If you are contemplating an investment in precious metals, you may have noticed that there are a number of companies that claim to offer superior services. However, the harsh reality is that the majority of these businesses are scams designed to separate you from your hard-earned cash. American Gold Reserve is the precious metals company we will discuss in this review. Is it among the trustworthy or the fraudulent? Find out now!
▲ Location: Houston, Texas
▲ Products: Precious Metals
▲ Manager: Kimberly Poulard
▲ Rating: 2/5 ★★☆☆☆
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About American Gold Reserve
American Gold Reserve LLC, is a Houston-based precious metals company that claims to have over 30 years of industry experience. But according to the company’s Better Business Bureau profile, it was founded in June 2016. Even more surprising about American Gold Reserve is the fact that three distinct websites have been created under its name, making it difficult to determine which the genuine one is. However, for the objectives of this review, we will primarily concentrate on the BBB-listed domain.
Despite the lack of product information on its website, we were able to determine that American Gold Reserve offers US government and foreign issue coins. The website’s available products include pre-1933 American rare coins and bullion, modern American rare coins and bullion, and foreign coins and bullion.
$5 Tenth Ounce Gold, $10 Quarter Ounce Gold, $25 Half Ounce Gold, and $50 One Ounce Gold are examples of available coins. Since comprehensive pricing information is not readily available on the company’s website, you must call for additional product and pricing details.
Review Summary
Location:
Houston, Texas
Address:
10333 Harwin Dr., Houston, TX 77036, United States
Year Founded:
2016
Manager:
Ms. Kimberly Poulard
Website:
americangoldreservellc.com/
Rating:
2/5
How Does It Work?
American Gold Reserve is one of the companies without a detailed product catalog. Therefore, you cannot order directly from their website and must contact them via telephone number and contact form to learn about the available products and associated prices. You will then be instructed on how to place an order and how much it will cost to dispatch the metals to your residence.
Do they Offer Gold and Silver IRAs?
Although IRA-eligible coins such as Gold American Eagles are available, it is unclear whether gold or silver IRAs are offered by American Gold Reserve. We were unable to determine if the company collaborates with IRA custodians to facilitate IRA setup. Consequently, if you desire to open a precious metals IRA, you can review the company we recommend on this page.
Educational Materials
American Gold Reserve offers educational resources for prospective investors on both of its websites. The americangoldreservellc.com website features numerous articles on current gold and silver prices, as well as market trends, accessible through the news tab. The second website offers comprehensive articles tailored for new investors exploring opportunities in gold and other precious metals.
Returns and Refunds
The company offers an arbitration agreement on its website, where both customers and the company agree to resolve disputes through arbitration rather than pursuing legal remedies in court. Additionally, the company provides a set of terms and conditions, specifying that dissatisfied customers can return products within 30 days of receipt for a full refund.
It is important to note that the company cannot guarantee product availability or pricing due to market fluctuations. In the event that an order cannot be fulfilled, the company commits to notifying the buyer promptly and issuing a full refund.
Shipping and Fees
American Gold Reserve does not provide details about shipping methods or associated fees on its website. Additionally, there is no readily available section addressing frequently asked questions, which could offer valuable insights for potential investors interested in purchasing gold or silver bullion coins from American Gold Reserve. It is advisable for prospective investors to seek information on shipping methods and fees directly from the company before finalizing any transactions.
Storage
American Gold Reserve does not share storage details on its website or endorse specific depositories. Investors seeking to acquire IRA-eligible gold bullion from the company for their IRAs must independently select an approved depository. When choosing a depository for your precious metals investments, prioritize those providing segregated, secure storage with round-the-clock security measures to ensure the protection and individual tracking of your account holdings, preventing any mixing with others’ holdings.
Pricing Information
American Gold Reserve does not display specific product details or pricing on its website. For further information, interested individuals are encouraged to contact the company directly by phone.
American Gold Reserve Pros & Cons
Pros
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Unique Products
American Gold Reserve, unlike most precious metals companies, specializes in distinctive products such as Roman Numeral Gold. There are presently only a small number of these modern gold coins (American Eagles) with Roman numeral dates in existence. As a result, investors are placing a great deal of emphasis on these coins, believing that, due to their unique dating, they will command substantial premiums in the future.
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Qualified Staff
The company asserts that its account administrators are more than qualified to guide clients into lucrative positions in precious metals such as gold, silver, and platinum. Their top priority is ensuring that their clients’ investment portfolios generate an industry-leading return on investment.
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Free Education Resources
Free educational blog posts are available on their website to assist new gold investors. In addition, they have a news section dedicated to gold news and the current market situation.
