Birch Gold Group REVIEW: Birch Gold Group clients feel safe, confident and secure when purchasing gold and silver from them. Birch Gold Group devoted to the highest levels of client satisfaction, exceptional client experiences and success. Birch Gold Group considers it their responsibility to help clients preserve and protect the purchasing power of wealth regardless of the political whims and follies in Washington and beyond. Commitment to the Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, a program that benefits the consumer, and assures them of complete satisfaction and confidence when doing business. With countless past satisfied clients, Birch Gold Group has proven their dedication to customer service for years.
I'm retired and I'm not a licensed stockbroker or anything but I know a thing or two about money and managing finances. I first contacted Birch Gold Group in Burbank for their free investor's kit for gold and silver. What I got was a phone call from someone asking me a bunch of personal questions and when I asked for their kit I was told that it's just a fancy brochure with a bunch of pictures of gold coins. First clue this company was a rip off. I finally told him to send it or I would hang up. Did some research on the company and on their website they list they have addresses in London and Singapore and Burbank, CA. Only the one in Burbank is legit, the other two are shadow offices or virtual offices, they don't really exist, only collect mail. Second clue it's a rip off.
Got their 'kit' which is only a color folder with pictures of collectible gold coins and pages of old people holding hands saying, "Security, this is why you buy gold..." and on and on. No prices, no specific products, no information on their markup, just emotional buttons. And no information about the company. Who are they?How long in business? Who owns it? Are they licensed? Nothing. A few days later, I received a call from their telemarketing 'opener'. Would you like a market update? "Sure", I said. They put me on with Jake Kennedy, a fast talking English fellow who was obviously reading from an article they probably passed around as their script. When I asked him specifics, he didn't have a clue. He was telling me about how the value of the dollar is going down and that I should buy gold. "Well, that's not true. Compared to other currencies, the value of the dollar is the strongest and gold and silver are dropping as compared to other commodities such as oil for example." That stumped him and I could tell that he didn't know jack. The value of something is best determined by what it can be traded for or exchanged. But this idiot couldn't seem to grasp that. Ok, I thought, he's just an idiot reading what he's told, maybe I can still buy from this company. Gold is gold, right? "How much is your gold, what is your mark up?" Then, it really gets interesting, he tries to talk me into buying collectible gold and silver coins. Calling it investment grade. What the heck is 'investment grade'? That's the silliest thing I've ever heard. No such thing. We went back and forth and I could tell that this idiot didn't have much life experience or know what he was doing. So he transfers me to his boss, Vince Miller. (I later found out that is his phoney name) He started shouting into the phone about how everyone is buying investment grade and how gold will go up in price and on and on. When I asked specifics, he didn't know either. He even lied and told me I would have to report my gold when I sold it, that is a lie and only pertains to a few types of bullion gold and any cash transaction above 10K is reported anyway. He was trying to sell me collectible gold coins from a hundred years ago. When I asked how much gold is in it, he didn't know. Ok, he then tries to sell me silver dollars, when I asked how much silver is in it, he didn't know. As he's talking, I'm looking up the prices and coins on APMEX , a well known gold and silver dealer. Meanwhile, this guy keep lying to me over and over. Turns out they just want to sell collectible gold and silver coins at a 30% mark up. That's their scam. And if you buy bullion bars, which is what you should be buying, they mark it up too. You can get better prices from APMEX. What is your buyback price? He didn't know. Can you guarantee buyback? He didn't know. Why should I buy from you at a 30% markup when the same gold coin is available from reputable companies for only a 3 or 4% mark up? He didn't know. I had to ask him four times what their mark up is and he finally said, "Yeah, you'll have to pay a buck thirty for them but ten years from now, that waon't matter." What a jack a*s.
In a nutshell, their scam is to fast talk people into buying collectible coins or proofs for their IRA's. They tack on a 30% or higher markup. If you put 100K of your IRA into gold with these scammers, they'll take 30K of it. How's that for an investment. ? Take a pass on these guys. Scammers. And God knows how much they will buy it back for.
Turns out the copany is owned by an Iraqi, Laith P. Alsarraf, who made his money associating with porn internet sites. The manager, Vince Miller uses a phoney name and used to sell pots and pans at shopping malls. Jake Kennedy, the supposed broker who doesn't know jack, is just a cold hearted con artist.
I can't wait to hear their response on here. Hey Birch Gold, why are your proofs and 'investment grade' gold and silver coins 30% higher than their actual value? Huh? Why do you have idiot hack telemarketers on the phone who don't know a commodity from their holes in their backsides? How does it feel swindling people out of their retirements? Go to apmex people, not these boiler room clowns.
1 Updates & Rebuttals
Bill Simpson
Anaheim,California,
Their response is full of lies
#2Author of original report
Thu, November 14, 2013
I find this response repulsive and full of lies.
Whoever you sent to the company didn't even verify who he was talking to, his name isn't even Vince Miller, he's using a fake name. Why would an honest company manger use a fake name? What are the other names of the officers of the company? Why do they hide their names or use fake names? Who owns the company?
Birch stays competitive? Nonsense. Honest companies do not mark up their collectible coins by 30%.
They state that if you want to buy $1,000 worth of gold or silver, that is what they give you. But they do not ever tell you what their markup or profit is. Their mark up on collectible gold and silver is 30%, their mark up on bullion gold and silver is around 2%. They hire slick salesmen who talk you into buying collectible gold and silver by lying on the following points:
1. They say that bullion gold and silver is considered confiscatible. This is nonsense. The government is not going to confiscate gold or silver. Those days are long gone, especially since our currency is off the gold standard. And even if they did again, as they did in 1933, they would have to pay you for the full value of your gold.
2. They say that bullion gold is reportable when you sell it. This is a lie too. American Eagle bullion coins are not reportable. And besides, every cash transaction over $10,000 is reportable anyway. Not only that but it is illegal to avoid taxes, are they telling people how to break the law?
3. They say that collectible coins go up more in value over time due to demand and they may even show you very specific examples. This is not true overall. Bullion gold and silver coins move with the price of gold, collectible gold and silver coins move up or down with the collectible market, a very volitile and risky market. Overall, bullion gold and silver performs better than collectible coins.
4. They call collectible coins and proof coins 'investment grade' gold and silver. This is a made up term. There is no such thing. If you want to put gold and silver into your IRA, put gold and silver in your IRA. Do not let them sell you proof coins or collectible coins.
5. They do not disclose what their mark up or profit is. Ask them specifically, "If I buy $1,000 worth of these 'investment grade' or proof coins from you right now and then turn around sell them back to you the same day, how much will you buy them back for?" The answer will be $700. If they answer otherwise, ask them to put that into writing. They will not. Some of their salesmen make over $100,000 a month. You read that right. They are literally ripping people off and stealing their savings and 401K's. Their mark up is huge. The Los Angeles District Attorney needs to shut them down and regulate their industry, just as the Santa Monica DA did to Goldline.
Before you buy anything from these people, particularly proof coins for your IRA, write down their price and then go look it up on the internet. You will see that you are being grossly overcharged by them.