Precious Metals and Mining Trust T.MMP.UN

More buying through BMO starting next week (May 11th)

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For quite some time now any investors using BMO Investorline internet discount brokerage trying to buy MMP.UN shares could not by their shares online.  They could only sell.  When an Investorline client entered their orders to buy MMP.UN a popup window would appear with the following statement, “ONLY SELLS ARE CURRENTLY ALLOWED ON THIS SECURITY.”

 

The first time this happened to me I had such a sinking feeling.  The worst thoughts passed through my mind as I jumped to the phone to call BMO.  The discount broker that I spoke to had no idea why there was a no buy policy implemented by BMO management and I ended up on hold for about twenty minutes while he went about trying to find out why this stock could not be purchased through BMO online.  Finally he came back and told me the reason was that BMO receives a small trailer fee on the sale of these shares and buyers had to be informed of this before they could make a purchase.  So instead of having the popup window say to call in to Investorline to buy shares they just claimed “Only sells are currently allowed.”  

 

Anyway, I insisted on speaking with Investorline management and then I called Sentry Select to inform them about the situation.  They too were surprised at how BMO was handling the shares and the manager told me he would call BMO.

 

I have been informed that this problem will finally be straightened out next week.  I think that a lot of buyers just moved on when they were informed by Investorline online that only sells were allowed.  I think that we will see more purchases of shares through Investorline from next week on.  

 

GLTA