American Precious Metals Inc. is a company that’s based out of Phoenix, Arizona, and has been in business since 1994. The owner, Jerry Williams, claims to have over 40 years of experience in the precious metals market. Those seem to be decent credentials to begin exploring in this American Precious Metals Inc. review whether doing business with the company is worth it.
This is a well-established company, that’s undeniable. Why does it make sense to review a company that’s been in business for a long time? Just because a company may not directly scam you, it doesn’t mean it’s worth doing business with. Is American Precious Metals Inc. worth doing business with?
APMEX Products and Services
This company’s core business revolves around buying and selling precious metals. There are essentially two main markets that it targets. One market is the investor’s market. In most cases, investors interested in gold coins and bars seek a way to safeguard their funds.
Coin collectors make up the vast majority of the second market that this company caters to. The company states that the demand for its coin appraisals has grown considerably over the past few years. APMEX features a decent selection of coins in stock for direct sales. The company is also open to searching for unique pieces that collectors may look to purchase.
The company also offers the chance to open a precious metals IRA account directly through APMEX. This is an interesting concept that we will explore in depth later on. Is it good to have the company you’re buying from also store the precious metals it’s directly selling to you?
Is APMEX Trustworthy?
The company claims that one of the main benefits that it brings to the table is its fair prices. That may be the case with the coins and bars it has in stock. The thing is, the selection of precious metals and coins that it has in stock for direct sales is not that large.
Saying that the company offers competitive pricing is a bit of a stretch. The problem is most of the sales will involve some type of negotiation. This is where the issue lies; some people will feel they paid competitive prices, while others will disagree.
We don’t want to leave this idea out there, so we want to clarify something. American Precious Metals INC is a BBB-accredited business with an A+ rating. That and some of the other elements about their years in business are enough to say it’s a trustworthy enterprise. If you want to do business with the company, know that tough negotiations may be a part of the process.
A Wide Range Of Gold And Silver Coins?
The Canadian Maple Leaf gold coin is one of the top sellers for American Precious Metals INC. Part of the success of those gold coins is that they are one of the few items that APMEX continuously has in stock. APMEX carries around nine silver coins and 11 different gold coins.
That’s certainly enough options, especially for people interested in precious metal coins as an investment. Does this mean APMEX isn’t a major player in the rare coins market? Not quite; even though the company doesn’t carry many items in stock regularly, it’s still a good option for collectors.
The owner has plenty of contacts in the precious metals industry. He can help connect clients to other precious metal dealers that may have the coins they’re looking for. Even the company’s site is set up primarily to get clients to make calls to the company directly, more so than buying the company’s products online.
Storage Services and IRA Accounts
One of the advantages that American Precious Metals Inc. brings to the table is the ability to store precious metals directly through the company. It’s certified as a third-party custodian that can issue precious metals IRA accounts. Here is that question again: can you also trust the precious metals dealer to hold those assets for you?
When the precious metals dealer is also in charge of storing the valuables, you have the advantage of not dealing with deliveries. This can be a great option for people who live near the company headquarters in Phoenix. You could head over to the store and look at the gold and silver coins available firsthand. Whatever you decide to purchase can be stored in that same place.
The storage option isn’t so great for people who live outside the Phoenix area and are going to be purchasing precious metals online. That’s especially true for precious metals investors who are just looking at these assets for their monetary value.
When the custodian that issues the precious metals IRAs is someone other than the dealer, you have an account manager who can negotiate potentially good deals on your behalf. When the seller provides custodial services, can you have a fair negation? Trying to negotiate over the phone or online can be hard enough!
The Delivery Process
Getting precious metals delivered can be a complicated process. There are a few warnings that American Precious Metals Inc. provides regarding this process through its site. The orders usually take 3 to 5 days to arrive through the US postal service.
The company recommends that the shipping address be a home or safe location. Most of the boxes are not all that discrete. Therefore, people could know that you purchased numismatic coins from American Precious Metals Inc.
The delivery time frame could vary depending on whether the items are in stock at the time of the purchase. American Precious Markets Inc. is known for holding plenty of pre-sales. Those items can be purchased in advance but will obviously only ship once the store has them in stock.
What Is the Return and Refund Policy at American Precious Metals Inc.?
Canceling orders for precious metals intended to be bought from American Precious Metals Inc. is not a great idea. You should be aware of the different policies before soliciting a cancellation. Once an order is placed to American Precious Metals Inc., they lock in the agreed-upon price for the item.
Customers can cancel their orders before they get shipped out. In doing so, the customer will have to pay APMEX a 95-dollar fee plus the potential price difference if the price for the item shifts during that time frame.
