Saturday, August 25, 2012

Royal Silver Company Bonds: Ponzi or Plodding?

Royal Silver Club - World's First Silver Bond from Royal Silver Company

You might not be familiar with Royal Silver Company if you don't follow the Silver coin market, but over the last 24 months this company has built quite a name amongst coin collectors for their .99999 (5 x 9s) Silver coin products (technically they are rounds as they aren't legal tender). Most Silver coins are produced in a lower finesse such as the American Silver Eagle (.999) or Canadian Silver Maple (.9999), so these new coins from Royal Silver Company became somewhat a novelty for collectors, chasing the finest Silver coin available on the market.

This is a blurb available on the Royal Silver Company's website:
Royal Silver Company is Bolivia's only silver refinery and custom smelter. We sell a retail product: the world s first .99999 pure silver coins. Our retail product is sought after by collectors and silver coin investors, for its unique purity and limited availability. We charge a high premium over spot silver, limiting sales to match our production capacity.
In mid 2010 they released their first coin in this fine grade, the 2010 Andean Cat:

Royal Silver Company 2010 Andean Cat 1oz Silver Coin
While I can appreciate the novelty of owning the finest Silver coin I must admit their first coin certainly didn't do much for me from an aesthetic point of view. However their designs have improved over the course of the past two years:

Royal Silver Company 2011 Blue Throated Macaw & 2012 Anaconda

Around 12 months ago (July/August 2011) the Royal Silver Company started offering (reportedly the world's first) "Silver Bonds" in order to expand their operation in Bolivia. A total of 400 certificated were/are on offer at a cost of $5000 (potentially raising up to 2 Million Dollars). 

This Royal Silver Company Silver Bonds made news on Yahoo Finance:
Royal Silver Company is a Panama corporation with a wholly-owned subsidiary in Bolivia.  The company uses an advanced hydro-metallurgical method for producing silver from mined ores.  Furthermore, the company uses zero emission technology in order to produce certified .99999 silver.  The company currently employs about 75 people.

The company has a new limited membership opportunity for silver.  Royal Silver Company is offering 400 memberships at a cost of $5,000 each, as long as spot silver is between $35 and $40.  The cost of membership climbs to $5,625 if spot silver is between $40 and $45.  Each membership acts like a bond, a silver bond.  Each silver bond entitles the holder to receive a 1 oz silver coin each month until the silver bond matures in 2 years (24 total silver coins).  Upon maturity, the holder receives their initial dollar investment back.  This may appeal to investors, because it is rare to find an investment that pays you interest or dividends in physical  silver .  However, the downside of course is that the initial payment is paid back after two years in U.S. Dollars .  The company’s website contains more details and even explains that investors can sell their membership back to Royal Silver Company anytime before the 2 year maturity is due. Yahoo Finance
Well known YouTube personality stellaconcepts (aka John Christian, online entrepreneur behind Top Stocks & Spotmex) also plugged these Silver Bonds on his YouTube channel:


These paper certificates were to provide bond holders (/club members) with a regular stream of Silver coins paid (in place of cash interest a bond would normally pay), with the redemption of the bond possible at any time over it's life or otherwise paid out in full at the end of the 2 year term (in US Dollars). As stellaconcepts points out in the above video, it's possible to hedge your exposure to currency movements for those who were concerned about loss from a change in the exchange rate.

Being a member of the club also allowed you to purchase coins wholesale up to the value of your bond ownership (e.g. owning a single $5000 bond allowed you to purchase up to $5000 in Royal Silver Company coins at wholesale prices, $3 over spot), meaning return on investment would be quite significant (should everything go to plan):

Royal Silver Company - Silver Club Projected Return

You can read more about the bonds on the Royal Silver Company website (they call the program Royal Silver Club): Link to Brochure.

The brochure outlines risks associated with the investment including the following warning:
LOSS OF CAPITAL
Risk: Royal Silver Company could become insolvent and unable to pay back Royal Silver Club members.

Management response: Royal Silver Club membership funds will be used to buy silver concentrates, crude silver, and crude gold. Club funds will be liquid, either as concentrates, silver, silver coins, or gold and gold coins. Only 400 memberships will be sold. Management will do everything possible to build a loyal investor base for future projects. Our best interest is served by making The Royal Silver Club an outstanding success.
There was little said about the program (from those who invested) for some months. Some positive feedback from a member on Silver Stackers was reported in January:
"I just want to give some good feedback about Royal Silver Company. 6 months ago I bought into the Royal Silver Company Clubmembership (1 bond) and to date I have 6 coins as promised with no dramas." Link
It seemed that all was on track. 

