It has been brought to our attention that some unscrupulous companies have found an unethical way to garner business. The scam that is being perpetrated is nothing new, just a deceitful alteration. Unethical precious metal companies are hiring “review” websites to write inaccurate and biased reviews. These “review” websites cherry pick a few negative reviews, indicate that a company is not paying for a BBB accreditation or that their website is lacking in some way, and issues a bad rating.
Ultimately, the “review” websites are compensated by the unethical precious metals dealer. In return for compensation, they give an excellent rating to their employer and urge customers to purchase from them.
What’s the issue? The issue is that many good companies are being mislabeled as below par and the bad actors are continuing to fool consumers. In doing my research for this article, I found that the “Top Rated” precious metal companies on these “review” websites all had a long list of negative reviews and/or lawsuits. The next time you see “Top Rated” or “Preferred Dealer,” beware. They are not being labeled due to the accolades of the company but rather how much they are paying.
Wondering how to pick the right precious metals dealer? Do not rely on these fly-by-night “review” websites. First, invest a few minutes and look at the reviews yourself. From my experience, most companies have a few negative reviews. Anyone that tells you otherwise is either lying or has just started their business. Secondly, check industry references.
For example, if you are looking for a precious metals dealer, check to see if they are an authorized US Mint dealer. Third, check to see how long the business has been in existence. If a company has been around for more than a few years, has 97% or more good reviews, and strong industry references, they are usually a good option.
Lastly, this article was written to expose an unethical practice and give the consumer a few tips to make a knowledgeable decision. Companies that spend large sums of money to promote themselves on these sham websites don’t spend enough time or money on what really matters, and this should be concerning to all customers.
About Endeavor Metals Group:
Endeavor Metals Group is an Authorized Bullion Dealer for the US Mint, Royal Canadian Mint and Perth Mint. Members of the Numismatic Guaranty Corporation (NGC), Professional Coin Grading Service (PCGS), American Numismatic Association (ANA), Industry Council of Tangible Assets (ICTA) and The Silver Institute.