• Report: #718018

Complaint Review: Capital Gold Group

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  • Submitted: Fri, April 15, 2011
  • Updated: Sun, November 13, 2011

  • Reported By: Rod — Cape Canaveral Florida United States of America
Capital Gold Group
5850 Canoga Av.ste.400 Woodland Hills, California United States of America

Capital Gold Group Scam | Complaints REVIEW: Capital Gold Group, Inc. commitment to 100% client satisfaction, Capital Gold Group, Inc., one of America's leading sources of Pre-1933 numismatic coins, gold and silver bullion coins and bars, Precious Metals IRAs, for individual investors, financial advisors, broker-dealers, institutions. committed to 100% customer satisfaction.
*UPDATE: Recognized by Rip-off Report Corporate Advocacy Program as a safe business service Capital Gold Group, Inc. pledges to always resolve any issues, ..feel safe, confident & secure when doing business with Capital Gold Group, Inc.

*Author of original report: All that Glitters...is not Gold

*Consumer Comment: Investing without doing homework.

*Consumer Comment: Sounds to me that you need to get your gold OUT before it's all gone.

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SPECIAL UPDATE: November 13 2011: Capital Gold Group Inc. remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. Capital Gold Group Inc.is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly.

To date, Capital Gold Group Inc. has made good faith efforts to resolve all complaints reported on Rip-off Report. Based on our experience, the member business has proven to be among the top members of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program as a Verified Safe Business.

Over time and since becoming a member, Capital Gold Group Inc. has remained actively engaged and improving the way they address customer service complaints. As an active and current member of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program we are happy to report that now more than ever Capital Gold Group Inc. remains committed to improving customer satisfaction.

Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.

Please keep in mind that as a consumer you have some responsibilities as well. Success has many definitions that based on your past experiences, current situation and your perceived expectations. Success with any product or service is always based on the proper application and understanding. The fastest car will not run if you never turn the engine on. Look at how you used the product or service that was provided in relation with the instructions that you received. The Corporate Advocacy Business Remediation and Customer Satisfaction Program will help you get your voice heard but please be prepared with documentation and fair representation of your concern, also have an idea of how the company can fix your concern. Can they offer additional services, extend warranties, offer a fair refund or just get you talking with someone that can help. ..let them know and let us know!

*Any consumer not receiving satisfaction from a member of the Corporate Advocacy Program should email us at editor@ripoffreport.com
 Capital Gold Group Inc.is Rip-off Report Verified

Rip-off Report REVIEW:

Editors UPDATE: Positive Rating and Recognition has been given to Capital Gold Group, Inc. for its Commitment to Excellence in customer service.

Rip-off Reports investigation of Capital Gold Group, Inc., a leading physical gold and precious metals provider, revealed that Capital Gold Group Customer Care has an ongoing commitment to total client satisfaction. Capital Gold Group has made a commitment to always works towards finding a mutually satisfactory resolution to any client issues, complaints or concerns-- past, present and future, and their goal is 100% customer satisfaction. Improvements to CGG's Customer Care program insure that every customer service issue is logged and tracked to ultimate resolution. Capital Gold Group Customer Care listens carefully to each client concern and sees each one as an opportunity to increase company efficiency, to improve employee training programs, to increase customer awareness, and to improve client relations. Capital Gold Group places great emphasis on listening to its clients and responding in a timely and appropriate way.

One of Capital Gold Group's top executives stated to Rip-off Report that CGG's business philosophy sees each and every client as a precious resource and must be treated as such. Its commitment to complete transparency and unmatched customer care is the key to building lasting, professional relationships which ultimately insure repeat and referral business from its clients. The Capital Gold Group executive stated that by adopting this philosophy, they can be certain that the enterprise will be successful now and in the future.

Another top executive of the company stated to Rip-off Report that Capital Gold Group strives to provide value-added service for their clients that includes a dedicated Gold Specialist who becomes each client's primary contact. The assigned Gold Specialist first educates the client so that they can move foward with confidence, and then guides the client in the acquisition of physical gold, silver, or other precious metals. They also provide periodic valuations as well as financial news and market updates in the future. Further, as an Accredited Business of the Better Business Bureau, Capital Gold Group adheres to the ethical standards set forth by the BBB for every business receiving accreditation.

Capital Gold Group's ultimate goal is to provide world-class service to go along with the globally recognized assets it offers, and to provide its clients the best quality, value and professional excellence in the industry. Some of the other things Rip-off Report learned in the course of its investigation: Capital Gold Group business was established in 2000 and incorporated in 2003 by its current CEO, Jonathan Rose, to provide the public with access to the safety and wealth preservation of owning gold, silver, and other precious metals in physical form. Jonathan Rose, RFC, is recognized as a leading expert and keynote speaker on gold and precious metals markets worldwide. With over 50,000 satisfied clients, Capital Gold Group is a precious metals company that everyone from the individual investor to large institutions can trust to do what they say, and to adhere to the terms stated in their Terms & Conditions Agreement that governs every transaction.

Rip-off Report has confirmed that Capital Gold Group takes quality control very seriously. Capital Gold Group has recently increased the staffing of their Customer Care program, and to insure quality service, records every call to their toll-free number for the protection of their clients. Capital Gold Group also provides live representatives to take calls 24 hours a day, 7 days a week, and has an after hours emergency contact to insure full time availability to assist clients with any issues that may develop. Rip-off Report was pleased to learn that Capital Gold Group's past and current approach to business is focused on its commitment toward total client satisfaction.

