On The Trail Of Dubai's Stolen Gold: A Robbed Client Breaks The Silence, And A Fascinating Detail Emerges

Tyler Durden's picture

On Christmas Day, 2015, we told our readers the fascinating tale about the Turkish-Iranian gold smuggling ring - perhaps the biggest and most brazen in history, one which lasted for years, which saw billions in gold transported out of Turkey and into Iran to allow Tehran to circumvent the western financial sanctions using gold as a medium for bater, and which was all made possible thanks to the tiny Emirate of Dubai. 

What made this particular instance of gold smuggling especially memorable is that it reached to the very political top in both Turkey, and Iran, and Dubai.

However, while the broad framework of Turkey's exporting of gold to Iran, initially directly and then via Dubai, had been already in the public domain, Zero Hedge first revealed the man, or rather people, who made it all possible: the Dubai gold "trading" company of Gold.A.E. - is a subsidiary of Gold Holdings Ltd, a company which is owned by SBK Business Holdings and Abu Dhabi's second in command, the son and avisor to the ruler of Abu Dhabi, Sheik Sultan bin khalifah Al Nahyan.

The reason why Gold.A.E. suddenly, and very dramatically, emerged on the global arena is because as we first reported a week ago, the company's "new" management team admitted that after many months of "inquiries", it had discovered that not only had the "old" management, led by the now former CEO of Gold A.E., Mohammad Abu Alhaj disappeared, but that all the money - and gold - held at Gold.A.E. which once again was primarily a "trading" front for the Turkish-Dubai-Iran gold smuggling triangle, had been stolen.

Here, for those who missed it the first time, is the letter that Gold.A.E.'s stunned clients received in late December:

Dear Client


A group of minority shareholders of GOLD HOLDING suspected that there were questionable financial transactions being undertaken in Gold AE DMCC ("the Company"). Acting on these suspicions they initiated internal investigations. During the course of the investigations the entire then management team abruptly resigned with no notice. Since the majority shareholders also seemed to be unavailable, the minority shareholders did not accept this resignation. However, these persons went to DMCC, submitted their resignations and managed to get their visas cancelled.


Following this, in august 2015, Mr. Andre Gauthier has been appointed as the manager of the Company so that investigations continued and once completed necessary action can be taken to secure the interests of the clients and shareholders of the company. His appointment took effect from August 9 ,2015 . When he took over, new management realized that he now had access to more information concerning the activities of the previous management and, he realized that there had been substantial withdrawals from the company's account to the personal accounts of some of the management and the majority shareholders.


Management has also uncovered information with respect to the existence of a bank account with Arab Bank (Switzerland) Ltd in Switzerland in the name of the Company. An attempt has been made to approach this bank but, since none of the current management or minority shareholders are signatories to the account and, due to the stringent Swiss banking laws and regulations regarding confidentiality, no additional information or access has been provided by the bank.


In order to try and secure/recover monies that had been taken out of the accounts of the company, Mr. Gauthier in his capacity as manager has filed various cases as against the recipients of the funds from the Company (Dubai Police ( Bur Dubai Police Station), Case No: 24378). The minority shareholders are doing everything within their powers to support him in his efforts to recover these monies that were withdrawn from Gold AE in questionable circumstances.


DMCC has alleged that some of these activities undertaken by the previous management are in breach of DMCC's rules and as such they have taken the decision to terminate the license of the Company. We are working closely with DMCC to find a solution and in the meanwhile, we request that you bear with us. In the meanwhile, as a statutory consequence of the license being terminated, the trading platform of the Company has to shut down as of the date of termination of the license which is 24th November 2015.


We trust the forgoing is of assistance.





Or, as we said a week ago, one can summarize the letter above by loosely paraphrasing South Park's infamous episode: "aaaannd it's gone. The gold is all gone."

In a follow up article, "The Mystery Of Dubai's Vaporized Gold: The Plot Thickens", we presented readers with the version of events as laid out by the local press, in this case Arabian Business, which tried to assign responsibility for the theft, while in the process exonerating SBK Holdings and its billionaire owner - one of the most important people in the United Arab Amirates - and "washing" their hands of any accountability.

Recall, "the rush to make sure any link between the criminal Gold.AE and its parent, SBK Holdings-owned Gold Holding is immediately severed. A spokesperson for the DIFC said: "We wish to make it clear that although Gold AE is a subsidiary of M/s Gold Holding, which is a DIFC-based holding company, Gold AE and M/s Gold Holding Ltd are two separate entities."

