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.