Complaint Review: CACHE METALS - toronto Ontario
- CACHE METALS toronto,ontario,canada toronto, Ontario United States of America
- Phone:
- Web: www.cachemetals.com
- Category: Investment Brokers
CACHE METALS CACHE PRECIOUS METALS dont do business with 'cache metals' in toronto toronto, Ontario
*General Comment: Fraud is true
*General Comment: Scam
dont do business with 'cache metals' in toronto
they will tell you anything to make a sale
they have nothing but contempt for their clients
they are nothing but hustlers
without any professional qualifications credentials or education
they are a boiler-room bucket-shop.
with slick talking salesman
.....
one of the guys who worked there, used to sell memberships in a gym........
the floor manager is a mentally deranged person prone to violent outbursts and threatening behaviour
do not trust them!!!!!!!!!!!!
This report was posted on Ripoff Report on 08/26/2011 12:53 PM and is a permanent record located here: https://www.ripoffreport.com/reports/cache-metals/toronto-ontario-/cache-metals-cache-precious-metals-dont-do-business-with-cache-metals-in-toronto-toronto-769641. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#2 General Comment
Fraud is true
AUTHOR: Michael - (Canada)
SUBMITTED: Sunday, November 29, 2015
The scam that Cache has been running for the past 6 years is that they are telling customers they are buying physical metal that is being stored at vaulted locations in the US. That infact is not true, for leverage accounts they are buying metal that is on margin from a company out of the U.S. Cache is telling you that you are buying a "portion" of a 1000 oz bar. That is not true as well. You are buying metal on margin, where you have only ownership on Cache's books. Cache would give out a fictious "commodity title transfer" telling customers they have been given ownership of metal at a vault. That of course was not true. Cache was charging customers a fee for storage when infact the metal was never stored and they themselves were never charged storage fees from the company they were buying metal from. They were charging an interest on leveraged metal meaning if you put down 10k you could buy as much as 30k worth of "physical metal". You would be financing the borrowed metal at a rate of 8.5%. Cache was also charging a "spread fee" of 3% on buys and sells Eg)if silver was trading at $19.00, they would buy it at $19.00 and give it to a customer at $19.57, similarly if you sold your metal you would get a price of $18.43. When you bought your " metal" on margin you always had to make sure it didn't fall below 25% or you get a margin call and would have to put up more money or they would liquidate a portion or all of your metal. If they were really buying physical metal, why when I wanted to take deliver they had to sell my position to buy physical bars, I thought I owned physical shouldnt I just pay the premium for the metal I wanted?
If you ever wanted to try and sell your "metal" they would advise against even if the metal as falling. There were 3 main principles that would tell you not to sell. I was solicited by many telephone calls from a boiler type room.
Leverage metal only works when its a bull market. A market trading lower will only make you lose your money and have to put up more money.
I have asked cache a lot of questions but they still can't seem to answer these simple questions. The truth is Cache was only buying metal on margin (a piece of paper), the metal was never stored so we should have never been charged storage fees.

#1 General Comment
Scam
AUTHOR: Former Customer - (Canada)
SUBMITTED: Sunday, August 02, 2015
The scam that Cache has been running for the past 6 years is that they are telling customers they are buying physical metal that is being stored at vaulted locations in the US. That infact is not true, for leverage accounts they are buying metal that is on margin from a company out of the U.S. Cache is telling you that you are buying a "portion" of a 1000 oz bar. That is not true as well. You are buying metal on margin, where you have only ownership on Cache's books. Cache would give out a fictious "commodity title transfer" telling customers they have been given ownership of metal at a vault. That of course was not true. Cache was charging customers a fee for storage when infact the metal was never stored and they themselves were never charged storage fees from the company they were buying metal from. They were charging an interest on leveraged metal meaning if you put down 10k you could buy as much as 30k worth of "physical metal". You would be financing the borrowed metal at a rate of 8.5%. Cache was also charging a "spread fee" of 3% on buys and sells Eg)if silver was trading at $19.00, they would buy it at $19.00 and give it to a customer at $19.57, similarly if you sold your metal you would get a price of $18.43. When you bought your " metal" on margin you always had to make sure it didn't fall below 25% or you get a margin call and would have to put up more money or they would liquidate a portion or all of your metal. If they were really buying physical metal, why when I wanted to take deliver they had to sell my position to buy physical bars, I thought I owned physical shouldnt I just pay the premium for the metal I wanted?
If if you ever wanted to try and sell your "metal" they would advise against even if the metal as falling. There were 3 main principles that would tell you not to sell. I was solicited by many telephone calls from a boiler type room.
Leverage metal only works when its a bull market. A market trading lower will only make you lose your money and have to put up more money.
I have asked cache a lot of questions but they still can't seem to answer these simple questions. The truth is Cache was only buying metal on margin (a piece of paper), the metal was never stored so we should have never been charged storage fees.


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