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You seem to require an awful lot of personal information in order to get registered.
I don't usually divulge that much info, just to buy something.
Other than that, the site seems like a good idea.
American laws though!
Has anybody else here checked it out?
Input or opinion?
Mark
I don't usually divulge that much info, just to buy something.
Other than that, the site seems like a good idea.
American laws though!
Has anybody else here checked it out?
Input or opinion?
Mark
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Anonymous
Guest
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I had to look, I had looked at the website for selling gold a few days ago and saw one seller. I have no problem with that, as it always takes time for people to become aware of resources.
But then I looked at www.fidelitymetals.com per your comments you are indeed a salesman. Had markqf1 not asked questions I would have passed you by.
On your “home” tab you state “We specialize in helping investors diversify a portion of their portfolio into hard assets such as gold, silver, platinum, and palladium with advanced investment strategies designed to maximize returns through the purchase of leveraged or non-leveraged physical precious metals”.
Hard assets are metals in hand, what you offer are pieces of paper that lay claim to metals you supposedly possess. When I clicked on your “leveraged” tab I notice it takes $3,000 to buy in (gamble) while financing up to 80% of your purchase. It is not stated what this finance charge is but if one where to “finance” 80% with $3,000 down there is the implied liability of $12,000 not counting the 3 grand down. This is 5:1 leverage with 3 grand out of pocket and if there is a market move to the downside there will be a margin call requiring additional cash to be sent to you or the client would be in default and forfeit their initial 3 grand investment. Correct me if I am wrong. What I am most amazed at is you fail to mention margin calls at all in a declining market anywhere on your site that I can find (please direct me).
You state that “100% of the precious metal will be physically stored” on a leveraged account? What source of financing do you use to hold physical metal worth 5 times the deposit cash you have received from individuals that have opened an account? Who audits your physical metals in your vaults?
This is too funny on your leverage page, like anyone with half a brain does not make the connection between today’s economic woes and leverage in real estate “The purchase of leveraged bullion uses the same logic found in real estate investment opportunities--where you buy a house on speculation”. At least I found this one potential caveat “Always keep in mind, a leveraged investment is a two-way sword, it can work for you or against you”. Real estate has been indeed a 2 edged sword to the negative of late. An interesting corollary is that the current estimate is that 1 out of five homeowners in the US are holding underwater assets (meaning their home is worth less than they owe).
The one thing I did not find but am rather sure exists is that if PM prices go down there are margin calls that must be paid. Typically when margins cannot be met all is forfeit.
I know this sounds hard but I offer no excuse but to say I am a hard money man that does not like uninformed individuals getting sucked in to high leverage situations were their life’s savings can be lost because of limited education on leverage margin calls. If I have painted you wrong please accept my apologies but provide me with the answers that show me wrong. If you have been in this business for any time you should view my commentary as the due diligence required of any intelligent investor.
But then I looked at www.fidelitymetals.com per your comments you are indeed a salesman. Had markqf1 not asked questions I would have passed you by.
On your “home” tab you state “We specialize in helping investors diversify a portion of their portfolio into hard assets such as gold, silver, platinum, and palladium with advanced investment strategies designed to maximize returns through the purchase of leveraged or non-leveraged physical precious metals”.
Hard assets are metals in hand, what you offer are pieces of paper that lay claim to metals you supposedly possess. When I clicked on your “leveraged” tab I notice it takes $3,000 to buy in (gamble) while financing up to 80% of your purchase. It is not stated what this finance charge is but if one where to “finance” 80% with $3,000 down there is the implied liability of $12,000 not counting the 3 grand down. This is 5:1 leverage with 3 grand out of pocket and if there is a market move to the downside there will be a margin call requiring additional cash to be sent to you or the client would be in default and forfeit their initial 3 grand investment. Correct me if I am wrong. What I am most amazed at is you fail to mention margin calls at all in a declining market anywhere on your site that I can find (please direct me).
You state that “100% of the precious metal will be physically stored” on a leveraged account? What source of financing do you use to hold physical metal worth 5 times the deposit cash you have received from individuals that have opened an account? Who audits your physical metals in your vaults?
