An Aussie SilverDoctor sent us this, and stated that the Reserve Vault in Brisbane raised bloody hell when he attempted to withdraw his holdings, not to mention regularly charging him more than the quoted storage fees.
Doc’s Rule No. 1:
If you don’t hold it, you don’t own it.
AN UNDERGROUND vault in the City used by the wealthy to store hundreds of millions of dollars in gold, silver and other valuables is at the centre of allegations of misappropriation and dodgy business practices including making false claims about how secure it is.
The claims appeared in court documents filed in the Supreme Court which describe a hunt for at least $150,000 worth of “missing” silver ingots amid a fight for control of the company running the high security vault, The Reserve Vault.
The man previously in charge of the vault, Peter Rex Sands, was declared bankrupt in December, making it illegal for him to be a director of a corporation.
He was also prevented from having anything to do with the running of the vault last month by a Supreme Court order made in the same proceedings.
But The Courier-Mail last week witnessed him leaving the vault.
The vault, marketed as the most secure location in Queensland, is one of only a handful of such facilities in Australia.
One bullion trader told The Courier-Mail it was used by rich individuals, hedge funds, foreigners and others who “don’t trust banks” as well as dealers in precious metals.
Court documents claim that security cameras were not monitored, that the company appeared to be trading while insolvent and did not keep proper business records, and that Mr Sands had been closely involved in its operation.
A shareholder in the company running the vault, Owen Kelly, said in an affidavit filed in court he had “concerns about silver owned and stored by me at the company’s premises”.
The court documents show he aired his concerns to another shareholder, Peter Cunningham, saying at the time: “I want to make sure that my misplaced silver is found and I want the business sold so I can get my money back”.