All About Silver - ... the buck stops here ...
r/WallStreetBets? RobinHood? New to silver? I've got a page just for you!
UPDATE: on that page, I explain why the Perth Mint is not in default.

about.ag Reading Room

... hidden documents about the bullion industry

This page is intended to shed light on the bullion industry, mainly behind-the-scenes wholesale trading.

For whatever reasons, the wholesale side of things has been largely hidden from the sight of the public. And from what I have seen, it seems like the big guys like it that way. Perhaps it is to keep trade secrets out of the wrong hands, perhaps it is just the way things have been, or perhaps there is stuff going on they know the public wouldn't like. A few simple examples: very few individuals are aware of wholesale bullion pricing, and even fewer are aware of how precious metals prices are determined (e.g. why the massive volumes of trades occur).

So when I come across interesting documents, I plan to place them here. Many of the documents come from lawsuits; it is important to remember that a lawsuit does not indicate wrongdoing. The documents here are simply whatever I can find that is normally hidden. Many come from lawsuits simply because I closely monitor a number of bullion lawsuits (and lawsuits often have exhibits with interesting documents). These should all be from public sources.

A-Mark Precious Metals

A-Mark Precious Metals is a bullion wholesaler (e.g. buying directly from the U.S. Mint). Their services include "financing, leasing, consignment, hedging and a variety of customized financial programs."

Baird & Co, Ltd.

Baird & Co. Bullion Merchants is the "UK's leading full service bullion traders, manufacturers and refiners."

  • Standard Terms and Conditions for the Operation of Deferred Settlement Metal Accounts. Shows an annual fee of 550.00 for large gold bars, and 0.75% of the value of 1,000oz silver bars. This is an undated, unsigned document.


Brinks, Inc. services include armored transport and storage of precious metal.

  • Bill of Lading. Has 2 bills of lading for deliveries from Republic Metals to Mulligan Mint in 2013.

Delaware Depository

Delaware Depository stores metal for the CME Group (COMEX).

  • Account Agreement with MONEX, from 2001. Storage fees were 26.25 basis points for gold/platinum/palladium, and $.06 per ounce per month for silver. Includes drop shipping info.
  • Depository agreement with MONEX, from 2002. Includes several Designated Persons Schedules listing authorized signers and a Fee Schedule. It shows that Delaware Depository counts coins in $1,000FV 90% silver bags. It also includes a Sample Holdings Statement and Sample Product Register.
  • Account Invoice from 2013 with MONEX. Shows $116M of metal stored, and $18K owed for the month. Includes a page for DCCN (commodity transfer notices) fees.

Dillon Gage

Dillon Gage is a bullion wholesaler, and is an Authorized Purchaser from the U.S. Mint.

  • Account Application. This one is blank. It includes the "Customer Policy" (agreement), Substitute W9, and State Sales Tax Resale Certificate.

Farmer & Merchants Bank of Long Beach

Farmer & Merchants Bank of Long Beach offers depository services to its customers (storing metal).
  • Depository Agreement with MONEX from 2013. References MONEX's Atlas Account.
  • CTTN (Commodity Title Transfer Notice) from 2014.


FideliTrade is a bullion wholesaler that "provides an array precious metals investment and account administration services to individual investors, as well as private banking, investment, trust and estate professionals." It is one of the U.S. Mint's distributors.

International Depository Services of Delaware

International Depository Services of Delaware (Diamond State Depository until 2014) stores metal for customers. It is a subsidiary of Dillon Gage.
  • CTTNs. Contains many CTTNs: Commodity Title Transfer Notice. These are issued by the Depository to customers-of-a-customer. For example, a retail bullion dealer may have such a notice issued to "prove" to one of their customers that their metal is in the vault.
  • Pool Master Sub-Inventory Report from 2011. Appears to break down metal stored by a customer for their sub-customers.


Kitco is a large precious metals dealer based in Canada. It has been in the Canadian version of Chapter 11 bankruptcy since 2011.
  • Lawsuit by metals company Hereaus, requesting millions of dollars in losses when Hereaus sold rhodium that it held as collateral for loans to Kitco.


MONEX is a large gold dealer, formed in 1967, located in Newport Beach, CA. One of the few companies to offer leverage to individuals.


NTR Metals a/k/a Elemetal Direct. NTR was best known for making silver bars.

Provident Precious Metals

Provident Precious Metals is the retail website for Elemetal.

Republic Metals Corporation

Republic Metals Corporation is "one of the largest full-service primary precious metals refineries in the world."

Protected by Copyscape Online Plagiarism Scanner

(C) Copyright 2010-2019 About.Ag