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Report: #705375

Complaint Review: Capitol Gold Group - woodland hills California

  • Submitted:
  • Updated:
  • Reported By: Ann — Sun Valley California United States of America
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  • Capitol Gold Group 5850 Canoga Ave, Ste 400, Woodland Hills, CA 91367 woodland hills, California United States of America

Capitol Gold Group  Scalped by Capital Gold Group woodland hills, California

*Author of original report: UPDATE: Reporting issue with the holding company

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In August 2010, I heard an advertisement on KKLA for an investment company called Capital Gold Group.  I had lost quite a bit of my 401K in the stock market.   So, I decided to move my 401K into gold.
I had started with a little over $16,000.  They charged me a processing fee and my available balance when down to $15,954.97.   When I finally saw a statement, they charged me $2134.66 per oz for gold and show that I have 7.50 oz of gold.  They take their processing fee and my balance $15,476.60. 

The holding company is Sterling Trust;  they are showing the 7.25 oz however, the value is $1450.00 per ounce.   The nature of this type of scalping is hidden in the difference between $2134.66 per once and $1450.00 per ounce.  The December balance with Sterling Trust started with 11,526.14 and ended up 10,517.47;  and the price of gold on the market increase.  They are reporting a degree in value;  not an increase.   By moving my 401K over to this group, I was fleeced  for almost $5,000 within 6 months.

I have been robbed.  How can I make this right?

This report was posted on Ripoff Report on 03/12/2011 06:36 PM and is a permanent record located here: https://www.ripoffreport.com/reports/capitol-gold-group/woodland-hills-california-91367/capitol-gold-group-scalped-by-capital-gold-group-woodland-hills-california-705375. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
1Author
0Consumer
0Employee/Owner

#1 Author of original report

UPDATE: Reporting issue with the holding company

AUTHOR: Ann - (USA)

POSTED: Monday, March 14, 2011

After completing my masters thesis, I finally had time to review my finances. One task item was to review the more of my 401K into precious metals. I compared the sales receipt of Capital Gold Group to the statement from the holding company, Sterling Trust. I became very upset when I saw several thousands of dollars difference between the two statements.
 
I work hard for my money; and I have a new relationship with Capital Gold Group and Sterling Trust. So, trust is being built.   On Saturday, I believed that I had been robbed because of the differences between the two statements.
One from Sterling Trust and another from Capital Gold Group.
 
What Sterling Trust lists and what I was sold are different .25, .50 and 1.0 ounce American Gold Eagle proof coins.
These are minted numismatic gold coins.  They are not gold bullion.  In the case of American Gold Eagles,  the value of minted numismatic coins is about $500 to $600 dollars per ounce more than gold bullion.    Multiply this across several coins, the difference ends up being thousands of dollars.
 
Another part of this:  Sterling Trust is incorrectly listing the value minted numismatic gold coins as being the same as the spot price of gold.  This is not accurate.  So, apparently the issue is with Sterling Trust and not Capital Gold Group.
And it is a reporting issue of their price per ounce.

Carol

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