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American Bullion complaints

12301 Wilshire Blvd, Suite 650
Los Angeles, CA 90025
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(800) 326-9598

http://www.americanbullion.com

Monday - Friday: 7:00 am - 5:00 pm PST

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Total Amount in Dispute:
$0.00

Total Amount Settled:
$0.00

Complaint Experience

100%

Complaint Resolution Index (CRI)

BCA's Summary and Analysis:

Our complaint history for this company shows that the one complaint brought to the company’s attention was responded to and given proper consideration.

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Complaint Closing Statistics

1 complaints against American Bullion closed in last 3 years.
Complaints Type of response
0 Making a full refund, as the consumer requested
0 Making a partial refund
0 Agreed to make an adjustment
0 Refusing to make an adjustment
1 Refuse to adjust, relying on terms of agreement
0 Unanswered

1 complaints against American Bullion

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9/1/2019

RESPONSE: Refuse to adjust, relying on terms of agreement Amount in Dispute: $0.00 Amount Settled: $0.00

Customer Complaint

8/16/2019

I received a cold call from this company who told me about the benefits of investing in gold and convinced me that gold was moving up and my IRA would benefit from being in a gold backed IRA. What he did not tell me that he would sell the highest commission numismatic coins rather than gold bullion to put in the IRA account. My investment was $93,988.59 on 07/01/2016. That gold was transferred to an IRA company, Self Directed IRA Services Inc. which valued the gold when transferred at 09/30/2016 at $55,895.66, a $37,673.77 decline in value. Gold did not decline in that time period and the difference is entirely due to the inflated price that American Bullion sold these coins at. It should be against the law to sell for IRA accounts the highest risk coins rather than gold bullion coins which do reflect the price of gold in the market and not the numismatic value. In recent contact with the company they indicate that the coins they apparently sold me for an IRA account included a 23 commission which is unconscionable. People should be aware of this bait and switch tactic which takes advantage of people who may believe they are buying gold that will increase or decrease with the price of gold rather than coins which have a major higher cost due to numismatic value that would have to increase substantially more to recover the investment. Resolution Sought Replace my numismatic coins with bullion coins so that the premium for the numismatic coins can be eliminated and my 40 value loss can be recovered.

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Company Response

8/20/2019

We appreciate the opportunity to respond the claims brought up by Ms. Conley and to be able to disclose some facts about her purchase. We do not do cold calls in our company. We run adds on radio, tv and other digital platforms, just like everyone else. Ms. Conley contacted our company in July 2016 to receive information about purchasing precious metals, after either seeing one of our online ads or running a search about gold investments on Google. Per her request, we sent her the information. After doing her due diligence, she decided to add metals in her retirement account. According to her agent's notes, she was explained, in detail, the process of setting up a precious metals IRA and purchasing proof gold American Eagle coins with it. Our Shipping and Transaction Agreement also spells out the details of purchases, as well as added costs and their spreads in writing, which she had read and signed. Ms. Conley then verbally authorized the purchase of the specific coins, at specific prices, on a recorded line on 7/27/2016 and then we emailed her the order confirmation right after. We never heard any questions, or concerns about her purchase until recently, 3 years after. All our IRA clients have a 24/7 access to their accounts. They also receive quarterly statements. Ms. Conley's 9/30/2016 statement showed the price that her proof gold coins based on the spot price of gold at that time. That’s how all custodians in the country value all precious metals on their statements, according to their current spot values. Because, there are many IRA permissible gold and other precious metals, that can be included in IRAs, each carrying different premiums. Therefore, her statement didn’t show the premium of these coins. Ms. Conley knew, and agreed exactly what she was buying, how much she was paying beforehand, and had the opportunity to bring up any concerns since the very first day. Unfortunately gold, and especially its physical products' premiums lost value up until recently so then Ms. Conley wants us to re-do her purchase with different products 3 years after. Unfortunately, this cannot be accommodated in any kind of sales business. We certainly would love to see the premiums of physical gold and silver products to increase along with the continuation of the recent market increase, so that Ms. Conley can start realizing some gains.

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