Blanchard Gold Review

Blanchard Gold Review

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Blanchard Gold is one of the oldest and largest gold dealerships operating in the United States. In addition to bullion, they have a strong focus on rare coins. They have partnered with the numismatist who founded the PGCS and NGC grading organizations, and he assesses every rare coin.

  • Product Type: Precious Metals
  • Owner: Donald W. Doyle Jr.
  • Rating: 1.0/5

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  • 1,000+ 5 star ratings
  • Protects over $1 BILLION dollars in retirement savings
  • AAA customer rated
  • A+ BBB Rating
  • 5x Inc 500 winner
  • 2021 company of the year

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About Blanchard Gold

Blanchard Gold Review

Blanchard Gold is family owned and serves every area of the US. They have been in business since 1974, boasting nearly half a century in the precious metals industry.

According to the website, the company has the history necessary to build ideal customer portfolios. They create a unique plan for each customer based on your investment time, risk tolerance, and long term objectives. In fact, they recommend talking to one of their specialists prior to investing, as they believe this can improve your overall outlook.

Company Principles

One of the main advantages of Blanchard Gold is that they offer a level of research that you can't find elsewhere. Their numismatist personally selects every rare coin that they sell. He also rejects 3 in 4 coins that can be purchased. Supposedly, this allows people to access the best of the best.

One thing to note, though, is that multiple customers have reported being unhappy with the pricing and growth of their rare coins.

The company has a 100% buyback guarantee, though some customers have also been upset about the buyback offers. All packages are shipped with full registration and insurance.

Is Blanchard Gold a Scam?

Blanchard Gold Review

There is no hard evidence that Blanchard Gold is a scam. They do seem to provide the services that they say they do. But that doesn't mean they're a good company to work with. In this case, all of the feedback online is overwhelmingly negative.

It's sometimes difficult to find online reviews of a company. It's important to weigh the negative feedback against the positive. Sometimes a business might have a handful of complaints, but also several hundred great reviews.

That's not the case here. There aren't many reports from customers who have used this business in the past. There is one BBB complaint, three 1-star BBB reviews, and one 1-star Trustlink review. Other than that, it's basically impossible to find information. We haven't tracked down any satisfied customers.

That's not to say that satisfied customers don't exist. It's certainly possible that some people were happy with their purchases, and simply chose not to leave a review. But given the overwhelming negativity, we have to take things with a grain of salt.

BBB Complaint

Blanchard Gold Review

The BBB complaint has been answered, but the customer has indicated that the answer wasn't satisfactory to them. It was related to an advertising or sales issue. The customer stated that the company was dishonest, and that the coins were marked up far past their actual value.

They said that the company purposefully misrepresented the value and history of the coins they were buying. The coins had all been subject to excess markups. The customer had been making purchases for over twenty years for their retirement portfolio. They never had any issues until they tried to liquidate their holdings.

The customer indicated that there were also problems with some of the employees after retirement. For example, one of the sales representatives would switch out the customer's order with coins of a lower quality, saying that it was because of the "rarity." This representative used high pressure sales tactics and deception to convince the customer to buy early dated coins.

In fact, the representative convinced the customer to sell their current bullion at a loss, all so they could buy the historic collectibles. He claimed that the coins would net a huge profit at auction. The customer was told that some of their purchases hadn't ever been auctioned before, when that wasn't actually true.

Some of the coins were supposed to be sold together as rare collectibles. But the auction house wouldn't accept the set. The coins sold for a fraction of what the customer had paid, just 40% of the purchase price. The customer was extremely upset that they had sold their good bullion for this.

After the terrible auction results, the customer did some research into the coins. They discovered that they'd paid more for the coins than anybody else in history. Apparently the company had marked them up far past their value.

When the customer brought this up to the company's leaders, they were told that it was just bad luck at an auction. At the same time, the leaders would not give straight answers about the company's commissions or markups. The customer pushed harder, and was told that Blanchard Gold had no responsibility in the matter.

The company leaders then suggested that the customer send the auction funds, and they would try to repurchase the coins. Alternatively, they offered to buy new coins that would "maybe" perform better in a decade. They added that if the value of the coins hadn't risen by then, then the customer could sell them back to Blanchard with no loss.

The customer said that they would not give Blanchard the funds because they did not trust Blanchard with their money. They also said that they did not trust Blanchard's choice of coins, and they did not want to tie money into the company for years. Finally, they said that since the markup and sales history had been incorrect, they did not believe anything else that the Blanchard leaders said about their coins.

The customer dug into the employees and found that no one operating the company seemed to be part of the Professional Numismatists Guild. However, they did have a consulting agreement with a PNG member. Ripoff Report showed several complaints about dishonest markups.

Company Response

Blanchard Gold's owner did respond to say that he had been working with the customer for months in order to help the customer recuperate their funds. He emphasized that Blanchard has worked with over 450,000 clients since being founded in 1974. Further, he emphasized that the company prioritizes integrity.

He explained that Blanchard Gold has a consulting agreement with a numismatist during coin transactions. The numismatist has over three decades of numismatic experience. Not only that, but he created both the PCGS and NGC coin grading services.

The owner said that the complainant had worked with Blanchard since 1994 and had completed almost 300 orders during that time. The customer had both bought and sold items, several of which were meant to help with their rare coin collection. All of the employees had an excellent relationship with the customer.

The owner said that the company's margins were within the industry standards. In addition, he said that every client is given terms and conditions before a transaction. These terms and conditions have all the details about coin spreads.

