Elemetal

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Elemetal is a global precious metals company based in Dallas, Texas, that focuses on the recovery, refinement, and minting of precious metals founded in 2005. The company was ordered to pay $15 million by the U.S. government for failing to prevent employees of its Miami-based subsidiary from importing illegally sourced gold from Latin America. The employees were charged and convicted of smuggling billions of dollars worth of gold acquired from drug traffickers.

The U.S. government also ordered Elemetal to close its Ohio refinery and to cease trading gold on bullion markets. Elemetal is currently on a five year probation period while it implements a stringent anti-money-laundering program.

Elemetal began as NTR Metals in 2005, and over its ensuing years grew and expanded to become a global bullion conglomerate controlling dozens of subsidiary companies. By 2012, the private mint was earning more than $1 billion in annual revenue, according to Coinweek. NTR Metals merged with Ohio Precious Metals, and later the combined company started using the Elemetal name. It was also during this year that the mint’s subsidiary began importing millions of dollars worth of illegally sourced gold from Peru.

After the news broke of Elemetal’s connection the alleged gold smuggling scheme, trading of its bullion was suspended by LBMA, and COMEX followed suit by suspending the company’s registration. The scandal resulted in Elemetal shuttering various divisions including Elemetal Mint, Elemetal Vault and Elemetal Refinery.

Currently, Elemetal operates Elemetal Direct, which conducts business as a precious metal scrap refinery with multiple locations.

Reviews of Elemetal

Elemetal bullion is still available from distributors and collectors all thought it is no longer being produced. Their products have received rave reviews from purchasers for the quality, appearance, packaging, design and imagery. They were especially known for their high-relief engraved coins.

Following the scandal, however, some collectors, rightly or wrongly, have questioned the integrity of the product and taken a more skeptical view of the company’s past business practices. There were no issues identified when it comes to improper fineness or weight, however the dubious origin of the gold has led some in the marketplace to avoid Elemetal products.

Mint Locations

The company’s corporate office is located in Dallas, TX. It has more than 40 Element Direct locations throughout the United States that purchase and collect scrap precious metals for refining.

Dallas (HQ)
15850 Dallas Parkway
Dallas, TX 75248

Elemetal’s Claim to Fame

Starting with its founding in 2005, Elemetal grew to be one of the largest private mints and refineries in the United States. However, after news of the smuggling scandal broke in 2017, the company severely curtailed its operations. Three employees of Elemetal subsidiary NTR Metals in Miami, were convicted for their roles in participating in the gold smuggling scheme. The employees were alleged to have helped drug cartels in South America launder more than $3 billion in criminal proceeds by importing gold from cartel-controlled mines in Peru. The employees were sentenced to between six to eight years in prison.