Colonial Metals Group Review

Looking for a trustworthy precious metals dealer for your retirement savings? I spent a week researching Colonial Metals Group after receiving multiple reader questions about this company.

What I found shocked me. This Miami-based precious metals dealer has an F rating from the Better Business Bureau, dozens of fraud allegations, and a pattern of non-delivery complaints that should concern any investor.

Let me share everything I discovered so you can protect your hard-earned retirement funds.

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Quick Summary Box

About Colonial Metals Group

Colonial Metals Group LLC operates as a precious metals dealer based in Florida. The company focuses on Gold IRAs and physical precious metals investments. Here’s what my research uncovered about their background and operations.

Company History & Background

Colonial Metals Group claims to have been “Protecting Your Wealth Since 2018” according to their website. The business entity was legally established on July 25, 2022, per Florida business records.

This creates an interesting discrepancy. The company markets itself as having seven years of experience, but the legal business formation happened less than three years ago.

The BBB file for Colonial Metals Group opened on October 23, 2024. This recent BBB presence suggests the company operated without BBB monitoring for several years.

Leadership & Management Team

Here’s where things get concerning. The Colonial Metals Group website does not publicly list any founders, executives, or ownership information.

A quick search through BBB records shows only two names associated with the business:

• Mr. Daniel Hitzke (listed as Attorney)
• Mr. Brad Garine (listed as Manager)

That’s it. No CEO. No founder story. No team page with photos and bios. Legitimate precious metals companies typically showcase their leadership team to build trust. This lack of transparency raised my first red flag.

Company Locations & Contact Information

Colonial Metals Group lists multiple Florida addresses:

Primary Office:

1200 Brickell Ave, Suite 1950 Miami, FL 33131-3298

Additional Locations:

• 1401 Forum Way, Suite 310, West Palm Beach, FL 33401
• 1 East Broward Blvd., Suite 1215, Fort Lauderdale, FL 33301

Contact Details:

• Phone: (800) 465-6009
• Email: support@colonialmetalsgroup.com
• Website: colonialmetalsgroup.com

Multiple customer reviews report these phone numbers as disconnected or going straight to voicemail. I’ll cover this in detail later.

Services & Investment Options

Colonial Metals Group markets a range of precious metals investment services. Let me break down what they claim to offer versus what customers actually report receiving.

Precious Metals Offerings

The company website lists the following products:

• Gold bullion, coins, and bars
• Gold American Eagles and Proof Gold American Eagles
• Silver bars and coins
• Platinum products
• Palladium products
• IRA-approved precious metals

Gold IRA Services

Colonial Metals Group promotes retirement account services including:

• Traditional IRA rollovers
• Roth IRA transfers
• 401(k) rollovers
• TSP (Thrift Savings Plan) transfers
• SEP IRA conversions
• 403(b) transfers
• 457 plan rollovers
• Pension plan rollovers
• Annuity transfers

The company uses self-directed IRAs with third-party custodians like Equity Trust and Entrust Group. Multiple recent reviews indicate these custodians have stopped working with Colonial Metals Group.

How To Invest With Colonial Metals Group

Their website describes a three-step process:

• Step 1: Establish your self-directed IRA with company assistance
• Step 2: Roll over existing funds from your current retirement accounts
• Step 3: Select your metals with a dedicated representative

The company states they “never take possession of your funds or metals” since custodians hold the assets. Here’s the problem: dozens of customers report their metals never arrived at any depository.

Fees, Pricing & Minimum Investment

Transparency matters when choosing a precious metals dealer. Colonial Metals Group fails badly here.

Colonial Metals Group Fees

The Colonial Metals Group website mentions that costs exist to “open and maintain a Gold IRA” but provides zero specific numbers.

No fee schedules. No percentage breakdowns. No setup costs listed anywhere.

This lack of fee transparency is a major warning sign. Reputable gold IRA companies publish their fees clearly so investors can compare options.

Minimum Investment Requirements

I searched every page of their website and found no minimum investment requirement disclosed.

Most legitimate precious metals IRA companies require minimums between $10,000 and $50,000. Colonial Metals Group keeps this information hidden until you speak with a sales representative.