"We wish also to clarify that M/s Gold Holding Ltd is, to our knowledge, not involved in any trading operations, client-facing business affecting clients of Gold AE or the provision of any financial services. Accordingly, it is not regulated by the Dubai Financial Services Authority."

But was Gold Holding involved in the smuggling of billions in gold out of Turkey and into Iran? And then, back to Mohamed Abu Alhaj, who just a year ago was the widely respected CEO of Gold AE.

When Arabian Business emailed the public inquiries email address for Gold Holding, info@goldholding.com, it received a reply from Mohammad Abdel Khaleq Abu Al Haj, who is a member of Gold AE’s previous management team facing allegations of fraud.


Al Haj insisted in his email that Gold AE’s existing management team were responsible for the alleged fraudulent activity. He also claimed that requests by him for meetings with shareholders to discuss management issues had been refused.

In short: one side saying the other is guilty, the other side responding identically, blaming the first side. Meanwhile the money - and gold - of the clients of this company, perhaps the most important gold holding company in the Persian Gulf, has been stolen.

* * *

So while we continue to dig into the mystery of Dubai's stolen gold, one which has received absolutely no mention in the western press - in fact the only reason anyone mentioned Dubai in recent months was the dramatic burning of The Address hotel on New Year's Eve (as covered here), we got the following curious email from a former client of the company; a client whose gold is now all gone.

I'm a client of Gold.ae and live in JLT, just a short distance from where the company had their office in Saba 1 Tower, Cluster E, so I was able to carry out reasonable due diligence (for this country) prior to making any investments in PM's. I understood that Gold.ae was under the patronage of the Dubai Royal Family and had received several awards in the UAE prior to my personal involvement. Of course there was absolutely nothing to suspect any wrongdoing at this time, in fact the contrary would be true.


I did not trade with the company in the traditional sense of short term buying and selling but invested in Gold and Silver over a period of time with the view of holding for the long term. I was comfortable with this because the PM's were stored in the vault in Almas Tower (Almas meaning diamond in Arabic) under the guidance of DMCC. This vault was said to be the most secure in the region. My personal investment / loss is in the region of $[redacted].


The first I heard about the recent failing of the company was on the 23rd of December, I did not receive the earlier email dated 16th December. The company made no attempt to contact me prior to that. I have however since been in regular contact with a senior manager, my 'source' who now works out of the Gold Holding office in DIFC. He has been very helpful in passing on information and has given me the contact number of Mr. Andre Gauthier, the new CEO. Interestingly, since you published your recent article he has stopped answering his mobile. Maybe you would like to try and speak with him on our behalf, his mobile number is: 00971 50 [redacted]. You may have more luck speaking with him than the clients suffering large losses!

And here is the punchline from our source's letter:

My source has told me that he now understands that the company knew something was terribly wrong in the March - May period of this year, but it took until December for the company to notify their clients. One has to ask why nothing was done during this timeframe? My source has informed me the main individuals responsible for this are; Mohammed Abu Al Haj, Chairman and founder, Mohammed Ebdah, COO, Mohammed Adnan Younis, Sales Director and Rania, Board member. I've been told all involved are Jordanian, however, one has a Canadian passport, one has a US passport. As you know the management team conveniently resigned their positions and DMCC accepted to cancel their visas. Two of them have since set up separate companies in the UAE.

Yes, the story in which the former management team is scapegoated has been previously reported, but the main question, as our source on the ground asks, is why the all important, Gold Holdings - a company embedded into the political oligarchy of Dubai, and thus of the Persian Gulf - waited seven months before alerting clients that all their funds had disappeared. Even MF Global had just a few days to inform its clients it had gone bankrupt and thousands of small commodity traders had been Corzined.

Because as hard as we try to believe that the person whose task was to break into the Turkish market (and then Russian as we will show shortly), all signs point to the holding company as being instrumental in the vaporization of Dubai's gold.

According to a recent Gold Holdings presentation we have exclusively obtained, Gold Holdings was quite eager to disclose its desire to become the leading and most important gold company in the Persian Gulf, "A new integrated Gold and silver investment vehicle", one which covered everything from mining, to processing, to refining, to trading, to distribution, to jewelry.

