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The Gold Center is a precious metals dealership with offices located in both Florida and Illinois. Unlike many other bullion dealers, they purchase and sell items like jewelry, watches, diamonds, and estate pieces. But are their practices actually legitimate?
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The Gold Center has a huge number of available services. You can shop different products including:
As one of nine authorized purchasers for the US Mint in the entire country, the company is able to provide wholesale distribution of newly minted coins and bullion. They sell to smaller dealerships.
The company's facility also includes a metal refinery. When you sell directly to them, they can melt your items down on site. This allows them to pay you higher prices since there's no middle man. (A few reviews have complained about the quoted prices, though.)
The company also provides appraisals of the worth of scrap metals. They will melt the metals down, test the purity, and give you a payment based on the spot price.
Fully insured vault storage is also available. All of the vaults are segregated and unaffiliated with global banking systems. They are monitored 24 hours a day and have armed guards.
You can bring your precious jewelry into the store to be repaired as well. That includes polishing and tightening of the stones.
Finally, for those who are liquidating an estate held partially in precious metals, the company has a team that specializes specifically in estate sales. They'll guide you through the process.
Is The Gold Center a Scam?
The Gold Center does not appear to be a scam. They have a business headquarters, are open about their ownership, and provide the services that they claim to provide. But that doesn't mean that they're necessarily the best company to work with.
This company is not accredited with the Better Business Bureau. Though there are no public complaints filed against them, there are two public reviews, both of which give them 1 out of 5 stars. Let's take a look.
Both of the complaints are very detailed and have received a response from the company.
Low Price Offered to Seller
One person left a review saying that he had a terrible experience. The company gave him the lowest price for his coins that he'd ever seen. He said that they made an offer of the spot price but didn't pay attention to the value of the actual gold and silver, even though that is the value being traded on sites like eBay.
He said that the company offered the same prices for all of the same gold coins regardless of their mintage or their year. The company also didn't add any value to the barely used silver coins that were in an unopened tube, nor did they take into account the silver bars being sealed.
The company responded to say that the customer had been kept informed of the pricing throughout the transaction. They didn't add any numismatic value because they didn't believe there was collectible value to the holdings. They contested the idea that they had offered the lowest price on the market, and they said that the customer had been using the company for 20 years with positive feedback.
The customer said that the response was laughable and that it was unimaginable that the company would not consider the numismatic value of his coins, especially the ones that were sealed and barely used. The company never responded to this follow-up.
Paid Less Than the Calculated Price
The other reviewer also came from someone who sold their items to the company. He said that he was a gold dealer who had recently moved to the area, so he was trying to sell his inventory at The Gold Center.
When he brought in his first haul, the final melting weight of the gold was less than he had expected. He said that he was disappointed, but he assumed the error had been his fault. The second time he brought his gold in, he was paid $800 less than he had calculated.
Once more, he assumed the error was his fault, so he brought them a third haul of gold. But the payout was too low again. Frustrated, he asked the company to test his gold without first melting it down and pay him based on that. Though the payout seemed right at the time, he discovered when he got home that it wasn't actually the agreed-upon .99% of the spot price.
The customer called the company and talked to the owner, who said that he was actually paid .95% because the gold was somewhat impure. But the customer discovered that the actual payment came out to about .91.5%.
When the customer called and spoke to the owner again, the owner was extremely defensive and unresponsive. Rather than offering a solution, he told the customer to go somewhere else.
The company responded to say that the customer was confused about their policies. The gold he had brought didn't meet the weight requirements for a .99% payment, so he was qualified for a .95% payment instead. They also said that the customer hadn't actually talked to the owner, just the employees.
The customer said that he should have been told right away that the company would not have been able to honor the .99% payout, rather than finding out when he got home. He also pointed out that the company had never explained why they paid .91.5% instead of the .95% he was promised. The company never responded.
Pros & Cons of The Gold Center
The Gold Center is a large buyer and seller of gold items with offices based in Florida and Illinois. They are a legitimate business that purchases jewelry and other gold pieces from people to melt it down. In addition, they have services like wholesale distribution, secure storage, and jewelry repair.
If you're planning to purchase jewelry, watches, or bullion from this company, there's nothing that really stops you. We haven't found any reported problems with the prices of the items they sell or with the jewelry repair services they provide.
But there have been multiple complaints from customers who say that they were given low price quotes for the coins or other products that they brought in. One customer said that he was underpaid by almost 10 percent of what he had agreed to. While that's all hearsay, it is somewhat concerning.
Another potential drawback of this company is that they don't focus on gold IRAs. If you're looking for a place that will help you set up a precious metals IRA, you'll want to choose a different option.
Overall, we believe that there is a better option when it comes to your investment.
The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit The Gold Center below!