Precious Metal House Bankrupt? It Appears So.

When I first started purchasing physical silver, I purchased it from Precious Metal House. I remember going down to the south of  Toronto, down by the lake and dealing with the owners of the company out of a beautiful Condo lobby. I remember my last purchase from them was a tube of American Silver Eagles. It was also when they mentioned that they were moving to the north and setting up shop.

I wished them well and I moved on, finding another silver dealer in Toronto. However, I still visited http://www.preciousmetalhouse.com/ to check out their prices and compare to my local dealer. But now, it seems that the website is down, for so called "maintenance".

I did a little digging and it seems that PMH is actually bankrupt. Its unfortunate but in this day and age of high competition and tight margins, a price swing in the wrong direction can wipe out a business such as PMH. There is plenty of discussion of this on silverstackers and kitco in regards to their bankruptcy. There is also a forum that has been setup dedicated to the closing of PMH and what customers are doing to receive their money back from pending orders.

http://pmhbankruptcy.proboards.com/index.cgi?board=general

This is a copy of the email one individual received a few days ago:

Please be advised that Precious Metal House has filed an assignment of bankruptcy. For further information please contact.
Francisco Remolino
ESTATE MANAGER
PH.  416.515.3921 EXT. 3865
FAX  416.323.5240
3100 Steeles Avenue East, Suite 900
Markham, ON
L3R 8T3
preciousmetal@mnp.ca

I still wish PMH all the best and I hope that they do work out their issues. If you want a reliable bullion dealer in Toronto I recommend Toronto Gold Bullion they have their shop at 5775 Yonge Street North York, Ontario. If you want to deal with an online dealer then I will recommend Silver Gold Bull.

Rest In Peace.