- Report: #654459
Complaint Review: Nicholas J Bruyer - Burnsville Minnesota
Reported By:
Anonymous -
Atlanta, Georgia, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Nicholas J Bruyer
14101 Southcross Dr West Burnsville, 55337 Minnesota, United States of America
Phone:
800-777-6468
Web:
Govmint.com
Categories:
Business Rating:
(0)
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Nicholas J Bruyer Govmint.com Gold, Silver Coin Rip Off Burnsville, Minnesota
Buyer beware -- for gold or silver coins offered by any of Nicholas J. Bruyer' sellers
He charged us 2.4 times the spot price of gold coins or about 240% profit for several modern minted coins. Had we not researched what other people were selling coins for and found out that a fair profit above spot for modern gold or silver coins, which are simply metal bullion and of no collectible value, should be about 5 to 10%, then we would have been stuck with this major loss had we tried to sell them beyond their "30 day return" time period.
In returning these coins the whole process took almost two months while they delayed refunding our money.
Watch out for smooth talking, high pressure sales pitches that give you a story of how special their coins are, such as they are graded at a high mint state or how "rare" they may try to pitch them. These high mint states or any special story add essentially no value or premiums over the spot price of gold or silver because their resale value will be no more than any other modern minted coin, no matter what their story that their high pressure sales people may try to give you.
This is one example among many now that I have found where coin dealers try to rip you off with inappropriately high mark ups. A safe way to buy gold or silver is to find someone who will sell you gold coins or bullion at a low mark up above the current spot price for gold or silver, which should be about 5 to 10%. A good test is to ask them what they would buy them back from you in 2 to 3 months.
3 Updates & Rebuttals
Cu29640
Easley,South Carolina,
U.S.A.
Rip Off???
#2General Comment
Fri, May 27, 2011
Being expensive does not make a product a rip-off. GovMint etc. often sells many exclusives, it cost a bunch to develop these items. A small 5% bullion markup would not be practical for a profit making company. You are comparing flee market dealings with a retail environment that charges the same markup as your grocery store does for common non-essential items. Ever calculated the markup on a laptop or cell-phone. I am sure it is right in line with what these large marketing firms charge for coins.
Silver bars and rounds with no sculpting may sell for the small premium over melt that you describe but developed world coinage,,,even US eagles would never sell for that small of an amount. Any dealer is going to charge you $100+ for a MS70 Silver Eagle.
I have purchased some coins from GovMint and been very pleased. If you buy because you like the item then that is all that matters. Anyone who buys just for a supposed quick investment deserves to loose money.
GovMint is also an official distributor for most of the major world mints.
Cu29640
Easley,South Carolina,
U.S.A.
Rip Off???
#3General Comment
Fri, May 27, 2011
Being expensive does not make a product a rip-off. GovMint etc. often sells many exclusives, it cost a bunch to develop these items. A small 5% bullion markup would not be practical for a profit making company. You are comparing flee market dealings with a retail environment that charges the same markup as your grocery store does for common non-essential items. Ever calculated the markup on a laptop or cell-phone. I am sure it is right in line with what these large marketing firms charge for coins.
Silver bars and rounds with no sculpting may sell for the small premium over melt that you describe but developed world coinage,,,even US eagles would never sell for that small of an amount. Any dealer is going to charge you $100+ for a MS70 Silver Eagle.
I have purchased some coins from GovMint and been very pleased. If you buy because you like the item then that is all that matters. Anyone who buys just for a supposed quick investment deserves to loose money.
GovMint is also an official distributor for most of the major world mints.
Truthfully
Potrero,Internet,
Costa Rica
It is ALL true.
#4UPDATE EX-employee responds
Mon, May 09, 2011
I worked for Asset Marketing Services, Preferred Customer Club, and GovMint for more than two years (All of these are owned by Nic Bruyer) based out of Burnsville, MN. While employed there I made an immense amount of money selling "rare/collectible" coins to customers over the telephone and via email. Folks it's a scam. Plain and simple. 90% of the coins sold from these companies are worth no more than the precious metal content of the piece. Especially the Beijing Olympic, Canadian Olympic, Shipwreck, or South African Minted coins. These are all struck with a mintage request made by AMS, in order to create a "limited" market opportunity, but there is no market for resale of these coins. These coins are worth the weight only. Furthmore, anything with historical significance or "rarity" can most definately be found for less....a lot less elsewhere. The mark up is somewhere in the neighborhood of 200-300%. Most people, if not all who have done business with AMS have bought with the idea of a return on these coins. Sorry folks, not for a couple more centuries. Leave them for the great great grandchildren. Nic goes thru customers like he goes thru employess. Beware of Agora Investments too! Nic is also involved with this company and have bilked millions from people with their "strategic investement seminars". Look out!
Interesting article here from the Minneapolis StarTribune newspaper:
http://www.startribune.com/business/121475124.html