The CEO of the company (Brian McConnell) posted every now and again on the Silver Stackers forum, including this in April this year:
What a difference 9 months makes.  If a person had invested $5K in physical silver at $41.66 and purchased 120 ounces, he or she would be losing 26%--a $1,300 loss on a $5,000 investment.  But those who advised buying silver and who said Royal Silver Company would not honor its bond, don't post in hindsight to say they were wrong.  So I thought I'd point out the obvious answer to the original post--buying a Membership was the best decision.  From the time of the post, Members of the Royal Silver Club have received 6 to 9 free coins per Membership and their investment has increased in value against the AUD.  All Members wishing refunds have received them, so their investment has been proven liquid.  Some Members make money buying our coins for wholesale and re-selling at higher prices.  In all, Members have received the benefits of free silver, wholesale silver, and capital preservation.  Buying the world's first silver bond--The Royal Silver Club--has proven to be a sound investment with a good return--and most important--no loss of capital.  Obviously the skeptics will have something negative to post as soon as I put this up, but facts are difficult to deny.  Oh, yes, in case it is not obvious, I am the CEO of Royal Silver Company.  I am grateful to this forum for helping to develop our world-wide reputation for producing nice rounds.  And I thank forum members who have invested with our company. Link
However on June 13th this year Silver Stackers forum member Dusty posted discontent with the service he had received from the Royal Silver Company (relating to timely delivery of coins as part of the Royal Silver Club of which he had 3 memberships) and advising us that he had cancelled his memberships to this program (and in turn expecting return of his capital within 30 days as per conditions outlines by the company). You can read the post in it's entirety here (Link) and Dusty is also organising a sorted timeline of events for me which I will post on the blog at a later date.

The thread also highlighted other poor turn around times which customers of the company had received (although not all explicitly the fault of Royal Silver Company):
1. "I too am having problems with RSC. I placed an order on June 5 and wired out the money. As of right now, they still do not show the wired funds in my account and they have not responded to my email from the other day."

2. "I had a serious wait to get the 2010 cats. I ordered them late November '10 and got them April '11. Sounds like the communication system hasn't improved from the time I ordered to the OP's experience. I recall sending numerous emails and although I got responses promising they'd be sent soon, at the end it went silent until I received a  PM here that my coins might be in a lot this person received from Brian and indeed they were."

3. "Same experience when I did the first group buy for Andean Cats a year or so ago. Between the wire fees, delays, dealing with FedEx/Customs, was a terrible experience. Despite many many requests to do another group buy, I just didn't want to deal with the hassle."
Brian McConnell (CEO, Royal Silver Company) also responded in this thread (here), part of which is below:
Royal Silver Company has successfully delivered coins around the world for 2 years, since we first started minting.  EVERY order on our books has been delivered or will be delivered.   Anybody who has ever canceled an order has received a refund.  Anybody who wanted a coin replaced has received a replacement.  (We replaced hundreds of early coins, at our cost, with higher-quality strikes). We do this from the most challenging business environment in the Western Hemisphere, from a land-locked, impoverished country high in the Andes Mountains--a country with little industrial development, expensive transportation to world markets, no access to capital markets, governed by people who do not share our free-enterprise values, where the rule of law is a foreign concept, and where people speak Spanish, not English.  Holidays are many, strikes are common, blockades are the order of the day.  Bolivia is the Wild West in every sense of the word. Continues
Later in the thread Dusty says his refund was supposedly being processed on June 13th, the day he posted the thread, however as of July 26th he was yet to receive a refund or be kept filled in on it's progress (and was also missing several dividend coins).

On August 6th Dusty advised members on Silver Stackers that the CEO of Royal Silver Company had promised the return of his $15,000 (for 3 Royal Silver Club memberships) by the 15th of August. The date came and went and Dusty still hasn't received a refund of his $15,000 invested into the Silver Bonds. 73 days later when the company claims they will repay within 30.

