- Report: #1513905
Complaint Review: Blanchard and Company - New Orleans LA
Reported By:
WantToHelp -
Manchester, MA, United States
Submitted:
Updated:
-
Author Confirmed
Why?
Blanchard and Company
909 Poydras Street New Orleans, 70112 LA, United States
Web:
www.blanchardgold.com
Categories:
Business Rating:
(1)
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Blanchard and Company Blanchard Gold They Prey on the Uninformed New Orleans LA
My late father purchased "rare" coins from Blanchard in the mid 1990s. Gold price was approx $380 per ounce at the time. He was elderly and a novice investor looking to diversify. They clearly picked up on his inexperience and sold him 7 coins over the course of a few years for a total of just under $10,000.
Fast forward 25 years. Gold is now just about $1,800. I approached Blanchard about buying back the coins (as they advertise on their site), but only one coin had increased in value over the 25 year period. The other 6 coins declined in value by 14% to 72%.
When I asked the rep how that could be the case, I received a very stock answer explaining gold cycles and if I held on for 12 more months, they should go up. He must have beleived I was completely naive and didn't know that gold was up 370% from when my dad bought the coins. Their pitch is very much focused on the price of gold and as gold goes up, the coins go up.
So, how did these coins go down so much when gold is up so much over such a long time? They WAY over sold my dad, that's how. Without access to internet to do research in 1995, he sadly trusted them. They completely took advantage of an old man with limited knowledge of the coin market. They found an easy mark and exploited him.
Buyer beware! These are not liquid investments and you have to find a willing buyer once you've bought them. Do your research so you do not get ripped off.
