Ever heard of a mega gold scam? Unfortunately these are the preferred conning avenues for fraudsters and trickster companies who look to cash in on people’s love for buying gold and then get them to buy fraudulently quoted coins and other bullion which they do not get good returns on while pressurizing them to purchase at higher amounts and manipulating their sales networks to harm not just customers but the industry at large.
You can read up more on how coin scams have been a major scourge across generations in recent times here- https://www.aarp.org/money/scams-fraud/info-2016/gold-coin-investment-scams.html
Coming back to the key question here, Nationwide Gold or Nationwide Coin and Bullion Reserve has already been identified as a major scammer and fraudulent entity and there are legal proceedings underway against this company as we speak. Everyone beware! Do not deal with this company anymore and if you have already been conned into making a hefty investment, make sure that you get your grievance redressed from the right place.
You can check out the company advertisement here-
This is an advertisement link that you can also check out- https://vimeo.com/20271739
What no one will deny is that the company can release pretty persuasive and tempting advertisements where the subtle trigger is its insistence on the fact that its products can make you really rich or wealthy to be precise. It also manages to get more customers in its net since it advertises factors like zero dealer mark-ups or brokerage fees which people think is an indicator of its honesty and hell it’s a good deal to be precise! This is the sentiment that drives most people into making the worst investments of their lives.
About the Company
Nationwide Coin and Bullion Reserve is reportedly one of the leading American players when it comes to precious metal and this firm takes care of foreign issued coins and U.S. Government issued coins alike. The company claims to have more than 100 years of cumulative experience in the precious metals space with account executives who are suitably qualified for guiding clients into profitable investments across platinum, silver and good. The company’s priority in this case is to ensure that clients get returns on investments (ROI) which are the best in the industry as it claims on its official website. Throughout the years, the company’s clients have already witnessed enormous financial increases through tapping the company’s expertise and wealth of knowledge along with advice. The win-win acquisition techniques are used by clients for positioning themselves advantageously.
It all seems so nice, tempting and great doesn’t it? Except for the fact that it’s not!
Complaints against Nationwide Gold
Nationwide Coin & Bullion Reserve has been at the mouth of a storm and several complaints for a long time now. These complaints started surfacing 2-3 years back and have not died out as of yet. The company was alleged to have been deploying sales procedures which were strongly unethical and deceptive for consumers. The buyers, a large proportion of whom are senior citizens, have already complained that the company used the bait and switch classic strategies to swindle them out of thousands in investments for coins they got which did not have the value they thought originally. Other customers have also stated that they did not receive the coins they bought in spite of having to pay the charges for the same. Some customers have also complained that the company confirmed the coins being mailed although nothing was received.
Some have complained that in spite of orders being cancelled, the company made several charges of varying amounts which were unauthorized to the card on the file. Nationwide Coin & Bullion Reserve Inc. has already issued its response to all the complaints dispatched from the office although none of these were deemed satisfactory enough by aggrieved customers.
Other complaints by people
Several people have been badly affected due to the fraudulent sales practices and techniques of Nationwide Gold. One person has complained about executives hard-selling the purchase of coins. Executives always try to get people to purchase more coins and there were no straight replies to questions pertaining to the worth of the coins. This complainant had a talk with a minimum of five people although nothing clear was answered back. This is a clear case of being defrauded. Another complainant has stated how the company is still pushing its advertisement for coins which have prices a little above spot prices for silver and gold and are quite lower than present market prices for such coins. Now, these are listed as a special introductory offer and there is a particular limit.
However, the company does not gather any buying information once you are checking out of the site but they call you on the phone. The complainant insisted that business should be concluded online due to security needs and also for having a proper record of the transaction which could be printed out if needed. This was explained to the company agent and then no responses were given. Since the phone call was not answered back, the company stopped bothering the complainant who has clearly seen through their baiting tactics.
Another complainant states that an offer was given by Nationwide Gold for selling $5 Gold American Eagles. The customer was handled by a sales executive who gave all the information. The customer agreed to buy the same and they kept giving exclusive offers and some add-on deals apparently just for him in order to make him buy more. The complainant immediately had a suspicion about the coins not being real or valid since they would come sealed and verification would be impossible. He started asking questions to the sales executive who then start pressurizing him in turn, stating that he would fix things if they ever went wrong and also then got out of the tight situation on the pretext of talking to the manager. He also pressurized the complainant, asking him whether he would purchase the coins in case he talked to his manager. The sales executive continued hard-selling and being aggressive and even accused the complainant of being combative. He tried to intimidate the customer but to no avail. This bullying of customers is unethical and this is why many people are cancelling their orders upon placing them as this complainant did. There is nothing legal about it, nothing transparent and no verification process. They don’t like you to ask questions at all. They get the credit card number and purchase details and then try to get the deal changed with shady tactics.
