My wife and I purchased what we thought was $10,000.00 worth of gold coins from Adam Blaser (an Account Executive Representing Superior Gold Group) In October of 2008. We paid $10,317.11 for $9817.11 worth of gold coins, plus a $500 processing fee on October 3, 2008. The coins were not shipped until 10/22/08 after several email requests and phone calls. The coins were received without an invoice itemizing their value and grading. After several more emails and phone calls we finally received the itemized invoice. Mr. Blaser assured us that should we run into any financial difficulties we would have no touble selling our gold coins back to Superior Gold Group. On 12/31/08 Sharon was informed by her employer her hours were being cut to 32 per week essentially cutting her income 20%. We contacted Adam Blaser in January 2009 to find out how long it would take to sell our coins back to Superior Gold Group. Mr. Blaser informed us that due to THE BID SPREAD we would lose a substantial amount of our investment and we might be better off selling them on Ebay or to a coin dealer.
We then took our coins to PNS COINS in Lancaster and were informed that our coins were worth about $4,600 and that several coins listed on the itemized invoice were rated as VF(very fine) were'nt even Fine grade and all of the coins' values were inflated. At the time gold was at $859 per ounce.We then looked up the Disclosure Statement about the Bid Spread. It states that there may be a difference of up to 30% of what we paid for the coins and their real value. The difference between $9817.11 and $4600 is $5217.11or about 53% quite a bit more than 30%.In order for us to break even gold will have to rise to more than $1850.00 per ounce.We have since been contacted by another Account Executive from Superior Gold Group inquiring if we would be interested in purchasing more gold and also informed us that Adam Blaser was no longer with the company.We told him what had happened to us and you can easily guess that we will never purchase gold from Superior Gold Group again. As of this writing we are starting a blog warning investors about Superior Gold Group's practices.We listen to John and Ken every day and when we hear the ads for Superior Gold Group we turn them off.We have spoken to an attorney and know we have uo to 2 years to file in small claims court and will probably do so for the $7500 maximum. Pete and Sharon ****
3 Updates & Rebuttals
sialgnal
Atlanta,United States of America
Contact Me
#4Consumer Comment
Thu, January 28, 2010
My client has been screwed by SGG. Contact me if you have been as well (((REDACTED)))
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.sialgnal
Atlanta,United States of America
Pattern and Practice
#4Consumer Comment
Thu, January 28, 2010
My friend purchased numismatic gold coins from Superior Gold. Upon receipt, he immediately had them appraised and it looks like Superior Gold only gave him about 50% of what he paid for. Based on the comments I read here, it looks like a pattern and practice for these guys. Have a blog been created yet?
marissa
san diego,California,
United States of America
WE ARE IN THE SAME BOAT AS YOU ...
#4Consumer Comment
Mon, January 18, 2010
PLEASE POST THE BLOG ADDRESS SO THAT WE CAN ALL GET TOGETHER ON THIS ... I SMELL CLASS ACTION LAW SUIT !!!