You are better believe it! This has happened to a lot of people. It made the news this time, because it happened to an old sick lady with a good lawyer.

If you buy a PM certificate from any bank, what you get is paper. If you want to sell, you can only get cash. If you insist to get the metal, you will get these kinds of treatments. 99% give up and take the cash.

Therefore one should always buy bullions or a serious bullion ETF supported by allocated physical metal.