Another member on Silver Stackers (Wiowi) who private messaged me said the following about his experience with Royal Silver Company:
I too have come against a blank wall with responses from RSC/Brian MCConnell.  I have one membership, the certificate was signed on 3/01/2012.  I received 3 coins at that same time, but none since then.  I thought this was a poor performance from RSC and Brian, and after reading about your (Dusty's) misfortune I decided to ask a few questions too.  During the last 10 days I have sent emails to RSC via their "contact us" on the website, to Brian directly and to the Commercial Registry of Bolivia (FUNDEMPRESA).  In those emails I requested return of my $US5000.00 (giving 30 days notice) and that they forward me my outstanding membership coins.  I also requested acknowledgement of my emails, but I have not received a reply.

The last communication I had from Brian was this on 14/07/2012....

"(my name):
We have been delayed to all customers and Members on silver coins for refining issues that have been resolved, finally.  Australian Members are behind by 6 months.  We will be sending coins to Australia shortly to bring everybody up to date.  Thank you for your patience.
Regards
Brian"
This brings us to the question posed in the post title: Are the Royal Silver Company (Royal Silver Club) Silver Bonds a ponzi scheme or is the company just plodding (slow) with delivering what they promise?

My read of the situation (given most customers appear to eventually receive their products) is that the company most likely just has cash flow issues, rather than it being intentional purpose to deceive and retain customer funds. However an investment like this can go bad even the most well intentioned people at the head of the company.

These events are likely to leave a bad taste in the mouths of those involved and who have read the experiences of those affected, so it makes me wonder how easy the next company with an innovative investment opportunity might fare in the precious metals coin market...

My advice if you want a guaranteed investment in the precious metals market, then forget mining companies, forget unallocated accounts, forget bonds or any other form of paper investment and stick with purchasing physical Gold and Silver!


Addendum (added October 18th, 2012):  

As of late September Dusty had received a full refund for his bond holdings (Royal Silver Club), but others I'm aware of who had also submitted requests for refund are still waiting (Edit December 31st, since confirm received). In short I don't think Royal Silver Company is trying to "scam" any bond holders, but these liquidity issues should make readers think about the risks associated with investing in the Royal Silver Club (Silver Bond Program).

Response from Royal Silver Company CEO Brian McConnell (added December 31st, 2012):

Dear Bullion Baron--thank you for being fair minded.  Of course, you have only heard one side of the story, since dissatisfied customers are quick to complain on the internet, but slow (or never) to write that their issues have been resolved, which leads the average reader of your posts to assume that our company is a scam, which it is not.  Please take the time to read this response to the negative things you have posted against Royal Silver Company.

Here are the facts:  except for 3 recent requests, all Membership refunds have been wired to the Members requesting refunds, and we most-times include extra to cover their bank fees.  The remaining 3 refund requests will be wired after the New Year’s break (around January 7).  Yes, it is true that we were delayed with refunds beginning May of 2012, as one irate Australian customer frightened other Members into asking for refunds as he flamed us on the Silver Stackers forum to such an extent that the moderators closed his posts, only to have him continue his rants on YouTube, other forums, and other threads on the same forum.  Only reluctantly and only when asked directly by other Silver Stackers did he admit that yes, he had received his refund.  After that, his credibility was called into question.  However, he did cause a “run-on-the-bank” that saw us refunding over $400,000 in Memberships.  For a modest-sized company such as Royal Silver Company, this reversal in cash flow took a while to resolve.  We stand behind our promise to Members that their investment is liquid and that we will refund their investment, when asked.  If I can plug my own product for a moment, please bear in mind that The Royal Silver Club was the world’s first silver bond and that it proved a good investment during 2011 and 2012 as silver declined in price.  Our investors did well, since their capital is safe and they have received silver coins with no cost basis (free), such that they now own 15 to 18 silver coins (or less, depending on when they purchased a Membership) that are basically free.  Even at today’s silver price, this is a better return than a typical bond--plus our coins do not re-sell for the price of silver, but for much more, so the return on investment is much higher than any other corporate bond.  Besides being an unique investment, The Royal Silver Club has proven to be a profitable and safe investment--considering how many corporate and sovereign bonds have become worthless since last year, I feel we offered our customers a good return in a product that means more to them than the few dollars that the normal bond or savings account pays these days.

