Regal clients are now talking to the press about their inability to get delivery of the metal they bought and paid for. The Regal website has been taken offline.

As reported in the Daily Beast article titled The Great Gatsby of Gold Took Their Millions – and Vanished, those contacted by the reporter all told a similar story of their interaction with Regal Assets: “an enthusiastic sales pitch, a six-figure investment, months of delays and excuses, and finally, over the summer, radio silence.”

The institutions people rely on to clean up the markets are unreliable – largely because government regulation doesn’t tend to work in the first place. Regulators usually arrive on the scene after the damage is already done.

Honest companies don’t need regulation to do the right thing. Dishonest companies don’t care much about the law.

It is not hard for unethical people to purchase a thin veneer of respectability. There are even private, for profit, online review websites who very aggressively market reputation management services to businesses.

Regal Assets itself was a master at affiliate marketing, compensating scores of online marketers to spin up “review” sites that pooh-poohed legitimate businesses and pointed readers instead to Regal Assets. (In fact, Money Metals once had to take legal action against a Regal Assets affiliate illegally trading on our good name.)

Size and longevity offer limited assurance to investors as well. Mega-banks like JPMorgan Chase and Wells Fargo have been around more than 100 years and have millions of clients. But these institutions have their own rap sheets for swindling people in various ways.

It’s also a good idea to call prospective dealers and evaluate how you are treated.

Does a live person answer the phone? Did a highly commissioned salesperson give you an aggressive pitch? Did they recommend high-margin collectibles or something other than low-price bullion coins, rounds, and bars? Are the answers to your questions straightforward and direct?

Trust is a precious commodity, and it seems to be evaporating quickly in this era of institutional failure. Be careful where you place yours.

This week’s Market Update was authored by Money Metals Director Clint Siegner.

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