Apmex Review

The American Precious Metals Exchange (APMEX) is a buyer and seller of gold, silver, platinum, and other types of precious metals online. The company was incorporated in 2000. It primarily carries U.S. Mint produced bullion products, as well as metals products from the Royal Canadian Mint.

Products Available Through APMEX

APMEX offers a wide variety of gold and other precious metals products. Many of these metals are also approved by the IRS (Internal Revenue Service) for inclusion in a precious metals IRA (Individual Retirement Account) account.

The primary products that can be purchased through the American Precious Metals Exchange include the following:

  • Gold, silver, platinum, and palladium bullion.
  • A variety of different coins, including those that are pre-1933 U.S. gold, and commemoratives.
  • Various currency, including $500s and $1,000s.
  • Other metals and metals items that include registry sets, as well as metals that are exclusive to APMEX.

Unlike most other precious metals dealers, APMEX will offer items on “clearance” at various times on its website. This can be a great way for investors to obtain certain metals and other coveted items at a lower than usual price.

Location and Hours of Operation

APMEX is located in Oklahoma City, Oklahoma. The company was established in 2000. At that time, it began selling gold and other precious metals to customers. Since its initial beginnings, APMEX has widened its product offerings.

Live customer service representatives are available to assist investors with questions or concerns Monday through Thursday between 8:00 a.m. and 8:00 p.m., and on Fridays between 8:00 a.m. and 6:00 p.m. Eastern time. Representatives may be reached either through a toll-free telephone line or via online chat.

Because of the company’s wide array of products, however, customers are also able to discuss various metals with specific customer service representatives during their hours of operation. These include:

Customers Making Purchases from Apmex

Customer Selling Metals to Apmex

Website

Monday – Sunday, 24/7

Not permitted online

Trading Desk (Phone Orders)

Monday – Friday 8:00 a.m. – 8:00 p.m.

Monday – Friday 8:00 a.m. – 6:00 p.m.

COMEX and NYMEX Markets

CME GLOBEX – World Markets

Gold

Monday – Friday 8:20 a.m. – 1:30 p.m.

Sunday – Friday 6:00 p.m. – 5:15 p.m.

Silver

Monday – Friday 8:25 a.m. – 1:25 p.m.

Sunday – Friday 6:00 p.m. – 5:15 p.m.

Platinum

Monday – Friday 8:20 a.m. – 1:05 p.m.

Sunday – Friday 6:00 p.m. – 5:15 p.m.

Palladium

Monday – Friday 8:30 a.m. – 1:00 p.m.

Sunday – Friday 6:00 p.m. – 5:15 p.m.

 

APMEX Precious Metals IRA Account

Investors are able to open a precious metals IRA account through APMEX. Accounts may be opened by working with one of the customer service representatives at APMEX who specializes in these types of accounts. There is specific paperwork that will need to be completed in order to get the account opened and funded prior to investing.

Storage for Tangible Precious Metals

Investors who have a precious metals IRA account through APMEX can choose to either store their metals directly through the company itself, or they may alternatively opt to store them at Citadel Global Depository Services, Inc., which is an owned subsidiary of APMEX.

How to Buy and Sell Metals Through APMEX

Investors can buy and sell gold and other metals directly via the APMEX website. If an investor opts to join the APMEX Club, they will be eligible to have their metals shipped at a flat rate of $10 (on orders of under $5,000). They will also receive a discount on their tangible precious metals storage.

APMEX Company Ratings

Better Business Bureau

American Precious Metals Exchange has been an accredited member of the Better Business Bureau (BBB) since April 29, 2004. Being an accredited BBB member means that the company meets BBB standards, which include a commitment to make a good faith effort in resolving any consumer complaints.

Over the past three years, APMEX has closed 55 complaints with the Better Business Bureau, 14 of which were closed in the past 12 month. Of these, 3 centered on advertising and sales issues, 15 were related to billing and collection, 13 were related to product delivery, and 24 had to do with product and service problems.

TrustLink

At this time, APMEX is currently under review with TrustLink, so it is not classified with this ratings entity.

Customer Complaints and Problems

As with most companies that have been in business for a number of years, APMEX has had some issues and complaints. Based on information from the Better Business Bureau, the majority of this company’s issues have centered around problems with product quality in certain instances.

APMEX Reviews and Testimonials

For the most part, the customer reviews and testimonials regarding APMEX have been on the positive side. Most customers feel that the company has a very broad product selection and that the customer service representatives are helpful and knowledgeable. Some of these testimonials include:

“Apmex has the broadest selection of bullion coins and bars of all the online dealers. I have always found them to be very professional to deal with…”  – Ethan Z., Pleasant Hill, California (Source)

“Overall very happy with my experience. I ordered a 5 oz. silver bar. Shipping was exceptional – came 3 days after my purchase, the estimated date on the tracking number was 5 days, so a pleasant surprise…”  – Michael W., Mansfield, Massachusetts (Source)

APMEX Advantages and Drawbacks

When considering whether or not to purchase gold or other metals from the American Precious Metals Exchange, it is important to weigh out both the advantages and the drawbacks. Some of the biggest plusses would include:

  • Product – The company does have a very nice selection of gold and other metals products to choose from. These include items from both the U.S. and the Royal Canadian Mints.
  • Prices - APMEX also offers very competitive pricing on its precious metals. Investors can see both the bid and the ask prices on the products directly on the company’s website in real time. There are also no hidden processing or handling charges.
  • Customer Service – The customer service representatives are very knowledgeable – and when a customer has a question or concern regarding a particular type of metal, they are able to contact a rep directly about that item.

Some of the concerns to be aware of include the following:

  • Quality - Some of the most prevalent customer complaints have centered around product quality. When purchasing any item online, it can be difficult to determine the exact quality until the item is received. Unfortunately, some of the metals received by APMEX customers have not been up to par with how they were described on the company’s website.
  • Billing – Other complaints have also centered on billing. Therefore, customers should be aware of exactly how much they are being charged, and they should ensure that they are not being charged any more than this for their items, their storage, or their shipping.

The Bottom Line

Overall, APMEX has lots of experience in the precious metals industry. The company provides an especially nice package to those who wish to open a precious metals IRA account, as investors can open an account and purchase their metals directly via the APMEX website, and then have their metals stored through the company.

Before setting up an IRA account through APMEX, though, it is a good idea to read over all of the reviews and testimonials, as well as to ensure the exact pricing of any item (or items) that will be purchased before moving forward. This way, the likelihood of their being a discrepancy should be reduced.

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