Gold and silver dealers

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Fizz
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Gold and silver dealers

I am relatively new to the physical PM market. I have used 2 dealers; California Numismatics and Colorado Gold. I have heard of APMEX but not used them. Any recommendations on reputable and ethical PM dealers?

Thanks

Edited by admin on 11/08/2014 - 06:13
KC
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***BEWARE OF GAINESVILLE COINS***

***BEWARE OF GAINESVILLE COINS***

This is going to be long winded, but I have to vent.  On the 3rd of August, I received my $100 in face value quarters from Gainesville Coins.  I went through them with my daughter so I could teach her about the coinage before 1965 and get some real money in her hands.  Anyway, there was a 1968 Canadian Quarter in there by mistake.  It was worth about $3.50.  I call up Gainesville on the 5th.  I want a complete set of $100 face value, not $99.75.  They promise a coin will be sent to me.  Two week later, I order another $100 in face value and I get the order yesterday.  Still no missing quarter.

I call them up.  “It’s been three weeks and I don’t have my missing coin.”  On hold for a while.  They reply that I must send the Canadian Quarter back to them.  Once they receive it, they’ll send me my replacement.  Really?  I’m actually thinking that I don’t know where the Canadian Quarter  is.  I really don’t remember where I put it.  It’s not in the usual places where I would have placed it.  Did I leave it with the original bag of $100?  Hmmm.  It’s hidden in a deep dark place and now I have to go retrieve the bag, sort through it, and mail the coin back to them.  All for $3.50.  My time is way more valuable than that and I’ve already spent too much time on this.  I explain this to the Gainesville Rep.  Why are you hassling me for $3.50?  Why not try to keep a customer?  I can go on a PM website and tell my story and cost you $1000’s in business.

I get passed onto the next guy.  Finally he says that they will send me the replacement quarter and a stamp and that I need to mail in the Canadian Quarter.  “Ok, but right now I can’t find the Canadian Quarter so I can’t guarantee return.  It’s worth $3.  What’s the big deal?”  THEN he says “I find it hard to believe that you sorted through the bag and you don’t know where the coin is!”  I’m usually very easy going and rarely ever even raise my voice, but I yell “IT WAS THREE WEEKS AGO.  I’M A VERY BUSY PERSON.  I DON’T KNOW WHERE THE F**KING COIN IS AND NOW YOU ARE CALLING ME A LIAR.  YOU BETTER GET THAT F**KING COIN IN THE MAIL TODAY.”  So, that’s my experience with Gainesville Coins.  I won’t ever do business with them again, and I don’t recommend them to anyone.  Why do business with a company that won’t correct a problem without hassling you?  What If you place an order with them and have an even bigger problem.  GEEZ!  If I want this kind of treatment, I’d bank with Chase!  #$@#@!$#@%    BTW, I recently had a small problem with an APMEX order.  They corrected it quickly and without aggravation.  I've also used Tulving and Colorado gold and recommend both.  Thanks for listening!  Oh, and I found the quarter about an hour later  :|

Gil
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I have never been

I have never been disappointed when trading with APMEX. If you look at the websites of other online dealers, many want you to call them up, or they have a minimum order size, or there's some other "oh by the way" clause that you learn about well after the point that it should be disclosed. APMEX puts out more price and order information than anyone else. Some people think that the APMEX premiums are high, but I disagree. After sorting through everyone else's bullshit, the APMEX premiums are not a bargain but neither are they usury. And every once in a while you can get good premium deals like Canadian Maples for $65 over spot last week.

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Gainesville Coins

In response to KC, let me first say that I have not yet purchased from gainesville coins and currently use my local dealer as I like the convenience of walking out with my bullion.  However I have to say your rant seems very childish to me.  I can appreciate that you were upset over not receiving the replacement quarter but if I were gainesville, I too would want the Canadian quarter back as it is still worth money.  If you took the time to call them on a mistake, shouldn't you do the correct thing and send them back what is rightfully theirs?  I'm sorry if now I have ranted on but I am a business owner and hate to see anyone's reputation tarnished by a guy with a keyboard who can say whatever he wants without hearing the other side of the story.  I really hope a representative from gainesville will see this  so we can hear their version. 

Fizz
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Bullion IRAs

I am currently invested 18% in physical gold and silver. I am interested in buying Silver for my IRA in part because I am running out of available non-IRA cash to by more physical. I understand how they work but was wondering your thoughts on the physicality of an IRA with Silver as an investment. I am all about physical ownership. But with a IRA w/bullion I can't touch it or feel it. I must trust that the bullion is there and is mine. However, I am told that I can receive the physical asset as a distribution if I so desire. Do you consider this method of ownership (through an IRA at a custodian), physical ownership, or is it risky? The alternative is stock in my IRA. Thanks for your thoughts. My last question to the forum received great comments and I appreciate it much.

