My Visit to APMEX and OneGold

22
Thu, Apr 22, 2021 - 4:00pm

As you can see on the TFMR homepage, I have very few advertisers here at my site. JMBullion has long been a sponsor and a few years ago I added both OneGold and APMEX. Back in January, the nice folks at APMEX invited me to visit their headquarters in Oklahoma City and we were finally able to make it happen yesterday.

First of all, as a precious metal enthusiast, visiting a company like APMEX is sort of like visiting Disneyland as a kid. If you everget a chance to witness the innerworkings of a bullion dealer, I urge you to go for it. What a remarkable experience!

I was hosted by:

  • Patrick Yip, Director of Online Marketplaces
  • Arun Venkateshwaran, Director of IT and Business Development

While on site, I also spent time with:

  • Lee Reichenberger, Director of Operations
  • Doug Sterk, Chief Financial Officer
  • Ken Lewis, Chief Executive Officer

So, how did it go?

First of all, as the largest precious metals dealer in the US, their offices consist of 72,000 square feet over four floors and, in what is a tremendous irony, they occupy a building that was originally built in 1926 for the Oklahoma City Federal Reserve. LOLOL.

As visitors, we weren't allowed to take any pictures or video but it was an amazing thing to see with my own eyes. The logistics, software, security and employees needed to make a business like that hum is remarkable to observe in person. There are so many aspects of a precious metals dealer that I'd never even considered before yesterday. Really, really eye-opening.

But the main thing you need to know at this point is that I found the entire operation to be honest, straightforward and trustworthy. All of your metal at OneGold is segregated and each ounce of OneGold digital metal is fully backed with an ounce of physical metal. They have my full faith and confidence and I'm happy to use APMEX for physical delivery and OneGold for ease of purchase, trading and storage.

Of course, this doesn't mean that I don't still endorse and use JMBullion, SDBullion, MilesFrankin, HardAssetsAlliance and a few key other firms. But yesterday was about APMEX and OneGold and I could not have been more impressed.

Lee runs the show in the vault and it is an amazingly efficient operation. As CFO, John makes sure that the financial side of the business, including the hedging that is necessary to manage risk, runs seemlessly. The CEO, Ken Lewis, is a straightforward and honest executive who took time to answer each one of my questions regarding OneGold and how it operates.

And Parick and Arun gladly provided me with copies of all their latest audits. I also left with information on their corporate insurance as well as official silver and gold bar lists from the Royal Canadian Mint, Loomis and the CNT vault in New York.

As stated above, I've endorsed OneGold here since it began two years ago and I am a very satisifed customer. I hold 18 ounces of gold on the platform as well as 1,500 ounces of silver. Holding a portion of my physical metal on the OneGold platform provides me with simple and easy liquidity as well as peace of mind and safety. If you want to know more, I encourage you to listen to any of the podcasts I've recorded with Ken over the past 30 months. They're all listed below:

Of course, you can also just visit the OneGold website for more complete information on how it all works.

Finally and on a personal note, it was great fun to listen to the APMEX Director of Operations tell me about the experience of the first #SilverSqueeze...and then look right at him and tell him that the next wave was coming on May Day. The look on his face was priceless. Sorry, Lee!

And then later in the morning I was sitting with Ken Lewis and he off the cuff mentioned that he'd just heard earlier that another #SilverSqueeze was being planned. You should have heard MrsF giggle when I told him that that was primarily my doing and that I was the one behind this next attempt to ruin his weekend! But Ken's a great guy and he's firmly in our corner.

Many thanks again to everyone at APMEX and OneGold for a fun field trip. I've been a longtime supporter of their businesses and nothing I saw or learned yesterday diminsished my enthusiasm in recommending their services.

TF

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  22 Comments

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OneGoldLaurie Gonsoulin
Apr 23, 2021 - 12:43pm

Thanks for the feedback.

Hi Laurie,

We certainly understand your concerns. As you stated, you are able to sell vaulted metal, 24/7 at a known price. We also allow you to redeem for physical retail products, sent by APMEX. Given they are the largest physical retailer in the U.S., one of few authorized purchasers from the U.S. Mint, and have a proven track record of over 20 years in business, we feel great about relying on APMEX for phsyical redemption. However, as you said, we are unable to predict what a worst-case scenario may look like, or how that may affect fulfillment of physical orders. That is why it's difficult to be absolute in guarantees made about fulfillment during an actual crisis.

Thanks for voicing your concerns! As always, you may contact us directly if we can answer any questions for you.

Sincerely,

-The OneGold Team

BemerStevediva
Apr 22, 2021 - 8:40pm

AG

AG

StevedivaTF
Apr 22, 2021 - 6:46pm

1000

Au or Ag?

