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APMEX Review

By John Otis

July 31, 2022

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Precious metals can be a fantastic choice for those looking to diversify their portfolios and get away from the stock market's volatility. Whether you're looking to invest in gold, silver, palladium, or platinum, you can choose one of these metals to help give yourself a bit of a buffer when investing.

Getting that buffer does, however, require you to find a company from which you can purchase those precious metals. You'll need to work with the right company to maximize your investments; there are certainly many choices out there. One company at which you might want to look is the American Precious Metals Exchange, also known as APMEX.

Before you invest, you'll need to learn more about APMEX. You'll want to know how they do business and how long they've been around and whether they can meet your needs as an investor. Fortunately, we've done the research to help bring you the information you need to make a more informed choice.

IMPORTANT NOTE BEFORE STARTING:

We understand that selecting a company to invest with is a critical decision. Our team has spent thousands of hours researching and reporting on the good, bad, and ugly of thousands of gold dealers. 


We take great pride in providing the most in-depth, researched, and comprehensive information as possible so you can make the best decision for yourself and/or family. 


Out of the thousands of dealers that we've reviewed, there are only 5 companies that we'd personal choose to invest with ourselves. 


-----> Find out which companies made the top 5 gold companies this year


Did APMEX make it to the top 5? Read the above review to find out. Or continue on.


Founded in 2000, APMEX currently leverages over twenty years of experience in the precious metals market to help consumers better. Though the company started relatively small as a tiny brick-and-mortar location, it's currently grown to employ over two hundred people and sell over one hundred million ounces of metals.

The company was founded by Scott Thomas and has a unique mission. Thomas grew up dealing with significant food insecurity and made it a mission to donate the company's time and money to the Regional Food Bank of Oklahoma. As such, they're one of the most notable precious metals companies with a genuinely charitable spirit.

APMEX, like many other precious metals companies, does put a premium on customer service. Everyone who works with the company will be able to get their questions answered by the company's trained representatives. All customers can also get advice about the various products the company sells and the processes involved with buying and selling precious metals.

Customer Experience


If you buy precious metals, you need to do so from a company you can trust. After all, these are high-value items, and you have to have faith in the company you buy from. One of the best ways to determine if you can trust a company is to look at what others say about them. The more feedback you can see, the better picture you will be able to get of the company in question.

The great news, in this case, is that APMEX has an excellent reputation among those who have worked with them. The vast majority of reviews that we have found are positive and have glowing praise for the speed of shipping after purchasing precious metals and the ease of going through the buying process. Many customers also have positive things to say about how materials are packaged when shipped.

There are complaints, of course, and to its credit, APMEX tends to take care of those complaints without much delay. The company has a customer service line that consumers can contact if they have any problems. Most have noted that the customer service team is not only quite competent but also very understanding of the problems consumers face.

APMEX also gets high marks from its customers for offering products that tend to be very high quality but are still very reasonably priced. The entire company seems to be very focused on keeping its customers happy, even if doing so doesn't always seem to be in the best interest of APMEX's bottom line. Given the reputation of many other precious metals dealers, it says quite a bit that so many people are happy with the quality of the metals that APMEX sells and the quality of service they receive.

The final praise from most consumers concerns the company's online presence. Most people are pleased that their funds transfer securely and quickly. There aren't any reports of consumers losing money when they're attempting to make purchases, and there really isn't anything that shows that the online system has any notable flaws.

It's as important to look at complaints as it is to look at praise, though, and there are some complaints about APMEX. Some customers have complained that their orders have been canceled, while others note that precious metals are costly to invest in and that APMEX's prices are too high for the current market.

Another major complaint is that the resale value of some of the gold they've been sold isn't as high as they would like. These customers note that they take significant losses on the items they've tried to resell, even if they bought them at what seemed like a fair price at the time. An unrelated complaint has to do with the fact that the company uses the USPS for shipping.

Finally, there are some complaints that the company doesn't accept all potential buybacks and that buyback prices aren't as high as these customers don't like. There are also a few notable complaints of consumers receiving the wrong coins in the mail.

None of the complaints APMEX has received are particularly out of the ordinary for a company in this field. The biggest thing to remember when looking at the complaints is repetition; if you notice the same complaints repeatedly, it's a sign that the company isn't fixing its problems.

Product Offering

By far, the most popular product that APMEX offers is gold. Gold is an incredibly valuable material used not only as decoration but as a store of value worldwide. As you might expect, APMEX has a great selection of investment-quality pieces.

APMEX also has a great number of silver pieces. Silver is in very high demand, especially as it sees broader use in various industrial and technological settings. As with gold, APMEX does offer a significant number of investment-quality pieces for their customers.

APMEX doesn't just focus on the most common metals. It offers platinum and palladium, for example, metals that are very likely to increase in value over time. Palladium is a less well-known metal by investors, but its rising price makes the coins and bars sold by APMEX a great investment opportunity.

Precious Metals

One of the great things about working with APMEX is that many of the items discussed above can actually be stored in a precious metals IRA. To be eligible, those items must meet specific purity standards that vary by type of metal.