This is what the October 2014 presentation boasted about Gold Holding's ambitions - nothing short of global gold commerce dominance:

  • To be a premier precious metals investment vehicle, physical.
  • To provide shareholders with high quality, long-term exposure to precious metals.
  • To offer mine owners an attractive alternative to debt or equity.
  • To be a significant and Reliable trader of Gold and Silver

Here is a map showing the tentacles of Gold Holding: note the core presence in Turkey.


The company's Org Chart is extensive, and clearly discloses the infamous Gold A.E., which curiously is shown as registered for trading not only in Dubai, but in... Shanghai? As for the distribution network, it clearly reaches all key regional money centers, and yet Iran is oddly missing...


Here is another Gold Holding chart showing where according to the old management team the risk lay; not surprisingly the biggest risk - that of corporate fraud and embezzlement - was at the Trading level, where the risk was supposed to be the lowest. Oops.


The final slide we want to bring attention to is the one laying out the Board of Directs of Gold Holding: it lists not only the abovementioned Sheikh Sultan Bin Khalifa Bin Sultan Al Nehayan as the Chairman, but the alleged mastermind behind the theft, Mohammad Abu Alhaj, in his role as board member and CEO of... Gold Holding?


Wait, wasn't Abu Alhaj supposed to be the CEO of Gold.A.E., the subsidiary of Gold Holding? Now this is odd because recall that in the Arabian Business article excerpted above, a spokesperson for the DIFC, or the Dubai International Financial Center (a Federal Financial Free Zone administered by the Government of Dubai), there is no direct link between Gold Holding and Gold AE:

"We wish to make it clear that although Gold AE is a subsidiary of M/s Gold Holding, which is a DIFC-based holding company, Gold AE and M/s Gold Holding Ltd are two separate entities."


"We wish also to clarify that M/s Gold Holding Ltd is, to our knowledge, not involved in any trading operations, client-facing business affecting clients of Gold AE or the provision of any financial services. Accordingly, it is not regulated by the Dubai Financial Services Authority."

It appears "your" knowledge was wrong, because unfortunately it does not make any sense that the person in charge of Gold AE was also, according to the company's own investment roadshow, the CEO of Gold Holding Ltd, and as much as the media and current management wants to make it seem there was an more than arms-length distance between the two in order to blame the theft on the "old management team", the reality is that as recently as late October 2014, or just a few months before the new management team allegedly discovered the supposed "substantial withdrawals from the company's account to the personal accounts of some of the management and the majority shareholders."

In short, the official story in which just one man is scapegoated for the theft of millions in paper and gold currency, makes less and less sense the more we dig.

Which brings us to our conclusion from a week ago:

So, is the former CEO of Gold.AE the criminal mastermind, the person who was responsible for the Turkish gold presence in Dubai, and the one who defrauded Gold.AE... or is he merely the fall guy: after all the new management team, according to Arabian Business, had been at the company since March: how could it take it 9 months to uncover that the company was nothing but a hollow shell, whose assets had been pilfered by the previous management.


And if indeed this crazy story which has every possible James Bond element in it culminates with a case of scapegoating, does that immediately mean that Sheikh Sultan Bin Khalifa, a person at the top of the Gulf's political and financial oligarchy, is involved. Because if he is, so is the US, as nothing happens in the United Arab Emirates without the United States being aware of it. Finally, if that is the case, it means that not only did the US sanction what has been the world's biggest gold smuggling ring, but that it implicitly gave Iran its blessing to use barterable Turkish gold in order to bypass sanctions imposed by... the United States!

Less than a week later, and we are getting closer to showing that we may indeed be looking at a case of not only massive corporate fraud, but even more troubling, a case of blame the other guy, when in reality the person accountable is one of the most important - and richest - people in the country, if not the entire middle eastern region.

But before we focus on the dramatic geopolitical implications of this James Bondian story that gets more complex and fascinating the more we dig, we would first like to help the small investors get back their investment, and all the money (and gold) that was stolen from them.

As such we open it up to our readers as well: below we present the latest until now confidential roadshow by Gold Holding, with hopes that someone will be able to spot something "out of place", in hopes of escalating this case of corporate fraud to the highest possible criminal instance in the UAE... which however will never be high enough if, as we now suspect, it culminates with the second most powerful person in Dubai.


* * *

And finally, while not directly related to the topic of Gold AE's massive fraud, here is the remainder of the Gold Holding investment presentation: we find it remarkable because after having covered the Turkish market, the Dubai company had its eyes set on a vastly bigger market. Russia.


