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Kitco charged in massive tax fraud scheme

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posted on Jun, 10 2011 @ 07:32 PM
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Kitco charged in massive tax fraud scheme


www.zerohedge.com

Life for the precious metals dealer, and home of the often times infamous Jon Nadler, Kitco just got very ugly. "Claiming widespread tax fraud in the gold refining and trading sector, Revenue Quebec and police investigators this week conducted searches and seizures at 70 locations, mostly in the Montreal area. One of the targeted sites was the downtown Montreal location of Kitco, a major buyer and seller of gold. A note on the floor of its office on Thursday said that “operational constraints...
(visit the link for the full news article)




posted on Jun, 10 2011 @ 07:32 PM
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Well, now we know why Kitco's news section had a note about them being out of the office on Thursday....

Apparently Kitco may not be with us much longer...good ol' Jon Nadler (imo good riddance) and the large PM company are going to be having some legal trouble very soon.

Kitco is a large player in the metals world - I know I use them almost every day to reference live charts and technical analysis. This scandal apparently involve more than just Kitco.
I'm pretty sure they warehouse metals too so I'm curious if that will affect the physical market if investors are not able to get their metals out...

This should be interesting to see how this plays out...I'll try and find more information

www.zerohedge.com
(visit the link for the full news article)



posted on Jun, 10 2011 @ 07:33 PM
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posted on Jun, 10 2011 @ 07:34 PM
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Wow. I had some money in several of their pools for a while. I got out a while back, and I am glad about that. Big news in the PM world.



posted on Jun, 10 2011 @ 07:38 PM
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I would imagine this plays into the NWO agenda.
It helps corner the metals market for China which
already has a substantial lead anyway.



posted on Jun, 10 2011 @ 07:43 PM
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reply to post by boondock-saint
 


I was actually thinking along those same lines - kind of a convenient way to get their hands into a large section of the market



posted on Jun, 10 2011 @ 07:56 PM
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So, based on this development will it drive prices up or down? Something is telling me the only way to go is up, but I could be wrong.



posted on Jun, 10 2011 @ 11:22 PM
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Thanks for posting that, OP.

Kitco is probably the best freely accessable Emglish-languange source of general precious metals information for the layman. It would be sad to see it go for that reason alone.

But it also goes to show: writing about the benefits of holding precious metals and swapping pieces of paper entitling one to perhaps someday hold precious metals is not the same thing as...simply holding precious metals. Think about it...





edit on 6/10/11 by silent thunder because: (no reason given)



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