A Note about the Republic Metals Bankruptcy

A Note about the Republic Metals Bankruptcy

Republic Metals, founded in 1980, is one of the largest precious metals refiners in the world, and an LBMA and COMEX good delivery producer. The company's private minting business recently accounted for nearly 70% of North American privately minted production.

On November 5th, after months of attempting to sell the business to Valcambi, Republic Metals filed for Chapter 11. The bankruptcy resulted from an audit that revealed more than $100M in missing inventory. For more information, please refer to this article: Bankruptcy judge approves case-management procedures for Republic Metals

Thankfully, we have very limited exposure in the bankruptcy proceedings. Other precious metals companies are not so fortunate. We have sold Republic Metals branded bars for several years, and we will continue to make a two-way market for their products, but we will no longer actively sell their products on our website.

However, Republic Metals minted our Texas Gold Rounds and Texas Mint Gold Bars. As a result of the bankruptcy, we will be minting these products through Sunshine Mint (SMI) going forward, the same company that manufactures blanks for the United States Mint. This process will take time, and we will likely be out of stock on Texas Mint gold products for several months. We will send out communications as soon as these products again become available. Silver products are minted elsewhere and inventories remain unaffected.

We greatly appreciate your patience and understanding.

Sincerely,
Tarek Saab
President & Co-founder
Texas Precious Metals

  • Posted on November 19, 2018
  • By TPM
  • General

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