APMEX has a fairly similar model to many other investment companies regarding these IRAs. APMEX works with several different IRA custodians to help their customers set up new accounts or roll over their existing retirement accounts into precious metals IRAs. APMEX works with some of the top IRA custodians, giving their customers access to higher expertise than you might expect.

However, working with multiple companies does mean that it's tough to figure out what the fees for an IRA might be. Every custodian has its fee structure, so you'll have to research what you'll pay ahead of time.

Pros and Cons


While APMEX is a solid company with many good things going for it, it isn't perfect. Like every other company out there, it excels at some things and isn't so good at others. It's up to you as an investor to look at its strengths and weaknesses and to decide how they balance out. Simply put, you need to know whether the pros for this company outweigh the cons.

Pros

  • APMEX really does have fantastic customer service. Not only are all of its customer representatives very knowledgeable about the products that the company sells, but they are legitimately helpful. Very few people have anything negative to say about the sales or customer support team, which is very uncommon in this industry. If you're going to invest, it makes sense that you'd want to do so with a company that offers excellent customer service.
  • APMEX does a great job of allowing its customers options regarding payments. Whether you want to wire your payments, write a check, use a cashier's check, a credit card, or even a money order, the company has you covered. Each of these payment options has its limitations and they all work at different speeds, of course, but it is nice to know that you have some options as to how you'll pay for your precious metals.
  • The APMEX club allows users to get great benefits tied to their membership status. For some, the best perk here is getting special alerts about promotions, while others might want to join to get information about available new products. Club members get the first chance to find out when sales happen, and they also get special deals at certain levels, so this is one perk that can matter for many.
  • Finally, APMEX has partnerships with some of the biggest players in the game. They work with services like the Professional Coin Grading Service, and APMEX also has a great relationship with eBay. In fact, eBay plays a considerable role in helping APMEX with product distribution, which helps to ensure that you're going to be able to get your products when you need them. The PCGS, on the other hand, helps to ensure that the coins you buy do have the value you expect from them.

Cons

  • While APMEX does have solid overall rating with customers, there are still plenty of people who aren't all that happy with how they do business. Many of these complaints have to do with the value of the coins they buy, with special notes that the delivered products don't quite meet expectations. These complaints aren't too common, but they are common enough that every investor should do some research on products before they make their purchases.
  • Many customers have also complained about delivery issues with APMEX. Some of these complaints have more to do with the USPS than with APMEX, of course, but other customers have more of a problem with the condition of their items when they arrive. It makes sense that customers want to get the most from a company and feel let down when anything less than perfection is delivered.
  • Unfortunately, APMEX also has some complaints against it because of a lack of customer service response. A few complaints note that the company's customer service is hard to get ahold of when there are problems, though many of these complaints tend to be balanced out by those who rave about the company's customer service.
  • Other complaints have more to do with how APMEX prices its products. Individuals claim that the price of the various coins or bars they buy doesn't accurately reflect their value, which can only be seen when those customers try to resell those same items. What this means on a practical level is that it's up to the consumer to do some research to determine if they're actually paying the right price for the items they choose to buy.
  • APMEX takes anti-money laundering rules very seriously. This isn't necessarily a bad thing in and of itself, but it does mean that purchasing over a certain amount can be far more time-consuming than many like. Though we generally think of following the law as a net positive, it's important to note that it has been an issue with some customers.  

Is APMEX a Scam?


One of the things that we tend to point out is that there's a difference between a company you want to avoid doing business with and one that is a scam. APMEX is certainly not a scam, but you might not want to give them your money.

Simply put, APMEX's low rating from the Business Consumer Alliance is something that should give any consumer pause. This is a warning sign for most because they only have a D on the F to AAA scale.

The company has an A+ rating from the Better Business Bureau, but even this is balanced out by the fact that they have thirty complaints against them. Some of these complaints are the usual issues that have more to do with advertising or billing, but the issues with delivery and products really cannot be ignored. Even worse, many of the customers who have complained aren't satisfied with the steps that APMEX has taken to solve those problems.

Customer reviews on Trustpilot are likewise quite negative, with an aggregate 2.8 out of 5 stars. That's not the worst rating in the world, of course, but it's also something that should make most investors stop and think. 

Final Verdict


APMEX has a more complicated reputation than many might think. Given the fact that they have a great selection of metals and that they do some great charitable work, it makes sense to want to give them a try. When you look at the reviews, though, you will want to stop and think about why the company has its reputation and if you wish to spend your money with them.

Our verdict is that APMEX is a reasonably solid company, but it's not one of the best. If you're going to invest, you'll want to look elsewhere. We cover the best of the best below.

-----> See the complete top 5 list here


Or continue on to APMEX by clicking here.

John Otis

About the author - John Otis

In the modern age of reckless government spending and central bank money printing, my sole objective is to help others protect their savings, retirement, livelihoods, and purchasing power from currency devaluation. Otis Gold has been featured in Financial Times, Yahoo Finance, Kitco News, Motley Fool, Seeking Alpha, and more. If you have any questions or comments, leave them below. Welcome!


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