Regarding delays in the delivery of coins.  Yes, it is also true that Members in Australia in particular suffered long delays in receiving their free coins as we developed distribution channels.  I admit that delivering coins free of charge to customers on every continent from the land-locked country of Bolivia proved to be more of a challenge than I first expected, but as I write this, most free coins have been delivered already, with more on the way the first week of January.  All Members will be brought up-to-date by January.  What most complainers fail to mention is that I voluntarily added one extra free coin to the 12 free coins per year that we contracted.  In other words, Members received or will receive an additional coin, even though that was never part of the original contract.  We added the additional coin because the decline in the price of silver went in our favor, so I decided to give our customers something extra.  What other company have you ever heard of that voluntarily pays their bond-holders more than originally contracted?  None, except Royal Silver Company.

Coin customers who pay for their orders receive them within our Terms of Service, with few exceptions.  Yes, there were some exceptions in 2012, especially as our ability to make silver was hampered by the “run-on-the-bank” that impacted our cash flow.  However, all credit card customers receive their orders within our Terms of Service (most people fail to read the fine print, but they agree to our Terms of Service with each and every coin order), and most cash customers also receive their shipments within our Terms or shortly thereafter. 

Please understand that we are the only mint in the world to take raw rock, extract the silver with zero-emissions patented technology (US Patent 7,892,505), refine the silver to the highest purity, and mint proof-like finish coins, all under one roof and with no pollution to the environment whatsoever.  Then we ship each order to the customer, no matter where in the world they live, from the impoverished country of Bolivia (one of the most challenging business environments in the Western Hemisphere).  Also, we are the only mint to offer customers an independent certification of the purity of each and every batch of silver we refine.  Other mints offer absolutely no assay of purity, or only an in-house assay signed by their own assayer.  SGS, the largest standards and testing organization in the world, independently certifies cuttings we take from each batch of silver coins.  So customers can be sure that Royal Silver Company truly offers the purest silver coins in all of human history.  It may take longer, but we refine each batch of silver to 5x9, even if we have to re-refine several times.  This sort of extraordinary craftsmanship takes time and effort.  For the modest premium we ask, we offer the most unique silver coins in the world, that in all parts of the world re-sell for much more than our store premium.  And Club Members receive our coins for wholesale price, less than the cost of the average generic rounds that have no re-sell premium at all.

Regarding me being slow to respond to emails, please be fair.  I receive about 200 emails per day, most of which require some response.  At times I travel to remote parts of Bolivia and my inbox fills beyond my ability to go through it quickly.  I defy you or anybody to write to Bart Kitner of Kitco about a coin order and receive a personal reply, or to the Director of the Perth Mint, or US Mint, or Chinese Mint about a small coins order and receive a personal reply, yet I try and respond to everybody who writes, no matter if they only ordered one coin.  All you ever see is “Brian does not return my emails.”  Wow.  If people would write to us using their Royal Silver Company store account, then our English-speaking customer service rep will see their mail and respond quickly, but many customers write to me directly on my personal email and expect an immediate reply.  That is unrealistic to say the least.  Yet I do respond eventually.  Please believe me when I say that dealing with the retail public around the world requires the patience of the biblical Job.  I am not complaining, just explaining.

In 2013 Royal Silver Company will expand operations to become Bolivia’s largest zinc and silver smelter.  We hit a speed-bump in 2012, but have overcome the difficulties of working from Bolivia to build our company into one of the largest.  You and others will read about us in the popular press as we become the most important zinc and silver producer (metallic silver and zinc, not just minerals) in our region of the world.  It takes guts and courage to invest in Bolivia these days, let me tell you, but we are committed to the industrialization of Bolivia more than any other company I know.

Finally, if customers would apply a reasonable amount of patience, they will receive the most ethical, and purest silver coins on Earth.  Every order on our books has been or will be shipped.  Period.  If you and your readers will just look at the YouTube videos of satisfied customers opening their packages and displaying their Royal Silver Company coins, you will see a level of enjoyment and awe that is rarely shown for other silver coins.  These days, a modest amount of money rarely buys the sort of satisfaction you see expressed by our customers as they proudly show off their silver coins from Royal Silver Company.  I can’t offer the fastest, but I do offer the world’s best.

Thank you again for reading this post.

Best regards,
Brian McConnell, CEO Royal Silver Company


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49 comments:

  1. Pagnani in Australia offer an almost identical "silver club" for $5k with a free coin each month - wonder where they got that idea.

