NOT GOOD - Understanding Your Consumer Rights When Buying Bullion Coins | Avoiding Disappointment

Published 2024-07-17
#gold #silver #bank

Are you thinking about investing in bullion coins? It's crucial to know your consumer rights before making a purchase. Many buyers mistakenly believe they have the right to get their bullion coins replaced if they aren't of good quality. Unfortunately, this isn't always the case. In this video, we'll break down your rights as a consumer, why you might not be able to get a refund or replacement for poor-quality bullion coins, and how you can protect yourself from disappointment.

Key Points Covered:

Explanation of basic consumer rights.
Specific rights concerning bullion coin purchases.
Common Misconceptions:

Why the belief that you can always get a replacement is false.
Circumstances under which you might not be entitled to a refund or replacement.
Quality Control Issues:

Factors that affect the quality of bullion coins.
What to look out for in terms of coin quality.
Protecting Yourself as a Consumer:

Research: Importance of choosing reputable dealers.
Verification: How to verify the authenticity and quality of bullion coins before purchasing.
Documentation: Keeping all purchase records and certificates of authenticity.
Reviews: Checking reviews and ratings of sellers and products.
Consultation: Seeking advice from experienced bullion investors or financial advisors.
Steps to Take if You're Unhappy with Your Purchase:

Contacting the seller: Tips on how to effectively communicate your concerns.
Legal options: Understanding your legal rights and options if the seller refuses to cooperate.
Links and Resources:

Consumer Rights Information
Guide to Buying Bullion Coins
Top Reputable Bullion Dealers
How to Verify Coin Authenticity
Consumer Protection Agencies
Join the Conversation:
Have you had an experience with purchasing bullion coins? Share your story in the comments below. Don't forget to like, share, and subscribe for more informative content on investing and consumer rights!

Disclaimer: This video is for informational purposes only and does not constitute legal or financial advice. Always do your own research and consult with a professional before making investment decisions.

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Topics covered in this video:
banking, finance, gold, silver, precious metals, cash, wealth preservation, economic uncertainty, financial independence, store of value, means of exchange, alternative finance, bank withdrawal, financial strategies, personal finance, financial system, economic trends, global economy, investment, asset allocation, monetary policy, inflation, deflation, wealth management, fiat currency, currency devaluation, financial education, financial literacy, monetary history, financial freedom, financial planning, asset protectio

All Comments (21)
  • @meteoman7958
    It's not just milkspots, RM bullion is loaded with scratches and dings, mostly on the obverse. Edit: And that includes gold bullion. This is why I generally stick to aftermarket RM proof silver and gold coins. Same price as bullion and superb quality.
  • Shocking to hear the substandard minting facility at RM… but I’m not surprised. Thanks for the video BYB 😊✌🏻
  • @wombat1184
    When it comes to bullion, milking doesn't worry me. It only becomes a problem when I'm buying proof and collectable coins
  • @spamfritters1
    I'd be interested in a video on the Royal Mint production process and your take on it
  • @sang3Eta
    Royal Mint just don't seem to care about bullion. I've tried explaining to them customers buying a coin in a capsule don't want a damaged coin. 2 out of 3, 1oz gold coins so far, makes me not want to bother collecting the set. They're a collectable, not bullion. I've got another one from a dealer that's developed red copper rust.
  • @meteoman7958
    I NEVER buy RM bullion coins over the mail. If I can cherry pick from a local dealer, then OK. But it is a challenge to find decent collectible RM coins.
  • @mick03leeds22
    I bought a one ounce Gold Lion of England Coin from Atkinsons a few years ago. It had a faint scratch on the Lions Leg, my OCD got the better of me and I called them to see if they would exchange it. They were brilliant and agreed to change it straight away. I was very pleased, obviously. Also, cheers for the 1 Kilo Silver Bars. I can’t stop going back to them just to get hold of them. Missus thinks I’m going mad 😂
  • @UKDark_Mark
    I’m not convinced it’s the RM but the planchet manufacturers causing milk spots. I suggest they are using a flux of some sort needed in the production process in variable quantities instead of the precise amount required (which is why not all coins have the issue) which impregnates into the metal during the planchet hot forming stage. The RM cold stamp so don’t affect the metallurgy of the silver. Die polish won’t do it. That’s my two pence worth…….. 🙂
  • @mikeward7290
    With milk spots you don’t have to worry about counterfeit coins. Cheers from California.
  • @dleetr
    I think the lack of concern and arse covering through outright lies, about the milk spotting, speaks to a problem which plagues every large organisation nowadays. The decision makers are mid level intelligence egoists who studied business management or got an arts degree. If you were dealing with engineers, they'd tell it to you straight and they'd either fix the problem (because that's what engineers like to do) or they'd explain why it's cost prohibitive to do so. They most certainly wouldn't hide behind bluster or fairy stories, which quite frankly, is how children behave, not adults running a billion pound turnover Royal Mint.
  • Royal Mint quality is degrading.. so many milk spot, scratch... what happened?
  • That it is bad! Milk Spots! I just don't understand the quality control or the lack of it! Greetings from Hollywood, California.
  • Hi backyard bullion.nice vlog.Is there away you can remove milk spotting without damaging the coin ? Thank you.
  • I have been saying it for you to just keep your storage as dry as you can. I keep mine in with a lot of dessicant and never had a single case of "Snow toning" in over 400 + troy pounds of silve3r. Here I am telling you folks, KEEP THEM DRY of any form of moisture and your troubles are no longer an issue. My riend here is not a person of no knowledge It is just my personal beliefes that have never let me down., Take care old friend. We have never disust this opic. I would like to eh, LOLOLOL
  • BYB ,it is the royal mints fault for not cleaning the solvent off the planchets or the die during annealing....PURE LAZINESS ON THE MINTS PART !!!!!!!!!!!
  • @PrimoPrep
    I bought a Maple from Hatton Garden, which arrived heavily milk spotted, and they were perfectly fine with refunding my money, or replacing it for another item (after comparing the spot price). My main argument is they were advertising it as "investment grade" which it certainly wasn't. They didn't agree outright but they were very good from a consumer point of view and refunded my money. So I guess it depends who you deal with!
  • @tomtharos4440
    What do I do. I stop buying any product from the offender. I’ve also stopped buying into the hype (from a U.S. perspective) that sovereign coinage is better than generic.
  • @rasbobbo
    Love my Britannias. Did they have this problem with the .958 coins?
  • @foxmoongaze
    I buy RM bullion for the CGT free status, and just care about the weight of silver. Of course, it would be preferable to have pretty coins as well.