Cons
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Lacks Transparency
As previously stated, the company’s name is shared by three websites, making it difficult to identify the actual website. This raises a great deal of concern, as some of these sites may be fraudulent and are being used to defraud personal information. In addition, the company lacks transparency regarding product prices and shipping costs, as these are not listed on its website.
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Not accredited By BBB
American Gold Reserve is not BBB-accredited despite having been in business for many years, which raises many questions and doubts as to whether they are legitimate. In general, we advise our readers only to do business with BBB-accredited companies, as this is one of the most important and reliable methods to avoid fraudsters.
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Lacks an Online Shop
Without an online store, American Gold Reserve makes it exceedingly challenging for customers to place orders. You must first contact them to inquire about product availability, pricing, and shipping costs, which is not only time-consuming but also incredibly inconvenient.
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Poor Reviews and Numerous Complaints
The Better Business Bureau and a few other review websites give American Gold Reserve a subpar rating. Most reviews on the platform express discontentment with the firm’s products and services.
“I recently had a rather disheartening experience with an American Gold Reserve coin vendor that I feel compelled to share. Initially, I was under the impression that I was placing an order for the highly sought-after 2021 type 1 coins, only to be surprised when I received a shipment of 2016 coins instead. This discrepancy immediately raised concerns and left me feeling misled.
What ensued was a series of interactions that intensified my disappointment. The vendor, rather than addressing the error, attempted to pressure me into purchasing what they claimed were “better” coins. What struck me as particularly unsettling was that these supposedly superior coins came with a hefty price tag—nearly four times the current spot price. It felt like a deliberate attempt to exploit the situation and manipulate me into an unfavorable transaction.
While I can’t definitively assert any illegality in their actions, I can’t help but characterize the entire experience as a potential bait-and-switch scam. The intentional misrepresentation of the product and the subsequent high-pressure tactics employed to coerce me into a more expensive purchase left a sour taste in my mouth.
In my efforts to disengage from this unsettling encounter, I found it necessary to take the drastic step of blocking their contact number. It was the only effective way to put an end to the persistent attempts to persuade me into making a purchase that I neither wanted nor originally intended.
This ordeal has not only left me dissatisfied with the specific vendor but has also served as a cautionary tale about the importance of due diligence and vigilance when engaging in transactions, especially in markets where unscrupulous practices may be more prevalent.”
Their average rating is 2 out of 5, which is abysmal in comparison to some of our highest-rated gold IRA providers.
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Does Not Provide Storage
A secure storage facility is essential for the protection of your investment assets. Unfortunately, we were unable to locate any information about storage on the companies’ websites, leading us to the conclusion that they do not offer storage services and do not partner with third-party depositories to provide them.
Ratings and Customer Feedback
Before concluding this American Gold Reserve review, we must also consider their online consumer reviews and complaints. The company has an abysmal rating of 1.82 out of 5 stars on the Better Business Bureau, based on 11 consumer reviews and 6 complaints. The majority of users on the platform criticize the company’s propensity to overprice coins, particularly the $5 Gold Eagles. Similar complaints were found on Reddit and the Complaints Board.
American Gold Reserve is rated 3.6 out of 5 stars on Google Business based on 45 customer reviews. The company has no reviews or ratings on Business Consumer Alliance, Yelp, Trustpilot, or Trustlink.
First-hand Experiences: “Immense Pressure Is and Understatement”
“I experienced significant pressure during my recent interaction with American Gold Reserve’s Floor Manager, Chris. Despite providing all necessary credit card information, he declined to process my order for $5 GOLD AMERICAN EAGLES after a 15-minute discussion. The Vault Release Code is *********.”
Should You Use American Gold Reserve for Your Gold IRA Rollover?
American Gold Reserve is not partnered with a custodian to provide IRA services at this time. In addition, the company’s lack of transparency, coupled with its low online rating and complaints, makes us hesitant to recommend it to our readers. If you are seeking to open a gold or silver IRA, please click the link below to learn more about our top-rated company.
Is American Gold Reserve Legit?
Despite deceptive web addresses and client complaints, American Gold Reserve appears to be a legitimate business, as they have been in operation for a considerable amount of time. Typically, fraudulent businesses do not last longer than five years.
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American Gold Reserve LLC Alternatives
- Goldco Precious Metals
- US Money Reserve
- Scotsman Coin and Jewelry
- Legacy Gold and Silver
- Monex Precious Metals
Final Thoughts
As noted in this review, American Gold Reserve is a precious metals company located in Houston, Texas. In addition to offering a variety of unique coins on its website, the business also provides free educational blog posts and news articles. Despite this, American Gold Reserve has received poor ratings on online review websites from customers who accuse the company of overcharging for coins and defrauding them of their hard-earned money. Moreover, the company lacks transparency regarding product prices and shipping fees.