Product Pricing & Markups

The company’s own disclaimer states they charge “markup/commissions” but doesn’t specify amounts.

One customer complaint detailed losing 50% of an investment to commissions. An 85-year-old investor reportedly had his entire IRA gutted by excessive fees on numismatic coins with no resale market.

Storage & Security

Precious metals IRAs require approved depositories for physical storage. Here’s what Colonial Metals Group claims about their storage solutions.

Storage Solutions

The company states they use:

• Third-party IRS-approved depositories
• Delaware Depository (mentioned in customer complaints)
• Fully segregated storage options

They claim metals are “100% owned by the customer” and held separately from dealer inventory.

Security Features

Storage costs and specific security measures are not disclosed on the website.

Here’s the real issue: Multiple customers report their purchased metals never arrived at any depository. One customer contacted Delaware Depository directly and confirmed no metals were received on their behalf.

Customer Reviews & Reputation Analysis

I analyzed reviews from multiple sources to get a complete picture. The contrast between company-sourced testimonials and third-party reviews tells a disturbing story.

Better Business Bureau (BBB) Rating

• Rating: F (The lowest possible grade)
• BBB Accreditation: Not Accredited
• Customer Reviews: 1 star average from 7 reviews
• Complaints Filed: 7 complaints with ZERO responses from the company

The BBB explains their F rating: “Failure to respond to 7 complaint(s) filed against business.”

When a company ignores every BBB complaint, that signals serious problems. Legitimate businesses engage with customer concerns, even difficult ones.

Trustpilot Reviews

• Overall Rating: 2.9 stars from 137 reviews
• Review Distribution:
  – 5-star: 61% (84 reviews)
  – 4-star: 3% (4 reviews)
  – 3-star: 2% (3 reviews)
  – 2-star: 2% (3 reviews)
  – 1-star: 32% (43 reviews)
• Company Response Rate: Only 11% of negative reviews received responses
• Response Time: Approximately 2 weeks when they do respond

The polarized distribution caught my attention. Reviews tend to be either glowing 5-stars or devastating 1-stars with little middle ground. This pattern often indicates review manipulation.

Google Reviews

• Rating: 3 stars from 11 reviews

The small sample size on Google provides limited insight, but negative reviews describe the same problems found elsewhere.

Website Testimonials Vs. Third-Party Reviews

Colonial Metals Group’s website features 8 positive testimonials praising friendly staff and clear explanations. Team members mentioned include Sal, Sam O, Blake Sawyer, Zach Jonik, Joe, Phil, Candace, and Nick.

Here’s what I noticed: These testimonials focus entirely on the sales process. They describe pleasant phone calls and helpful explanations. None mention actually receiving metals or completing a successful investment.

Third-party reviews paint a different picture. Positive Trustpilot reviews (the 5-star ones) also focus on initial interactions. The 1-star reviews come from customers months later who never received their metals.

Major Red Flags & Customer Complaints

This section contains the most serious findings from my research. These complaints follow a consistent pattern that suggests systemic problems.

Non-Delivery of Metals

The most common complaint: customers pay for metals that never arrive.

• Laura C. Hart (December 2025): Lost $300,000 (entire IRA). Quote: “Once they cash your check… you are ghosted.”
• Timothy Brummel (December 2025): Set up IRA through Entrust Group in June 2025. Metals never received at Delaware Depository. All Colonial Metals contacts became unreachable.
• Ben Fourman (July 2025): Drained $27,000 from 401(k). Received only $4,000 worth of metals. Cannot contact anyone.
• Nancy B. Burrell (February 2025): Order not delivered until July (5 months delay). Only received metals after threatening legal action.

These aren’t isolated incidents. Dozens of similar complaints describe identical experiences.

Communication Breakdown

After receiving payment, the company becomes unreachable according to multiple sources:

• Phone numbers disconnected or no longer in service
• Emails go unanswered for weeks and months
• Sales representatives’ direct numbers stop working
• Customer service lines go straight to voicemail indefinitely

One reviewer reported: “I’ve called every number they gave me. All disconnected.”

