Birch Gold Group Reviews
About Birch Gold Group
Birch Gold Group is a precious metals investment company who says their purpose is to protect the lifestyle of their clients in the face of economic instabilities through investments in gold and silver.
According to their website, precious metals are often seen as a safe investment and can be considered the “bedrock of a balanced and diversified portfolio.” This is because, relative to traditional currency, silver and gold retain and even grow in value.
The Birch Gold Group says that because of this value retention and growth, there is a lot of speculation that the precious metals investments are heading toward a “bubble” which could burst and leave investors in a bad position.
But the website says that this isn’t the case. They say the International Monetary Fund has set a potential date of 2016 to stop using the US dollar as our reserve currency, and then will re-establish financial footing. While all of this is taking place, they say gold and silver will continue to gain in value.
Because of this, many economists generally recommend investing 15-25% of your total portfolio into gold and silver. In order to find how to best make your own personal investments into precious metals, you are encouraged to call a Birch Gold Group representative.
BirchGold.com promises that their precious metal specialists will listen, inform, and educate you without sales pitches or high pressure. Instead, they will work to understand your future goals and help you make investments based specifically on the information that affects you and your portfolio.
You will get a monthly analysis of your precious metals investments, in addition to specific information provided by Birch Gold Group on how current events are impacting your investments.
Investors who have issues or complaints at any time are welcome to liquidate their precious metals investments without monetary penalty, though Birch Gold Group does recommend that you hold your precious metals investments for 3 to 5 years.
If you have any experience with this investment group, please leave your Birch Gold Group reviews below.
2 ‘Birch Gold Group’ Reviews
I originally wrote a negative review about Birch Gold Group. I would like to retract that review but there does not seem to be a way to delete it.
The bottom line is that I was very wrong about this company. They proved to be honorable ethical, and professional. I would like to commend two specific individuals who went out of their way to resolve my case, Vince Miller and Phillip Patrick.
Again, I spoke too soon, before Birch Gold Group had the opportunity to make things right. If you are interested in investing in gold and/or silver, I recommend this company without any reservations.
I have been fighting with Birch Gold Group for over a month now over a fair buy back of the gold purchased from them as part of an IRA. I have also involved the Better Business Bureau since I have realized that this company is nothing more than a scam, in business to steal money from its customers.
Below is my most recent Better Business Bureau response to Birch Gold's most recent response.
Birch Gold writes, "The other important fact that we must reiterate is that physical precious metals can never be bought or sold at spot price; there are always costs associated with the transaction."
The fact is that I did not request that my metals be bought or sold at the spot price. I requested that they be bought back at the percentage drop in the value of gold and silver - a loss that I accept.
Their "transaction cost" claim is pure nonsense. The invoice attachment that Birch Gold included with their most recent response clearly shows the costs of the physical gold and silver. There is nothing else listed as a cost with the exception of an IRA fee of $265 (which I contend IS the transaction cost).
If I were to return a TV that I purchased for $200, I would get $200 back. The company would not hand me a check for $150 and claim that $50 of the purchase was a transaction cost. And if I closed my checking account, the bank would not give me 75% of my balance and claim that the rest is a cost of doing business with them.
It should also be noted that $64,699.55 was rolled over into this particular IRA account as shown on my 2013 Tax Form 5498 (IRA Contribution Information), but the Birch Gold invoice only shows that $63,984.31 was spent on the gold, silver, and IRA fee. Therefore, $715.24 is unaccounted for.
In my original complaint, I kept my calculations simple by referencing only the gold, which makes up most of my purchase. Birch Gold is claiming that if I also factored in the silver that I purchased, the buy back amount would be significantly less. The calculations below prove that to be false.
On the day I purchased silver, February 26, 2013, the spot price of silver was $29.40.
On February 12, 2016, the day that I tried to sell it back, the spot price of silver was $15.76. This is a percentage drop of 46.39%.
Birch Gold apparently thinks I and the Better Business Bureau are idiots with their repeated, irrelevant references to the fact that I did not purchase gold/silver at the spot prices.
I am well aware that I did not purchase my gold and silver at the spot prices. I purchased these metals for MUCH MORE than the spot price, which means I should be able to sell them back for proportionally MUCH MORE than the current spot prices. As they themselves claim, my American Eagle Gold and Silver Proof coins are much more valuable than the spot prices.
Since the spot prices are what is publicly accessible and an “apples to apples” comparison, I referenced the spot prices of gold and silver to calculate the PERCENTAGE DROP in the value of gold and silver, which should be PROPORTIONAL to the drop in the value of the gold and silver coins.
Since I purchased 176 units of 1 oz. American Eagle - Silver Proof at a unit price of $88.93 (total price $15,651.68), then I should be able to sell them back for $8,390.87 (which represents a 46.39% drop in the value of silver over the time from my purchase date to the date I requested the units be bought back).
Since I purchased 19 units of 1 oz. American Eagle – Gold Proof at a unit price of $2,557.77 (total price $48,597.63) then I should be able to sell them back for $37,570.83 (which represents a 22.69% drop in the value of gold over the time from my purchase date to the date I requested the units be bought back).
If Birch Gold were at all ethical in its dealings with customers, I would receive a check in the amount of $46,676.94 ($35,570.83 + $8,390.87 + $715.24) for the buy-back of my gold and silver coins plus the $715.24 difference between what I rolled over and what I purchased as listed on Birch Gold's invoice.
I realize that the price of gold and silver has significantly dropped in value, but I should not be losing almost $9,000 on top of the $17,000 loss in the value of my gold and silver, over the three years that I have owned it, simply because the company that set up this IRA is corrupt.
The only explanation for their ridiculous $38,000 buy back offer is that they either sold me the gold and silver for much MORE than its genuine value OR they are trying to "low ball me" on the buy back amount now.
If it is Birch Gold's contention that American Eagle gold and silver coins have dropped in value percentage-wise by more than the drop in the spot price of gold and silver over the time period that I have owned it, then they should be able to provide me with documented, verifiable proof of that claim.
Lastly, if they continue to refuse to pay me the accurately calculated value of my gold and silver ($46,676.94), I expect them to initiate the arbitration process immediately. I also want them to know that I will be sharing this company’s unethical business practices all over the internet (with details about my specific case) to warn future customers of this scam.