One person bought 10 pcs of the 1/10 oz category based on the company’s advertisements for which they charged a sum total of $38 for shipping reasons and they tried up-selling as usual for selling the high-priced ¼ oz gold coin. They also mailed some advertisements back to this complainant sometime later. Upon asking them to remove him from their mailing list, he was bombarded with advertisements from several other coin companies. He later realized that his details were leaked only by Nationwide Gold and this company apparently sells personal information of customers to even their market rivals.
One complainant’s husband ordered from the company and the wrong order was received. Upon being notified, the company refused to listen and cheated the complainant’s husband deliberately. The company never called back or took calls and ignored the issue for as long as they could. The company manager finally stated that the coins may be returned although they had to be resold for getting the money back. The money came back in multiple weeks and the company cheated the couple out of $2000. This con game was absolutely a disaster and the complainant also talked about how Nationwide Gold deliberately targets susceptible elderly people into falling for this scam.
A huge scam that you didn’t know about till now
What it basically boils down to is the fact that in case one does not purchase the high-priced coins they will not be sending the coins offered in advertisements. This has happened even twice or thrice with some customers. Some customers got Silver Eagles in place of Gold coins although the company claimed otherwise and cheated them comprehensively in this regard. Some people are still waiting to get back their huge pending refunds. Many customers have complained about being grossly overcharged by the company.
Nationwide Gold will never desire any talk of how gold prices have come down by 40% or even more globally. It will keep scamming people by highlighting long-term price growth of gold since the year 2000 as per several people who have been scammed out of their hard earned money by this precious metals company. The company also talks about how people can find a great investment that gives returns of more than 500% (just imagine the gall!) over the last 15 years or so and that too without any dealer cost. The company falsely states such figures as concluded by a TINA investigation. You can get some more details here-
In November 2000, gold prices came down to $265 per ounce as per reports and in recent times, it has touched $1,085 per ounce sometime earlier. The price of gold has not gone up by the overwhelming percentage that has been claimed by Nationwide Gold through advertisements. Customers should not be getting into such dubious deals without doing their own research.
Many people have reported other horror stories with the company. One person states how he saw an advertisement from Nationwide Coin & Bullion Reserve and decided to try once in spite of having a sixth sense that this was going to be a scam. He read the offer which promised 1/10 oz gold eagles for a sum of $110. The minimum order was 5 and the maximum was 10 for the first time. The company is infamous for up-selling bigger coins at the last moment promising that they will appreciate higher and this is what they did here. Upon resisting these offers, the 1/10 oz coins were shipped out but not in the value that the client expected.
Another person placed a similar order but he has unfortunately not got any gold coins until now and the card has also not been charged. The company was called and they said that they were presently sold out and hence the order was not filled out. The verbal contract and placing of the order apparently does not matter. A similar thing happened with another individual. The salesman wanted to sell a bigger coin but upon placing the order for smaller coins as advertised, they never appeared.
One complainant did not do any homework before jumping into a purchase for 10 gold eagles (1/10 oz) with the company. However, upon being push-sold a bigger and more attractive coin ($10 worth eagle), he declined since the ultimate price would have exceeded $7,000 per oz for gold. However, he was later informed that his original order was to be cancelled since the company did not have ample stocks and they would substitute with something else. This never happened and the client’s request to cancel the order was also not suitably entertained. The rudeness of the company management has been another aspect highlighted by several people on the receiving end.
One customer purchased 10 SAE coins from Nationwide Coins and Bullion Reserve and the company called him for taking the payment. He did not get any tracking number and was asked to call back for the same. The company took his credit card number and address and asked him to call back instead. He must have been scammed already as per his own opinion. He has already paid up $220 for products based on the advertisement that he saw. Going by all these reports, people should firmly BEWARE of such misleading coin scammers like Nationwide Gold or Nationwide Coin & Bullion Reserve whatever it be. The company is unethical and non-trustworthy and will only scam your money if you are not careful. Please avoid transactions with this company and aggrieved parties should complain in order to ensure that this fraudulent entity gets the punishment it deserves.