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    1. Interesting. Like with RSC there will be risks, but at least from a delivery point of view you could be a little more confident that it would be prompt (for those purchasing in Australia).

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    2. I have sent numerous emails and attempted contact through their website and have not had a single reply from Brian McConnell regarding member coins which have not been sent out or the cancellation of my membership. It seems the company has gone under or at best have serious liquidity problems. Not replying to customers is very unprofessional behaviour.
      I will certainly be advising my other suppliers, Mike Maloney of GoldSilver.com, Silver Stampede and David Morgan er al to advise their clients to stay well clear of this company.

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    3. Thanks for the info, some other people I've spoken with have seen lengthy delays on delivery of product (e.g. 3 months and longer) & Dusty had similar time to get membership money back, so don't give up hope, but yes unprofessional and likely issues with cash flow.

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    4. Following on from my note on the 14 November, I'm happy to write that I received a refund for my bonds on the 18 December. I even received a credit for the wire transfer fee, which I hadn't asked for! I have been advised that any outstanding rounds will be sent out this month.
      The one thing which saddens me is that Brian clearly refused to communicate with me throughout this process which is a great shame as we had been on good terms and despite that I still believe that RSC is a great little company with an amazing technology and products. I wish them all the very best moving forward!!

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    5. Glad to hear that. If you didn't already notice Brian contacted me with an email I amended to the original post also. Definitely an improvement in communication with customers is required.

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    6. Following on from above. As of 25th March I have not received my membership coins which were promised for delivery by mid February. They have once again stopped replying to emails and messages on their site... They can offer all the assurances they like but non delivery is non delivery.

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  2. I say that if they cannot deliver on what they advertise than you could safetly say that there not telling the truth.

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  3. I`m interested on your take with unallocated metal at the Perth Mint. I have allocated metal but also an account in which I hold unallocated silver. When I set up this account years ago It was in a different financial climate. Then, it looked attractive from the point of view that it was insured by lloyds and had a WA government guarantee to reimburse either in metal or money. Now of course, insurance companies are going bust. Perth mint seems reputable but what do I know?! TIA kev

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    1. Hey Kev, Perth Mint would likely be amongst the safest unallocated accounts out there, however from my perspective I would prefer to hold physical which is personally stored (safety deposit box), but obviously this is still not 100% risk free.

      I think the biggest risk if holding Perth Mint unallocated would be missing out on premiums that retail buyers could be paying for immediate physical delivery of smaller bars/coins in any "mania phase" of the bull market. In a situation like this we might see Perth Mint struggle to churn out smaller bars and coins for unallocated accounts in a reasonable time frame.

      I mean we had smaller Dragon coins (.5/2/5oz) out of production for some 6 months or so.

      To put that in perspective the run up of Silver in 1979-1980... we saw Silver go from $11 to $50 in 4 months and then back down from $50 to $11 over another 4 months. The window to sell near the peak price may be small, so you may simply be limited to selling back to the mint at their buy price.

      Have a look around for Bron Suchecki's posts on Perth Mint's allocated accounts, from what I remember he explained it that Perth Mint always has enough Silver in inventory to cover all unallocated accounts, but it may be in various forms and take time to process the Silver into products for delivery to account holders.

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    2. Thank you very much for your reply, The Perth mint is of course very convenient for transactions although as you say, you may not always be able to get the best price in the mania phase. I telephoned them recently because I thought I might take delivery of my 1000 oz bars and was told that they wouldn`t buy them back if I took delivery! On reflection, I should have bought smaller bars.Thank you once again, kev

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  4. Sounds like a company in serious financial trouble and as they say invest in physical not paper just like there bonds.
    I'd say that the club members have lost there money and I feel for all of them.

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  5. I have not received my free interest coins in almost 7 months. I want to warn people not to do business with the RSC. I agree, I don't necessarily think it is a scam because I did receive the first 6 coins (6 months) however, I have sent 4 emails to Brian CEO and have not received one email in return.

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    1. Thanks for sharing your experience. I hope RSC comes around to deliver your missing coins. That's a long time to wait.

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  6. Is goldstackers.com.au reputable when it comes to unallocated ?

