Global Bullion Exchange is the third name the firm has had. From Barclay Trading Group, to The Bullion Group, to GBX. You guessed it, they have tarnished each title by doing business unethically. The commission is their goal, and if you don't send any money, the broker makes nothing. Therefore, a client is only worth anything to them only if they are sending money. After that you will be "sold" more metal by borrowing from your account and being put in the market at the highs, and on the first pull back or downswing will give your account an "equity call", which inevitably ends up being a sellout at a steep loss.
The firm won't last very long before being closed down by the state government for fraud.
Two major offenses legally are: First, charging large interest fees on loan balances that technically do not exist. There is no lender to provide such large credit balances to such a company as GBX. So go ahead and pay 12% a year on a "phantom loan".
The company doesn't even have the physical metal that is being sold to the public. If every investor had a fully paid for account (no loan balance), and demanded physical delivery on the same day, it would be impossible for the firm to deliver, since it is merely a number on a piece of paper.
My advice is simple, if you want a tax loss go right ahead and open an account at Global Bullion Exchange! Good luck
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