Hello Steve,Please share this with your fans.I have been a broker for 20 years. Recently the major broker dealer I workfor asked me and my clients to leave due to too high of a concentration inphysical metals. After 4 months of trying to find a new home for mybusiness, and being denied by every major broker dealer in the US, I hadnot choice but to become and RIA.After three months of complete BS getting my RIA approved I am now in theprocess of moving my clients and metals to the new custodian. Here iswhere things get interesting. Every transfer is being rejected multipletimes for the any reason the old major broker dealer can come up with. More interesting is all of the metals which have variable weights like1,000 Silver, 100 oz gold and 50oz platinum, when the old broker dealerfinally does transfer the metals to the new custodian, NONE of the bars arethe same in weight or serial number as my clients statements. The oldbroker dealer is having to come to me and my clients with bars of differentserial numbers and weight than the one listed on the statements or fromold trade confirms.This mis-match on transfers proves to me that the old broker deal NEVER hadthe metals and are now having to go acquire them to make good on clienttransfers. Coincidentally, I was also a broker at Morgan Stanley in 2006when MS got busted for excessive storage fees and it turned out MS neverowned the metals that were printed on client statements either.Moral to the story, if you own metals at a major broker dealer, justbecause they are printed on your statement, does not mean they exist. Ihighly recommend shipping them home, even if they are in a qualifiedaccount. If there too much to take out of a qualified account, transferthem to a new custodian, for the new custodian will not accept the transferwithout video taping and verifying the move of metals from the storagedepository to the new storage depository.Last thing, I am 100% for sure that the most of the metals have beenremoved from the United States, and when the stock market and bond marketcrashes this fall, all metals in private accounts will either not be there,or confiscated. Heed this warning people, then end is HERE.God Bless Steve... Keep Telling The Truth... We Are Making A DifferenceStephen (20 year financial advisor from four of the largest broker dealers)Jun 6, 2013
Posted on: Fri, 07 Jun 2013 07:55:19 +0000
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