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Sells gold coins / Over-priccd good coins

1 1801 Century Park East, 25th floorLos Angeles 90067, CA, United States Review updated:
Contact information:
Phone: 5098385803

I paid $58, 614 for 27 coins on August 17 by my check, at their inflated and never justified, price of $2, 170 per coin.  The local paper showed a price of about $1, 200 per 1 oz. gold coins at that time. Yes, I was careless as I certainly did not know anything about Aurum Advisors (AA) except they had an "A" rating, which I now understand was purchased by AA from the California Better Business Bureau of the Southwest.  The coin is an MS 61, which I've been told by a Spokane gold dealer is lower than "standard" value, which goes up to MS 63.  The packaging of the individual coins does NOT add to their value I've been verbally told by the local gold dealer.  The 27 coins I received, therefore, had a value of about $1, 200 each, as of mid August this year, so I got coins worth about $32, 400 for which I paid a total of $58, 614.  I was not willing to return the 27 coins, now worth about $1400 each, to AA who would probably only credit me with the mid August price of $1200, if they would credit me at all with the returned coins.   Clearly, I have no trust in AA and I would have to get cash, or have cleared their check before I would return coins.  I see no valid reason to return the packaged coins as I have been told by a local gold dealer, "COINS Plus", that the packaging does not add to the value of the coin.   I could not reach my AA contact, Mark Gregory, after at least 5 calls over the time of August 27 thru August 30.  I have confidence that I have dealt with an unscrupulous gold coin dealer: see "Åurum Advisors Legal Problems" on the WWW: several days ago where there were many entries on that website!!! 

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  • Ma
      3rd of Feb, 2011
    0 Votes

    The consumer did not pay $58, 614 for the gold they purchased on August 17th. The consumer purchased 27 $20 Liberty gold coins in a grade of MS 61 for $2170 per coin totaling $58, 590. Newspapers do not list the price of the coins that the consumer purchased. Newspapers list the “spot price” of gold which is an entirely different market that has nothing to do with what the consumer purchased. The dealer the consumer spoke with in Spokane gave the consumer inaccurate information. The grading scale does not go up to MS 63 it goes up to MS 70. Additionally, the grade of the coin DOES impact the price of the coin. As the grade of the coin increases the value of the coin increases. The retail market value of the $20 Liberty gold coin can range from $1600 to over $100, 000 per coin based on the grade. The industry standard for the coin that the consumer purchased was well within its limits and any coin dealer that would offer to buy the coins that the consumer bought from us for $1200 is obviously trying to take advantage of the consumer. We on the other hand made several distinct offers, verbally and in writing on several dated occasions. The offers were made on 10/25/10, 10/28/10, 11/01/10, and 11/03/10 with the highest offer being $56, 246. Not only does this indicate we are willing to buy back the coins purchased by the consumer but it also indicates we are offering to buy the coins back at the highest value of the day. We do not charge a liquidation fee whereas other dealers might attempt to buy gold from a consumer below market value. Our policy when buying coins from an existing client is to get them confirmed on a recorded confirmation line where we state the number of coins we are buying back, the description of the coin, and the liquidation price so the consumer knows exactly what they will receive for each coin before they mail the coins back to us. We are then able to wire funds to an account of their choosing, or send out a check for the previously agreed upon amount the day we get the gold back from the client. Out of the 5000+ gold dealers nationwide we have never heard of a single case where the dealer hands the customer money BEFORE they get the gold in hand. We have never had a single complaint that has gone unsatisfied when it comes to giving money to a client once we get the gold in house. The clients contact is Stuart Rickwood not Marc Gregory as stated on the invoice the client received with the gold they purchased from us. We have been in contact with the client continuously both verbally and in writing for several months now.

