Arbitrade State Gold Shipment Added To Vaults

January 14, 2019

Arbitrade released another press release in which they state that “December’s shipment of gold from SION Trading FZ has been vaulted and secured in Dubai UAE” and “SION has provided $250 million in credit to facilitate these purchases on Arbitrade’s behalf.”

The company, which has attracted attention since first announcing their plans to headquarter in Bermuda, released the statement via a press release website and linked to it from their official Twitter account.

Photo #1 provided by Arbitrade:

Photos provided by arbitrade 2019  (2)

Their press release said, “Arbitrade Ltd. is pleased to announce December’s shipment of gold from SION Trading FZE [SION] has been vaulted and secured in Dubai UAE.

“SION, procurement agent for Arbitrade, continues to increase its gold holdings through SION’s global mine network, via procurement contracts as mentioned in previous press releases. In addition, SION has provided $250 million in credit to facilitate these purchases on Arbitrade’s behalf.

“Arbitrade continues to fulfill its commitments to its coin holders by enhancing its gold holdings. Utilizing SION’s procurement network, Arbitrade ensures consistent growth of its precious metals holdings, going above and beyond the $10 billion announced earlier in 2018.

“Arbitrade is happy to confirm that it has completed the purchase and vaulting of the additional $3.8m of hallmarked gold bars through SION.”

Leonard Schutzman, Chairman and CEO of Arbitrade, commented, “With our alliance with SION, and their gold mining network, we are able to expand our family of precious metals-backed crypto coins.”

According to the press release, a director of SION, Ricky Sanders, stated that, “Establishing a ‘win-win’ business model with our mining clients and Arbitrade ensures consistent growth and value for years to come.”

Photo #2 provided by Arbitrade:

Photos provided by arbitrade 2019  (1)

Last year the company had claimed that “as Arbitrade pays off the gold bullion debt to Sion, the gold can be traded for the appropriate metals backing each token before being shipped to the vault in Bermuda.”

Earlier this month the company had announced that “subject to the approval of the Bermuda Monetary Authority [BMA], a conditional agreement has been entered into for the acquisition by SION Trading FZE of the shares in Arbitrade Ltd. currently held by Leila Holdings Limited, a Bermuda exempted company owned by Troy Hogg. BMA Consent and completion of the share transfer is expected in the near future.

At that time, Arbitrade Ltd. CEO, Len Schutzman, said: “SION has been a valued partner in the development of the Arbitrade business and we are delighted that one of the largest gold trading companies, that procures gold from mines around the world, will be playing a larger role in the company going forward.”

The company — which recently filed legal action against a man for allegedly cyberstalking them — has acquired the Victoria Hall building in Hamilton, and have said they are applying for licences to operate in Bermuda.

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Comments (4)

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  1. trump supporter says:

    Spray painted blocks:)

  2. dawn DeRerd says:

    Bet there’s lots of chocolate under those wrappers! LOL!

  3. What says:

    Nice, that looks to be $860k worth of gold, only $14.9 billion worth of gold left to verify!

  4. question says:

    The value of the gold in the pictures above (assuming it is actually gold) is less than $1m.