Leland National Gold Exchange — Ripped off on Silver and Gold Leverage Investment
I recently bought silver with leverage through Leland and was not told how the investment worked. In fact, even their paperwork didn't really spell it out. In fact, i've still yet to have it spelled out and i invested two months ago.
I bought 60, 000 in silver with a 20, 000 investment, the benefit being as silver went up i would enjoy three times the growth and that my risk would be minimal. I bought it as a long term investment that i could watch passively over the next three years and then cash out. I was told that silver would have to drop to $20 an ounce before i would get what's called a margin call - where they call you to get more money from you because the bottom fell out on your investment and you don't have enough collateral to cover what they loaned you - well silver went from 49 down to 34 and I got a margin call for 3 grand that I didn't have and now i lost my investment because my salesman lied to me.
Don't trust these people. Leverage is very risky. In fact, precious metals investing is very risky, combined with leverage it's more like gambling and it's being sold to you by people at Leland who aren't even licensed to sell investments (check www.finra.org) or commodities. These people should be shut down.