• Report: #1060604

Complaint Review: Preservation of Wealth

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  • Submitted: Thu, June 20, 2013
  • Updated: Wed, May 21, 2014

  • Reported By: DaveL — North Chesterfield Virginia
Preservation of Wealth
PO Box 1725, Addison, Texas USA

Preservation of Wealth Buy silver form POW and if the price is going down they announce there will be a possible two month delay to deliver. At the shipping date (2 months later) the price has fallen and they take the difference. You get scammed. They scammed me twice this way. First time I lost $2,500, the second time I lost $7,200 !! Addison Texas

*Consumer Suggestion: Think about it?

*REBUTTAL Owner of company: Definite SCAM

*REBUTTAL Owner of company: POW is NOT a scam

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 Buy silver form Preservation of Wealth and if the price is going down they announce there will be a possible two month delay to deliver. At the shipping date (2 months later) the price has fallen and they take the difference. You get scammed. They scammed me twice this way. First time I lost $2,500, the second time I lost $7,200 !!


This report was posted on Ripoff Report on 06/20/2013 03:52 AM and is a permanent record located here: http://www.ripoffreport.com/r/Preservation-of-Wealth/Addison-Texas-75001/Preservation-of-Wealth-Buy-silver-form-POW-and-if-the-price-is-going-down-they-announce-1060604. 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:
0Author 1Consumer 2Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Think about it?

AUTHOR: Spanky - ()

 If you got scammed the first time for a certian amount... Then why on earth would you triple your money and do it again... I don't believe this one !

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#2 REBUTTAL Owner of company

Definite SCAM

AUTHOR: ROBBED - ()

Do not do any business with this SCAM & it's owner JUSTIN DAVIS.

Bait & Switch.

Multi-Level Marketing, in which if JUSTIN DAVIS doesn't want to pay you for, he won't.

Claims the lowest prices in precious metals. Sure, if you want to wait about a quarter of a year to receive your purchase.

The Dodd Frank Act explicitly states that retail transactions in gold or silver are to be delivered within 28 days. Preservation Of Wealth is taking 2-3 months to get metal to clients. Which means they are selling a product they don't have. 

Let me draw you picture; ever go to a Car Dealer that doesn't have any cars in the lot? Did you pay that Car Dealer money for a car that they didn't have in their lot or would take 3 months to get ?

They Sell Numismatic Coins at DOUBLE their prices, just like GOLDLINE (Goldline agrees to refund up to $4.5 million to former customers; http://articles.latimes.com/2012/feb/23/business/la-fi-0223-goldline-settlement-20120223)

Which was a "bait and switch" operation in which customers seeking to invest in gold bullion were instead sold gold coins that were marked up more than 50%. Preservation Of Wealth does the same exact thing with NUMISMATIC COINS. Selling them double their current prices. How else could they pay their Multi-Level Marketers? 

Justin Davis is a con artist. Give him a call at 1(214) 543-3557 or Give one of his sisters a call at 1-972-776-6691 & ask for an explanation, your guaranteed to hear something being sold to you that is against the law.

The FTC advises that multi-level marketing organizations with greater incentives for recruitment than product sales are to be viewed skeptically. (Preservation Of Wealth offers LifeLock to join, a compensation plan that pays clients money to recruit new clients.) 

The FTC also warns that the practice of getting commissions from recruiting new members is outlawed in most states as "pyramiding"

MLM's are also criticized for being unable to fulfill their promises (Preservation Of Wealth takes 8-12 weeks to get Metals to clients, The Dodd Frank Act explicitly states that retail transactions in gold or silver are to be delivered within 28 days) for the majority of participants due to basic conflicts with Western cultural norms. There are even claims that the success rate for breaking even or even making money are far worse than other types of businesses: 

"The vast majority of MLM’s are recruiting MLM’s, in which participants must recruit aggressively to profit. Based on available data from the companies themselves, the loss rate for recruiting MLM’s is approximately 99.9%; i.e., 99.9% of participants lose money after subtracting all expenses, including purchases from the company." In part, this is because encouraging recruits to further "recruit people to compete with [them]" leads to "market saturation."

It has also been claimed "by its very nature, MLM is completely devoid of any scientific foundations."

DO NOT DEAL WITH PRESERVATION OF WEALTH or it's owner JUSTIN DAVIS, you will be robbed.

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#3 REBUTTAL Owner of company

POW is NOT a scam

AUTHOR: Justin Davis, Pres - ()

People sometimes get upset with thier decision to buy metals when the proce went down.


Dave, you greatly exaggerated the details of your 2 transactions. 

First of all, POW did not profit on your orders. Its exactly the opposite of what we do. We do not profit on bullion orders. We pay for your order at the same time you pay for it. If I had a crystal ball and knew when the spot price of metals would go up or down.

Secondly, your orders shipped exactly when we said they would.  

Thirdly, you declined to sell your metals. Just like every other metals vendor in the world, you can sell your metals even before you take delivery. It was option any time. If the price of metals went up, you could have requested a check for the difference and made money on the deal. The metals are yours when you order them, You are financially responsible for paying for the order at the price it is locked in... If ou want to net the order at any point, you can. You will either gain some, lose some or break even.

The recent delay in bullion is real and is documented on thousands of websites and news broadcasts around the world. POW notified and sent postcards to ALL customers at the beginning and during the delay to make sure everyone was aware of the situation. Out of thousands and thousands of orders there some people that will have issue with somebody when the price of silver and gold dropped like they did. If metals had doubled in price this complaint would not not exist. Therefore it is invalid. 


If I wanted to make a profit on your order I would have added a mark up.

Justin Davis

POW

Pres

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