Update on Mulligan Mint

On Monday, August 5, 2013, I posted a piece titled “Calling It Quits With Mulligan Mint.” It was pointed out to me that it included a factual error, so I’ve truncated that post.

I’d like to give everyone an update on what has transpired since then.

First, the Good News:

1. I have been impressed that the staff of Mulligan Mint has overcome all of the hurdles of transitioning from a fledgling company that simply struck outside vendor-supplied .999 fine dimensioned blank planchets into a company that now consistently turns raw .999 fine silver into finished coins, in quantity. They have a dedicated and hard-working staff, and they have invested a lot of money into capital equipment to make all this happen.

2.) All of American Redoubt orders placed before August 1st have apparently been filled, as promised. A few new orders have been placed since then, and I’ve been told that all but 93 ounces have now been shipped. (In summary: Mulligan sold 11,009 1Troy ounce American Redoubt silver coins, Of the 11,009 coins sold, they have minted and shipped all but 93 pieces, the balance of which have been promised to ship by August 24th. So now 99.2% of all American Redoubt coins ordered have been minted and shipped.)

3. I have now been paid my commission. (In the form of 220 ounces of American Redoubt silver coins.)

4. To the best of my knowledge, the order shipping delay has never exceeded five weeks, despite the exceedingly high demand created when spot silver dipped below $20 per ounce.

Now, the Not So Good News:

1.) Rob Gray has never answered my repeated questions about the status of the return of the 71,400 ounces to Republic Metals Corporation. Three times, I’ve asked him point blank: Has Republic’s court-ordered return demand been successfully met? (Either by return or the physical metals or delivery of a bond of equal dollar value.) He has never answered that question. All that I wanted was a yes or no answer.  I consider his repeated failure to respond a mark of intentional evasiveness.

2.)  Rob Gray has left me in the dark about the advent and status of the court-issued restraining orders against Mulligan Mint. The latest Temporary Restraining Order extension was dated August 15th. In my opinion this Temporary Restraining Order (TRO) casts great doubt on the ability of Mulligan Mint to continue to meet its many commitments.

While I am satisfied that the Mulligan Mint staff has fulfilled orders to the best of their ability, I find the company’s ongoing legal problems with their key supplier quite troubling. I am also disturbed by Rob Gray’s evasiveness and his lack of forthright communication about the company’s continuing legal troubles.

With all of this in mind, I cannot do business with Rob Gray, nor can I in good conscience send any customers to him. 

Mulligan Mint has removed the American Redoubt coins from their web site.  I now consider this a closed issue.

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