APMEX ripoff?

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FedNoGoldYes
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APMEX ripoff?

Is it just me, or has APMEX finessed the Friday close by adding $20 to it?

I'm pretty sure their site was close to reality last night. So I went to put in an order and saw $1680 something for gold? Funny thing was it only showed up $6.80! And the graph whent vertical at the close.

So I went back a little while later, and the massaging had continued to the point where it now shows up by TWENTY-SIX and change, and there is NO GRAPH for yesterday!

WTF? I'm so disappointed in them.

I'm buying from kitco.

Edited by admin on 11/08/2014 - 06:13
pailin
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http://www.providentmetals.co

http://www.providentmetals.com/

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tread_w_care
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Yes they are committing fraud

Just sent them this e-mail in response to an order confirmation earlier today:

Dear Sirs,
I have just discovered that you are engaging in what appears to be fraudulent pricing of your products. Apmex claims to price based on 'Spot' - presumably NY Globex 24 hour spot Price of Silver.

As of the close of the NY Globex market on Friday, August 5th, spot price for Silver was $38.32 in United States Dollars.

When I placed this order, I failed to notice and calculate spot. I didn't think it necessary having done business with you over the last year or so.

Well, I thought I might want to buy more. I was shocked to discover that as of Saturday, August 6th, 2011, at 9:36 EST, you are listing a price HIGHER than spot close on Friday, and the markets are CLOSED! Here is what you now list:

Metal Bid Ask    
Gold $1,679.80 $1,684.80 ImageProxy.mvc?bicild=&canary=4K3L4CjMJq $26.80
Silver $38.95 $39.15 ImageProxy.mvc?bicild=&canary=4K3L4CjMJq ($0.34)
Platinum $1,731.50 $1,741.50 ImageProxy.mvc?bicild=&canary=4K3L4CjMJq $12.10
Palladium $751.00 $756.00 ImageProxy.mvc?bicild=&canary=4K3L4CjMJq $1.00

Updated:8/5/2011 4:15:48 PM CST

This is blatant fraud. I have double checked the price you have charged for these sets of rounds in this order. Let's do the math:

Set, 2 5 oz coins, at a price of $406.40;
406.40 / 10oz = $40.64 per oz.

Your sale banner claims pricing of just $1.89 per ounce over spot price.

$40.64 - $1.89 = $38.75/oz, or, $.43 higher than the spot price for silver at close of markets on Friday. Also higher than any listed ask price available on the internet at this time.

I am appalled, and demand an immediate cancelation of this order, with NO cancelation charges what so ever, due to the discrepancy in pricing and your advertising on my order, and your quoting a price much higher than the spot as of market close yesterday.

Please respond immediately in the affirmative cancelling this order or I will be forced to take further steps to hold you accountable for this fraud. I will be stopping payment on my check to you.

You have permanently lost a customer.


From: sales@apmex.com
Date: Sat, 6 Aug 2011 14:17:09 -0500
Subject: APMEX - Order Confirmation #nnnnnnn

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tread_w_care
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P.s. took screen shots too

Glad I just opted for a small portion of their 'sale' stuff.  Even if I end up eating it, it's the principle of the thing.

Never do business with these guys, ever.

Turd, you need to get them off your site as an advertiser, stat!  You don't need those kinds of friends.

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What was their response?   I

What was their response?   I used to use APMEX but now I have switched to Provident and Monarch - Monarch mainly because of their cool private branded bars.

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tread_w_care
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Still waiting on a response Sterling

Highly doubt I'll see one tonight. 

Also doubt they'll blink and I'll eat a little extra premium on a very small order.  Live and learn.  But I'll never use them again that's for sure.

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I will be writing them a

I will be writing them a similar email tomorrow, except I will be asking them to refund me the difference instead of cancelling my order.

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Gil
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Be careful with promotional deals

I have noticed that their banners will say "as low as" in very small font before "$x.xx over spot" in very large font, but of course the lowest premium only applies to the largest volume order.  I've always had good luck with APMEX but I always read the fine print.

FedNoGoldYes
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Makes me wonder how much over

Makes me wonder how much over spot I've paid over the years. Sigh...

Well, I always hated to wire money to the morgue... Good riddance of apmex...hopefully provident will not have an account at the EE. thanks for the link...and thanks for the responses!

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Gil - that's true and

Gil - that's true and normally that means you have to buy a certain quantity to get the best price, but the ATB sale they had was for any quantity.  It was the same unit price whether you bought 1 or 1,000.

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tread_w_care
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Slightly suprised, but received this in response

Dear Mr. Care,

Your order will be cancelled with no cancellation fee.

As APMEX does every Friday just before the market close, we set aside an amount of precious metals to offer over the weekend until the markets re-open on Sunday evening. Many precious metal dealers close over the weekend due to lack of a market, convenience or the lack of supply for the two days. APMEX has stayed open with offerings to serve the customers when it is perhaps more convenient for the customers.

For most weekends (since 2008), there has not been any significant news that would drive market prices higher or lower than the close on Friday. However, last Friday, August 5, 2011, was different.