... and not only that, but it was here where we found what may be the most fascinating detail of today's article, namely Gold Holding's (aka Dubai's) hint that Russian gold no longer has to be denominated in US Dollars for transaction purposes. Instead, it can be denominated in Yuan.... as can Venezuela, Brazil, Argentina and Africa gold transactions, in the process bypassing the SWIFT payment system entirely, and all official traces and records that a gold transaction ever took place!


Now this is simply stunning because over the past several years one of the biggest questions has been how did China smuggle thousands of tons of gold from around the world without the world, at least officially, noticing.

Well, recall how this entire story first developed: it was all thanks to Dubai acting as a middleman in smuggling billions of dollars worth of gold from Turkey to Iran, without anyone noticing for years. Could it be that maybe this tiny yet ultra rich Emirate has also been instrumental in facilitating the transfer of tens of billions of dollars from the west (mostly the UK and Switzerland) but also every other gold producer, and into China?

Because if so, it would promptly answer virtually every unanswered question about the global shadow, and very much undocumented, physical gold wave: one which takes the gold vaulted in the west, and moves it all the way as far east as Beijing... and all with Dubai's blessings?

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
db51's picture

We shlonged some folks with a giant gold dildo...  and everyone enjoyed it.


Deathrips's picture

If youre going to lose gold, lose it in a fucking lake!



Physical is all that matters. Investing in promises from liars is worthless.


Fuck the FED.



espirit's picture

I Concur.

If you don't hold it or lose it in a boating accident, you don't own it.

Fools never learn that greed has no boundaries.

Latina Lover's picture

Anyone know when was the last time the Gold in Fort Knox was audited by an independent authority? 

Just Curious, since I trust my government, LOL>

Boris Badenov's picture

The last time a President asked for a tour was

weburke's picture

 qatar had 36 or so falcon hunting royala and freinds and slaves abducted in iraq, media was quiet about who exactly was abducted, now we hear that 6 planeloads of qataries land in switzerland , and how the old emir had a broken leg, abducted and tortured would be typical in iraq these days, how many millions and black ops guys were called in to that sesarch. 

Boris Badenov's picture

If I was the president, the FIRST place I would go is to see the GOLD!  Nobody has gone there in 50 years....

in4mayshun's picture

Ya, JFK tried rocking the monetary boat too...

macholatte's picture

Only one question not being asked....

How much did Obama get and where is it hidden?

Ask Soros? Corzine? Clinton? Blankfein?


We're not children here. The law is-how should I put it? A convenience. Or a convenience for some people, and an inconvenience for other people.

Paul Castellano


Now nobody get nervous, you ain't got nothing to fear. You're being robbed by the Barack Obama Gang (John Dillinger Gang), that's the best there is!

-- Barry Soetero (John Dillinger)




Deathrips's picture

There are Crypto Zionistas spys everywhere. They make money out of nothing and have for centuries. They occupy positions of power EVERYWHERE and have one job ...leeching off your production. Aka Stealing, wealth extraction, blood sucking, soul stealing.

Cheers to this company. May they have sold the last ounce abd nay true price discovery be seen. (to dream)

Right now they are pitting one large religious group against another in hopes to weaken both sides for final takeovers. The sheep love the idea.


Want a list ..look up the council on foreign relations roster.

Happy New Years.





beemasters's picture

"In order to try and secure/recover monies that had been taken out of the accounts of the company..."
If all the previous management did was allegedly transfering monies (i.e. fiats) to Arab Bank (Switzerland), how is the physical gold holding in the vault all gone??? Can someone please explain? Tyler?

Any customer who had purchased those PM's should never be affected unless there was an unauthorized withdrawal of physical gold too (which wasn't mentioned). Therefore, customers could demand their gold back, couldn't they? Unless there was never any gold in the first place, which lead to the legality of the entire scheme....not so much who has stolen the cash as far as the customers are concerned. That's an internal problem of the parent/subsidiary company.

ufos8mycow's picture

It's a brilliant plan really. Think of it like the Dragon Ball Z 'Spirit Bomb'. They quietly gather gold reserves until they have just enough and then they release the big surprise. A gold backed Yuan. With their currency manipulation and a newly gold backed Yuan the US implodes. The perfect weapon to use against the United States.


Brilliant in a weapon of mass destruction kinda way.

Otrader's picture

A 100 year timeframe for the Chinese is not that long. 