There’s a 14-day window for returns that customers can use to trade in the precious metals that they bought for a piece of equal value. There must be a written agreement between American Precious Metals Inc. and the customer for this to occur. Remember that in any of these scenarios, the customer still pays for all the shipping and handling.
The biggest bright spot on the return policy from Precious Metals Inc. is that the company is always willing to buy back its products. There are even set prices that it pays for the different coins it sells through the website. It beats wasting time finding a buyer for these precious metals.
Why Opt for American Precious Metals Inc. for Precious Metals Investment?
It could make sense to work with APMEX for a couple of reasons. According to the company and other reviews online, the customer satisfaction rating is rather favorable. Apart from that, even though there may not be a ton of bullion coins up for direct sale with the company, the options it does feature are solid.
People living in the Phoenix area can benefit from the company’s self-directed IRA accounts. This can be a great way to avoid paying for delivery fees. Purchasing precious metals will go directly to that person’s investment portfolio.
What Is the Minimum Investment At APMEX?
There’s not necessarily a minimum investment that the platform requires. The bullion products it offers usually don’t go for under 25 dollars plus shipping. Does it make sense only to buy a 25-dollar product and pay the shipping on that? That’s a question that each customer has to decipher for themselves.
What Kind Of Payment Methods Does APMEX Accept?
American Precious Metals Inc. accepts the following payment methods: cashier’s checks, wire transfers, personal checks, cash, and credit cards. The company takes cash, no questions asked, up to $10,000. When paying a dollar over that amount to pay cash, the customer has to fill out Form 8900.
The company clearly states that it prefers wire transfers for payments of over $10,000. This is because the holding period for these transfers is only 24 hours. With checks and other forms of payments, there’s a 5 to 7-day holding period.
How Secure Is the American Precious Metals Inc. Platform for Transactions?
To make online purchases, customers must create an account on the website. While that can be a bit of a hassle, it also adds a layer of safety that can make some customers more at ease when going through the payment process. Once you’ve created an account, you can pay for the items within your cart without too much trouble.
When you’re making larger purchases, it’s recommended that you contact American Precious Metals Inc. directly. The company does provide its billing information directly on the site without having to create an account. It’s not too smart, though, to send a wire transfer without a proper invoice from the company.
Both paying directly through the website and using another payment method like a wire transfer are perfectly safe. The only thing that you need to make sure that you do is follow all of the instructions that customer support from American Precious Metals Inc. provides.
The Transparency of American Precious Metals Inc.’s Pricing: What to Expect?
Pricing transparency is one of the biggest upsides of buying from this American Precious Metals exchange. The prices for the products that the company has in stock are directly available on the site. When it comes to coins, the prices tend to remain stable regardless of what the market does throughout the day.
The pricing for gold and silver bars could fluctuate a bit more. Furthermore, the pricing guidelines when you’re looking to purchase rare coins or other items that are not in stock aren’t as clear. That can change your experience with American Precious Metals for sure.
Coin collection appraisals are also part of the services that this company offers. That’s something that was mentioned earlier, but customers should know there’s a fee involved in the appraisal process. The set amount for that fee is one of the things that’s not too clear within the pricing schemes that American precious metals operate under.
Is the American Precious Metals Exchange a Better Option for Investors or Collectors?
Investors who truly understand the precious metals market can benefit greatly from this bullion dealer. There are enough tangible assets between coins and gold and silver bars to choose from. Investors just looking at these items for their monetary value can benefit from the options and the easy IRA account management.
At the same time, people looking for a good IRA custodian who can assist investors may not want their dealer and custodian to be the same company. Ironically, then, the American Precious Metals exchange can be a great option for some investors but not as much for others.
Collectors, on the other hand, can have an interesting relationship with the American Precious Metals exchange. More rare or even numismatic coins may be available with other precious metals dealers. However, the owner of this company promises to look for specific coins that clients may want to buy. His help in that process can be a real asset for collectors.
Final Thoughts on The American Precious Metals Exchange
Is the American Precious Metals Exchange a trustworthy company? That’s the question that started all of this. The answer is clearly yes. American Precious Metals is one of those companies that’s been in business for a long time. It has been able to stay in business because they do things right.
What’s more important is figuring out if this company is worth doing business with. That answer can only come directly from you as an investor or collector. Other exchanges out there may offer more buying options. That could be a good thing or a bad thing that’s not just something that condemns American Precious Metals.
One of the elements of American Precious Metals that shouldn’t be overlooked is its buyback policy. Investors will always be looking to make a profit, but it can be nice to know that this company has a bit of a safety net. Many exchanges don’t feature this buyback policy or the storage option.
Having an IRA account with your dealer can be a good or bad. That’s something that’s been talked about at length already. Just like the buyback policy, having the option gives American Precious Metals a nice add-on to hang its hat on.