Targeting Vulnerable Populations

Several complaints involve elderly investors:

• An 85-year-old father had his entire IRA cashed out, losing 50% to commissions
• A 91-year-old disabled military veteran reportedly lost $150,000
• Multiple reviews mention elderly parents losing life savings

These vulnerable investors trusted Colonial Metals Group with retirement funds they cannot replace.

Industry Rejection

Multiple sources indicate major IRA custodians have stopped working with Colonial Metals Group:

• Equity Trust reportedly refuses to process transactions
• Entrust Group has allegedly ended their relationship
• Chase Bank reportedly blocks wire transfers to the company

When custodians and banks refuse to work with a precious metals dealer, that signals extreme risk.

Legal & Regulatory Concerns

The regulatory situation around Colonial Metals Group raises serious questions about the company’s future viability.

Current Investigations & Complaints

Customers report filing complaints with multiple agencies:

• FBI
• Florida Attorney General
• State securities regulators
• Federal Trade Commission
• Local law enforcement

Several reviewers mention pursuing arbitration and discussing class-action lawsuits.

One reviewer stated a company representative “physically threatened me for writing a review.” This allegation suggests desperation and potential criminal behavior beyond financial fraud.

Possible Out Of Business Status

Multiple indicators suggest Colonial Metals Group may have ceased operations:

• A custodian reportedly told a customer: “Colonial Metals is out of business”
• Phone numbers across multiple locations appear disconnected
• No responses to legal letters from customers
• Banks blocking transfers suggests loss of banking relationships

The company website remains active, but operational capacity appears compromised.

Pros And Cons of Colonial Metals Group

Based on my research, here’s an honest assessment.

Pros

• Wide range of retirement account types accepted (Traditional IRA, Roth, 401(k), TSP, SEP)
• Multiple precious metals options (gold, silver, platinum, palladium)
• Some customers report positive initial sales experiences
• Website provides basic educational content about Gold IRAs

Cons

• F rating from BBB with zero complaint responses
• Dozens of non-delivery allegations from customers
• No fee transparency on website
• No minimum investment disclosure
• No leadership team information publicly available
• Disconnected phone numbers reported by multiple customers
• Custodians refusing to work with them
• Banks blocking wire transfers to the company
• Allegations of targeting elderly and vulnerable investors
• Excessive undisclosed commissions reported (up to 50%)
• Possible closure or inability to fulfill orders
• Threatening behavior alleged toward complainants

Buyback Policy & Liquidation

Every precious metals investor should understand buyback policies before purchasing. Here’s what Colonial Metals Group claims versus reality.

Stated Buyback Program

The company website includes this disclaimer: “While no precious metals dealer can legally guarantee buybacks, we’ve never refused a client’s request.”

This language sounds reassuring but provides zero binding commitment.

Reality Vs. Claims

Customer reviews directly contradict the company’s buyback claims:

• Customers cannot reach anyone to initiate buybacks
• One reviewer reported the company is “out of business” when trying to sell back
• Numismatic coins sold to customers reportedly have no resale market
• The promised buyback appears impossible when the company is unreachable

If you cannot contact a company, their buyback policy becomes meaningless.

How Colonial Metals Group Compares To Competitors

Understanding how Colonial Metals Group stacks up against established competitors reveals stark differences.

Industry Leaders Comparison

1. Vs. Goldco:

Goldco maintains an A+ BBB rating and has served customers since 2006. They disclose fees clearly and have thousands of positive reviews across platforms. Colonial Metals Group’s F rating and non-delivery complaints create no meaningful comparison.

2. Vs. Augusta Precious Metals:

Augusta Precious Metals holds an A+ BBB rating with zero complaints over multiple years. They offer transparent pricing and lifetime customer support. Their educational approach contrasts sharply with Colonial Metals Group’s undisclosed fee structure.

3. Vs. American Hartford Gold:

American Hartford Gold has an A+ BBB rating and maintains responsive customer service. They process buybacks efficiently and communicate clearly. Multiple review platforms show consistent positive experiences.

4. Vs. Noble Gold:

Noble Gold holds a strong BBB rating and offers transparent minimum investments ($2,000 for direct purchases). They respond to customer inquiries and deliver metals as promised.

