***DO NOT PURCHASE FROM COLONIAL METALS GROUP***
In April of 2024 I reached out to Colonial Metals Group after seeing their CEO, Paul Stone, on a popular Youtube show. He made a great argument for investing in precious metals, so I called them directly to look into purchasing some precious metals in order to diversify my portfolio. I made it very clear to the salesmen I spoke with that I was a total novice in the precious metals world and that I was relying on their expertise to help me make the right decision on the items I was going to purchase. I decided to open a cash account as well as rollover my ETRADE Traditional IRA to a Self Directed IRA for precious metals. On my cash purchase, I was charged a premium of 125.44% above the spot price of gold and 131.13% above the spot price of silver. On my IRA purchase, I was charged a premium of 71.00% above the spot price of gold and 46.69% above the spot price of silver. In total, across both transactions, I was overcharged $101,112.07 in excessive premiums above and beyond what any reputable bullion dealer would have charged for comparable products. These are products that I purchased based on the advice given to me by Colonial Metals representatives, and I was assured these are “better for me in the long run” and that they had “significant tax advantages” over regular American Eagles. Since my purchase, Gold spot has more than doubled and Silver has nearly tripled, but my market value on the coins I purchased is at or slightly below what I paid two years ago. When I reached out to CMG directly, they did not get back to me. I was able to get ahold of one freelance rep on his personal cell phone who pawned me off to another CMG rep, who then had someone from a totally different company reach out to me with pricing on buying the overpriced metals. I was offered slightly under spot for coins I purchased at a huge premium. The bottom line is this: I did not receive the benefit of the market performance I was entitled to, solely based on the advice given to me by representatives of Colonial Metals Group, and the financial harm is both measurable and significant.