FIZZ

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TexMetals

Has anyone here used https://www.texmetals.com/ for bullion purchases. They have very good prices plus free shipping on orders over $6k.

Currently they have 1 oz. gold maples for spot+44.95 and silver eagles for spot+2.88. I have no problem sending a 6k order, but that's a lot of my hard-earned money for someone I've never dealt with. They claim to be in business since 1898, and formerly a wholesale-only dealer, member of the BBB, etc.

Online dealers I've used;
Gainesville Coins has always been great! I read the bad review above, and I totally side with Gainesville on that. For as many coins as they sell I'm sure they make mistakes, but they offered to fix it if you returned the canadian coin. Seems more than fair to me, because for all they know you may be trying to scam them by exchanging a canadian coin for a 90% silver coin! Just sayin'.
 
Bullion Direct is probably my favorite. They give you credit up front so that you can buy whatever you want, then they hold it while you send them a check. I love that because sending bank wires is inconvenient and it takes time and money. They store it for free as long as you want, or they ship it if you request.
They also have a trading platform where you can buy and sell with other members, place limit orders, etc. And I've always gotten great service!
HiHo_Silver
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Bullion IRA

Fizz,

I too had the same situation as you.  Lots of fiat invested in an IRA, so how can I load it up with some physical PMs?   After an uphappy experience with Swiss America, I decided to go with Austin Rare Coins.  For a custodian, they recommended using Self Directed IRA Services, Inc, and they set me up with a allocated Roth IRA.  I had purchased some proof gold eagles and some silver bars.  They keep an inventory of each and every coin (by date !!) and send me a statement every quarter with inventory and current market valuations for each coin and bar.   As a test to prove to myself that my stuff was actually there,  I traded out most of my proof eagles (again through Austin Rare Coins), and brought in silver Canadian Maple leafs and some more silver bars, when silver was back down to $33.   SDIRA services showed the completed transactions on my statement, and each bullion coin that was traded out (by size and date) and what was traded back in.  So, without actually going into the vault myself, I am relatively assured that my stuff was (and still is) there.

I don't really recommend anyone buying proofs, it is just a sales gimmick for the dealer  to get higher premiums.  I don't blame Austin Rare Coins for selling me proofs, as it was my idea to buy these and  they actually gave me a much better deal and they swapped them out at dealer cost.   Originally, it was an idea that was put in my head by Swiss America to buy proofs to avoid confiscation.   I will stick to uncirculated silver rounds or maple leafs, as these have the lowest premium among the coins, and also silver bars.

Anyone else have an experience with PM IRA's?

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HiHo

So what? We're just a few trillion short.

SuperManny
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Addendum to "Online dealers I've used"

I can't edit my previous post, so I'll just add it here. I didn't add this yesterday, because I had to find my receipt, to make sure I got the name and website of the company correct.

Suisse Gold Corporation @ http://www.golddealer.ca/

This seems like a smaller dealer, but they promise to meet or beat any published price you can find, which is pretty impressive in itself. I met the owner Richard in an online forum, and he seemed to be an honest guy. Little bit cynical but not as bad as Hannes at Tulving!wink Anyhow I sent him a check, which he wasn't too happy about, (said he preferred a bank wire,) but I didn't know this until I'd mailed the check.

 
Long story short it was all good, except it took a long time to get the bullion order. I contacted him after a couple weeks, and he said it's because he was waiting for the check to clear. In the meantime I placed an order at BullionDirect about a week later, (because silver was having a  sale) sent them a check too, and received my order in about another week, but still no bullion from Richard. I don't recall exactly but I think it was about a month all told.
 
Bottom line; I was happy with everything except for how long it took to get my order. I got a bit nervous because it was my first order with this company. Granted it was partly my fault because I sent a check, altho that didn't seem to affect my BullionDirect order. 
But seriously... who promises to match any price you can find? That's gotta be a huge plus!
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@ HiHo_Silver RE: IRA's

I planned on converting my IRA to an account that would allow 100% gold and silver. However after a bit of research I discovered that there is no way to set this up so that you can actually hold the metals in your posession.

I just couldn't get the old saying out of my head that says "If you don't hold it you don't own it!" Even heard our own infamous Turd say that, so that really turned me off.

So my current plan is to find some investment property that I can fix up and rent out, with my IRA. Doing this keeps all the rental income in the IRA, and because it's a Roth IRA, this income will all be tax-free! Most importantly if our beloved government decides to raid IRA's and replace the funds with treasuries or something... I doubt if they'll take rental property. (But then you never know...)

I own one rental property already, that I've fixed up, so at least I know what I'm getting into.  I rent it out to government-sponsored Section 8 housing, so I get a guaranteed monthly check whether it's occupied or not.

Good plan until the dollar collapses.cheeky

Gainesville Coins
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Response to KC

We at Gainesville Coins hold ourselves and our products to a high standard, and do our best to make sure all of our customers are fully satisfied with each order.


