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Kitco

Kitco

Kitco is a Canadian company that buys and sells physical precious metals such as gold, platinum, palladium, and silver.

OverviewStructured DataIssuesContributors

Contents

kitco.com
Is a
Company
Company
Organization
Organization

Company attributes

Industry
Blockchain
Blockchain
Metal
Metal
Blockchain and cryptocurrency
Blockchain and cryptocurrency
Precious metal
Precious metal
Cryptocurrency
Cryptocurrency
Mining
Mining
0
Finance
Finance
Trade
Trade
Location
Hong Kong
Hong Kong
Canada
Canada
B2X
B2B
B2B
B2C
B2C
0
Founder
‌
Bart Kitner
Number of Employees (Ranges)
51 – 2000
Email Address
info@kitco.com
Phone Number
+15148754820
Full Address
620 Cathcart, Suite 900 Montreal, Quebec H3B 1M1
Founded Date
1977
Key People
‌
Adrian Boiangiu
‌
Bart Kitner
‌
Daniela Cambone
David Lin (entrepreneur)
David Lin (entrepreneur)
‌
Nizar Tabet
‌
John Dourekas
‌
Peter Hug
‌
Alexandre Levkovsky
...
Country
Canada
Canada
0

Other attributes

Company Operating Status
Active
Public/Private
Private
Wikidata ID
Q6418093

Kitco also runs a website for gold news, commentary, and financial market information.

Kitco News

Kitco News is the journalistic division of Kitco, reporting using articles and videos. Original coverage by Kitco News includes being one of the first organizations to break the story about the Gold Anti-Trust Action Committee's (GATA) lawsuit against the Federal Reserve, as well as focus pieces on issues such as conflict minerals in the Congo.

Tax issues and creditor protection

Among Kitco’s lines of business is the purchase of scrap precious metals. Kitco pays its suppliers sales taxes on these purchases and receives tax credits for the corresponding amounts. Alleging that some of these suppliers have not paid back the taxes owed to it, Revenue Quebec is holding Kitco responsible for these unremitted taxes. Revenue Quebec's issuance of assessments for these taxes has forced Kitco to file for creditor protection.

On June 8, 2011, the day after Revenue Quebec raided Kitco's headquarters, Kitco was granted CCAA creditor protection by the courts (similar to U.S. Chapter 11 bankruptcy protection). On November 6, 2014, the CCAA protection was extended again to June 18, 2015. The CCAA protection allows Kitco to continue under its existing management, with Richter acting as a Monitor. Around May, 2014 Kitco paid the majority of creditors in full, with others receiving partial payments (except Revenue Quebec). Kitco rejects ARQ allegations.

Kitco Pool controversy

Kitco offers unallocated precious metals accounts, called "Kitco Pool." Normally, unallocated precious metals account are like "IOU"s and backed by the "general stock" of the dealer. In the event of bankruptcy a pool holder would become an unsecured creditor of the company.

Starting back in 2007, silver analyst Ted Butler voiced concerns over unallocated accounts, including the Kitco Pool.

Timeline

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Funding Rounds

Products

Acquisitions

SBIR/STTR Awards

Patents

Further Resources

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References

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