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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Texas SandmanGoldengun2000
Apr 22, 2021 - 5:14pm

i guess we won't hear from the crypto-jerk

then for a good little while.

he only comes on here dancing like a silverbug in 1980 when bitcoin goes up.

so long, crypto-jerk!

Texas Sandman
Apr 22, 2021 - 5:12pm

gdx calls

snagged another 25 of the may 21 (monthly) 35 calls at 1.90 today on the dip.

total position now 75 contracts.

Goldengun2000
Apr 22, 2021 - 4:49pm

For now it looks like helmet time for the Bitcoin

Michael Oliver of MSA just sent out a update on Bitcoin. Don't worry just a 40-50% haircut. Summary in his words:

"Consequences? Based on some other long-term momentum factors we suspect that next support of
significance will be found in a zone between the upper $30,000s and $40,000.
A warning, assuming this breakage is valid, and we rank it as such, don’t let intermittent rallies turn
your head. It’s likely that before this situation can turn up again, it will have made a low that looks like a
low, especially via momentum factors. For now it looks like helmet time for the Bitcoin longs."

Saxon888
Apr 22, 2021 - 4:47pm

Wholly smokes

You came that close to the Fed? APMEX did deliver the Kilo Libertads however back in the day. No those are not for sale.

Iceberg SlimTF
Apr 22, 2021 - 4:44pm

That's awesome

Haha I bet- that's like 60 some pounds! Would love to hold one of those bad boys some day.

People b*tch and moan about the premiums on these from SDB, but then forget that SDB still has to SHIP (and insure) this to you for delivery. That's where a decent chunk of the premium is coming from folks.

Either way- still better than a warehouse receipt and trying to figure out the logistics of it all on my own, imo.

chrtooTF
Apr 22, 2021 - 4:39pm

Thousand ounce bar ...

... and no picture. Damn!

Oh to see your face!

CHR.

Key Economic Events Week of 5/3

5/3 9:45 ET Markit manu PMI
5/3 10:00 ET ISM manu PMI
5/3 10:00 ET Construction Spending
5/3 2:20 ET Chief Goon Powell
5/4 8:30 ET US Trade Deficit
5/4 8:30 ET Factory Orders
5/4 1:00 ET Goons Daly and Kashnkari
5/5 8:15 ET ADP jobs report
5/5 9:45 ET Markit service PMI
5/5 10:00 ET ISM service PMI
5/5 12:00 ET Goon Mester
5/6 8:30 ET Productivity and Labor Costs
5/6 10:00 ET Goon Kaplan
5/7 8:30 ET BLSBS

benque
Apr 22, 2021 - 4:38pm

Went to the RCM

on a high school field trip, back in the 60's. The ONLY thing about that trip that stuck in my mind was the massive gold bar on a pedestal, under glass in the lobby. It was about 24" X 6" X 6". It was very impressive, but I have no recollection of how much it weighed, and they wouldn't let us try to lift it.

Mulroney baloney probably dumped it into the market in the 80's.

RickshawETFTF
Apr 22, 2021 - 4:38pm

Oops !

I don't think anybody wants to invest with a company whose operation runs "seemlessly"!

I think you mean "seamlessly" . . .

Iceberg Slim
Apr 22, 2021 - 4:27pm

1000 ounce silver bars

While in the APMEX vault yesterday, they let me hold one. It's friggin heavy.

Iceberg Slim
Apr 22, 2021 - 4:25pm

Thurd - SDB Update

SD Bullion now SOLD OUT of ALL 1,000 oz COMEX bars.

The remaing bars since the last update didn't even make it to May the Turd.

That's 17, Thousand Ounce bars, sold in total over the last month or so. 6 from the original stock, and 11 from the re-stock.

https://sdbullion.com/silver/silver-bars/1000-oz-silver-bars

Let's see if they do another re-stock soon.

PS: I sure am enjoying this new method of draining the COMEX

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Key Economic Events Week of 5/3

5/3 9:45 ET Markit manu PMI
5/3 10:00 ET ISM manu PMI
5/3 10:00 ET Construction Spending
5/3 2:20 ET Chief Goon Powell
5/4 8:30 ET US Trade Deficit
5/4 8:30 ET Factory Orders
5/4 1:00 ET Goons Daly and Kashnkari
5/5 8:15 ET ADP jobs report
5/5 9:45 ET Markit service PMI
5/5 10:00 ET ISM service PMI
5/5 12:00 ET Goon Mester
5/6 8:30 ET Productivity and Labor Costs
5/6 10:00 ET Goon Kaplan
5/7 8:30 ET BLSBS

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