  • Ma
      3rd of Feb, 2011
    0 Votes

    Aurum Advisors President, Marc Lubaszka, Exposes Fraud in Gold Industy.
    Aurum Advisors President Marc Lubaszka said, "Scam artists are widespread today." Industry experts agree that many smaller local coin dealers offer to buy coins back from household investors at a greatly reduced price especially if the consumer purchased the coins initially from a larger coin dealer. "Larger firms have the capital to buy gold back from the consumers that purchased metals from them initially, usually at a greater price than smaller dealers. A problem can arise when consumers don't understand the fee structure that the firm they are buying from charges and by not understanding what competitors charge to liquidate gold positions."

    Often, Aurum Advisors receives calls or complaints from customers that bought gold from a competitor and the competitor doesn't have a buy back policy in place. In other instances a customer may buy gold from Aurum Advisors not realizing it would offer the customer a lot more than other firms would upon liquidation because the customers only pay a one-time initial fee when they buy, not when they sell precious metal back.

    It has been a common complaint in the gold industry that investors that acquire a product, whether it's gold, silver, platinum or palladium, are being taken for a ride. "You should always do your homework before you buy, " says Lubaszka. "Most of our clients have access to the internet so they have time to research and make informed decisions." It is a responsibility for internet users to know the facts before they purchase. "All of our customers have ample time to shop around, talk to different firms, educate themselves and act responsibly before making a purchase with our firm." Aurum Advisors is diligent in handling any issues that customers bring to their attention. Gold companies that are growing, from time to time, come across investors that attempt to take advantage of larger gold dealers. As an example an Aurum Advisors customer bought gold outside of their retirement account, and later sold the gold back to Aurum at a profit.

    Every consumer should take the time to research the company they are doing business with. If you are interested in buying bullion or coins, Aurum Advisors has some of the most competitive prices. They provide consumers with gold coins that are well within industry standards. "We would rather make less money and have returning customers that are satisfied, rather than unhappy customers, " said Lubaszka. "Customers that buy gold or silver from Aurum Advisors should always give us the first opportunity to buy their metal back from them even though they are not required to. This gives us a chance to protect the consumers from unscrupulous 'local' coin dealers."

    When you buy gold from Aurum Advisors you don't run the risk of being scammed by smaller local coin dealers that cannot compete with the industry powerhouse firms of the world, when it comes time to liquidate.

    Aurum Advisors is a precious metal brokerage house that specializes in providing comprehensive and bespoke precious metal acquisitions to high net worth individuals, families, and institutions. With Aurum Advisors you can diversify your portfolio with the same type of expertise and level of service that you can expect from a wealth manager at a private bank. We offer information on current market trends and guidelines for all precious metal acquisition scenarios.

  • Lt
      14th of Aug, 2011
    0 Votes

    I am having a very similar problem. I was sold Silver American Eagle proofs for $131/oz. I was told that the price was going up fast so I need to hurry. Once I purchased, I was told they were now valued at $141/oz. Once the silver was at Stering Trust, the values on that sight were significantly less, about $60/oz. I had numerous conversations with Patrick Peterson about the issue and I was really concerned that I had been scammed. I have a number of letters stating the value of my silver over the last year. Suddently the value decreased in the fall of 2010. I was told that it was due to the government producing more coins. Over the last few months the price improved and was at $110 - $113/oz and had stayed in that range for 3-4 months. On 8/1/11, I got the values again as of 7/26/11 at $112.05/oz. It took me a week and a half to get the value faxed to me. On 8/3/11, I decided to see the coins. That afternoon, Brian Davis gave me a value of $93/oz. That is a drop of $19.05 /oz in just 2 days of getting the information. These people have a racket going on. You can't get timely information to make decisions. This past week of 8/8/11 through 8/12/11, I was not able to get ahold of anyone to give me my values. No one, including the most prestigious owner, Marc Lubaszca, would take my calls. When I had $368k to invest, the were calling me! Now, I am just ### to them. I don't consider this company to have any concern about their customers. They don't care that I have the need to get money out of my IRA. They don't care that the value dropped over $100k. No sir. They got their money and they got it deceitfully.

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