He flatly denied that the customer had been lied to about the coin's auction history. He also added that all of the sales of a coin could be looked up online and were public knowledge.

He said that if this complaint was representative of the company's conduct, they wouldn't still be in business. Further, he noted that the customer's portfolio manager had been working with Blanchard Gold for over 20 years.

As for the low auction prices, he stated that there had been a misunderstanding. Blanchard Gold had been willing to buy back the customer's rare coins. But based on the market data at the time, they believed the coins would net a better profit at auction. They were wrong. That was why they wanted to try to get the coins back for the customer.

The customer wanted to be reimbursed for over $850,000. But the company said that this was not feasible. They instead offered to find the buyers of the coin, ask if they would sell the coin back, and to work with their numismatist on a marquee coin strategy. These coins would then be sold to the customer with zero markup. If the customer sold them, then over time, the coins would total their losses. But the customer declined this offer.

He concluded by saying that the customer had rejected every single offer the company had made, even the offers that had never been made to any other client.

Customer Response

The customer responded that they were not satisfied with this. Though Blanchard's rebuttal had explained many aspects of their complaint, they pointed out the concealing of its price. A decade before, the coin had sold for less than half the customer's purchase price. The customer was never informed of this.

In addition, the customer was told that two of the coins were a "set," and that selling them as a set would bring in a better auction result. But the auctioneer wouldn't recognize them as a set.

The customer believed that this was a major means of concealing information. They believed they should have been sold the coin at closer to the previous purchase price. This would have rendered a significantly smaller loss.

The customer stated that they participated in the auction because they were coerced. They had repeatedly been told that it would be the best and biggest auction of the entire year, and that the coins would net the most profit there.

They said that their only reason for buying one of the coins was to "complete a rare set" that they had been told that no one else in existence had. But this rare set seemed to be a falsehood.

The customer said that if Blanchard Gold truly had good intentions, then everyone involved in the sale had acted incompetently. In addition, they said that the Blanchard Gold website intentionally worded things in misleading ways. They believed that if they had been told the truth about the coins, then they might have suffered a small loss at the auction, but not the devastating one they had.

Blanchard responded to say that the customer had been offered two solutions already. The company was not willing to alter their solutions. Furthermore, they stated once again that they had worked with over 400,000 clients, and that the customer was leveraging untrue allegations.

Other Complaints

Blanchard Gold Review

Let's take a quick look at some of the other complaints about the company.

The negative Trustlink review stated that Blanchard Gold charged high commissions and excess fees to sell rare coins. They said that people interested in buying gold should only buy bullion, because the numismatics were marked up. In addition, they added that the company's gold bullion coins were marked up far past the spot price.

One customer said that he had bought gold coins almost a decade ago. The salesperson had told him that the value of the coins would definitely rise in the future. But it didn't. Thirteen years later, the customer had to sell at a loss. To make matters worse, the price of gold had almost doubled. But the price of these particular coins had actually dropped in value.

Another customer said that Blanchard Gold made it very easy to pay for a transaction, but they were extremely slow about issuing refunds. The customer had bought a few American Eagles, with extra money to cover fluctuations. Because of this, she had paid in excess and needed a refund. The company kept giving her excuses and vague promises, but wouldn't give her a check.

One customer accused the company of preying upon the elderly, after her older husband bought items from them. When he wanted to liquidate them, the buyback offer was significantly less than what had been paid. Then the company convinced her husband to invest in rare coins. But she couldn't liquidate one of the coins for more than $300, and her husband had paid over $2,000.

All of these complaints are very concerning. What's also concerning is the lack of other positive reviews. If Blanchard Gold has serviced over 400,000 clients, then there should be more customer testimonials to be found. Many of the clients might be older and uninterested in writing online reviews, but even so, the lack of feedback is odd.

Blanchard Gold denied the allegations in the official complaint against them. But multiple other customers have all unanimously agreed that their rare coins are marked up far past their value, and that the salespeople are misleading and dishonest about it.

Pros & Cons of Blanchard Gold

PROS

  • Have been in business since 1974.
  • One of the longest running precious metals dealers in the United States.

CONS

  • Extremely high markups on rare coins and gold bullion.
  • Only negative feedback online.
  • Company denies allegations in official complaints instead of apologizing.
  • Salespeople use high pressure tactics to get people to invest in rare coins that aren't worth much.

Final Thoughts

Blanchard Gold has an impressive history. It has existed almost since it first became legal for Americans to own precious metals. In fact, it is one of the oldest precious metals dealers in the US, boasting almost 50 years in the industry. During that time, they've served over 400,000 people.

But unfortunately, Blanchard's reputation hasn't kept up. When you look up reviews of the company online, every single one of them is negative. There are complaints from people who feel misled about the purchases they were making. Customers consistently say that the rare coins are marked up far beyond their value, and that they weren't aware of the markup until they tried to liquidate the coins.

In addition, a few customers have indicated that they were talked into buying rare coins when they originally wanted bullion. Blanchard Gold seems to have much higher commissions and markups on their rare coins. That means that people were talked into making purchases they didn't need, all in order to pad a sales commission.

This type of company setup is outdated. It might have worked in the 1970's, but it doesn't now. As a customer, you deserve to get the most accurate information about your purchases. You deserve to work with a company that actually cares about your needs and goals.

For this reason, we can't recommend Blanchard Gold. Their business model is stuck in the past, and their customers seem to suffer for it.

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