My wife and I purchased what we thought was $10,000.00 worth of gold coins from Adam Blaser (an Account Executive Representing Superior Gold Group) In October. We paid $10,317.11 for $9817.11 worth of gold coins, plus a $500 processing fee on October 3. The coins were not shipped until 10/22/08 after several email requests and phone calls. The coins were received without an invoice itemizing their value and grading. After several more emails and phone calls we finally received the itemized invoice. Mr. Blaser assured us that should we run into any financial difficulties we would have no touble selling our gold coins back to Superior Gold Group. On 12/31/08 Sharon was informed by her employer her hours were being cut to 32 per week essentially cutting her income 20%. We contacted Adam Blaser in January to find out how long it would take to sell our coins back to Superior Gold Group. Mr. Blaser informed us that due to THE BID SPREAD we would lose a substantial amount of our investment and we might be better off selling them on Ebay or to a coin dealer.
We then took our coins to PNS COINS in Lancaster and were informed that our coins were worth about $4,600 and that several coins listed on the itemized invoice were rated as VF (very fine) were'nt even Fine grade and all of the coins' values were inflated. At the time gold was at $859 per ounce. We then looked up the Disclosure Statement about the Bid Spread. It states that there may be a difference of up to 30% of what we paid for the coins and their real value. The difference between $9817.11 and $4600 is $5217.11or about 53% quite a bit more than 30%.in order for us to break even gold will have to rise to more than $1850.00 per ounce. We have since been contacted by another Account Executive from Superior Gold Group inquiring if we would be interested in purchasing more gold and also informed us that Adam Blaser was no longer with the company. We told him what had happened to us and you can easily guess that we will never purchase gold from Superior Gold Group again. As of this writing we are starting a blog warning investors about Superior Gold Group's practices. We listen to John and Ken every day and when we hear the ads for Superior Gold Group we turn them off. We have spoken to an attorney and know we have uo to 2 years to file in small claims court and will probably do so for the $7500 maximum. Pete and Sharon *
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