Complaints

• Initial Complaint

  08/28/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  About 8 months ago, I and ***** ********* **** transfered all my gold and silver from ***************** to his *** Western gold capital llc. He sad that U.G.G. was a small company and the coins they bought for me had probley lost value. He sad the men in his *** Had valued my coins at $169,000. 8 months later i had a well known company apprase my coins !!!$250,000. That was a loss of $81,000. He first put me silver@ silver bars.Later he sad we should which the silver to gold. He also told me when he put me silver that he would give me a $8,000 ******** before the gold exchange i got a paper showing i had $177,000. He bought the gold . I later called him and ask him what the gold cost. He said $145,000,i had it apprased for $72,000, another loss of $73,000 for a total loss of $178,000. What do i want $178,000

  Business response

  10/15/2024

  Thank you for contacting Western Gold Capital. We take all complaints seriously. Our compliance department has reviewed this case and on several occasions contacted this customer in order to explain that it was not our company that did his initial transaction, and any drop in value he might be seeing is due to the experience with them, not anything having to do with *** and to explain that contrary to the assertions in the complaint, *** does not hold any metals, and this customers metals are currently at the depository.

  
  This complaint also does not mention that the customer contacted us wanting to switch his metals from silver to gold, and we did so at his request. There was additional silver added to his account for his first order. but per his request on the exchange that silver was exchanged out for Gold assets.

  
  This complaint also does not mention that it was explained both prior to the purchase and afterwards that *** provides a buyback for these metals and eligibility begins 3 years from the date of purchase. The purchase in question was less than 1 year ago.  

  
  Also contrary to this complaint *** clearly discloses costs associated with purchasing precious metals and recommended hold periods along with other terms and conditions in a recorded confirmation done with the customer's consent and a recorded confirmation is in place for this transaction.

  
  Additionally, our customer is referring to an account valuation provided by a 3rd party which is based solely on the spot price of the precious metals content of the products purchased from ***, and the account holder should contact their precious metals dealer for an accurate valuation which *** attempted to provide. Our compliance department attempted to resolve this issue directly with the client, and to provide him a valuation, however, the client threatened our office with violence in voicemail he left at our office. Since this incident we have not spoken to him to avoid any escalation.
  

  Customer response

  10/16/2024

   
  Complaint: 22210838
  
  I am rejecting this response because:***** **** is lying about every thing, just like he lyed about every thing to me. What documents do you need or i need to prove that he's a lier. I have a invoice for the silver and a invoice for the gold. I had everyrhing appraised over the phone, but i can get something in writing from the company if i need be. What do you want. He said my gold was at the delaware depostory. Thats the gold he said was worth $145,000 it was appraised for  $73,000. I have everything, what do you want.                   Thanks
  
  

  Sincerely,
  
  *** ***

  Business response

  11/18/2024

  Thank you for responding back to Western Gold Capital. *** takes all complaints, reviews and customer experience very seriously. The above referenced complaint seems misplaced. After review the client received an invoice for both his transactions both via mail and email for client record. Our compliance department has reviewed this case and we adamantly disagree with any accusations of misleading information. *** makes and retains recorded confirmations with the consent of the customer to confirm name, address, intention to purchase or sell, products and the aforementioned consultation with *** representative. The client confirmed in a recorded confirmation to purchasing the metals listed on his invoices of record for this metals purchase.
  
  This complaint mentions the Delaware depository. *** has confirmed the metals purchased are at the Delaware depository under the name of the client and they were sent immediately upon purchase. 
  
  This complaint mentions a phone appraisal. This appraisal was not provided by *** and *** does not recognize anonymous third-party valuations and appraisals, especially from a company with hundreds of complaints. *** is happy to provide any client with a valuation of their assets. We do not recommend that the client buy or sell, any existing or new metals from this 3rd party company nor do we recommend their valuations. The complainant also refers to valuation based on spot price of precious metals alone which is categorically inaccurate. 
  
  *** has informed this client that he has WGCs standard buyback policy and this client will become eligible for the repurchase of his metals 3 years from the date of his purchase. *** to date has never refused to buy back metals from a client that was given a buyback.
  
  We recommend this client speaks to our compliance department and valuation team. Thank you, please email ************************************* for further communications. 
  