Lore's picture

Wonder if the Clintons have any thoughts on this matter.

VinceFostersGhost's picture




the Gold in Fort Knox



Heh heh.....good one!!!

Dame Ednas Possum's picture

Dear Tylers. 

Thanks very much for covering this story.  I have been a customer of Gold AE for about 5-6 years and the first I heard that there were any problems was when I woke up to your article on Christmas morning.  I guess that now makes me a 'robbed client' also.  I arrived back in Dubai this morning after a Christmas break overseas and I now need to pursue this matter to see what can be recovered.  It's not the end of the world for me... but I have had a significant amount of my precious metals stolen from me and I want them back.

My experiences and circumstances with Gold AE are very similar to those detailed by the 'robbed client' in your article above.  It would be a great help if you could please forward my email address from my DEP account to the 'robbed client' so we can collaborate together in facing this challenge.  We have a better chance of getting attention and achieveing a favourable result if we work together. 

Thanks and all the best.

Please keep up the good work.



SoilMyselfRotten's picture

Want a list ..look up the council on foreign relations roster.



Aaron Russo knew about that RIPS, an oldie but everyone should see this once.

Dame Ednas Possum's picture

Thanks.  I had seen this interview previously.  No surprises there. 

Unfortunately however I don't see how the information contained within will address my current issue i.e. return of my precious metals. 

debtor of last resort's picture

DEP, it's rather stupid to exchange your fiat for ANOTHER promise. Period.

beemasters's picture

I'm really sorry to hear that, DEP. Let's hope your gold is still there.

Keep us updated and perhaps someone at ZH could/would help. Nothing works better than bad publicity with those Royal asses. Just be tactful or you might lose your work visa.

beemasters's picture

I'm not sure what brilliant plan. I think the article is trying to connect the dots that aren't there (yet?). What evidence do we have that GoldAE conned their customers out of physical gold? There isn't even a mention of gold missing in the entire GoldAE/customers correspondence. It's now about stolen cash, NOT stolen gold. No demand has been made to inspect their gold vault yet. That's hopefully next.

new game's picture

corzined, a new definition as follows; folks that work hard and play by the laws enacted to protect their fruits of labor suddenly loose that value with no recourse due to agencies and individuals that do not enforce these said laws because they are the pertetrators of this sudden lose of value. synonyms: theft, ripped off, jacked.

Farqued Up's picture

Any victory will be short lived, the whole fiat claptrap will collapse, or, gold will become the only basis for money. If fiat is not backed by something, the whole circuitry is ungrounded and the metaphoric electrons go unchanneled. Greed will collapse anything not grounded, just ask the ghost of Nixon and his dwarf drooling munchkin, Kissinger.

TPTB will destroy everything including themselves before they give up their counterfeiting. However, just as the Mississippi will one day bypass Baton Rouge and New Orleans and make Morgan City the largest seaport around, so will the unavoidable tidal forces of human capital claiming their just rewards for their hard work. Parasites need not apply. The parasites will be uprooted from their thrones of thievery and all people will have savings available that aren't diluted away.

I view it as analogous to the Corp of Engineers fighting the big river around Natchez to keep it continuing on its present course. It may take a thousand years but it is redirecting, it won't take but a blink for this to correct. At this moment they are throwing up every conceivable construct to stave the inevitable. It was doomed at birth but they have succeeded in the massive transfers of wealth to them. Think about the asset forfeiture laws that they have dreamt up that will be used to undo thir thievery. I dream of thousands of Madoffs being stripped of their ill-got gains and going to jail for the misery foisted on their neighbors. Let it begin.

Took Red Pill's picture

This could be why the price of gold is being suppressed. Once this all shakes out, and the gold is done being moved around from west to east, the true price will emerge. 

new game's picture

the military/bankers/ptb  will enact the new sdr basket and gold will not be part of it. it can not be digitized and controlled and they are the controllers. wish/think/realize they are in control and will not let go of this  control because they control the military. not only that they don't want to work any kind of labor type work the piss ants do. they are royalty and priveledged. they are the club, with one big club to beat any piss ant down back into their hole. so go back in your hole and play with your shiney and dream on...

also. it will be a cashless digital sdr. never under estimate the control they will exert. all this gold backed wish/think bullshit is just that, bullshit.

only exception to above said is chaos/revolution/craziness, which i doubt anybody wants and the ptb know this. call it controlled control that can't be covercome cept in you little goldbug cog dis wish/think deluded posts...\

central bankers of all nations are united in crisses mode. brentton woods - complete overhaul of control that mankind hasn't seen since______; history repeating only with the digital age twist.

hello, fight club, wake the fuck up and refute my ideas with a non cog dis thought...

ps. china is fiat leveraged to the max, so china is suddenly going to do what? back fiat leverage with shiney metal? i think NOT.

