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Penn Metals -- Gone?

Discussion in 'Gold Silver (All things Metal)' started by shallow_explorer, Dec 9, 2016.



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  1. shallow_explorer

    shallow_explorer Silver Member Silver Miner

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    Two days ago, I sent an echeck to Penn Metals for a couple tubes of Roosevelt ATBs. Yesterday the links on their website stopped working and they aren't answering their phone. Penn had the best price on Roosevelts by $4/coin. So looks like I may have lost nearly $2,000 trying to save $80. Who knows, maybe they will come through, but I doubt it. Buyer Beware!
     
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  2. southfork

    southfork Mother Lode Found Mother Lode

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    Assuming you called try to stop payment on the check.
     
  3. shallow_explorer

    shallow_explorer Silver Member Silver Miner

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    Should have used paper... Echeck cleared the same day.
     
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  4. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    Ouch! I think we are all going to see more of this in the future as the markets and credit lines start getting weird. What I fear is one of the more reputable biggies evaporating due to a squeeze or something like that.

    Don't think it will happen? I used to work for American Home Mortgage, one of the largest mortgage companies. I think only CountryWide was larger. We were bigger than the big banks for mortgages and were the first domino to fall in 2008.

    On a Wednesday the CEO announced he'd would not be paying an already declared dividend. Thursday was rumors galore. Friday the latest rumor was that the dividend would be paid. We went home on that Friday thinking that the matter was settled. Saturday we all got calls to come in on Tuesday and bring in all our stuff and to clean out our desks. We were amazed how a big company like that would just disappear.
     
  5. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    I buy most of my metals off of eBay and only use two dealers (both very reputable with stellar track records). It costs a bit more but there are layers of protections in place through PP and my credit card company. I've been burned from bottom feeding before. The lowest price is not always the best price.

    Hope you get your metal and this is just a blip on their radar.
     
  6. JayDubya

    JayDubya Gold Chaser Platinum Bling

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  7. shallow_explorer

    shallow_explorer Silver Member Silver Miner

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    Perhaps a decent outcome. Fingers crossed.

    Now on their website:
    Due to an unforeseen and unpredictable personal health crisis of the owner of the business, Penn Metals will cease to operate and accept new orders effective Friday December 9th, 2016.

    During the first 10 months of 2016, Penn Metals processed over 26,000 orders for over 8,500 clients. We really appreciate your support and business. Although the vast majority of clients have already had their orders shipped in full, there are a number of orders from the past month that are still open (most were due to ship in the past 10 days or next 5 days, or they were presales of 2017 issues).

    As of today, an interim management team has taken over to assist with the fulfillment of all outstanding orders.

    The plan: Our plan is simple and straight forward. Any checks received in the last few days, as well as any received going forward, will be returned to the purchaser and the order cancelled with our sincere apologies. For clients that paid by credit card, eCheck or another payment method, we will be processing either a full refund or shipping either your full order or partial order (with any unavailable items as a refund).

    All clients with open orders will be contacted regarding the refund method and progress on their order shipping method within the next seven days (by December 16, 2016) and all will be shipped, refunded (or a combination of shipped/refunded) within the next 14 days (by December 23, 2016). To repeat, all orders will either be refunded or shipped (or a combination of both) by December 23, 2016).

    We apologize in advance for the uncertainty and inconvenience that this action will cause and ask that you remain patient while we work through the backlog of orders that we have on hand.

    As you can imagine, we are expecting a number of phone calls on this matter in the days ahead. Please feel free to leave a message and we will endeavor to return your call and give you an update. You can also contact us by e-mail at info@pennmetals.com.

    Again, please accept our apologies for the inconvenience of this closing and know that we are working diligently to wind up each and every last open order.

    Thank You.

    Penn Metals Group​
     
  8. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Definitely some reason for optimism here. Best of luck with this!
     
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  9. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    Hmmm, wonder what the crisis was? Heart attack?
     
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  10. southfork

    southfork Mother Lode Found Mother Lode

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    Hope it works out for you.
     
  11. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    FWIW..................

    The Demise Of Penn Metals
    SalivateMetal



    Published on Dec 9, 2016
    Sad to see a good precious metals dealer shut it's doors for business
     
  12. mayhem

    mayhem A Different Perspective Silver Miner Site Supporter

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    Sounds like a death at the top, sad if it is. I also hope everyone gets a fair settlement, but there will be expenses with such a quick end, and you might not get 100% ROI.
     
  13. southfork

    southfork Mother Lode Found Mother Lode

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    kind of odd a going conceern dont have contingency plans for something like this
     
  14. mayhem

    mayhem A Different Perspective Silver Miner Site Supporter

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    Not defending their actions, but times are tough everywhere. I know a few owners of different business who had to take a lot more risks as things spiral down the toilet.

    Myself I had a quite large life insurance policy to cover a sudden death/disability, but with today's high inflation in everything, food, healthcare and taxes, I might have had to ditch that expense myself to stay in business.
     
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  15. itsamess

    itsamess Silver Member Silver Miner

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    Gold & Silver Dealer Penn Metals Shuts Down Business Operations

    According to a note posted on their online website, new gold and silver dealer Penn Metals has shut down operations effective Friday December 9th, 2016:



    According to a blog note posted to the site, Penn Metals is shutting down effective today 12/9, due to an unforseen health issue by the owner:



    Dear Clients of Penn Metals,

    Due to an unforeseen and unpredictable personal health crisis of the owner of the business, Penn Metals will cease to operate and accept new orders effective Friday December 9th, 2016.

    During the first 10 months of 2016, Penn Metals processed over 26,000 orders for over 8,500 clients. We really appreciate your support and business.

    Although the vast majority of clients have already had their orders shipped in full, there are a number of orders from the past month that are still open (most were due to ship in the past 10 days or next 5 days, or they were presales of 2017 issues).
    As of today, an interim management team has taken over to assist with the fulfillment of all outstanding orders.

    The plan:

    Our plan is simple and straight forward. Any checks received in the last few days, as well as any received going forward, will be returned to the purchaser and the order cancelled with our sincere apologies.

    For clients that paid by credit card, eCheck or another payment method, we will be processing either a full refund or shipping either your full order or partial order (with any unavailable items as a refund).

    All clients with open orders will be contacted regarding the refund method and progress on their order shipping method within the next seven days (by December 16, 2016) and all will be shipped, refunded (or a combination of shipped/refunded) within the next 14 days (by December 23, 2016). To repeat, all orders will either be refunded or shipped (or a combination of both) by December 23, 2016).

    We apologize in advance for the uncertainty and inconvenience that this action will cause and ask that you remain patient while we work through the backlog of orders that we have on hand.

    As you can imagine, we are expecting a number of phone calls on this matter in the days ahead. Please feel free to leave a message and we will endeavor to return your call and give you an update. You can also contact us by e-mail at info@pennmetals.com.

    Again, please accept our apologies for the inconvenience of this closing and know that we are working diligently to wind up each and every last open order.

    Thank You.

    Penn Metals Group



    Online reviews of Penn Metals posted on their own website however indicate the issue has likely been brewing for some time:

    [​IMG][​IMG][​IMG][​IMG]

    [​IMG][​IMG][​IMG][​IMG]

    [​IMG][​IMG][​IMG][​IMG]


     
  16. shallow_explorer

    shallow_explorer Silver Member Silver Miner

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    Got my two tubes today. Penn came through!
     
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  17. ErrosionOfAccord

    ErrosionOfAccord #1 Global Warmer Gold Chaser Site Supporter ++

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    Good to see it pan out for a change.
     

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