Gold & Silver Dealers: My Experiences

james silver

Note: I neither accept nor receive “kickbacks” for listing PM sellers. I only list PM vendors with whom I have personal experience.

Here’s a quick summary of my personal experiences buying from dealers:

APMEX:I’ve placed many orders with them online and on the phone. Always professional, no  problems. Consistently quick shipping. I visited their “brick and mortar” storefront last August [link]. Last time I checked they’ll even let you pay with a credit card for orders under $2,500. Highly recommended.

Colorado Gold:I’ve placed many phone orders with Don Stott (Colorado). He has higher minimums and, sometimes, lower prices than any of the other sellers. My friends have bought from his son (Minnesota) and have had equally good experiences. This place is one of the best for privacy: Don claims he keeps no computer records or written accounts of precious metals purchases. He only keeps contact info.

Lately, though, there have been increasing delays in shipping. Don notes this clearly on his site. Recommended.

CME: Phone orders and conversations. Good people, no problems. When they were out of silver earlier this year (2008) they offered to notify me when they got more stock. They did as promised, and absolutely no pressure. Good experience. Recommended.

Northwest Territorial Mint:Numerous phone and online orders. Beautiful bullion bars but it always took a minimum of 6 weeks to get, regardless of method of payment. Sometimes I felt I was getting “the runaround” when I would call to check on an overdue shipment. Earlier this year their delivery times stretched into months. I don’t buy from them anymore.  Avoid.

MONEX:Phone order. Good people, no problems, very professional, they’ve been around forever. Sometimes not as price competetive as others. They offer secure, *allocated* bullion storage as well. If you don’t want to store it at home or in at your bank [Safety Deposit Boxes Confiscated] then allocated storage with them is a viable option (although I don’t have any experience doing this with them). NEVER PUT YOUR SILVER INTO *UNALLOCATED* STORAGE WITH ANYONE (e.g. Perth Mint, Kitco).  Recommended.

Investment Rarities: My first silver order, back in 2005. I respect Jim Cook (owner) and really enjoyed his book “Full Faith & Credit-A Novel About Financial Collapse”. He also brings us Ted Butler commentary each week.

Unfortunately, the broker I dealt with in 2005 was irritated at my caution in only buying a small amount of Eagles (hey, I was a noob, I admit it!). Then, for weeks after, he kept calling me at work to see if I was ready to “step up to the plate” with a larger order. I felt like I was buying a used car. Haven’t bought from them since. Not recommended.

There are other dealers and methods of buying bullion that are risky. I have not placed orders with these companies but am compelled to mention them here:

Kitco. Yes, everyone (including me) uses the Kitco silver & gold charts on their web site. But Jason Hommel (one of my heroes) had this to say about Kitco:

“I believe, but cannnot prove, that Kitco is short of bullion owed to their own customers in their pool account, and this would explain why they publish the anti-gold articles that they do. 

If you own precious metal in a pool account or certificate form with anyone, Kitco, Perth, Monex, Goldline, any Major Bank or Brokerage, or anyone else, I think you would be wise to cash out, and get real silver somewhere else, even if you have to pay extra fees to do so.” [link]

Kitco threatened to sue Jason [read the letter] over his comments. I can’t recommend Kitco.

These are all my own, personal experiences dealing with them for your information only. I understand and respect that you may have had a different experience. I can only comment on mine.

Please feel free to share your experiences (as opposed to opinions) in the comments section below.

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