Is this company legit?

nisob

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

foofi22

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

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

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

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

flaneurs_lobster said:

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

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

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

https://www.chards.co.uk/
https://www.bairdmint.com/
https://atkinsonsbullion.com/
https://www.bullionbypost.co.uk/
https://www.hattongardenmetals.com/

Why do you think a buy back guarantee is has any value at all?

jimjames

nisob said:

 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?

On the one hand you say that they've been covered by ITV and The Guardian but on the other that you've not heard of them. How do you know they've been covered by those outlets, did they tell you or have you read on those places?  Nothing shows up on Google for either of those news sites in relation to this company so you might want to ask more.

What is the "guarantee"? If it's a specific price then it's likely to be a scam. If it's at any price then no different to anywhere else that buys and sells gold.

It's also curious that they've done a classic trick of shortening their accounting year to delay having to file accounts. This is something that scams like LCF did to prevent any scrutiny of their finances.

All these points are hallmarks of scams, that doesn't mean this is but it does make it worth treading very carefully.

km1500

you would be much safer buying some sovereigns for example and holding them yourself

boingy

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.