Bullion Dealer Data
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Dealer Data on Kitco

NameKitco (Quebec, Canada)
Address620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
CA
Phone1-877-775-4826
1-514-313-9999
OwnersBart Kitner (President)
DateStarted1977
Sales~CDN$250M
(2014 est.)
BBBn/a: BBB does not cover Canada
BCAn/a
UCCOK
GovtActionYes: Filed for bankruptcy (CCAA, like U.S. Chapter 11) in June, 2011, with $408M liabilities (mostly from a disputed tax issue) and $0 assets. Ongoing.
LawsuitsYes: Was sued in 2011 by Heraeus Precious Metals Management, LLC, claiming that Kitco 'essentially contracted with Heraeus to borrow $26.4M,' backed by rhodium, and Kitco was unable to pay.
NFACFTCOK
ShipDays~4-5: "Shipments generally arrive within four to five business days from the time we receive cleared funds."
LeverageNo
StorageYes: Offers segregated, insured storage in Kitco's own vault (and/or a Garda vault) in Canada, for .85%-.65%/year.
Although allocated, only 1 type of gold coin is allowed (1oz maple), and must be bought through Kitco, so it is impossible to know if your metal you get our is what you put in.
PoolYes: There are grave concerns surrounding their 'pool' accounts, which the court-appointed monitor did not deny may be partially backed by third party pools (which are not 100% backed by metal), nor did they deny that the pool metal may be encumbered.
CommissionNo
NameProblemsOK
RareNo
CommentsThey expect a net cash flow of CDN$-1.9M (loss) for the year starting Aug. 2014.
Sales estimate is of bullion sales, not including pool/scrap.



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