Why Competitors Are Safer Choices

The differences between Colonial Metals Group and established competitors come down to basic business practices:

• A+ BBB Ratings: Top competitors maintain excellent ratings because they resolve customer issues. Colonial Metals Group ignores complaints entirely.
• Transparent Fee Structures: Reputable dealers publish fees clearly. Colonial Metals Group hides all pricing information.
• Proven Delivery Records: Established companies have thousands of completed transactions. Colonial Metals Group has dozens of non-delivery allegations.
• Responsive Customer Service: Industry leaders answer phones and respond to emails. Colonial Metals Group has disconnected numbers and unanswered messages.

Is Colonial Metals Group Legitimate Or A Scam?

Let me be direct: The evidence strongly suggests Colonial Metals Group is either operating fraudulently or has failed as a business while continuing to collect money.

The pattern I found follows a consistent sequence:

1. Customer receives friendly, professional sales experience
2. Customer wires money or writes a check
3. Money is cashed and received by the company
4. Metals are never delivered or only partially delivered
5. All communication stops
6. Phone numbers become disconnected
7. Emails go unanswered
8. Customer has lost money with no recourse

This is not the pattern of a struggling legitimate business. Legitimate companies communicate with customers even during financial difficulties. They don’t disconnect phones and ignore every attempt at contact.

The F rating from BBB with zero complaint responses confirms the company has abandoned any pretense of customer service.

Conclusion

My recommendation: Do not invest with Colonial Metals Group.

After reviewing BBB complaints, Trustpilot reviews, Google reviews, and multiple customer accounts, I cannot recommend this company under any circumstances.

The evidence shows:

• Systematic non-delivery of purchased metals
• Complete communication breakdown after payment
• Targeting of elderly and vulnerable investors
• Industry rejection by custodians and banks
• Possible business closure or fraud operation

If you’re considering a Gold IRA or precious metals investment, work with established companies that have proven track records.

Look for A+ BBB ratings, transparent fee structures, and consistent positive reviews across multiple platforms.

If you already invested with Colonial Metals Group:

• Document all communications and transactions
• File complaints with your state attorney general
• Report to the FBI’s Internet Crime Complaint Center
• Contact the Federal Trade Commission
• Consider consulting an attorney specializing in investment fraud
• File a BBB complaint to add to the public record

Your retirement savings deserve protection. Choose a precious metals dealer that will actually deliver what you pay for.

No.1 Gold IRA Company

9.9/10Our Score

VISIT WEBSITE

PROS

• No setup fees for new accounts.
• Guaranteed buyback program at top market rates.
• Endorsed by celebrities Sean Hannity and Chuck Norris.
• Up to $10,000 in free silver for qualified investors.
• Over 6,000 five-star customer reviews across major platforms.

CONS

• A $25,000 minimum account may deter smaller investors.

Sources:

• Better Business Bureau, Colonial Metals Group Profile, BBB.org, Accessed January 2025, https://www.bbb.org/us/fl/miami/profile/bullion-coin-dealers/colonial-metals-group-llc-0633-92044107
• Trustpilot, Colonial Metals Group Reviews, Trustpilot.com, Accessed January 2025, https://www.trustpilot.com/review/colonialmetalsgroup.com
• Colonial Metals Group Official Website, colonialmetalsgroup.com, Accessed January 2025, https://colonialmetalsgroup.com/

Kevin Clark

Kevin Clark stands as a prominent authority in financial markets, particularly focused on precious metals and gold IRA investments. His credentials include a prestigious Wharton MBA and CFP™ certification, which he leverages to assist investors with retirement portfolio strategies. His extensive background combines executive roles on Wall Street with valuable experience on WVDOT’s advisory team. You can find Clark’s expert analysis featured across major financial media outlets, and his bestselling book has helped numerous investors understand market dynamics. Through his engaging presentations and seminars, he breaks down sophisticated investment concepts into practical strategies, enabling you to make informed decisions about incorporating precious metals into your retirement planning. His approach emphasizes secure retirement solutions through strategic metal investments.