Rosland rejects all of the complainant's allegations, and sees no basis for any kind of refund relating to his purchase 10 years ago.
As the complainant indicates, the spot price of silver and gold are approaching the spot prices seen in 2011. Anyone purchasing silver or gold coins from any company would need for the spot prices of the respective precious metals to increase significantly beyond the spot prices at the time of purchase in order to break even or profit.
The complainant's allegations are simply not true, and in some cases, based on conjecture:
"I argued with them about it not being a good time to purchase precious metals…" Rosland cannot and does not contact anyone that does not first contact Rosland and request information on purchasing gold and silver, nor can Rosland force anyone to purchase anything against their will.
"If I had kept the $10,000 in the bank…" People contact Rosland to purchase gold and silver based on their own research and judgement.
With the consent of the customer, Rosland makes and retains recorded confirmations of every transaction in order to confirm the name and address of the account holder, and to disclose and explain, among other terms and conditions, a recommended hold period for precious metals of at least 3-5 years, fees, risk of market fluctuation, buyback policy, and description of product, to which the customer must agree to and acknowledge before the transaction can be finalized. Accordingly, there is a recorded confirmation covering these matters with respect to the transaction that the complainant mentions.
Rosland also asks that the customer read, sign and return Rosland's Customer Agreement, which provides comparable disclosures and explanations regarding fees, the risk of market fluctuation, and Rosland's buy-back and refund/return policies. In addition, Rosland sends to every customer an invoice of products purchased, also explaining fees, a recommended hold period of at least 3-5 years, and a risk of market fluctuation. With respect to his 3/9/2011 transaction, the complainant signed and returned the customer agreement and was sent the applicable invoice.
The complainant refers to NGC prices as what he should be paid for his coins. NGC is an industry standard coin grading service that posts a guide as to what coins should be sold for. NGC does not buy back coins. There is always a "bid" price, that is what a dealer will pay for a coin, and an "ask" price, what a dealer will sell a coin for. NGC posts a guide for "ask" prices – that is, a guide for what dealers could sell coins for.
Certain coins carry additional value or premiums over their value in precious metal content. These values or premiums can vary over time just as the values of the spot prices of the respective precious metals. 2011 was a very different market overall for coins and premiums with the prices of gold silver increasing for 11 years in a row. Since 2011, gold and silver have gradually declined along with premiums. Only recently, with global and current events such as the pandemic and US election, have the spot prices of gold, silver, and relating premiums on certain coins begun to increase, though nowhere near the levels of premiums seen in 2011.
Rosland recommends that the complainant continue to follow up with Rosland in the future for accurate buyback values on the products purchased from Rosland, as Rosland has done nothing wrong, and the complainant's purchase was done in the ordinary course of business 10 years ago.