ComplaintsforMidas Gold Group

• Initial Complaint

  05/21/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  On April 2, 2023, I sold/moved $386,200.00 in American Eagles Gold, Platinum and Silver metals from my Fidelity IRA account and rolled this over to Midas Gold Group. On April 4, 2023, Midas Gold Group sold me Perth Gold and Silver over market value $2400.00 per ounce of Gold bars, and $36.30 per ounce of Perth Silver. This transaction was not transparent and the metals purchased are far less value than what I had before. I asked for an Invoice on the day of this transaction but did not receive it until the next day. I lost over $60,000.00 of my IRA retirement, I have the same amount of gold and silver but no platinum. Midas added the price of the platinum to the overall cost of the total metal purchase. May 1, I called Midas and requested to cancel this order due to the fact that my account is still not funded. May 2, I received an email from the agent, he stated that there is no canceling. I wanted to cancel due to lack of transparency and timely deposit or funding in my IRA account. On May 18, 2023, I tried contacting Midas. I still have not received a return call as of Friday May 19, 2023, I sent an email on Thursday as well, May 18, 2023 requesting a date as to when my account will be funded. I also requested a market value that Midas would calculate the metal purchased. As of Friday May 19, 2023, my account still does not reflect funding is still stating "Unsettled Metals Purchase". I have no idea when my account will be funded. I have no idea how much my IRA retirement account is worth. I have no idea at what the fair market value my account is worth. I feel Midas is taken advantage of a retired elderly person and I don't know if this was legal. I want to cancel this IRA metal account with Midas Gold Group and receive a refund. Midas has not acted in good faith or in a timely business manner. Midas has not been transparent with any requests or looked out in the best interest of this customer. I hope my experience helps future customers ask more questions.

  

  Business response

  06/12/2023

  Midas Gold Group denies all allegation in the complaint filed my the client. 

  The client setup a self directed IRA for the purposes of purchasing gold and silver.. he made that purchase and agreed to what he was buying an the price he was paying. he also received pricing that would be competitive with all of our competition. 

  The assets were delivered to the depository as per the instructions on the client's order. Now the client seem to be upset that his assets, sovereign month coins and .9999 fine assayed bars are listed on his IRA statement at below the spot of futures price of gold and silver.

  Midas explained to the client that buying physical gold requires paying above the price of a paper gold trade. Buyins sovereign month silver coins costs substantially more that the contract price of silver. 

  it appears that the buyer is having some remote about his purchase for reasons other that the business practices of Midas. We are always happy to discuss the market and help people to the extent that we reasonably can. We would do the same in this case. 

  However, we are showing this unreasonable complaint to our legal counsel nd will explore all legal options to protect our name when we have abided by our contract with the client and provided him with good service and competitive pricing. 

  Customer response

  06/13/2023

  Today I have responded to Destiny Furnival with an email, I Reject Midas business Response. Today I also received a letter from the California District attorney's office, the California DA's office forwarded my concerns to Midas Gold Group and they also recommended that I contact the Commodity Futures Trading Commission (CFTC) to have them also look into this matter. Confirmation number 2306-1222-2519-66 If the CFTC decides that I have no foundation for my concerns, I follow their recommendations and close my account with Midas. I cannot continue to conduct business with Midas Gold Group due to their lack of ethical standards of business practice.

  This is an IRA retirement savings account governed by the IRS, I feel that Midas Gold Group did not act in a transparent manner in order for me to make an informed decision. Since this is an IRA retirement savings account, I do not know if what Midas Gold Group did was legal, I have lost 20% of my savings, more than $65k and this is unacceptable. 

  

  Business response

  06/13/2023

  Againk the customer is showing willful ignorance of the process of purchasing precious metals. he received pricing on his IRA that is highly competitive in the industry. it appears he would not be satisfied unless he purchased the precious metals at the gold and silver spot prices, which is how the IRA company valued them on their statements. He knows but choses to ignore that fact thatches is below dealer cost. 

  While we are always happy to discuss reasonable options with clients, this is not reasonable at this point and the information has been passed on to our attorney and we will be considering all legal options to protect our good name. 

  Customer response

  06/19/2023

  I want a complete refund totaling $386,379.59. Still awaiting a response from the CFTC. I am also consulting with legal counsel.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