Took Red Pill's picture

you may be right. Time will tell. One thing for sure, TPTB won't go down without a fight.

new game's picture

totally agreed. of course, i wish completly differnt than my post - sound money that is. but that will require bloodshed and french style house cleaning. i think/wish we can overcome the "redcoats" with a 3 percent compliance of revolt. my dream outload. starting with trials of everyone on the fed res board of directors and on down the pyramid of cb fiat debt controls.

all replaced with a backed currency with the strictest of controls - wake up rip van revolt, it is only a dream, get back to work u slacker, pull the fucking rope to erect that pyramid, ha again...

old naughty's picture

the pyramid has been there a while now, 

with its apex floating mid air above the 2nd layer +

this 3-D stuff is all deception.

frankly scarlet's picture

it looks like two planetary monetary systems will become the norm as the west continues with the IMF-SDR model of fraud ( continuing to eat its own) while the eastern block moves to a gold standard dominated by China, as the west is dominated by the Federal Reserve. How the two systems will interact and which has more members will tell which system will eventually come to dominate the other. Both camps seem to hedging their bets by keeping a foot in each others system, China in the IMF basket and the Fed banks stealing as much gold as they can. In the meantime this fracture of the world economic system is leading to a major depression for all participants until one or the other constitutes a more robust monetary system than the current debt = money system of eventual debt saturation with no systemic debt forgiveness option available currently. Michael Hudson, economics professor is now a consultant in China and teaching at the Bejing University there and perhaps Steve Keen will also become involved in advising the Chinese power elites on sustainable monetary policies while the west looks to perhaps be going to adopt a bastardized Austrian model when the Great Depression II finally settles in giving the more realistic advantage to the Chinese.

fbazzrea's picture

There is a wild card held back by the masses capable of disrupting the PTB's endgame. Organized, willful civil disobedience. If Americans simply push away from Wall Street's blackjack tables and roulette wheels, gather our chips, cash out and walk away, then invest in tangible assets, stock up on necessities and prepare for the meltdown, our credit system will collapse. There is not enough liquidity in the system to sustain a mass departure.

At that point, We, the People, can force the hands of elected officials to trash this Bankers-Gone-Mad Monopoly game in exchange for their jobs. But this could only be done loosely, by millions of individual free choices, as any concerted effort would be monitored, vilified and trashed in the public eye as subversive, unpatriotic and unAmerican, if not incarcerated or killed.

Whether this idea holds up under closer scrutiny or not, the point is, there are always options. Ghandi's nonviolent ploy is but one example. MLK comes to mind, as well. But of course, there are obvious disadvantages to being the lightning rod absorbing the wrath of the PTB. Few, but Mr. Stockman being one of them, have the skill set, public visibility and street cred to mentor such a movement. Under such circumstances, the going may get tough for all of us, but the alternative is certain to further enslave and dehumanize us. Each and every American has the moral obligation to our descendents to avoid such a world to which we are presently on course to arrive.

So please, do not consider defeatist reasonings as valid options. Where would we be today, had our forefathers succumbed to such mealy-mouthed persuasion? Amerika or America? Which will it be? The choice is ours.


greenskeeper carl's picture

i don't see why anyone would feel sorry for anyone ripped off by this company. For that matter, I don't see why anyone would be surprised by any of this. If you want to invest in gold or silver, go buy some. take cash to your local coin shop, buy what you want, and keep it until you want to sell it. No need to go through an intermediary. Thats just lazy. I have no sympathy for the lazy. Investing in PMs could not be easier.

beemasters's picture

On the contrary, I feel sorry for anyone getting ripped off in anything. Period.
I hope you are not ripping anyone off and finding excuses to blame it on your victims. That's sad.

greenskeeper carl's picture

Im not "blaming" the victims. Yes, it sucks they got ripped off. No, Im not ripping anyone off. I just don't feel very sorry for adults who get ripped off in such schemes. If I want to invest in UPS, I can't go buy a tangible item like a package truck, I must buy stock, pieces of paper(really just digital) to do so. Gold is different. You can go buy pieces of gold and keep them somewhere safe. It just seems lazy to me.