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    1. To the best of my knowledge it is. The site and their owner has confirmed (on Silver Stackers) that the metal is fully backed, not leased or leveraged in any way. That said I would personally choose Perth Mint for unallocated over any private companies (over any other company, not just GS). Personally though I choose to store my own in a safety deposit box, but that isn't practical for everyone.

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  7. I was just advised today with a fedex tracking number that my second shipment of 6 months worth of silver coins are on their way. This is 5 months after their supposed delivery date. No apologies, etc. I am not liking this, but thinking I would stick with them for another quarter. If the delivery issues remain, I will cancel my membership(s).

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  8. The Royal Silver website is down and I am owed 10 free coins as I haven't seen one since April of 12'. Brian is asking for patience but 10 months is completely unacceptable imo. Even an email once a month to silver club members would appease them and be better than silence. I don't understand why Brian wouldn't have an English speaking customer service representative returning emails for him. I agree, it is ridiculous that a CEO is trying to run the company and be a personal customer service rep. This company has been nothing but reactive instead of proactive. It doesn't take much to keep people happy, a simple email once in awhile explaining delays would've gone far and avoided panic.

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    1. Agree, sounds like the CEO would do well to hire someone to handle some public relations/communications.

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  9. Well, I think Royal Silver is the best, it's very reasonable for these delays and I don't mind, I have been to Bolivia before and let me tell you...it is extremley hard to ship things without them being either stolen or sent to another direction and the cost is outrageous. As from what I heard, Brian did have an English-speaking representative that went MIA and has hired a new rep and they respond to me the same day! I too am owed 8 coins, but come on fellas, they are FREE coins. FREE silver coins with FREE shipping, that comes from such a troubled country. I applaud Brian for what he is doing, and truly believe in what he does and I believe we need to give him a lot of credit for his outstanding work.

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    1. To anyone reading the above comment, the IP address it was posted from originates from inside Bolivia. There's a good chance the above message is someone from Royal Silver Company.

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  10. Im interested in buying coins and these so called silver bonds. Where can I buy them from?

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    1. Another post from Bolivia (Royal Silver Company, is that you?), looks like the poster this time tried unsuccessfully to use an anonymous proxy. lol

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  11. Brian is a snake oil salesman at best. He owes people hundreds of coins that have been paid for at least 8 months ago & is now dodging emails & phone call after making one broken promise after another. Yet he has the gall to to complain about customers who are quick to complain, great business model he displays. The man is the company & the company is rotten to the core pure & simple. Avoid this company like the plague end of story.

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  12. I have requested a refund in Dec, then again in Jan, and in Feb. it is now Aprill, where is my $5,000 Brian? You used my $5,000 for 10 months without paying me a single ounce. Can I borrow $5,000 for 10 months with NO interest from your personal account and then when you ask for it back just dodge your emails for 5 months? This company now falls under the guise of "fraud". DO NOT DO BUSINESS WITH THE COMPANY!!! PERIOD!! DO NOT EVEN ORDER COINS FROM THEM!!

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  13. I have to agree with many of the previous posters. I had read many of the reviews prior to submitting an order to Royal Silver, but based on Brian McConnell's response to Bullion Baron, decided to give him a chance. Placed my order in January and still haven't received any coins. When I email customer service, Cristofer Fuentes keeps responding that a "big" shipment will be going out in a couple of weeks. Still no coins!!! I have now followed suit and requested a refund. This company should be avoided by all!!!

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  14. the coins are beautiful but communication with the company IS frustrating. Hopefully the technology will be accepted and a pollution free smelter process will be the world standard.

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  15. I feel sorry for the investors at royal silver, they will never see their money again or their coins. It seems to me that the company went bankrupt. Stay away from this company!

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  16. Some Australian customers have been waiting for 12 months.
    Whats your excuse this time Brian?
    You run a Ponzi scam, the more people that know of your scam the better.

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  17. I want to see Brian McConnell behind bars for stealing our money. Hopefully someone could start something to catch this crook!

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  18. I keep messaging and am getting nothing. my two years is up and would love my money back Have tried two royal silver sites and Skype but nothing. Has anyone been able to call them?

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  19. To best of my knowledge there are many in the same boat Nick. You could try contacting your consulate in Bolivia for advice. Or perhaps get in touch with the Minister of Mining and Metallurgy (Ing. Mario Virreira) who toured their plant late last year. Brian and RSC seem more interested in progressing their ARGOX process rather than looking after their customers, seems that it might have been the case they were/are using coin investor funds to move forward their other projects.

