ComplaintsforGoldco Direct LLC

• Initial Complaint

  11/22/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  GoldCO stay away from this company they scheme is the *********************************************** gold *************** bla bla.So tell me how is 4 months of my initial investment I lost 70% of my money I investment $35000 from my **** And end up buying what they rep told me was a good choice 456 silver moon landing at $68.40 And 4 gold ******* at $910 To a total of $34693 on June 5 2023 On mid October got my Equity Institutional account activity statement and my new balance is $12066.36 The silver moon landing is at $22.29 The ******* is at $462.78 Doing the math ******* up sales gold and silver 50/70% there value.

  

  Business response

  11/30/2023

  Thank you for bringing your concerns to our attention. We apologize for your experience and are glad to know that, after your conversation with our ************* team, your issues have been addressed and resolved.

• Initial Complaint

  09/27/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Between the dates of 04/12/23 through 08/29/23 I purchased gold and silver coins as well as converting my *** funds to their precious metals ***. They NEVER mentioned charges for these transactions and it wasn't until later that I became aware that they were charging way more than the 2%-10% fees for these purchases. They knew I was a first time buyer of precious metals and they did not disclose this fact to me. When I received my statement from them I found that my $400,000.00 had been reduced to half the amount. When I questioned them about this they brushed me off saying it was "spot price only" and not to worry about it. I have the documents of my purchases if you wish to view them for yourself. I understand they need to make money, but they robbed me of mine in the process. Is there is any way you can assist me to have them give me a 100% refund so I can find a company that is honest and willing to purchase them at the reasonable rate of 2%-10%? Thanks,*****************************

  

  Business response

  10/05/2023

  Thank you for bringing your concerns to our attention and for sharing additional information with management. We apologize for your experience and are glad to know that your issues have since been resolved.

• Initial Complaint

  09/14/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Purchased ******** coins for $400,000 on 4/30/2021. After checking with a reputable metals institution, spot silver on 4/30/21 was *****. I was charged ***** for each 1 oz coin. Nothing special about the coins. This significant portion of my life savings was marked up 120% over spot silver. I spoke with *************************, a senior manager in customer service. When I called this senior financial abuse and said this will be reported to ********************** outlets, etc and asked that it be returned to Equity Institutional where I have been paying ~$300/yr in fees to "hold" the coins, He did not respond. Rationale for leaving amount was awaiting increase in value as one does with any investment.Thank you for following up with this manager to ensure original investment is refunded ASAP! He has my original purchase order.

  

  Business response

  09/22/2023

  Thank you for bringing your concerns to our attention. We apologize for your experience and appreciate your time in discussing and addressing these issues.

• Initial Complaint

  09/07/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Deposited almost ****** into a Gold **** They bought coins that are (pound for pound) worth half what I invested. Upon numerous attempts to get in touch with the ONE person assigned to my account, he explained, essentially, that the coins are rare/collectible and thats why my balance dropped so extensively, because the bank holding my assets wasnt taking into account the collectibility.***********, because the initial amount in the account used to reflect the money Id put in, then all of a sudden a few weeks agoboom. It was seemingly devalued by 50%. I dont care about hypothetical value, I care about the amount of gold that is reflected in bank statements.Even having spoken with my agent, the hypothetical or collectible value had decreased from 900-something to 800-something. Factoring in 17 gold coins, thats a loss of about $1,700. And that isnt due to the price of gold. The price of gold has barely moved in the past few years. GOLDCO devalued my account with poor choices at best, and outright thievery at worst.Ive once again been trying to contact my agent, and its begun to feel as if Im being ghosted. 1/4 ounce gold coins do NOT cost $900+. I want each of these coins replaced with 1/2 ounce coins that reflect the amount Id originally invested. I dont care how collectible they are. Its sad I had to go this route to try to get the situation rectified, but goldco left me no choice. Very poor service.

  

  Business response

  09/15/2023

  Thank you for bringing your concerns to our attention. We apologize for your experience and are glad to know that, after your conversation with management, your issues are being addressed and resolved.

• Initial Complaint

  09/07/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I was refused the information kit for absolutely no reason. I called for a promotion that involved a free 1/2 ounce silver coin, and was denied that as well.

  

  Business response

  09/14/2023

  Thank you for bringing your concerns to our attention. We apologize for your experience and are glad to know that, after your conversation with management, your issues have been addressed and resolved.

  Customer response

  09/14/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***********************************

• Initial Complaint

  08/23/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  I contacted Goldco in April to learn about their gold **** They also offered a $10000 incentive for a qualifying account over $100000. I decided to proceed with $100K and while on the phone to execute, the only gold product was a 1/4 oz Eagle for $920. When I asked about others, the contact said that is all they are offering. I have dealt with ***** in the past and later found I could buy anything and my price was around $670 per oz., meaning Goldco charged a 37% premium over my retail price. While questioning this, my contact said "I have been just informed by my supervisor to offer you a $15,000 incentive". Should have my queue to hang up. I know smaller denominations were more expensive, but the thought was the incentive would offset the high cost. Then when I got the invoice they charged $71.60 for a 1 oz silver eagle that I could buy retail at the time for $41. That is a 71% markup. (The ***** buyback price at the time was $24.07) I later called and asked what their buy price was on the gold and the contact, *****************, said I would have to fill out forms to sell. I called ***** and they offered to buy the 1/4 oz eagle for $491 each. ***** is reputable and trustworthy, Goldco is opaque and not full disclosing the full transaction details. I would have been farther ahead to withdraw the money from my *** that I have saved all my working life, paid the tax, and bought the gold myself. It appears from your site, that I am not the only one that was treated this way. I would like hem to take their coins back and give me my money back. Thank you.

