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Response to Northwest Territorial Mint Lawsuit

This dispute between Northwest Territorial Mint and the Attorney General of Washington is about our policy of pricing of metals.

Furthermore, the press release issued by the Attorney General of Washington is inaccurate and deceptively misleading.

Investors from around the United States and Canada can buy and sell precious metals such as gold, silver, platinum, and palladium from Northwest Territorial Mint without having a pre-existing account.

Northwest Territorial Mint locks its clients in to the current price of metal at the time of purchase or sale.

We then expect those clients who buy from us to remit payment within two business days, or, if selling, to ship within two business days.

In case of buying from us, whence this dispute arises, clients may pay with a personal check, cashier’s check, money order, or bank wire.

To protect against bad checks or counterfeit checks, it is our policy to hold these checks ten business days after receipt.

It is our policy to ship our clients’ products within 30 days of check clearance.

All of our terms and policies are clearly stated on our web site, in the e-mail receipt we send confirming their order, the statement mailed to them, and reiterated with an e-mail after we receive their payment.

Northwest Territorial Mint sells over 2,000 different products, some of which we buy wholesale from such government entities as the U.S. Mint and the Royal Canadian Mint. Occasionally, some of the 2,000 products we carry are delayed in shipping for various reasons. It is these delays that have caused the dispute between Northwest Territorial Mint and the Attorney General of Washington.

At any time after our client purchases his metal, he may sell that metal back at current market value — even before receiving his metal. We feel this policy is fair to both our clients and Northwest Territorial Mint, as these commodities in question can be volatile at times.

The Attorney General, citing a Federal Trade Commission rule on consumer products, says that we must refund clients their original purchase price if we are late shipping clients’ metals. We feel the Federal Trade Commission rule is for consumer products and not investment products, and if we were allowed to refund clients’ moneys in a rising market, it would be inherently unfair to our clients.

The Attorney General’s Office simply does not understand the nature of our business. Last year Northwest Territorial Mint did just under 69,000 transactions, resulting in complaints from just 11 individuals, or one complaint to the Attorney General per 6,272 transactions.

We have never been contacted by the Federal Trade Commission, and to our knowledge they have never received any complaints.

We currently have a satisfactory record with the Better Business Bureau, and to our knowledge all complaints alleged by the Attorney General of Washington have been satisfactorily addressed.

No client has ever lost money or been defrauded by Northwest Territorial Mint.

Northwest Territorial Mint Is A Good Corporate Citizen. Northwest Territorial Mint employs 135 people in three states. Northwest Territorial Mint has been recognized by the State of Washington for its work in mainstreaming marginal workers when possible, and has been lauded for its work for the U.S. military, police departments, and fire departments around the nation. In 2007, it was named Medium Private Employer of the Year by the Governor’s Committee on Disability Issues and Employment.

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