Complaint Review: RC Bullion LLC - Los Angeles California

 I do understand the difference between spot and retail.   Spot is what the coin is selling for on that day.  The mark-up is commission or profit the company receives for selling the coin.   The obscene amount I was charged per coin is awful.  ALL dealers I spoke with and showed the invoice to have said this is outright fraud.   However RC Bullion spins this,  the fact still remains they made me say it was resolved to receive a refund of $600.00 then when I did this they rescended the offer and called to say if I don't take them down ( responses I posted, which I am unable to take down) then they will not pay me.

BEWARE OF THIS COMPANY - I never saw an invoice till after, never spoke of individual coins as they lie about.   ..enough said...BEWARE!

This is a completely unreasonable complaint.  Before executing the trade we went over each coin in detail. We explained the price she would be paying and sent her invoices to review. We also explained that the coins in the IRA will be valued by the IRA custodian “Kingdom Trust” at spot and not the true market value. She then confirmed each coin with the compliance officer and executed the trade on November 28th 2016.

14 months later the client comes back to us thinking we overcharged her.   The client is confusing the retail price she paid and the spot price. (SPOT PRICE = MELTDOWN VALUE OF THE COIN.  IT IS NOT THE COINS ACTUAL RETAIL MARKET VALUE) We explained numerous times to her that spot price is not the retail value of the coins.  Spot price is the price for a 100 ounce futures contract traded on the COMEX.

AS YOU WILL SEE BELOW, THE CURRENT RETAIL VALUE OF HER CURRENT PORTFOLIO IS ACTUALLY IN EXCESS OF WHAT SHE PAID!

Below please find a breakdown in the metals she purchased.

1. Invoice 67073 dated November 28th 2016 (Attached find a copy of the invoice for your records, Exhibit A).

8   2017 30g Gold Chinese Pandas

The client purchased 8 2017 1oz Gold Chinese Pandas at $1,555 each totaling $12,440.

She comes to us 14 months later thinking she was overcharged $464.76 per a coin.  We don’t know how she came up with this number because spot price was never below $1100 in November of 2016.  But as explained above she keeps comparing the coins to the spot price. Not the actual retail market value.  If you compare our price to Amazon who sells the same coins for $1,619.85 each for a total $12,958.80 the client got a better rate.

See. https://www.amazon.com/China-Panda-Sealed-Brilliant-Uncirculated/dp/B01N5O1YC7/ref=sr_1_1?ie=UTF8&qid=1517516556&sr=8-1&keywords=2017+30g+gold+chinese+panda

8   2016 .99999 1oz Gold Canadian Roaring Grizzly Bear

The client purchased 8 2016 .999999 1oz Gold Canadian Roaring Grizzly Bears at $1,575 each for a total of $12,600

She thinks she was overcharged $423.90 per a coin.  Again, we have no idea where she came up with this number.

Amazon sells these for $1,642.66 each for a total $13,141.28

See. https://www.amazon.com/Canada-Roaring-Grizzly-Brilliant-Uncirculated/dp/B01MG938M6/ref=sr_1_1?s=coins&ie=UTF8&qid=1517517321&sr=1-1&keywords=2016+gold+Canadian+roaring+grizzly

2   2016 8g Gold Chinese Panda

The client purchased 2 2016 8g Gold Chinese Panda at $425 each for a total of $850

She thinks she was overcharged $128.94 per a coin.  Again, we have no idea where she came up with this number.

Amazon sells them for $469.20 each for a total $938.40

See. https://www.amazon.com/China-Panda-Sealed-Brilliant-Uncirculated/dp/B01MD2CB8W/ref=sr_1_2?s=coins&ie=UTF8&qid=1517517609&sr=1-2&keywords=2016+8g+gold+chinese+panda

We went over every coin with her but she refuses to acknowledge the difference in spot price and the true market value of her coins.  The value of her coins are worth considerably more than the spot price.  We also paid for 1 year of her storage and IRA fees.

She bought these coins 14 months ago and only now she comes to us thinking she was overcharged.  All of the coins she bought are below the price Amazon charges. Furthermore, we do not have a “guaranteed lowest price” policy nor a “will beat any advertised offer” guarantee.  We have never misled the client about the original pricing, which was previously demonstrated in this response, is a lower price than the largest online retailer in the world.   

1/30/18 was contacted by RC BUllion LLC and told they would refund me $600.00 when I took down the reports here and at the BBB in Los Angeles.CA.

I complied with their request to the ability I was allowed. I learned I could only close the BBB report and amend this one on RipOff.   

Today I get a call that unless I get them REMOVED, which I was told I could not,  then the deal is off.  They will not refund me.   BEWARE! 

Upon review of my complaint I noticed my math was off slightly as I initially read from a storage receipt.  That being said This Company RC Bullion LLC has contacted me regarding my issue with this order.  They are refunding me the amount I asked for.  For this reason I feel this complaint was handled well.