blindman's picture

counter party risk ain't just a surface
at a busy diner.

beemasters's picture

Even laziness of your victims (if in fact it's all about that) isn't a good justification for you to rip them off now, is it?

kanoli's picture

As a person who got ripped off by gold.ae, I find your comment above to be pretty ignorant.  The reason we opened an account was that we did not have access to gold at decent prices in Kenya.  We sent one of our members in person to Dubai to check out both of gold.ae's offices before opening an account with them.   We used their trading platform to buy gold for physical delivery.  Got caught with some gold in their system that we hadn't taken delivery of yet, when it shut down.

DeadFred's picture

I'm sure the gold in GLD is secure and in order. Their prospectus says so... oh yeah, their prospectus specifically excludes them from responsiblity for maintaining the gold. If it ain't in the vault the bag is in your hands. Ah, I'm sure it's all okay.

beemasters's picture

And we shouldn't place any blame on customers however gullible they maybe. It's due to such mentality that bullies tend to get away.

Lockesmith's picture

It depends. Due diligence is required.

People who blindly give their wealth to any greasy merchant who comes their way absolutely deserve to be robbed.

An analogy:

You live healthy, exercise and avoid pollutants. Do I have sympathy if you get a terminal brain tumour? Absolutely abs I'd try and help you out.

You smoke 60 cigs a day, sit around and stuff your face with booze and fast food??
I have no sympathy whatsoever and you can go fuck yourself.

bamawatson's picture

who in the world down votes lockesmith comment? impeccable logic. all of life is simply a matter of personal responsibility. sending your "money" to some amorphous entity and hoping you get anything in return is completely irresponsible. the fault lies 100% with the negligent party who foolishly risked his "money".

also, in this particular instance, how could any zh reader not comprehend the hypothecation of gold; there are at least 250 paper claims per physical ounce of gold. common sense says one MUST hold the physical. 

my analogy is a paper claim is like buying pussy n coke, and then leaving it at your buddy's house for safekeping

beemasters's picture

What "impeccable logic"???? There are clear warning labels on cigarette packs that smoking damages your health. There is nothing like "we reserve the right to steal your investment" in GoldAE's prospectus. If you had difficulty in understanding the article, GoldAE isn't "some amorphous entity". Again, you guys are finding stupid justifications. Your are likely the kind that blame rape victims for wearing revealing outfits, looking too sexy, walking home alone, trusting the dates. Some fucked up minds you have.

bamawatson's picture

hey bee master; personal resposibility; some whiney whiney babe sends her money to a bunch of sand niggers; she gets screwed; then whines about it on some no-lifed message board. who the fuck is at fault? the tea party? christians? fox news? trump? WHO genius beemaster? the fault is SOLELY that of the whiney whiney babe who, for god knows what reason, sent her money to sand niggers

you dumb enough to believe a sand nigger prospectus? ahahahahahahaha!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


i suggest you grasp the meaning of amorphous; where the fuck is gold.ae now sport? huh? show me something tangible. look up the word genius

beemasters's picture

I guess you don't know Dubai and had never heard of the company before, so your utter lack of comprehension of the situation is understandable and forgivable. Still, no victim of crimes should ever be blamed...unless if it happens to you and your loved ones, of course.

PS. I wished there were more like her who come out instead of keeping silent. It's time that people collectively go after the scums. People like you are not helping.
Oh, look up the definition of "asshole" and look in the mirror for an example of one.

Dame Ednas Possum's picture

That's a shitty comment.

The people ripped off here are victims of crime. And your respons: "HA! Tough shit you lazy fools."

Is the life you lead so pathetic and worthless as to stoop to such miserable contributions? (Note: rhetorical question).

WillyGroper's picture


The situation is a nasty one.

Hope you're made whole.



Wulfkind's picture

Sorry, but when you deal with sleaze bag camel fucking Muzzies, you get what's coming to you.

WillyGroper's picture

Lemme tell ya sumpin pal.

If one of them (YOUR words) SBFM's saved your life, you wouldn't be such a flaming hemorrhoidal asshole.

Or would you just die to hang on to your bigotry?

Happy New Year and Fuck You and the Wulf You Rode In On.


83_vf_1100_c's picture

'How much did Obama get and where is it hidden?'

Sunk in a water hazard on a golf course in Hawaii would be a reasonable guess.