Capital Gold Group recognizes that complaints posted on Rip-off Report (true or not) are issues that need to be addressed and if handled correctly can be valuable learning opportunities. With the feedback generated by Rip-off Report's investigation, Capital Gold Group has made organizational changes allowing their clients a more streamlined approach to the problem resolution and a total overall commitment to the client experience.

In summary, after our investigation, which included discussions with Capital Gold Group executives, Rip-off Report is convinced that Capital Gold Group has been and is committed to quality delivery of services resulting in total client satisfaction.

Read more about Capital Gold Group Commitment to Excellence and Total Consumer Satisfaction and why consumers should feel safe, confident and secure when doing business with a member of Rip-off Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. ...yes, a long name for a program that does a lot for both consumers and businesses alike.

Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,..A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.

===================== NOW TO THE ORIGINAL REPORT THAT WAS FILED

===================== Capital Gold Group  The Price of Gold is going through the Roof My account with Capital Gold Group is headed for the Basement ! Woodland Hills, California

In December of 2009,I decided to make an investment in Proof,American Eagle gold coins.I contacted Capital Gold Group in California and arranged for my IRA to be liquidated and moved into a self directed gold IRA,they were the sales agent for the coins abd the amount I was investing was $54,208.92

I was informed by the salesman,Mr. David Parnes that a second Company,Sterling Trust in Waco Texas would be the "custodial agent" for my gold coins and that I would be receiving quarterly account statements from Sterling.


My first quarterly statement arrived in April 2010 and covered the period of 1/31/10 - 3/31/10 and reported that my initial $54,208.92 had an "Account Value" of only $27,889.49 ? I called Capital Gold Group to inquire how it was possible that my account had lost over $26,ooo. dollars in three months?

I was informed by Mr. Parnes that I had bought my gold coins at "the Top of the market" and that the value of Proof American Eagles had gone down.I asked him how it was possible that gold bullion and gold "proof" coins were increasing in value on the "precious metals market"but my account was loosing money at an alarming rate. He told me that the federal government had recently minted new American Eagle coins and that had lowered the value of existing coins.


Over the next year,I paid various custodial fees to Sterling as I watched my account drop in value.


In June of 2010,I had taken two "distributions" from my account,the first for $542. and later $10,542.to pay medical bills I had incurred. When I got my next quarterly statement,It informed me that my account  now had gone from a value of $34,369.27 to $19,689.29


I once again called Mr. Parnes to ask how after taking a $10,542. distribution my account how had it gone from $34,369.27 to just $19,689.29 lwhere was the missing $4,137.98 ?


Now with my last statement in hand covering the period of 9/30/10 - 12/31/10 my account value is showing at $17,928. ? In the last year gold has moved to an all time high of over $1,400. per oz.on the world market,yet my account continues to lose thousands of dollars.When I asked Mr. Parnes what I had paid for the original purchase of my coins,I was told $3,202.50 and what was the price Capital gold group sold my coins for when I took the $10,542. distribution ? I was told " around $1,800.per oz.


At this rate,I'm going to owe Capital Gold Group money in a short time...I believe that I've been swindled big time.

This report was posted on Ripoff Report on 04/15/2011 12:28 PM and is a permanent record located here: http://www.ripoffreport.com/r/Capital-Gold-Group/Woodland-Hills-California-91367/Capital-Gold-Group-Scam-Complaints-REVIEW-Capital-Gold-Group-Inc-commitment-to-100-c-718018. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

All that Glitters...is not Gold

AUTHOR: Rod Crews - (United States of America)

** Recently,I filed a Rip Off report,detailing my account history with Capital Gold Group of Woodland Hills ,California.I have reviewed my comments and wish to add that in all fairness,I do not hold Mr. David Parnes personally responsible for any market conditions beyond his control.

As with any investment,one should never get involved in a market or investment they know very little about. It has been expensive for me to discover that,"all that glitters" is not gold.
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#2 Consumer Comment

Investing without doing homework.

AUTHOR: Flynrider - (USA)

   From your report it looks like you had very little understanding about what you were investing in.    In any investment it pays to know what sort of a commision you're paying for a product, as well as its common market value before you buy.  

   I don't know if you were ripped off, but to have lost that much while the price of gold was climbin steadily, you would have had to have been paying some seriously high commissions to still be on the downside.    Your choice of "proof" coins over standard bullion would indicate that this may be the case.  Proofs are more a collectible investment rather than a pure metal investment and the overhead (price above spot) tends to be about 5 times more than regular bullion Eagles.

  An accounting of what you paid for each coin (including commissions) and what they were sold for (minus commissions) should show you where your money went.   There are numerous sites on the web that will give you the spot price of gold on any of your buy and sell dates.

reported that my initial $54,208.92 had an "Account Value" of only $27,889.49 ?"

   
This is where you should look for commissions.  That's nearly a 50% drop when the spot price was down less than 10% from its highest point in December '09.

". He told me that the federal government had recently minted new American Eagle coins and that had lowered the value of existing coins."

  The U.S. Mint puts out new coins (including proofs) every year.  That's their business.  The value of previous years coins are not significantly affected. 
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#3 Consumer Comment

Sounds to me that you need to get your gold OUT before it's all gone.

AUTHOR: Jim - (U.S.A.)

They're f**king you.
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