Kitco

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This article is about the Canadian metal dealing company. For the Indian technical consultancy, see KITCO.

Kitco is a Canadian company that buys and sells precious metals such as gold, copper and silver. It runs a website, Kitco.com, for gold news, commentary and market information.

History[edit]

In the late 1970s, college student Bart Kitner started trading scrap gold using a $700 loan.[citation needed] He refined and selling the resultant pure gold grain on to bigger players. Eventually, he was able to expand his business into other industrial areas and, by the late 1990s, into precious metals products.

In 1995 the website Kitco.com was launched providing market information — prices, trends, news.

Today, Kitco occupies more than two floors of a Montreal office building and two other offices in New York and Hong Kong.

Kitco News[edit]

Kitco News is the journalistic division of Kitco, reporting using articles[1] and videos. Original coverage by Kitco News includes being one of the first organizations to break the story about the Gold Anti-Trust Action Committee's (GATA) lawsuit against the Federal Reserve, as well as focus pieces on issues such as conflict minerals in the Congo.[2][3] In addition to this, Kitco News reports on price movements within the precious and base metals markets, and provides both fundamental and technical analyses.[4]

Kitco has been featured and quoted in major American, Canadian and international publications.[citation needed]

Tax Issues and Creditor Protection[edit]

Among Kitco’s lines of business is the purchase of scrap precious metals. Kitco pays its suppliers sales taxes on these purchases and receives tax credits for the corresponding amounts. Alleging that some of these suppliers have not paid back the taxes owed to it, Québec Revenue Agency is holding Kitco responsible for these unremitted taxes.[5] Québec Revenue Agency’s issuance of assessments for these taxes has forced Kitco to file for creditor protection. Kitco strongly contests these assessments and will continue to defend itself vigorously against them.

In defending itself against the Québec Revenue Agency’s allegations of 2011, Kitco Metals Inc.[6] (Kitco) had been granted creditor protection by the courts. Upon the expiry of its previous extension, Kitco once again appeared before the Superior Court of Québec on March 13, 2014. Kitco was granted a further extension to its creditor protection by The Honorable Mark Schrager. The Court granted Kitco an extension of creditor protection until August 21, 2014.[citation needed]

References[edit]

Kitco rejects ARQ allegations.[7]

  1. ^ "Articles by Kitco News". Nasdaq.com. 15 March 2011. Retrieved 15 March 2011. 
  2. ^ "GATA". gata.org. Retrieved 15 March 2011. 
  3. ^ "Conflict Minerals: Is the Industry Ready?". World News. 16 December 2010. Retrieved 15 March 2011. 
  4. ^ "About Kitco News". Kitco News. Retrieved 15 March 2011. 
  5. ^ "Kitco Metals Inc. Restructuring Case". 
  6. ^ Van Praet, Nicolas (December 9, 2013). "Kitco Metals among gold traders facing Quebec tax fraud allegations". 
  7. ^ Kitco rejects ARQ allegations

External links[edit]