That being said, we did our utmost to address this situation fairly and respectfully, and remain open to resolving any further issues with the client. We encourage all of our customers, past and present, to offer honest feedback, and we take their comments and suggestions to heart.

As proven by countless happy buyers, we are a business that prides itself in putting our clients first.

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Kc at the keyboard

I too am going with Gainesville coin. You have alot coin dealers in PHX, that will let you go though the bag before you buy and you send to FLA for a bag of coins and cry about 1 coin. Get over it.

                                             Me

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SuperManny, Yes, I too have

SuperManny,

Yes, I too have apprehensions about storing PMs with an IRA custodian, but there is no way around this if you want to have a gold IRA.  That is why I swapped out some of the gold for silver... at least I know that my buyer has received the exact coins that were swapped and I feel more comfortable with this method of storing.  I looked into taking delivery, and it requires a Brinks truck deliver to a local bank.  Not advisable to have a Brinks truck stop in front of you home!  Not happy about this, so I think the better way is to sell the PM's  outright when the time comes.

I also have 2 rental properties that I bought on the cheap in Phoenix.  I am keeping these outside of an IRA, since my cash flow is pretty much tax free due to expenses and depreciation. I could get hit with capital gains taxes when I go to sell in a few years. Hopefully  the capital gains taxes get lowered or dropped after the 2012 election. I am not holding my breath.

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So what? We're just a few trillion short.

SuperManny
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Update on TexMetals.com order

Just got my order from texmetals.com, and all is good, so I can now officially recommend them!smiley

My order was shipped the next day, so I'm pleased with their promptness, and of course as I mentioned previously, the shipping and insurance was free! They have pretty good prices too.

Very courteous on the phone, too, so I have no complaints, and I now have more shiny stuff to add to my stack!! 

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"All for $3.50"   You were

"All for $3.50"  

You were willing to take the time to log onto your computer and vent while trying to harm the reputation of those who are probably hard working individuals, all for $3.50?  Do you want somebody to take away your livelihood over a $3.50 error?  On top of it, you loose your temper and threaten an employee with toilet language all for $3.50 after they promised to make it right?   I'd hate to see what you'd do over 5 bucks.   I'd say the least important lesson here for your daughter was the one over the value of a silver coin.   Everyone has a bad day but it's what you decide to do with it that makes all the differences.    It would also seem that somebody at Gainsville took the time to register, log on and respond to your complaint.    I'm sure their time is at a premium these days.  The world is experiencing an Epic Crisis.  We are going to have treat each other better if we ever hope to get through it.

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Lol @ Gainesville Coins

Looks like you guys watch your Google reputation pretty closely- nice work!

I just received my 1st order from Gainesville.  It was handled well, thanks.

However- I reccomend that if you're going to gouge on the shipping fee that you use a postage generator like Stamps.com etc to print your labels, that way the buyer doesn't see how much they paid for handling. In my case it was about 47% of the $39.95 shipping fee. You guys deserved at least $5 bucks for all the packaging effort, so I got dinged about 1/4 oz troy & will check into Provident next time. They have a flat rate of $25 on larger orders.

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SGC Gold Coin and Rare Coin Dealers

otherwise known as Suisse Gold Corporation -- the website shows nothing on who is running this site, where they are physically located, etc. The prices appear attractive, but I'm not sure if it's the real deal. Has anyone had experience with this shop, and are they honest and reliable?

infinite_easing
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more self-talk: still have no

more self-talk: still have no information directly about them, but third parties have indicated they are honest, if slow to ship. They do seem to have exceptionally low prices, so all I can figure is they must do massive volumes (which may also explain why the are very slow to ship).

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For physical silver bullion I

For physical silver bullion I mostly use Monarch Precious Metals - nice selection of products, fast delivery, so far-no hassles. I have bought from Northwest Territorial Mint, nice products, but usually slow delivery.

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Tulving price's are tough to beat...

Tulving seems to have the best prices 9 out 10 times.  The only down-side is that your minimum order is 20oz of gold and I think 500oz of silver.  I still price shop, but I just keep coming back.

Bum in the libr...
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IRA

It is very possible to have a Gold IRA and take possession of the PM's...  I know of a company that can help you with it.  You setup an LLC and they send you the PMs...

Bum in the libr...
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SuperManny wrote: I planned

SuperManny wrote:

I planned on converting my IRA to an account that would allow 100% gold and silver. However after a bit of research I discovered that there is no way to set this up so that you can actually hold the metals in your posession.

I just couldn't get the old saying out of my head that says "If you don't hold it you don't own it!" Even heard our own infamous Turd say that, so that really turned me off.

This is not true... you can take possession of the PMs!  private message me and I will give you a contact.  You have to setup an LLC (they will do it all for you)...

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