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What Scam. You order silver, you get silver just like hundreds of other companies on the web. Go to your jewelry store and see if they don’t have a wide variety of silver gold coins that they will sell you. They will tell you just how much pure metal they contain and they will have a value. You pay the posted price tag and you get the coin.
In this case the Government acted too soon. If they thought this company was doing something wrong why didn’t they go to court and get a ruling BEFORE they shut them down. Where is the right to DUE PROCESS.
The people who ordered and paid for these certificates did NOT get silver or any other precious metal. They got a piece of paper which somebody told them was “backed” by a certain amount of silver in a warehouse, and also told them was “legal tender”. There was no control over the relationship between the amount of silver actually in a warehouse and the total amount of silver represented by all the certificates, nor any control over whether any silver that might have been in the warehouse at the time a certificate was sold would still be there when the certficate buyer decided to go get it in exchange for the certificate. Nor were the certificates “legal tender” in any way shape or form. Anyone trying to pay for anything with these certificates would find out immediately that they were worthless, since nobody except a few other kooks will give you anything of value for them.
I’m sure the FBI had gone to court and obtained a warrant. The most likely route for the FBI having become involved in the first place was a complaint from someone (probably a lot of people) who had bought some of the certificates and then tried unsuccessfuly to get their silver.
The quickest cure for people who think these privately run currency schemes are legitimate, is to actually sink some of their real money that they really need into one of the schemes.