Iceberg Slim
Apr 22, 2021 - 6:40pm

My apologies. I think I misunderstood

The premiums I discussed with Ken are the regular retail kind that you see on rounds, coins and bars.

Bemer
Apr 22, 2021 - 6:39pm

My visit to the LCS today

A few anecdotal tid bits. I was looking for 100 Eagles. He had zero. No silver so I bought 150 face coins which was the last he had.

I asked if he knew about the tsunami that was about to hit and he had no idea. I educated him.

while I was there he answered a call On speaker phone from a women who asked about buying silver. He told me he has been getting more and more calls like that.

I got the feeling when I left he launched his browser and to confirm my tutorial. He

Goldengun2000Texas Sandman
Apr 22, 2021 - 5:53pm

RE: Lake Tahoe Boy

Maybe Tahoe Boy can move into Dogcoin for saftey while Bitcoin corrects.

If you didn't watch the debate on Bitcoin vs. Gold you should. It was between Michael Saylor, the pied piper of bitcoin, and former mining executive and billionaire Frank Guista. Throughout the debate Michael Saylor demonstated that he does not even understand physical gold, as he conflated physical gold with mining stocks. Physical gold is a store of wealth, while mining stocks are speculative investments. Physical gold over the long-term is not an "investment", as gold never really increasing in value, rather the currency your in is losing value. A $20 ounce of gold in 1933 is a ounce of gold today and it can buy the equivalent amount of goods and services today that it did in 1933. On the other hand mining stocks, if you pick the right ones at the right time in the cycle, can make an investor outsized speculative profits, just like crypto coins can. But neither miners or cryptos are a store of value. Today's range on bitcoin was about 10%. Investing 100% of one's networth in crytos, as Saylor suggested, would be sucidial. We are in dangerous financial times with Central Banks around the world printing money like there is no tomorrow. I think when the history of this decade has been written, those who lost the least will be seen as the winners. I never cared for Warren Buffet much, but he does have some good sayings such as, "There are two rules in investing; The first rule is to never lose money and the second rule is to never break the first rule".

Laurie Gonsoulin
Apr 22, 2021 - 5:39pm

Comment on One Gold

I am glad you went to apmex headquarters. I personally have silver stored at One Gold and they're Switzerland silver vault. I don't have any problem with the fact that the silver is actually in the vault as I have had extensive conversations with them.

However, I do have a little bit of concern that apmex will not have any silver available and the next Crisis and I will not be able to convert my Holdings in Switzerland silver into actual physical form. They did tell me that you could never take possession of the silver that is actually in the vault that they store in the foreign or domestic vaults.

It is true that you can always cash it out for Fiat. However, as I have read their user agreement, it does say within the print that they are under no obligation to give you either physical silver or your money back, presumably this is in case of the worst possible crisis. They are obviously leaving the back door open for any legal problem.

It is my personal belief that as long as there is not a dire crisis that you will be able to get your money back or the silver. Can say what will happen in the worst possible scenario.

Iceberg SlimTF
Apr 22, 2021 - 5:23pm

1000oz premiums

Ah okay gotcha- But I could of sworn that Tyler Wall from SDB commented right here on the site that they took delivery of these bars directly from the COMEX themselves (they are not industrial bars) . Wouldn't that then cut out the wholesaler if they are taking direct delivery from COMEX?

Perhaps I'm missing something here.. I plead pure naivety in this big bar marketplace lol

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Iceberg Slim
Apr 22, 2021 - 5:18pm

OneGold

Just had a chance to read through and digest the summary of the visit. I would certainly be a kid in a candy shop over there. Could only imagine how cool it was. So jealous lol.

Happy to hear TF feels confident in their operation. And although I really had no pressing concerns, I was curious to know more. Hopefully we're able to get some more details on todays podcast as well.

For me, OneGold is not the end all be all of my stacking endeavours. It's just a small slice of the pie, and a slice of the pie specifically that I want diversified outside of my direct posession. I'm a firm beleiver in "Don't keep all your metal in the same place". And of the stuff I don't keep in my direct posession, OneGold is only one of several outside storage providers that I utlilze. Because even for the stuff I don't hold directly myself, I want that diversified amongst a few different storage providers as well, this way I don't have all my eggs in any one basket.

OneGold, I use primarily as a "savings account" and I love their AutoInvest feature. I also add to my holdings manually when "buy the dip" opportunties arise. The best part about them for me has been how useful they've been during this high premium enviroment.

The other outside storage options I use are primarily static at this point and I just pay the storage fees for my allocated/segregated stuff there.

Iceberg Slim
Apr 22, 2021 - 5:16pm

actually, Ken explained this

Most of the premium comes from them having to source metal from wholesale suppliers first....and those cats have to get it from somewhere, too.

Add it all up, plus the cost of hedging risk etc, and you get hefty premiums in times of physical shortage.

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