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Birch Gold Group, LP complaints

3500 West Olive Avenue Suite 730
Burbank, CA 91505
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(800) 355-2116

http://www.birchgold.com

Monday through Friday: 6:00 AM to 5:30 PM Pacific Time

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Total Amount in Dispute:
$307,340.00

Total Amount Settled:
$307,340.00

Complaint Experience

100%

Complaint Resolution Index (CRI)

BCA's Summary and Analysis:

Our complaint history for this company shows the company gave proper consideration to complaints presented to them.

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Complaint Closing Statistics

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

2 complaints against Birch Gold Group, LP

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9/20/2020

RESPONSE: Agreed to make an adjustment Amount in Dispute: $204,812.40 Amount Settled: $204,812.40

Customer Complaint

8/26/2020

BBG misleads people into converting their traditional IRA accounts into a coin-backed IRA. This IRA push (boldly in all their promotions)is what convinces people that are in "safe hands" when in fact BBG massively overcharges ( above the buyback market price) for these so-called collectible coins. On Friday May 29, 2020 I was persuaded by a Mr. Matthews of BBG to only spend 10 of my IRA funds on silver rounds at $21.73 per oz. (silver spot price was @$17) even though I originally wanted to buy a larger amount of the silver rounds. Today the silver spot price is @$27. He said and persuaded me that the the "Collector Coins" 2oz. Twin Maple Leaf Canadian Coins at $69.18 would be worth more in the future. I bought 2961 2oz. Coins for $204,812.37 the major portion of my IRA. Now I know that is not true. BBG pushes the sale of these "coins" for the Big Profit on the day of sale and buy them back at a lower price when you are ready to sell. Less than one business day Monday June 1, 2020 I contacted BBG to reconsider the purchase of the 2oz. Coins and was told I could not change the order. It has been 14 weeks since and I have not received the over priced 2oz. coins. BBG makes it it's business by way of slick promotions and omissions in their sales talk to take a huge cut off the top of a person's IRA during the sale conversion. I was totally mislead and lied to. No person in their right mind would fall such scheme unless mislead. Resolution Sought I would like my entire initial investment of $204,812.37 returned to my IRA Strata Trust Fund account.

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Company Response

9/4/2020

Here at Birch Gold Group, we pride ourselves in educating our customers, prior to any purchase being finalized, on precious metals, pricing, and any shipment delays due to uncontrollable circumstances such as COVID-19. We are sorry to hear that there was a misunderstanding, but we are happy to report that we have since been in contact with Mr. Orrico and have resolved all of his concerns to his satisfaction.

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1/27/2020

RESPONSE: Making a full refund, as the consumer requested Amount in Dispute: $102,528.00 Amount Settled: $102,528.00

Customer Complaint

1/3/2020

BGG misleads people into converting their current traditional IRA accounts into a coin-backed IRA. This IRA plan push (boldly in all their promotions) is what convinces people that they are in "safe hands" when in fact BGG massively overcharges (above the buyback market price) for these so-called collectible coins, and once they have bought these coins with the converted IRA account money, will only buy them back at the current buyback market price. Ex: I was charged $53 per coin for Silver Eagles proof coins by BGG, but on buying them back to do a supposedly urgent conversion to a different coin, they would give me only $38 per coin only a year later, the market price has been going down in value since 2011, and has dropped more since. This "collectability factor" is what is carefully not revealed by BGG. Once in a BGG account, a person's formerly stable-valued IRA is now tied up in a bid/ask wholesale and private buyback market which fluctuates based on popularity among collectors, instead of the usual mutual-funds-back sort of IRA that people depend on. There is no huge conversion cost between administrators of IRA's of this type, yet BGG makes it it's business by way of slick promotions and omissions in their sales talk to take a huge cut off the top of a person's IRA during conversion, which can only ever be gotten back if the coin gets popular enough on the buyback market, a long shot or never. No person in their right mind would fall for such a scheme unless mislead. Resolution Sought I would like my entire initial investment of $102,528.21 back in my pocket. *It is clear that BGG has you in their pocket. The fact that you are showing 0 complaints, etc. in the last 3 years is false information. I have complained to them and tried to work things out with no solution.

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Company Response

1/23/2020

Ms. Valdez, we apologize for your frustration with this situation. We pride ourselves with a very high satisfaction rate among our customers. We strive to make each transaction a positive experience for our customers and as you are aware, we work hard to solve any issues that arise. Part of our customer education process is to fully explain the statement pricing that our customers receive from their custodian, as it does not reflect true market pricing. In this case, this seems to be the cause of your frustration and we have been working very closely with you to resolve any problems you may have. I'm sure you will agree that we have gone out of our way to accommodate your concerns and alleviate any frustration you may have. As per our last conversation you are satisfied with the outcome and the way we dealt with your concerns. We wish you the best and appreciate your business.

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Customer Rebuttal

1/27/2020

Regarding my previously filed complaint about Birch Gold Group on date of approximately January 5th 2020 with your organization, this is to confirm that Birch Gold Group has resolved my complaint with them to both our satisfactions.

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