GD
Gavin D

1 reviews | Active since Sept 2015

07 Sept 2015, 14:14

Distorted values and poor customer service

I purchased Gold coins from S'coin between 2008 - 2010. I usually purchased on launch as the price was guaranteed to increase after only a few days. At each transaction I was assured that this was a great investment and that I could sell back the coins at any time less an administration fee which sounded fair. I was also told to keep the coins for at least 2 years before selling but wasn't bothered as I was buying them for my children to have one day. A year ago the coins became part of my divorce settlement and sadly I had to sell. The purchase price of the Portfolio was R210000 and the current market value given by S'Coin in 2013 was R382000. I contacted S'Coin expecting to take a knock of around 20% of current value and was told they could not buy back even one of the 12 coins as they already had them in stock. I also asked for the current value of the coins and I am still waiting for a response since Sept 2014. People need to be made aware of the inflated values advertised and the non-existence of a guaranteed buyback policy. Judging by the number of complaints on this website I'm clearly not the only person to be misled!

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