  
  

  Customer response

  11/21/2024

   
  Complaint: 22210838
  
  I am rejecting this response because:I have tried to write my response four times, and every time i hit something accidentally and it wipes out every thing i have printed. Can't i get a phone # and talk to nat. G. I will try again. I am going to make this short!!! ***** ********* **** IS A

  LIER, FRAUD, THIEF, SCAMMR AND A VERY SLICK CON MAN. WHAT EVER I SAY, HE WILL CALL A LIE. Yes, thier is $73,000 of gold in the Delaware Depository that i can only get to BUT he said it was worth $145,000. I had my orignal gold&silver appraised, that i transfred to his *** After i new he was a thief. He said he would have his *** Appraised it, he called me and said it was appraised at $169,000 he mad $81,000 right their. Because it appraised for $250,000. So he bought me $169,000 of silver. He called me back a month later, and said we should put my silver in to gold. He did. He took my $169,000 of silver and got gold. Now we are back to the gold he said was worth $145,000 it apptaised for $73,000. Subtract $73,000 from $169,000 he made another $96,000 + the $81,000 = $177,000. I want settle for less than $177,000.   $250,000 - $73,000 = $177,000.  I stared with  $250,000 now i have $73,000 in ******** Depository. H*** do the math. I have sent a letter and all my documents to the COMMODITY FUTURES TRDING COMMISSION, ****, and to the ************************************ and to the ***, and to the ************************** all or pending investigation. I am in the process of having all the gold&silver appraised. I MEAN ALL OF IT. by a large gold and silver *** PRESERVE GOLD. It will be on thier letter head and signed and dated by a professional dealer. I will send it to all the companys i mentioned above, CFTC,CFPB FTC,TTSB..   HAVE A NICE DAY *******.   I PROBLE SPELLED YOUR NAME WRONG. I'M SORRY.     *** ***

   Wa

  
  
  Sincerely,
  
  *** ***

  Customer response

  12/06/2024

  Do not cancel complant #******** the complant is still good. Do not listen to anyone from western gold capital.

  Business response

  01/06/2025

  Thank you for reaching out to Western Gold Capital. *** takes all complaints, reviews and customer experience very seriously. We reject any accusations of lying and misinformation. *** completed a voice confirmation going over what products were being traded, the ounces, and descriptions of those products were listed in the voice confirmation along with being on the invoices. Our compliance department has extensively reviewed this case and been in touch with this client on several occasions in an effort to provide satisfaction. *** is dedicated to complete customer satisfaction and in pursuit of such has offered to buy back this client's metals for a complete 100% refund for all funds associated with this account for $178,222.74. This includes all the credit from his trade and the free metals provided by ***. This client says in multiple responses in this complaint that this amount he would take in an effort to settle this dispute, as even his family has advised him to take it, however, as of this date, WGC have been rejected. 
  
  This client is confused. The client blames *** for a loss associated with his trade with another company.This client is also volatile and has threatened several people on our team with gun violence on voicemails and has since denied it, even requiring us to play it back to him in order for him to admit it, this indicated to us a certain level of dishonesty. Despite that, *** has been fully transparent with this client before and during this dispute. Prior to doing business with us, he did a transaction with another metals company. This was allegedly for approx. $250,000 but *** has no verification of that. If that is the case then there was a substantial reduction in the account of approx. $91,000. The client's metals were worth approx. $169,000 in Jan. 2024. *** has endeavored to show him what happened with his transaction with this other company using three verified 3rd party valuations of pricing on the metals he purchased from this other company, we have listed out for him what the metals he received were worth vs what he gave this company and there was a substantial loss. In addition we have listed out with three 3rd party valuations what his metals were worth the day he started interacting with ***. We list out for him what the available credit was for using funds for a purchase and the MAX CREDIT available was $169,000, NOT $250,000. Additionally, we also sent an email summary of all the transactions, which he currently has at his fingertips. *** will not refund fees paid to other companies. *** welcomes all oversight from any consumer protection agency.
  
  At this point we stand ready to refund the client $178,222.74 which is what he was originally asking for in the initial complaint, however, we cannot provide anything further than that.
  
  Thank you
  

  
  

  Customer response

  01/06/2025

   
  Complaint: 22210838
  
  I am rejecting this response because:like i told *******, i will acept *******. The email you just sent me ,thay say they will give me $*******. They dont meachan the ****** in gold in the **** i will say again, i will accept $******* but i keep the gold!!!  If they will accept the fact that i keep the gold we have   a deal for $*******.
  
  Sincerely,
  
  *** ***

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