Superior Gold group under FTC investigation

Discussion in 'Wall St. News' started by KINGOFSHORTS, Jul 25, 2010.

  1. I knew it!, I got a laugh out of that British guy on the radio touting gold to the masses and telling people to roll their IRA into gold etc.. I would get a kick out of listening to this BS. So you can stick a IRA approved gold bars under your mattress, along with your chewing tabbaco and shotgun for those coming Apocalypse.

    "Earlier this week, Santa Monica's City Attorney's Office announced an investigation into Goldline International and Superior Gold Group, both based in the city, after receiving dozens of complaints in the past two months. The city said the Los Angeles County District Attorney's Office is also involved and the investigation is in its early stages."

    Not surprised by the target audience.
    "Weiner also criticized talk show host Glenn Beck, a professed client of Gold Line International whose show is also sponsored by the company. Superior Gold Group has also run commercials during Beck's show."

    LOL! look at the spread!, Months to deliver!!

    C. Coins /
    Proof Bullion placed in an individual retirement account (“IRA”) will carry
    a seventeen to thirty-four percent spread. All quotes are given as an “ask”
    price. Currently the baseline average is estimated at twenty nine percent
    (29%). Due to the market availability/volatility it may take several months to
    transfer to your custodial account. The price as contracted in the agreement
    will remain locked until delivery of the purchased coins/proof bullion. It may
    take several months for delivery of purchase to reach the depository.
    Regardless of when delivery takes place, the agreement remains in force as to
    all terms.

    Gold today reminds me of what happened late seventies, early 80s. A lot of people got burned on gold and loaded up on the metal instead of some of the dividend blue chips like KO,PG,GE,CLX,XOM,CL that were selling for deep discounts.

    The buyer who stuck his entire cash hoard back during the "Death of Equities days" into KO,PG,GE,CLX,XOM,C is living on dividends, probably drinking a cold one at the beach just collecting those checks and doing squat but relaxing.

    While the dumbass Goldbugs back then who went long gold are probably still living in the same trailerpark today.
  2. ha, ha, you got sucking into this idea, these companies selling gold, wrong, they are selling hype-up "collectible coins", which could be plated and or having less gold in these coins.

    the best way investing gold is buying gold bars from reputable dealers, and you have a safe place to put, not a safe-box in bank.
  3. There is so much dumb money in this country, waiting for to get fleeced it is not even funny.

    "My wife and I wanted to move our IRA accounts from stock to gold, we cashed in our stock and sent Superior Gold money to buy gold in December of '08 and January of '09.

    We then waited for over a year for the gold to be transferred to our holding accounts at Sterling Trust Company, which was recommended to us by Superior Gold and should be considered a co-conspiritor.

    When the precious metals were finally delivered to Sterling Trust, the value of my wife's account was 15% less than the original amount of cash, and my account was short by a similar amount.

    Superior Gold informed us then that there was a 30% fee charged to our accounts for purchasing the precious metals; and that if they bought the metals back from our accounts there would be another 30% fee.

    We could have left our cash in a saving account at a local bank drawing 1/2% interest and been better off.

    All the while we were waiting for the precious metals to be transferred to our accounts, Carl Lacy, our Superior Gold representative kept telling us how great our investments were doing, that gold had gone up so much that our accounts had doubled and more in the year we were waiting.

    I would advise anyone and everyone to stay away from Superior Gold Group and Sterling Trust Company.

    Dave, St Albans, West Virginia"
  4. Wow, are they serious to charge 30% both ways? Or a typo? 3% maybe?

    If they actually doing it, they are eating you like a gator.
  5. How do people fall for this. Sending quarter million dollar cashier checks to some company you heard the radio and then waiting 1 year for delivery?

    What happens to the money during that time?
  6. rew


    That's amazing. There are reputable internet dealers who will sell you gold at retail quantities (1 oz bars or coins) with a 3% bid/ask spread. The price includes shipping by registered, insured mail. You get your booty within a couple of weeks (registered mail is slow), not a year.

    A good rule of thumb is that any gold dealer who advertises heavily on radio or TV is going to rip you off (they have to pay for that advertising, after all). But Superior Gold has taken rip offs to a new level.
  7. But why is it people would go through them and not just buy from a website like kitco or apmex?

    Those two places have existed for ages.
  8. olias


    They're just ignorant...and probably lazy...or they are older and not internet savvy.
  9. Or buy GLD and scale in as you get drawn down. Yes I know you aren't hold the tangible.
  10. RickLong


    Sorry to read about this experience you had!

    I was looking into using Sterling Trust to use as a Custodian for an IRA. I did not end up using them. I remember seeing high fees from Sterling Trust but nothing like you mentioned. (

    Did you see the please note the following: (from the html page above)
    The fee schedule does not include brokerage commissions.

    Was the bulk of your fees charged by Superior Gold? Just want to know why you think Sterling Trust should be "co-conspirator".

    Thanks for the heads up!

    #10     Jul 26, 2010