Regal Assets, a somewhat prominent gold and silver dealer in southern California, is in serious trouble based on news released last week. Tyler Gallagher, the firm's high-flying owner, has reportedly vanished... perhaps to avoid arrest and prosecution.
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."
If you get a high-pressure pitch for
"rare," graded, or proof coins, RUN!
Over the years, Regal Assets was one of the many firms that heavily promoted so-called "collectibles" and proof coins rather than bullion. That was always a major red flag in and of itself.
As we've reported many times here at Money Metals, firms that pressure investors to buy these high-premium and "graded" products should be avoided. In this case, poor ethics has given way to business failure, if not outright theft.
Like banking, investment, and crypto markets, the gold and silver markets attract a lot of money. And that money attracts some bad actors and fraud.