South Bay Gold Review – A Quick Overview
South Bay Gold is a jewelry and precious metals dealer with multiple locations. They have a decent product selection but lack IRA services. Furthermore, they have received mixed reviews and ratings from their customers across different platforms.
- Wide selection of products
- Multiple store locations
- Manufacturing facility on-site
- Limited information about management staff
- No ratings from the Better Business Bureau
- Lack of transparency regarding fees and charges
- No online ordering system for purchases
- Fees and markups can be higher than average
What is South Bay Gold?
South Bay Gold is a bullion, coin, and jewelry dealer based in Southern California. The company was founded in 1997. It has grown to become a prominent gold buyer and seller in the Los Angeles County area. Also, It has three storefront locations in Torrance, Santa Monica, and Manhattan Beach. SBG operates a $2 million dollar refinery and manufacturing facility in Torrance.
The purpose of this review is to provide an in-depth analysis of South Bay Gold’s products and services, customer service, reputation, fees and charges, and overall performance in the precious metals industry.
People Behind South Bay Gold:
The South Bay Gold website does not offer many details about its management staff, its founder, or its CEO. According to the company’s Better Business Bureau (BBB) profile, Brian Cook is represented as its Manager.
How to Invest in South Bay Gold IRA?
South Bay Gold doesn’t offer Gold IRA or related services. They specialize in buying and selling precious metals and jewelry with their customers.
If you are an IRA investor, it is recommended that you explore the product offerings of a firm that focuses more on IRAs. Such as Augusta Precious Metals or Noble Gold. These companies have experienced staff who can help you open and invest in gold IRAs. Therefore, they may be a better fit for your needs.
South Bay Gold Products:
The company offers a variety of products related to precious metals, including:
- Gold, silver, platinum, and palladium bullion bars and coins.
- Numismatic coins, including rare and collectible coins from around the world.
- Precious metals are used for making jewelry which includes, gold, silver, platinum, and palladium.
- Scrap gold, silver, platinum, and palladium for refining or selling.
- Custom-made bullion and jewelry products.
The company also offers appraisal and authentication services for precious metal items. As well as buying services for those looking to sell their precious metal items.
South Bay Gold Fees and Charges:
Unfortunately, there is no clear information available on South Bay Gold’s website or other sources regarding their fees and charges for buying and selling precious metals. It is advisable to contact the company directly to inquire about its pricing policies and any associated fees.
South Bay Gold Reviews, Ratings, and Complaints:
The following are ratings and reviews for the company from the internet’s leading business directories and rating bureaus:
Better Business Bureau (BBB) Ratings:
Their BBB page has 2 stars ratings out of 5 stars. Only one customer named Frank M has reviewed their page in the last 3 years. He also filed a complaint against the company.
Frank M. reports that he contacted South Bay Gold, located in ********, on 3/22 to obtain a quote on an NGC slab gold coin. While at the store, he inadvertently presented a different NGC coin for which he had received a bid that was $450 higher than the coin they had been discussing. He realized his mistake after returning home and immediately contacted the store. And was informed that he could swap the coin for an equivalent bullion-value coin.
However, the coin was kept in a secure vault that only the Manager could access, and despite repeated calls, he was unable to retrieve it. On 3/25, during a visit to the store, he explicitly asked whether his coin would be sold before he could exchange it and was reassured that it would not. Nonetheless, he was informed on 3/28 that the coin had been sold. He considers this to be poor customer service and does not recommend this store. There are several other local coin stores available.
Business Consumer Alliance (BCA) Ratings:
The company has “AAA” ratings on BCA, with no customer reviews.
The company has 4.5 stars ratings out of 5 stars based on its 50 reviews.
Bob C. warns that the online purchase price for US gold coins offered by this company is misleading. Because they only offer those prices for coins with high numismatic value. When he brought in AU-53 Liberty gold pieces, they offered him $200 less than their online price. Bob felt uncomfortable and decided not to sell to them. He advises others to save time and not visit these small shops because they are bottom-feeders.
Miyuki K. visited “AAA Gold Exchange Cash For Your Gold” in Torrance before going to South Bay Gold with her gold and silver coins. She encountered only one unfriendly person who did not even greet her until she did after she sat in the chair. They did not have a lab and tested all the coins with acid. Although the person gave her a price for all her coins, Miyuki left without doing any business with them due to the first bad impression. She then went to South Bay Gold, where she had a completely different experience with Brian, who provided excellent customer service. Miyuki separated her coins into 10K and 14K as instructed by AAA. And was given a quote slightly higher than the one given by AAA, with silver being almost double the price quoted by AAA.
After the lab checked her coins, Brian informed her that one of the rings was 18K gold, which increased the value by $100 more than the original quote. Miyuki left South Bay Gold feeling satisfied and would highly recommend them to anyone looking for a trustworthy gold exchange. On the other hand, she would not recommend AAA Cash for Gold unless someone is comfortable with giving away their valuables. She plans to visit South Bay Gold again with her diamond ring.
The company has 4 stars ratings out of 5 stars based on its 148 reviews.
Maya L. shares that she needed to have her ring prongs properly reset and tightened, and found the perfect place to do so. For a rush order, they charged $50 to tighten the prongs on her engagement ring, which was important to her as it is a precious item. The job was completed within a day and she was impressed with how well they cleaned it. Additionally, she appreciated that the jeweler came out to explain what he had done and gave her advice on how to prevent future damage. She expresses her gratitude and thanks the team for their excellent work.
Hoan N. reports that he visited South Bay Gold on July 2022 to purchase 1 kilo of silver and some gold. But was told to wait 7 days for his order to be ready. However, after waiting for 5 days, he was informed that he needed to wait longer. He asked for a refund but was denied, even though the items he purchased were in stock. He was asked to come back on 07/20/2022, but no one picked up the phone.
This is not the first time this has happened to him as he previously ordered a 1 oz American Gold Eagle and was told it would take 5 days to arrive, but it took 4 weeks instead. He also purchased 7 oz of gold but was not given a receipt, which he needed for a claim after the gold was stolen from him. Hoan N. expresses dissatisfaction with South Bay Gold and will not be returning to do business with them.
South Bay Gold doesn’t have a rating from the Better Business Bureau, which may initially suggest a lack of online reputation. But upon closer examination, it’s clear that the company has accumulated a considerable amount of positive feedback on Yelp and Trustlink.
Is South Bay Gold Legit?
South Bay Gold appears to be a legitimate business with over two decades of experience in the precious metals industry.
They have a physical presence with three storefront locations in Southern California and a $2 million dollar refinery and manufacturing facility in Torrance.
They are also work with a member of industry organizations such as the Jewelers Board of Trade and the Numismatic Guaranty Corporation. While they have no rating from the Better Business Bureau, only one customer has reviewed them yet. With 2 stars out of 5 stars. They have received positive feedback from customers on online review sites such as Yelp and YellowPages.
Should You Invest with South Bay Gold?
While South Bay Gold seems legitimate, they are not suitable for retirement investors.
If you’re looking to buy jewelry, they might be a good fit for you. However, for investors who are serious regarding their savings, they are certainly not the best option available.
That’s because there are specialized gold IRA companies with dedicated team of experts to help you safeguard your fortune. You can check out our top recommended gold IRA firms to learn more.