically get nothing back.
There is no reason in the precious metals world that you should not be able to get your metals within one week or two weeks at the outside. Delivery is everything, not price, because you can have the best price in the world but if the guy gets away with your money, how much did you pay for the gold and silver you never got? The answer is, you paid too much and you paid for a valuable lesson. They don’t just take a slice of your pie, they take a slice of your life savings.
I have been in the precious metals business for over 30 years, and what I can tell you is that when people start getting excuses from their dealer, they need to demand their money back. All of these types of problems stem from people thinking they can buy metal at spot price and then storing the metals with the company or individual who they bought them from.
The other thing I have seen over the years are a lot of dealers that play the ‘paper market,’ betting one way or another. In other words, if they suspect the metals are at a one week or two week high, they will take orders promising delivery and then they will short the market. Well, if the market goes against them, those dealers have lost their clients’ money. Again, people have to ask dealers, ‘Are you playing the paper market with your clients’ money?’ In other words, are they gambling or betting with their clients’ money?”
Readers can reach Stephen Quayle or members of his staff if they have questions or concerns at (406)586-4842.
People can also call the Washington State Office of the Attorney General if they are concerned about their dealings with Northwest Territorial Mint at (206)464-6684. If the dealer you are having problems with is located in another state, simply contact that state’s Attorney General and they will be able to assist you further.
People can also look at the extraordinary amount of problems that have taken place with various dealers across the country, including Northwest Territorial Mint by clicking on this link http://about.ag/GoldSilverFraud.ht
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