In these uncertain economic times, more and more people are turning to precious metals. Expert investors recommend investing a percentage of your income into precious metals. This provides a hedge against inflation and protects you when the stock market becomes volatile.
But the precious metals market is filled with potential scammers. That's especially true when you're purchasing metals through the internet. We've taken a look at Nationwide Coin and Bullion Reserve to determine whether they're the kind of company you can put your trust in.
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About Nationwide Coin and Bullion Reserve
As the name implies, this company sells numismatic coins, bullion coins, and bullion bars to people all over the US. They also have IRA services available for those who want to invest in a precious metals IRA.
The company was first founded in 2009 and is based in Houston, Texas. In addition to selling to people around the US, they also sell precious metals and numismatic coins to investors in Europe and the rest of North America.
Like many precious metals firms, the company recommends that you own gold so that you can protect your assets in an unstable economy. Gold performs inversely to the stock market, which means that if your portfolio is diverse, you'll have a safety net no matter how the dice fall.
The experts employed by the company have more than a century of combined experience in the precious metals industry. The company claims that their staff can help people identify ideal purchase opportunities based on their current investment portfolios, risk tolerance, goals, and the market forces at play.
The company works with both experienced investors and beginners. They try to set themselves up as a good first choice if you're just getting started. But honestly, there are better alternatives out there.
Instead of offering just precious metals and bullion, the company also offers numismatic coins. These are a riskier investment, since their value depends on what people are willing to pay. If there's no demand for the coins when you want to sell, you'll suffer an overall loss.
The company's product catalogue includes rare numismatic coins from before 1933, rare modern coin sets, and rare international coins. They also offer the same bullion coins that many other brokerages do.
If you want to get set up with a precious metals IRA, the company can help you roll over your existing retirement funds. They will also work with average investors by connecting you to gold and silver starting packages.
The company stakes a lot on its team. They claim to have one of the foremost groups of precious metals experts in the world. The team is made up of people from backgrounds including:
Since the group has a diverse range of expertise, you can always get answers to your questions about the investment process. They make it simple to learn about precious metals and choose how to invest your money. When you're ready to sell your assets, they offer to buy them back at market price.
The company has created the Nationwide Guarantee, which is a promise to give customers the highest-quality products and the best customer service. They say that they are committed to accountability and customer satisfaction. Many of their investment portfolios are tailored for large growth over time.
The economy is volatile, and many people have lost faith in the stock market. Those nearing retirement might be afraid that their retirement funds won't pay enough to live on. Nationwide aims to give people investment advice that will help them grow their assets while protecting their funds.
Coins on Offer
The company offers both bullion and numismatic coins in gold and silver. You can purchase one-ounce gold bars and silver bars. Some of the available gold coins include American Eagle coins from the US Mint, Indian Head Quarter Eagles, and international currency.
Every customer enjoys free shipping of their items, no matter the size or weight of the order. You don't need to meet any particular quantity or price point. If you buy any coins or bullion through the service, you will have it shipped without a problem.
The company's shipping team works to make sure that coins are sent out in a timely manner. It may take a few days for the items to arrive, and the arrival time will vary depending on your location.
During the holidays, you can expect to see a delay in shipping. After processing and confirmation of the order, most people receive their products in 10 business days or less. There have been some cases in which it's taken longer for the coins to arrive.
Products are shipped by FedEx and are fully insured. In addition, each package is bonded with Merchants Bonding. When your order ships, you will be sent a tracking number to follow the item's progress.
How to Buy
Some online bullion dealers have complicated processes in their marketplaces. That's not the case with Nationwide. You can simply browse their online catalogue, select your preferred items, and place your order. As soon as the order is processed, the coins or bullion will be shipped with FedEx.
It's a good idea to invest in a good storage option, like a safety deposit box at a bank. This is a lot safer than keeping your coins in your house, where they're far more vulnerable to theft and damage.
When you make a purchase with the company for the first time, you will be given a Welcome Kit. This kit comes with a free two-year subscription to two different precious metals magazines, so you'll always be up-to-date on the newest market developments.
Pricing for the items in the catalogue can shift on a daily basis. It is influenced by the market value of the precious metals, along with the market demand for rare numismatic coin sets. Numismatic sets are a more risky investment than precious metals, since they're only worth something while they're in high demand.
If you want to learn about the day's prices, it's best to call the company and ask. You can chat with a representative about your investment potential and your interest in precious metals.
Are There Any Red Flags?
Unfortunately, this company has quite a few red flags. From concerning complaints to strange sales tactics to actual litigation, there's a lot indicating that the company isn't as good as it seems.
Let's talk about the advertising. Nationwide advertises itself as a company full of investment experts who can help you achieve growth beyond your wildest dreams. They craft compelling videos that make it seem like a precious metals investment is guaranteed to yield huge dividends.
