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The Gold Center is a bullion dealer that buys and sells precious metals in the US. They have locations in both Illinois and Florida. In addition to selling metals, they have several other services available. But how do they compare to their competitors?
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In addition to the basic buying and selling of precious metals, some of the services include:
The Gold Center is an Authorized Purchaser for the US Mint, one of just twelve companies with this designation. As such, they can distribute US Mint coins to dealers at wholesale prices.
The Gold Center's facility can process precious metals for refining. Because of this, you can sell them scrap metals.
Scrap metals can also be appraised for their value. The company can test the purity of the metals on site.
Storage services are available. All vaults are segregated and have full insurance policies. They are monitored 24/7 by armed guards.
Is the Gold Center a Scam?
The Gold Center doesn't seem to be a scam. The company has two locations: one in Florida, and one in Illinois. They do appear to provide the services that they claim to. But there are very few customer reviews online, and the ones that do exist are extremely negative. Yelp has just one review with 1 out of 5 stars, and there are two 1-star reviews on the Better Business Bureau website.
The BBB gives the Gold Center an A+ rating due to the lack of official complaints filed. But customer reviews don't count against it. In addition, the company has never been accredited with the organization.
Though no official complaints have been filed through the BBB, there are two negative BBB reviews and one negative Yelp review. The Yelp review seems to have been written by the same person who wrote one of the BBB reviews.
To avoid redundancy, let's take a look at the BBB reviews alone. The company has responded to both of them.
Low Sale Offer
One customer said that he had a terrible experience when trying to sell his coins. According to him, the Gold Center gave him the lowest quote for his coins of any of the competition. He said that the sales representative treated him like he didn't understand the industry.
He stated that he was offered the going spot price, but that the company didn't take into account what prices the coins were traded at online. He said that the price was the same no matter what the mintage is, and they don't consider whether silver coins are from unbroken tubes.
The customer concluded by saying that he was offered $26 for his coins, but he had seen them sell on eBay at the same time for $40.
The company responded and said that they had made an offer that was $1 higher than the spot price. When the customer reached out, he was told that his final price would be based on the future spot price when the transaction was completed. They stated that the coins didn't have numismatic value that would add to them, and that they based their offering on the real time market data.
They said that while some coins had been sold on eBay for more, there were similar products also being sold for less. Based on their response, they did appear to provide the customer with a prompt quote that was transparent about how the pricing was calculated.
The customer wasn't happy with this. He said that the company's response had been total nonsense, and that the website didn't mention the spot price at all. He expected the company to base their prices off eBay. This is a little odd, given that basically every precious metals dealer bases their pricing off of the market spot price.
However, it does seem that a lot of his ire was based in ignorance. He seemed to be under the impression that the mintage numbers of his coins would increase their value. He also seemed confused about how precious metals prices are calculated.
The second review is the one that was crossposted to Yelp. Once again, it was related to issues with selling precious metals. When the customer had first moved to Florida, he reached out to ask if he could get 99% of the spot price for his gold.
The company agreed. The customer brought some gold over, and the final weight seemed low. But he assumed it was his error, so he brought some gold over again. That time, he received nearly a thousand dollars less than he had anticipated based on the spot price.
The third time he brought his gold over, he was cautious. He asked the company to test the gold in the store without melting it down. Based on their findings, he asked for 99% of the spot price. The company complied with this without issue, and the customer thought the payout seemed correct.
But when the customer got home, he checked the spot price. It turned out that he hadn't been paid a full 99%. When he called to talk to the owner, he was told that his gold had tested as slightly impure, so he was paid 95%. The customer was irate that he hadn't been informed, and he felt that the company had paid him less on purpose.
He stated that when he did the math, he hadn't even been paid the 95%. In fact, he'd been paid around 91%. So he called back and spoke with the owner. The owner was very defensive and told the customer that he shouldn't bring his gold in anymore.
The company replied to say that the 99% payout rate had been based on their work with wholesale dealers. When the customer brought his gold in, the quantity was so small that it wouldn't count as wholesale. Despite this, they honored the initial two offers.
The company's policy was to pay 99% only for melts. If the gold wasn't melted, the policy was to pay 95%.
The customer responded to say that this was dishonest. He was still upset that he hadn't been informed in the store that the rate would be different, and he pointed out the discrepancy between the 95% and the 91% he received. He stated that he would rather have had the company communicate the issue with his gold quantity, rather than jerking him around like this.
It does seem that the company failed to communicate in a pretty spectacular way. If there were problems with the policies or the quantities, the customer should have been informed right away. Instead, he was left to discover the problem for himself.
Pros & Cons of The Gold Center
The Gold Center is a company that seems to have a lot to offer. They will buy a wide range of precious metals, and they offer many services that the average competitor doesn't.
But it's hard to find customer feedback online. The feedback that does exist has been exclusively negative. Customers report that they've been given frustrating prices for their precious metals, and that the company hasn't communicated well. In addition, they've said that the company owner was rude.
When you're buying or selling precious metals, it's important to work with a company you trust. So you might want to work with a competitor that has more positive reviews instead.
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