This is too funny on your leverage page, like anyone with half a brain does not make the connection between today’s economic woes and leverage in real estate “The purchase of leveraged bullion uses the same logic found in real estate investment opportunities--where you buy a house on speculation”. At least I found this one potential caveat “Always keep in mind, a leveraged investment is a two-way sword, it can work for you or against you”. Real estate has been indeed a 2 edged sword to the negative of late. An interesting corollary is that the current estimate is that 1 out of five homeowners in the US are holding underwater assets (meaning their home is worth less than they owe).
The one thing I did not find but am rather sure exists is that if PM prices go down there are margin calls that must be paid. Typically when margins cannot be met all is forfeit.
I know this sounds hard but I offer no excuse but to say I am a hard money man that does not like uninformed individuals getting sucked in to high leverage situations were their life’s savings can be lost because of limited education on leverage margin calls. If I have painted you wrong please accept my apologies but provide me with the answers that show me wrong. If you have been in this business for any time you should view my commentary as the due diligence required of any intelligent investor.
leavemealone
Well-known member
Very observant oz.
I have never purchased any precious metal online(other than E-scrap),but if i did I would be very hesitant to use a brand new company that offers a "guaranteed" transaction by having the seller AND the buyer send the gold and the money to them and then assay the material,and even if it is 100% legit it still costs $150+.10 per oz to use.I am an EXTREMLY analytical person and I am NOT SAYING it is not legitimate,just saying(as oz said)sounds a little funny to me.In the rules and regulations it states no minor(under the age of 16 years of age) can use or make transactions on the site.Well if you're within the U.S. you know that the ending age of minority is 18,and noone 16 years of age is suceptible to multiple years in prison with the exception of committing a capital offense,and being tried as an adult in a court of law.Again I can not stress enough how analytical I am and I scrutinize and disassemble the simplest of things,for instance,the wording on both sites is in some cases very elementary,in a lot of cases sentences are missing words,and a LOT of instances words are misspelled.It most certainly doesn't instill confidence.
The last and final question I have will sound like a personal attack but I am only asking it in the best interest of my friends on here,and to possibly shed some light on a potentially hazardous situation.......your username on here is "niceguytom10" so I assume this would be to insinuate that your name is tom?As in Tom Olson? Or are you Evan Kraus?That name is also used as a contact person with all of your same information attached,that would lead me to believe that you use that name as well some times.If you dispute this fact I can provide proof.I know someone that has access to wonderful information.There are a couple of other inconsistencies,but I want to give someone the opportunity to explain.
Johnny
I have never purchased any precious metal online(other than E-scrap),but if i did I would be very hesitant to use a brand new company that offers a "guaranteed" transaction by having the seller AND the buyer send the gold and the money to them and then assay the material,and even if it is 100% legit it still costs $150+.10 per oz to use.I am an EXTREMLY analytical person and I am NOT SAYING it is not legitimate,just saying(as oz said)sounds a little funny to me.In the rules and regulations it states no minor(under the age of 16 years of age) can use or make transactions on the site.Well if you're within the U.S. you know that the ending age of minority is 18,and noone 16 years of age is suceptible to multiple years in prison with the exception of committing a capital offense,and being tried as an adult in a court of law.Again I can not stress enough how analytical I am and I scrutinize and disassemble the simplest of things,for instance,the wording on both sites is in some cases very elementary,in a lot of cases sentences are missing words,and a LOT of instances words are misspelled.It most certainly doesn't instill confidence.
The last and final question I have will sound like a personal attack but I am only asking it in the best interest of my friends on here,and to possibly shed some light on a potentially hazardous situation.......your username on here is "niceguytom10" so I assume this would be to insinuate that your name is tom?As in Tom Olson? Or are you Evan Kraus?That name is also used as a contact person with all of your same information attached,that would lead me to believe that you use that name as well some times.If you dispute this fact I can provide proof.I know someone that has access to wonderful information.There are a couple of other inconsistencies,but I want to give someone the opportunity to explain.
Johnny
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leavemealone
Well-known member
Consulting a moderator on what to do next.
Johnny
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