That's a red flag for a few reasons. First, any reputable gold dealer should be up-front about the risks involved in investing. There should never be a guarantee that you'll make money, whether implied or outright stated.
Another reason that's a red flag is because historically, precious metals don't have the potential for explosive growth. That's part of why they're recommended to stabilize an investment portfolio. Other investments will have much more growth potential.
In a way, it sounds like Nationwide wants to convince people to invest more of their money into precious metals than they should. It's better to work with a reputable company that offers solid investment advice including diversified portfolios.
The company claims that their clients have seen enormous gains in their portfolios since they began investing. They also advertise numismatic rarities as items that are likely to increase exponentially in value. But they fail to mention that numismatic rarities lose their value as often as they gain it.
Some third-party sites like Trustlink have relatively favorable reviews. But the company's reputation with others is horrible. The Better Business Bureau rates them a D+ because of how poorly they've managed to handle complaints. And the complaints themselves are sometimes harrowing.
For the past few years, the company has seemed to be caught in a firestorm of complaints. Complaints have kept coming in without being resolved, and there seems to be no change in the company management.
One of the most concerning -- and frequent -- complaints is that the company purposefully used unethical, deceptive sales tactics. It looks like that suspicion about their faulty investment advice was unfortunately true.
Many people who invested are retirees. There are complaints alleging that the company purposefully worked to defraud the elderly. Some complaints state that a bait and switch tactic was used to sell the customer coins that were worth much less than their advertised value.
In addition, some people have noted that they never received the purchases they made, even though their payment cleared. Others have said that they received a notification that a package was sent, but the package was lost in transit.
Another concerning complaint is that after customers cancelled their orders, their cards were still charged with unauthorized amounts by the company. This doesn't bode well for what they might do with your credit card information.
Nationwide has responded to several of these complaints. However, the majority of customers have indicated that they are not satisfied with the response. The lack of satisfaction may also contribute to the D+ rating on the BBB.
Upselling and Fraud
The company's underhanded sales tactics have caused serious problems for several customers. More than one person has alleged that the company purposefully took advantage of the elderly to swindle them out of their life savings.
One commonly cited issue is hard selling. Instead of working within a person's budget or tailoring an investment to their goals, the company executives will try to sell as many coins as possible. They will confuse the buyer into making a larger purchase, and they won't give a straight answer when asked about the value.
One complainant stated that they spoke with five different individuals at the company. Though they should have had the expertise to help, none of them were willing to give a straight answer.
There is also a popular company advertisement that states that you can buy gold and silver for significantly below market price. But that isn't fully true. These prices are only for new customers and are subject to limitations. After that initial purchase, you'll be charged above market value for any subsequent sales.
One complaint makes us question the validity of the company's offerings.
This customer had a phone call with a sales executive to buy gold American Eagle coins. The executive kept adding deals and 'limited time offers' to drive the price up. The customer began to be suspicious that the offered coins were not authentic, because the sealing would make verification impossible.
The customer started asking the executive pointed questions about the purchases. Even though the executive should have known the answers, they began to pressure the customer instead of providing accurate information. They made a promise to "fix things" if the purchase went awry, and then they hopped off the phone on the pretext of talking to the manager.
The customer stated that throughout the call, the sales rep continued to pressure them. He kept upselling and trying to make the customer commit to a deal. At one point, he said the customer was being combative. The intimidation didn't work, and the customer cancelled their order.
Since orders are given over the phone, there's no paper trail explaining what you bought. That's a problem. It's a problem that the company seems only too happy to exploit. Many people report feeling bullied and intimidated into giving up their money.
Yet another complaint says that after asking to be removed from the company's mailing list, the customer began getting advertisements from other gold companies. Nationwide sold their information to third parties since it wasn't useful to them anymore.
Is Nationwide Coin and Bullion Reserve a Scam?
There is not enough hard proof to say that Nationwide Coin and Bullion Reserve is an intentional scam company. In order to scam someone, you must intentionally lie to them about what they are buying.
Nationwide might not lie outright, but it does other shady things. To recap, these are just a few of the practices that people have complained about:
With this many shady complaints, the company seems like a nightmare to work with. It's a much better idea to invest with a reputable gold dealer who will actually live up to their name.
At first glance, Nationwide Coin and Bullion Reserve seems like a great company. They have lucrative promotional offers, free shipping, and no markup on their coins.
But the company reviews tell a different story.
There are too many stories of people being confused and intimidated into giving up their money. The company doesn't seem to care about anything except emptying your pocket. They don't actually want to teach you how to invest.
You're much better off working with a company that will teach you about investments. An ideal customer service representative will answer all of your questions instead of dodging them and obfuscating the truth.
Although we do think that Nationwide Coin And Bullion Reserve is a decent company, we believe that there are better companies out there to make your investment with.
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