Elemental (NTR) shut down for money laundering

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I wonder if this even includes their e-scrap recycling location in Dallas?

I was just strating to put a load together to take to them.

Humm......
 
Last i heard they were tangled up in this https://www.bloomberg.com/news/articles/2017-03-16/gold-company-manager-charged-in-vast-peruvian-smuggling-scheme
 
More details about chain of it:

https://www.google.com/amp/s/ntrmetalszonafranca.wordpress.com/2016/04/18/how-does-elemental-precious-metals-launder-millions-of-dollars-in-to-the-international-gold-market/amp/
 
silversaddle1 said:
I wonder if this even includes their e-scrap recycling location in Dallas?

I was just strating to put a load together to take to them.

Humm......


Hehe sell it to me instead.
 
He is quite evidently just a small timer manipulated as a middle man and hung out to dry.
It is well known that the flow of gold follows the cocaine trail back to the "Patron's" of this world.
They have no other way of explaining large amounts of income except saying they dug it up.
Mix your ill gotten gains in with the return from a moderate sized mine and you are good to go.
As long as they hand an ignorant low level operator over for prosecution now and again no one is the wiser that it is cleared at the highest level of government.
well at least the government south of the boarder ,north of the boarder it is just the black budget recipients that are quite keen.
 
anachronism said:
silversaddle1 said:
I wonder if this even includes their e-scrap recycling location in Dallas?

I was just strating to put a load together to take to them.

Humm......


Hehe sell it to me instead.

I'm afraid shipping would kill you on that!
 
Conor Dullaghan, a phD chemist and very bright guy, hired by OPM from Metalor and now in very high up in sales at Elemental, (actually he is the President of Elemental Refining) somehow he got wrapped up in this too. Maybe he can join the forum from prison.
 
silversaddle1 said:
anachronism said:
silversaddle1 said:
I wonder if this even includes their e-scrap recycling location in Dallas?

I was just strating to put a load together to take to them.

Humm......


Hehe sell it to me instead.

I'm afraid shipping would kill you on that!

Not when I'm processing in the US it won't! :D :D Let me know your location via PM and I'll work out which site is closest.
 
From what i understand Republic, NTR, and Metalor have all been involved in it. http://www.insightcrime.org/news-analysis/the-companies-accused-of-buying-latin-america-illegal-gold

http://www.insightcrime.org/component/tags/tag/172-gold
 
Safe to presume most of the bulk gold exported out of South America is exploitation related. Human costs aside, the destruction and deforestation it causes is something else. Unfathomably so. Ecologically, the precious metals are not easy on the environment. I guess at least the PGMs redeem themselves as catalysts!

The whole "conflict free" and "responsibly sourced" ehhh, prove it... Oh wait, that's really really hard to do. Refine/melt the stuff once and it's over with. It's also really hard to set up locations all over the world to buy the stuff (smuggled or not) at a 0.4--2.5 % gross margin, have it shipped, insured refined and sold again and not have something to do with something bad. Like lying on assay or having the proceeds go to something that should keep a person up at night, in their mansion.

Frankly, what people do here, is more responsible in its sourcing than getting it out of the ground ever could be because people here are preventing it going back into the ground.

4metals,

I've only met Connor a few times but have talked to him over the phone. Is this shakedown worse than what happened to Metalor years back? Is he really arrested? I don't see how anyone (him for that matter) were flying down to La Paz and not knowing what was going on...
 
I've only met Connor a few times but have talked to him over the phone. Is this shakedown worse than what happened to Metalor years back? Is he really arrested? I don't see how anyone (him for that matter) were flying down to La Paz and not knowing what was going on...

I have heard that he (Conor) is either in custody or likely to be there soon, second hand information though so who really knows. Haven't spoken to him since discussing a Miller setup with him when I was involved in Southeast Asia. He was into chemistry then. His move into sales is likely his downfall, even if it is only guilt by association.

And yes this is much more serious than what happened at Metalor 20 years ago. Metalor survived it, this will likely break elementals back.
 
So what happens to the illegal gold the authorities seize?

I seriously doubt that they throw bullion bricks back into the forrest. Im sure it just sit as evidence until prosecution, but then..?
If it just sits there, thats sad. But, if it goes into funding the government agencies that bust the illegal metal trade, I think that is almost just as bad as the offenders.
 
Elemental did a lot of legitimate business as well, from a lot of small and medium sized refineries and independant gold buyers. Many of them still have metal "in the system" either as unsettled lots or in pool accounts. Lets hope for their sake that the legit businesses are paid what they are owed.

Although I know a few horror stories from customers and acquaintances who lost huge sums of money when Handy went under. That a very long time ago let's hope we don't see a repeat of that here.

If they keep busting money laundering schemes like this before long the cartels will have to accept credit cards for drug deals! Then we will see the big banks going down the same road as some of the big refineries have gone down.
 
We will have to keep an eye out for that particular police auction.
That is one I wold like to have a bit of.
In the U.K.the police have to dispose of property that was to maintain transparency.
What strikes me about "Conflict Gold" is that most of the gold recovered in history was what would be considered illegal sources.
When a monarchy decided to invade and enslave a nation they had no problem decimating just about every country with resources.
So if you are honest just about every scrap of gold we have been churning over since the Egyptians is blood gold.
I do not see any real difference except quantity ,it just go's to show.
Kill one man, and you are a murderer. Kill millions of men, and you are a conqueror. Kill them all, and you are a god.
 
It didn't seem to effect the local buyer closest to me. It may be a case of "the devil is in the details". The article says "elemental" and NTR switched to "elemetal". A web search of "Elemetal Direct" does not pull up any kind of news articles related to this. I was at Elemetal in Franklin Tn. today to sell some PM's and Jim didn't say anything to me about it.
 
Geo said:
It didn't seem to effect the local buyer closest to me. It may be a case of "the devil is in the details". The article says "elemental" and NTR switched to "elemetal". A web search of "Elemetal Direct" does not pull up any kind of news articles related to this. I was at Elemetal in Franklin Tn. today to sell some PM's and Jim didn't say anything to me about it.
Why would he.
I should think It is not the kind of thing one would bring up in casual conversation with a client .
" Hi,Ya.How are You" ..."Nice day"...."Did You have a nice drive."...."don't mind the chaps in wind breakers"..."O and by the way we may be involved in a convoluted plot to buy undervalued blood gold from a cartel controlled smuggling ring"
"Have you been up to much,Coffee?"
:lol:
 
The trouble is Elemental lost its bank credit due to the action by the feds and no one is buying their gold so their cash on hand will dry up quickly. Plus with the old mushroom factory shut down, where will they refine the gold they buy? I think the stores will fold shortly if all the reports are true.
 
I think the concern is that there's a suspicion top level on down complicity regarding these materials that can be traced back to tax evasion at the countries of origin (due to miscategorization of dore into materials that do not have a tax consequence), large scale rainforest destruction (amongst other ecological impacts), and of course the ever present hand of narcoterrorists that have their hands not just in gold, but in silver, copper and a variety of other mineralogical resources.

My guess is the SA director of operations probably rolled over on the rest of the people. Willful blindness is not an acceptable defense.

I know when Metalor was raided (pre-conor), the FBI came with guns!
 
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