The U.S. Debt was downgraded from AAA to AA+ by Standard & Poor’s, one of the premier rating agencies. This had been threatened by S&P, but earlier in the week it appeared that the AAA rating would be preserved. At about 8:35 PM, the news was out: S&P had downgraded the U.S. Debt to AA+ and this unprecedented action had never been done before. This was huge news that dramatically changed the financial markets. However, all the major markets around the world were closed and APMEX was still offering precious metal at prices as of Friday’s market close about 4:15 PM CT, well before the S&P announcement.

Given the startling news Friday night, buyers came to the APMEX website and by early Saturday morning, APMEX had sold its full allocation for the entire weekend. Management huddled and decided to offer another allocation of precious metals to service our customers but since markets were closed, the precious metal prices were increased based on the news then available in the market. After watching the additional allocation quickly sell out Saturday, Management felt it best to suspend taking orders on the website until the precious metal markets were open in Asia on Sunday evening around 5:00 PM CT.

These are times never seen before. APMEX is working to serve our customers as best as can be determined in economic times that have never before existed. APMEX will always keep its customers as first priority and with all the considerable resources available, make precious metal product available with the best service at competitive prices.

Peter LaTona

Vice President of Sales

American Precious Metals Exchange Inc.

226 Dean A McGee Ave

Oklahoma City, Oklahoma 73102

1-800-375-9006 ext. 148

(405)-595-2100 ext. 148

www.APMEX.com

From: Jack Keeler
Sent: Monday, August 08, 2011 9:51 AM
To: Peter LaTona
Subject: FW: Cancellation Demand due to Fraudelent Pricing on RE: APMEX - Order Confirmation #[redacted]

Jack Keeler

Customer Service Specialist

American Precious Metals Exchange

226 Dean A. McGee Avenue

Oklahoma City, Oklahoma 73102

(405) 595-2100 800-375-9006

www.APMEX.com

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follow up exchange

I followed up and got this back, I think they're avoiding the core point but I can't blame them.  Anyway, I was impressed (a little) with the follow up and their response online, but they're dodging the price transparency issue.  I'm done with them unless they run an incredible sale at some point.  To their credit, they did come clean on this Monday during business hours, both on the site, and on FaceBook.  Meh, whatevs.  Monster box from anybody else, here I come.

***********

This was the first time in our ten plus years we have done this anything like this. We are in an economic environment that we have never ever seen before, with the level of uncertainty rising on a global scale. I do not know what is going to happen with the world economy or the price of gold and silver. I do believe that when investors allocates their assets between stocks, bonds cash and gold…gold probably should not be 0%.

Thanks

Peter LaTona

Vice President of Sales

American Precious Metals Exchange Inc.

226 Dean A McGee Ave

Oklahoma City, Oklahoma 73102

1-800-375-9006 ext. 148

(405)-595-2100 ext. 148

www.APMEX.com

From: Tread_w_care
Sent: Monday, August 08, 2011 10:34 AM
To: Peter LaTona
Subject: RE: Cancellation Demand due to Fraudelent Pricing on RE: APMEX - Order Confirmation #[redacted]

Hi Peter,
I appreciate the personal response and in hindsight, understand your pricing policy and move in light of the exceptional news in the marketplace. Might I recommend a bit more transparency in that pricing, I believe your explanation is reasonable and prudent, and if publicly stated on your website (I could not locate anything like this over the weekend) you might dissuade some customer angst. The quoting of non-spot pricing, with it changing over a weekend, under any circumstances, paints a picture I do not believe you wish to portray. If Apmex were to engage in a more open pricing policy, I would reconsider discontinuing purchasing products from you.

Thank you very much for honoring my cancellation request.

Sincerely,
Tread_w_care

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FedNoGoldYes
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Hmmm...

Tread_w_care,

Thank you for digging in to this.  While their response does offer a crumb of comfort, they've lost my trust.  They used to get all my business to the point where I didn't even shop their prices.

Their actions over the weekend woke me up to the fact that they are quite a bit more expensive than most.  Even that wouldn't cause a loss of my trust.  What really caused the loss of trust was the fact that the upped the 'spot' price and didn't clearly explain that they had done so until much later.

side note: I thought it was very interesting that they got it 100% right.  The market opened very, very close to their new 'Friday closing' and as much as I've been awakened to conspiracy... it sure doesn't sit well with me that they are able to call the open with such perfection.

I'm with you on the 'whatever' feeling.  I'm sure they won't even notice the loss of my revenue; but I'll notice that I get more for my money from their competitors.

tread_w_care
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FedNoGoldYes

FedNoGoldYes wrote:

Tread_w_care,

Thank you for digging in to this.  While their response does offer a crumb of comfort, they've lost my trust.  They used to get all my business to the point where I didn't even shop their prices.

Their actions over the weekend woke me up to the fact that they are quite a bit more expensive than most.  Even that wouldn't cause a loss of my trust.  What really caused the loss of trust was the fact that the upped the 'spot' price and didn't clearly explain that they had done so until much later.

side note: I thought it was very interesting that they got it 100% right.  The market opened very, very close to their new 'Friday closing' and as much as I've been awakened to conspiracy... it sure doesn't sit well with me that they are able to call the open with such perfection.

I'm with you on the 'whatever' feeling.  I'm sure they won't even notice the loss of my revenue; but I'll notice that I get more for my money from their competitors.

My sentiment exactly. 

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tread_w_care
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bump

to the first page so folks can see this

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