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  20. No luck with a few i know for a least a month,then it was the same old "yes soon" answer. Brian Mcconnells skype says hes in Algeria!!

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  21. I have now been trying to get my $5,000 back since DEC to no avail. 9 MONTHS and NOTHING.....Obviously a fraudulent company and Brian should be in jail.

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  22. been waited for responses like everyone else. cant somebody contact the local papers in Bolivia about the situation. I am sure they would want to know about such a big business debacle in there nation. it probably bad for Bolivia to have a respected company, that they are proud of, is running such bad business practices. that can't be good for there economy or Bolivia reputation.

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  23. I'm still waiting for my coins/refund as well. No coins since December and no refund since the request about 5 months back. It's very frustrating particularly because I think the technology and the idea are great, but business is all about satisfying customers. RSC is not doing that. I will be very hesitant to invest in another such company in the future. Too much headache.

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  24. hi, I have been watching posts and have been in the same boat as most with royal silver. ordered back in march, had very sparse communication and though I had lost my investment. Hooray today royal silver finally sent my order. the coins are really nice. I hope brain can set others strait. but it is a good sign. and a good start.
    just wanted to share the hope for others.

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  25. The FBI in the USA have recently been made aware of Brian McConnell and the RSC issues, with a fair amount of detail provided.
    There are many in the US and Oz who have had a gutful of this bloke, and some in the US who have gone to the law now for help to get hold of Brian, who has family in the USA.

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  26. I have intel from RSC and it seems like it went out of business as my informant told me that almost every employee has left RSC for lack of payment and that Brian is nowhere to be found.

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  27. The company MUST be gone now. The website store is not even taking orders and the prices seem "stuck" with no way of checking out. Brian McConnell should be in jail for fraud.

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  28. You have all been scammed, the factory has been a ghost town for months. Brian is a coward and a liar, now hiding like the cowering dog he is.

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  29. Hi , Thanks for your great post : " Perth Mint: FREE SHIPPING worldwide for onine orders $400+, CLICK BELOW:", I got it helpful one. Regards,

    Send DHL online

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  30. Brian´s right hand man in all of this is a guy called Rodrigo Claver. He is currently at Royal Silver but won´t answer the phones. Here is his cell phone number (591) 77999769. He is also a crook and needs to be stopped. Brian´s son also knows about the situation, his number is (591) 77974074.

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  31. BB, I have been scanned by Royal Silver, my name is Brad and my email address is troybr79@aol.com. I bought a Silver Bond in Aug of 2010 and wired Brian $5,000 and did receive my bond and first 3 coins. Howver Imy deliveries became more infrequent and when they got to 10 months with no interest paid I decided to cancel my bond. I emailed RSC in Jan of 2012 asking for a refund and received no reply. I emailed again inFeb, March, April, no reply. My bond was up I Aug of 2012 and I emailed again and NOTHING. The RSC owes me 9 oz of silver and $5,000 and has not returned my emails in two years., THIS IS FRAUD. I have no reason to make this up and have better things to do with my time but I'm wondering how many others got screwed too.

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  32. Hi Brad, have sent you an email. I hope all those who invested in the bonds (or are waiting on purchased coins) end up with some sort of compensation in time, but it certainly doesn't look good.

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  33. I sent RSC $482.48 on 2/18/2013 for two coins and they haven't lived up to their end of the bargain. Still no coins and still no refund. I haven't heard about or found any information regarding RSC or CEO Brian
    McConnell, since his last contact with me back in the summer of '13.

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  34. Brian has abandoned Bolivia and is currently in Fort Lauderdale. His wife and son are still in Bolivia while his lawyer Rodrigo Claver is still running the plant.

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  35. http://www.la-razon.com/index.php?_url=/suplementos/financiero/Royal-Silver-monedas-conmemorativas-exportacion-Financiero_0_1985801514.html
    The article suggests that Brian McConnell will open a silver mint in western USA this coming August. The reason suggested is a lower order shipping cost from USA as compared to Bolivia.

    Do you know what is real?
    Is Brian in jail or in the USA to open a silver mint?

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  36. Have not seen anything more on this, not sure.

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