Company Response
3/3/2021
Rosland rejects all of the complainant's allegations, and sees no basis for any kind of refund as Rosland did nothing improper in connection with the complainant's purchase.
She made a decision to transfer $50,000 from a previous IRA Custodian and purchase gold coins from Rosland in a new Precious Metals IRA with a new Custodian. 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 her 04/03/2020 transaction, the complainant signed and returned the customer agreement and was sent the applicable invoice.
The complainant is requesting a partial refund of acknowledged fees approximately 10 months after her purchase in April 2020, and approximately 9 months after her coins were deposited on her behalf at the depository. Rosland's Refunds and Returns policy is as follows in Rosland's Customer Agreement signed by the complainant: "Rosland provides Customer the right to receive a full refund of the Purchase Price for the return of undamaged and unused Products; provided, however, that Rosland receives written notice of the Customer's intention to return the Products within seven (7) days after the date that Customer receives the Products. Customer's "receipt" of the Products is deemed to occur at the earliest of: (a) the date that Customer receives actual possession of the Products or (b) the date that Customer receives written confirmation from Rosland that the products have been deposited on Customer's
behalf in an independent depository. Rosland shall, upon written notice of cancellation and receipt of the Products in the same condition as delivered, issue a full refund of the Purchase Price to Customer within thirty (30) days of the date of Rosland's receipt of notice of cancellation from Customer." Rosland received no such notice. In this case, the complainant had more than a month to request a refund after her 04/03/2020 purchase.
The complainant also asserts that her account was at one time "down to $36,972.35…because of the spread." This is also not true, and this was clarified in a conversation with Rosland's Chief Compliance Officer. In a telephone conversation that lasted nearly two hours, it was clarified that the aforementioned value came from a quarterly statement provided by her IRA Custodian, in which statement the Custodian states: "For precious metals, the total and individual value(s) are reflected at the spot price per ounce on this statement and may not represent an accurate valuation of the precious metals held. The spot price shown does not include premiums, commissions, spreads or any numismatic value. For a more accurate valuation of the precious metals held, please contact your precious metals dealer."
In this case, the accurate buyback value of the coins purchased from Rosland is approximately 20% greater than the spot price per ounce.
It is also unclear where the complainant could have ascertained a coin value of $486 in her claim that "Actually, each coin was valued at $486." The cost/buyback value of that particular coin has never been that low at the time of her purchase nor any time after that. Rosland recommends that the complainant regularly follow up with Rosland for accurate buyback values.
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