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Un-Buying Physical Gold
Posted: Tue Apr 23, 2013 10:01 am
by LiquidSapphire
I bought 13 1 oz American Eagles before the crash from goldmart.com.
Clearly that gold is worth over $2000 less now than it was when I bought it.
The gold is waiting for me at the post office for signature confirmation and pick up.
What will happen if I just never pick it up? Will the post office send it back to goldmart.com? What will goldmart.com eventually do? Their website says that you cannot get a cancellation or refund for any reason, but if an order is found to be undeliverable, you would be responsible for "return" fees.... at this point, I'd be happy to pay them if I could "undo" this trade. It also bars me from ever using goldmart.com again but, hey, there are lots of people that will sell me gold.
What would you do?
Re: Un-Buying Physical Gold
Posted: Tue Apr 23, 2013 10:07 am
by Pointedstick
I did something similar. When we buy investments, we have to accept the risk that they'll fall right after we buy them. Such is life, unfortunately. I would just pick up the package. It's always good to have physical gold, and for all we know, it could go right up again soon.
Re: Un-Buying Physical Gold
Posted: Tue Apr 23, 2013 10:30 am
by Libertarian666
LiquidSapphire wrote:
I bought 13 1 oz American Eagles before the crash from goldmart.com.
Clearly that gold is worth over $2000 less now than it was when I bought it.
The gold is waiting for me at the post office for signature confirmation and pick up.
What will happen if I just never pick it up? Will the post office send it back to goldmart.com? What will goldmart.com eventually do? Their website says that you cannot get a cancellation or refund for any reason, but if an order is found to be undeliverable, you would be responsible for "return" fees.... at this point, I'd be happy to pay them if I could "undo" this trade. It also bars me from ever using goldmart.com again but, hey, there are lots of people that will sell me gold.
What would you do?
The fees you will be responsible for include their loss on the price drop, as I'm sure their terms and conditions state. If you don't pay them, they would be within their rights to sue you, or charge your credit card if you gave them that account information.
Besides that, you voluntarily made a deal with them. They kept their end of the deal; you should keep yours.
Re: Un-Buying Physical Gold
Posted: Tue Apr 23, 2013 10:51 am
by notsheigetz
If it was the other way around and you were selling them your gold wouldn't you expect them to honor their commitment?
Also, I'm quite certain you will have already thought of this but the best way to avoid a loss that big on a single purchase would be not to purchase so many at the same time (note to self - take your own advice next time).
Re: Un-Buying Physical Gold
Posted: Tue Apr 23, 2013 11:10 am
by melveyr
LiquidSapphire wrote:
I bought 13 1 oz American Eagles before the crash from goldmart.com.
Clearly that gold is worth over $2000 less now than it was when I bought it.
The gold is waiting for me at the post office for signature confirmation and pick up.
What will happen if I just never pick it up? Will the post office send it back to goldmart.com? What will goldmart.com eventually do? Their website says that you cannot get a cancellation or refund for any reason, but if an order is found to be undeliverable, you would be responsible for "return" fees.... at this point, I'd be happy to pay them if I could "undo" this trade. It also bars me from ever using goldmart.com again but, hey, there are lots of people that will sell me gold.
What would you do?
Read my signature.
Re: Un-Buying Physical Gold
Posted: Tue Apr 23, 2013 11:17 am
by dualstow
I guess this is why we need middlemen when we want to buy and sell gold.
Re: Un-Buying Physical Gold
Posted: Tue Apr 23, 2013 8:10 pm
by bronsuchecki
This is why the Perth Mint doesn't send metal until we have received payment in full, no COD. I'm surprised they would send it without having got your money.
Re: Un-Buying Physical Gold
Posted: Tue Apr 23, 2013 8:19 pm
by Pointedstick
bronsuchecki wrote:
This is why the Perth Mint doesn't send metal until we have received payment in full, no COD. I'm surprised they would send it without having got your money.
Goldmart also does. The OP would be wise not to try any dishonorable shenanigans, especially with more than $20,000 in gold coins at stake. Sounds like the kind of thing that could be the start of a great Judge Judy episode.
Re: Un-Buying Physical Gold
Posted: Wed Apr 24, 2013 8:55 am
by flyingpylon
At one point last year, I was also faced with the prospect of buying 13 coins (based on the valuation of gold at the time). I debated buying 12 or 14... no way was I buying 13! I bought 12.
Your decision was finalized the moment you clicked the "place order" button (or whatever). Delivery is just a detail, the same way a stock trade takes a few days to "settle". In other words, go pick up your gold.
I would be more worried about karma than Goldmart if you decide to try to back out of the deal.