  

  Business response

  08/31/2023

  Thank you for bringing your concerns to our attention. We apologize for your experience and are glad to know that, after your conversation with management, your issues have been addressed and resolved.

  Customer response

  09/07/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 
  
  Sincerely,
  
  *****************

• Initial Complaint

  07/25/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  In January of 2022 GoldCo open a self directed *** ******* at Equity Institutional on behalf of my mother, **********************, who was 86 years old at the time. She then transferred $252,000 from an *** ******* into the Equity Institutional ******* and purchased ************* Silver Liberty coins for the same amount on February 2, 2022 . In her first statement from Equity Institutional after this transaction these same coins had a value of $86,000. GoldCo sold her the coins at 293% of market value for a loss of $166,000.Due to her age my mother did not discover this until March of 2023. Upon finding out what had transpired she granted me a durable power of attorney to attempt to resolve the situation.

  

  Business response

  08/02/2023

  Thank you for bringing your concerns to our attention. We are glad to know that, after your conversation with management, your issues have been resolved and you are now satisfied.

• Initial Complaint

  07/18/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I transferred a $74,000+ *** to Goldco and told them I wanted to purchase silver rounds with the funds. They told me I would have more value with numismatics and I would receive $10,000 in free silver. When the transaction was completed they falsely claimed the value of the account was equal to the money transferred of $74,000. When my *** ********* valued the account was only worth $34,000. I have been defrauded by Goldco and they should not be allowed to conduct further business and others should be warned about this scam.

  

  Business response

  07/27/2023

  Thank you for bringing your concerns to our attention. We apologize for your experience and are glad to know that, after your conversation with management, steps are being taken to address and remedy your unique situation.

• Initial Complaint

  07/17/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I am writing to file a formal complaint against Goldco regarding a misleading IRA ******** transaction. Based on the promises made by their account executive including $5,000 in free silver which was based upon my investment amount, I decided to preserve my hard earned cash. They clearly speed through this process and at the end of the day, you are not receiving "free' silver. In March 2023, I opened and subsequently funded a precious metal **** The $50,000 rolled over funds arrived at the end of April 2023. Less their fees, the investment amount was $49,750 . It took until June 26th to purchase my Silver?! However, the value of my investment has drastically plummeted, and the lack of transparency and accountability from the company is deeply concerning. Despite numerous attempts to seek clarification, I have been met with evasive explanations and the inability to produce a detailed statement reflecting the true value of my investment. My current account value is $17,559.37 I am told that is only a spot price but they can not produce a statement showing otherwise as this is how the holding company reports it. I asked for the value and was told and I promptly asked to cash out, i was told there was a 21% spread and it would cost me $10,000. Yet, the account representative clearly explained at the time of purchase that I was buying at a premium to reduce this spread, or so i understood it. Its only been a few short months and I understand that this company needs to make money but you can not do so by deceiving customers and NOT being transparent with customes' proof of funds. I would like my money back, its been a few short months and the prices haven't dropped so it should be close to my initial investment.

  

  Business response

  07/26/2023

  Thank you for bringing your concerns to our attention. We apologize for your experience and are glad to know that, after conversations with your Sales Representative, your issues have been resolved.

• Initial Complaint

  06/20/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I contacted them to convert my *** to a gold backed ***. I was given prices by the representative I was dealing with. I had 2 accounts converted with them. I signed up with the understanding on the prices I was given. As soon as the transaction was processed there were discrepancies in the prices I was told and those I agreed to and what I was actually charged. I contacted my representative, instead of the nice and professional treatment I was given in the beginning I was treated rudely and yelled at in an aggravated tone. I spoke with a couple people before they quit returning my phone calls and emails. I was told I would have to contact the third party they introduced me to in order to get the issue resolved. They basically washed their hands of me now that they had me signed up and there was nothing, I could do about it. I was quoted $330 per account for fees and maintenance. They or their third-party company, took $337.50 per account for fees and maintenance. I did some calculations and determined that I actually owed $362.50 per account for fees and maintenance. I owed them $25 per account. They came back and took all the cash left in my accounts. I owed $50 total and they took $95.19. I have contacted people to help me resolve this and they just quit communicating with me. I would like the $362.50 per account honored and the rest of the cash refunded back into my accounts. This is no way to conduct business and is a despicable way to treat customers. Kind until they get your money and then you are stuck putting up with being treated poorly.

  

  Business response

  06/29/2023

  Thank you for bringing your concerns to our attention. We apologize for your experience and are glad to know that, after your conversation with management, your issues have been addressed and appropriate action has been taken.

  Customer response

  07/03/2023

   
  Complaint: 20206807
  
  I am rejecting this response because: I am waiting to speak with someone else in management before making my final determination.  They have offered some compensation but want to follow up on some other concerns.  I will offer my final determination after speaking with the representative that reached out to me.  They are most likely out due to the Independence Day Holiday.
  
  Sincerely,
  
  *******************************

  

  Business response

  07/11/2023

  We are glad to know that you were able to connect with a member of Goldco's management team and discuss your experience in greater detail. We appreciate you taking the time to speak with us and allowing us the opportunity to address and resolve your concerns.

*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. ↩