ComplaintsforAmerican Gold Reserve
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Complaint Details
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Initial Complaint
11/15/2022
- Complaint Type:
- Product Issues
- Status:
- Answered
On April 6 I talked to a representative of AGR for several minutes and he told what a great value the 2 krugerrands were. I was very hesitant but he convinced me that I could return them. So he put them on my credit card for a price of $25990.00. After I received them I called them back and told them I wanted to return them. They told me that I couldn’t send them back until they resold them which could take two months. I waited but no phone calls in the mean time I checked with two other coin companies and they told me the value was about $5000 for them. I have tried to call them back but the person who sold them would not answer or call me back. Since then I have contacted the Texas attorney general and filed a complaint. The AGR still hasn’t called me.Business response
11/16/2022
Mr. Harpe,
We are sorry to hear you are not satisfied with your purchase and we haven’t sold your inventory quick enough for you. We will be reaching out to you shortly to resolve this matter.Thank you,
American Gold Reserve
Initial Complaint
10/24/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
I contacted American Gold Reserve to purchase $5 **** ******** ***** coins after viewing an advertisement in a magazine showing a sales price of $229 each in December of 2021. The agent I was directed to was John, who began the conversation by asking if I had ever purchased gold before. I stated I hadn’t. He started telling me the $5 coins I wanted had no real return, but I needed to buy $10 coins, then $20, then $50. He said I could make a profit of $45K in less than one year. He said the cost of the coins was $1,995 each, but I did not have the money to make such a great purchase. Through much discussion and a lot of pressure from John, I stated I could only afford three coins at that price. Because the purchase was so large, I had to contact my bank in person to approve the purchase amount, which caused several calls back and forth to John and with each call, he continued to pressure me into buying more coins. He said if I ever found myself needing money sooner than one year, I could call them and sell back two coins for $10,000 and keep one for free, which would still be a great return. The transaction finally went through and I was invoiced and mailed three $10 coins on 12/8/2021. It was just in April this year (2022) when I faced a financial hardship that I reached back out to American Gold Reserve to cash in 2 coins as previously mentioned for $10K. John was conveniently never available when I called. Another sales person told me they couldn't honor the deal nor could I be refunded my purchase price of $5,985. I could only send back coins to sell on the current market, which was nothing close to my original purchase price. I spoke with a nearby gold coin dealer in my state who says the coins are only worth $478 each and that I was overcharged to begin with. I have since seen ads for $50 gold coins for $1795 each (cheaper than what I paid for $10 coins). This is fraud! How do I know I will get any money back if I return coins?Business response
10/25/2022
We stand behind our process and we deliver exactly what is agreed upon as we have a verification process before we ship anything.If you're not happy please contact our office immediately at (866)852-3346.
Best regards,
American Gold Reserve
Customer response
01/13/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this proposed action would not resolve my complaint.
[Provide details of why you are not satisfied with this resolution.]
Regards,
I tried to submit this report with BBB back in August 2022. I contacted American Gold Reserve to purchase $5 **** ******** ***** coins after viewing an advertisement in a magazine showing a sales price of $229 each in December of 2021. The agent I was directed to was John McDaniel, who began the conversation by asking if I had ever purchased gold before. I stated I hadn’t. He started telling me the $5 coins I wanted had no real return, but I needed to buy $10 coins, then $20, then $50. He said I could make a profit of $45K in less than one year. He said the cost of the coins was $1,995 each, but I did not have the money to make such a great purchase. Through much discussion and a lot of pressure from John, I stated I could only afford three coins at that price. Because the purchase was so large, I had to contact my bank in person to approve the purchase amount, which caused several calls back and forth to John ******** and with each call, he continued to pressure me into buying more coins. He said if I ever found myself needing money sooner than one year, I could call them and sell back two coins for $10,000 and keep one for free, which would still be a great return. The transaction finally went through and I was invoiced and mailed three $10 coins on 12/8/2021. It was just in April this year (2022) when I faced a financial hardship that I reached back out to American Gold Reserve to cash in 2 coins as previously mentioned for $10K. John ******** was conveniently never available when I called. Another sales person told me they couldn't honor the deal nor could I be refunded my purchase price of $5,985. I could only send back coins to sell on the current market, which was nothing close to my original purchase price. I spoke with a nearby gold coin dealer in my state who says the coins are only worth $478 each and that I was overcharged to begin with. I have since seen ads for $50 gold coins for $1795 each (cheaper than what I paid for $10 coins). This is fraud!
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Customer Complaints Summary
5 total complaints in the last 3 years.
1 complaints closed in the last 12 months.