Several months ago I called Goldline for prices on some Gold coins. I told them that I wanted $30, 000 worth of the 1 oz Maple Leafs. The salesman then advised me that it would be in my best interest to purchase some Sovereign Gold Coins. Not being familliar with the coins, I asked him what the weight of them was. He said that they were just under 1/2 oz. They were under 1/2 oz. A 1/4 oz to be exact. I bought 29 coins at $480.21 each and 13 Maple leafs just a little over spot price. It was a dumb thing to do, but I trusted them, thinking they were a reputable company.
They Made around $6, 000 off my $30, 000 Purchase.
Gold has gone up over $200.00 an oz. since my purchase and I'm still about $3, 000 in the hole.
Recently I asked them what they would pay to buy the Sovereign coins back. Although gold was way up they offered me $335 for each coin. Somehow that doesn't add up.
We buy gold to make a profit. Don't we?
Oh yes, they even kept a $10 refund that I had coming.