Merit Gold & Silver Santa Monica, CA, US

  • 26th Oct, 2017
  • $25,000 Reported Loss

Merit Gold and Silver are manipulative and out there to scam people! Rip-off!!

  • Report #5YC7J
  • Reporter UGANIAHAGG

I wanted gold and silver Bullion as a form of long term investment. Last year I decided to buy from Merit Gold and Silver as their price was lower than my local dealer.

My preference was to buy online as it saves me a lot of drama with the sales guy. The website not only showed current price, but also gave me a variety of options to choose from. I ordered silver bullion for nearly $20,000 and waited for three weeks but the order was still not executed. So I decided to call them at 800-515-5019. The sales guy was Richard Brown who was a smooth talker who could sell sand to Arabs. He talked me into buying gold coins. He tried telling me how much I sounded very much like his favorite aunt and a lot of BS.

The sales rep told me that I was better off buying ‘collectors coins’ as they were better value and how much more privacy the coin offers me. He further told me that coins aren’t reportable on consumer taxes and told me instances where gold bullion were confiscated by the government but coins couldn’t be. He even says that the buyback rates for coins is by far better in comparison with bullion. He said that the going rate for coins in market was much higher than what was being sold at Merit Gold and Silver and he even gave me an additional 2% discount if I purchased these coins. I was swayed by his smooth talking and gave in. I invested the $20,000 that I planned to buy silver bullion with to buy these collector’s gold coin and also added an additional $5000 to buy these coin.

I was told that once my check was credited I would get the gold coins with 5 to 7 days. I was fine with it. The money was debited from my account in three days and now the wait for the gold coins began. After a week I called their CSR number to check status, the call was answered by a Barry Diamond who was extremely unprofessional and rude. He didn’t care that I was a customer and asking about the coins that I had already paid for, moreover he tried to make me buy some other coins saying that the price has revised in the last few days and I could get more coins that I previously did. At this point I was least interested in talking to him, and had no interest in buying from them again.

I did a little poking around and found the contact information of Mike Getlin the manager. I tried reaching him over the phone but it was of no use so I tried emailing him, still no use. I had already invested $25,000 and my gold coins had still not arrived. After calling the CSR and Mike Getlin relentlessly, they were able to trace my order details but even after two weeks the product was not shipped. I asked the CSR why was it so given the fact that I had already made a payment, to which she said there was some global crisis and some BS.

I kept calling and emailing them periodically and after 65 days more than two months my coins arrived. By this time, I find out that collector’s coins have no aforementioned qualities. It is consumer taxable, can be confiscated and offers just as much security as bullion only that it costs almost double of that of bullion. I call the CSR again to verify and they give some BS telling me that genuine collectors know the value of these collector’s coin and they will be ready to buy it from me at the best rates etc. In short, I had been conned into buying half the coins for double the price. Worse Merit Gold and Silver deny offering buyback rates that were mentioned at the time of sale.

Their sales staff are trained to sell collectors coins, even though it doesn’t offer any benefit. They are paid large commissions to make a fool out of people like you and me. I came across several other reviews where Merit Gold and Silver and duped and conned even senior citizens. Beware of these f****** as they are thieves who only want your money.

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