Is this company legit?

Hey,

Thank you for your time.

My friend and I have made some savings and we are for the first time interested to invest in gold coins. We've come across this company The Pure Gold Company Ltd (registered as The Pure Gold Group Ltd on companies house). They only trade online and that's how all the companies have evolved (that's understandable). However, it has made things very difficult in terms of fraudulance. This company gives a buy back guarantee as an advantage, it is affiliated with Royal Mint (as per website) and has been covered by the likes of Guardian and ITV. What attracted me the most is the on-call investment advice service they provide.

What makes me nervous is I have not heard a lot about this company through friends, social media etc. Their facebook page seems to have not that many likes on posts etc. This is why I am reaching out on this forum to see if anyone had the experience and could assure me that it has been a safe, legit and reliable experience?

This is first time for us, so I hope you'd be kind as I am only doing my due diligence. I was scammed last year by a tax returns company and have been traumatised since then after losing quite significant sum.

Kind Regards
«13

Comments

  • foofi22
    foofi22 Posts: 2,193
    First Anniversary First Post
    Forumite
    I can't comment on their legitimacy, however if you are this concerned now maybe alarm bells should start ringing - particularly considering your recent experience.

    Even if they are a legit organisation, can you be sure you can access your invest whenever you want, or according to whatever terms they set out?  I'm sure they will happily take your money - can you get it back as easily?

    Why do you want to invest in gold, and also why do it with a friend? Do you trust your friend!
  • root
    root Posts: 154
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    edited 25 January at 10:43AM
    I can't imagine a situation where it would make sense to mix my savings with a friend. Am I missing something here?
  • flaneurs_lobster
    flaneurs_lobster Posts: 3,424
    First Anniversary First Post Photogenic Name Dropper
    Forumite
    root said:
    I can imagine a situation where it would make sense to mix my savings with a friend. Am I missing something here?
    Such as? I can only see possible downsides to any kind of "mixing".
  • k12479
    k12479 Posts: 700
    First Anniversary First Post Name Dropper Combo Breaker
    Forumite
    I can't say I think they're not legitimate, but I still wouldn't touch them with a bargepole. For an organisation purporting to sell bullion, they sure make it impossible to see what they're selling and for how much, yet there's no shortage of self-promotion, testimonial and market commentary filler material.
  • root
    root Posts: 154
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    root said:
    I can imagine a situation where it would make sense to mix my savings with a friend. Am I missing something here?
    Such as? I can only see possible downsides to any kind of "mixing".

    typo. sorry. fixed now.
  • wmb194
    wmb194 Posts: 3,105
    First Post First Anniversary Name Dropper Photogenic
    Forumite
    nisob said:
    Hey,

    Thank you for your time.

    My friend and I have made some savings and we are for the first time interested to invest in gold coins. We've come across this company The Pure Gold Company Ltd (registered as The Pure Gold Group Ltd on companies house). They only trade online and that's how all the companies have evolved (that's understandable). However, it has made things very difficult in terms of fraudulance. This company gives a buy back guarantee as an advantage, it is affiliated with Royal Mint (as per website) and has been covered by the likes of Guardian and ITV. What attracted me the most is the on-call investment advice service they provide.

    What makes me nervous is I have not heard a lot about this company through friends, social media etc. Their facebook page seems to have not that many likes on posts etc. This is why I am reaching out on this forum to see if anyone had the experience and could assure me that it has been a safe, legit and reliable experience?

    This is first time for us, so I hope you'd be kind as I am only doing my due diligence. I was scammed last year by a tax returns company and have been traumatised since then after losing quite significant sum.

    Kind Regards
    I wouldn’t trust it; buyback guarantees are always a massive red flag: how can any company commit to something like this?

    If all you want to do is invest some money in gold open an account with a stockbroker and buy one of the gold ETCs that are listed on the stockmarket. Or you could just use the Royal Mint and cut out the alleged middleman.
  • ColdIron
    ColdIron Posts: 8,653
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    edited 25 January at 12:26PM
    Why would you even consider them? It's not like they are going to sell you cheap gold or better gold than anyone else
    Use a reputable vendor
    Why do you think a buy back guarantee is has any value at all?
  • km1500
    km1500 Posts: 2,120
    First Anniversary First Post Name Dropper
    Forumite
    you would be much safer buying some sovereigns for example and holding them yourself
  • boingy
    boingy Posts: 1,150
    First Post Name Dropper
    Forumite
    I'd say:

    1. Don't buy gold directly as an investment. If you want exposure to gold buy a fund that invests in it. Plenty of advice on here about those funds.

    2. Don't combine your savings with a friend, no matter how close the friend. Money does funny things to people.


Meet your Ambassadors

Categories

  • All Categories
  • 341.5K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.6K Work, Benefits & Business
  • 605.7K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards