Is Goldmart the next casualty of peregrine financial and PFGBEST? Here are two Emails they recently sent out on the same exact day PFGBEST collapsed.
“Goldmart.com is in the process of moving our corporate offices from Newport Beach, CA to Carson City, Nevada. The move should be completed by this coming July 9th or sooner.
If you have a paid order that is still pending to ship, please remain patient. Your order will ship the same day our internet service provider activates our service.
If you have any questions about you pending orders please reply to this email via email. We appreciate your loyal business and continue looking forward filling your precious metals needs at some of the most competitive prices found anywhere.”
“Dear Valued Goldmart.com Customer,
We want inform you that we have completed our 500 mile move from Newport Beach, CA to Carson City, NV. During the move we encountered many logistcal and technical setbacks. We apologize for any anxiety or frustrations that you might have experienced. Our apology is genuine and comes from experience because we became frustrated from all the setbacks we incurred. The move was twice as much work as anticipated and we had half the help as our employee who oversees customer service emails and phone messages decided not to make the move two days before our scheduled departure after confirming he was coming a week prior. Another set back we incurred was when we sent out a bulk email through our bulk email service to notify our customers that we were moving and for whatever reason the bulk email service flagged the notification email and was only sent to a small fraction of our customers rather than our entire list. (We are using a different bulk email service to send this email.) Once we arrived in Carson City we incurred more logistical problems with AT&T activating our internet. We had hoped our internet would be activated on the morning of July 5th but activation wasn't available until late afternoon on July 9th. Our first priority was to start shipping orders but ran into another technical set back. After networking our computers we downloaded the newest version of software we use to process and ship orders but in so doing we lost all current data that we needed to close out orders. (We ended up spending all day Tuesday working on recovering the data and finally completed the data retrieval Wednesday around noon.) Later on Tuesday we ended up losing our live price feed due to the company supplying going out of business. (We are now currently using the Kitco Ask price to place trades over the phone, we hope to have a new live price feed by the end of the week, new orders now need to be temporarily placed over the phone until you see the live prices updating on our home page when refreshed.) Besides all these complications, we have some great news for you. We started shipping Wenesday afternoon and anticipate all backdated orders to be shipped and completed at the latest by this coming Monday July 16th. We look forward to getting back to our status quo of providing our customers with the best pricing on the internet, exceptional customer service, and extremely fast processing time for shipping and fulfilling orders. We learned alot from this move but won't be able to use it as we are firmly settled in the state of Nevada for good. We appreciate your understanding, patience, and support. We take pride in serving all of our customers and the community of stackers who participate on all the different precious metals forums, with you all we would not be in business. We hope you appreciate us and the services we provide as much as we appreciate you. Yes, sometimes we occasionally make mistakes but we try to be as transparent as possible, we understand we are in no means perfect yet we still strive for perfection. Thank you again for your business and if you have any feedback or suggestions we are open ears so please reply to this email. (All emails will be read but might not be responded to due to our current under staffing and current work load we have to have completed by July 16th.)
Now I have been doing a lot of research on the collapse of peregrine financial and pfgbest last week. It looks like some of the smaller PM dealers like goldmart were not only using these guys for their spot feed, but also using them to hedge their inventory in the futures market, and supply them with the physical coins which they intern ship to their customers. In the emails that goldmart sent out it does confirm that this is the reason why their spot prices are not working and all there coins are call for pricing.
After the owner of PFGBEST on Monday tried to kill himself the NFA froze all their assets forcing them into bankruptcy. Goldmart is now possibly missing a substantial amount of capital and physical product therefore prompting them to send out emails that look more like a cover up than anything. *
What are the odds that Goldmart moves their offices along with a complete equipment/personnel meltdown the same exact time and day that PFGBEST goes bust. *I am not a in any way conspiracy theorist but this seems a bit to coincidental. Does anyone have thoughts on this, because it makes me concerned with my future orders?