A Physical Metal Update from Ken Lewis, CEO of OneGold and APMEX

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It was a great pleasure to visit again today with Ken Lewis, CEO of both OneGold and APMEX. If you're curious about the current state of the physical and retail markets, this is definitely a podcast you'll want to hear.

As you know, I've been a proponent of OneGold since the beginning back in 2018 and many folks here at TFMR have begun using the platform, which was particularly handy back in March when Comex silver prices fell to $12 but physical prices remained twice that level. For trading or acquiring physical metal...on an easy-to-use digital platform...OneGold simply cannot be beaten. More information about OneGold can be found through the links and podcasts below:

In this new podcast, Ken and I address several new developments in the physical market, including:

  • current premiums in the wholesale spot market
  • difficulties in sourcing metal
  • pressures on dealers and the reasons behind growing premiums on physical purchases
  • new developments at OneGold including new, international storage locations
  • and much more in between

Where else are you going to hear today this sort of information directly from the CEO of one of the largest bullion dealers on the planet? So PLEASE BE SURE to give this podcast a listen as soon as you can spare the thirty minutes.

Thanks again to Ken for all of his time today. Please consider the OneGold platform as an option for your future metal purchases.

TF

  25 Comments

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ivianaralphs
Jul 29, 2020 - 10:48am

World Platinum Investment Council

Hi Ralph,

If you're looking for information on how and why to invest in platinum, please check out the World Platinum Investment Council website:

https://platinuminvestment.com/

There are various infographics:

https://platinuminvestment.com/supply-and-demand/demand-drivers

https://platiuminvestment.com/supply-and-demand/improves-world

And various articles called 60 seconds in platinum directed to the retail investor:

https://platinuminvestment.com/about/60-seconds-in-platinum

Good luck and let me know if you have any questions!

Ines

FlGman
Jul 21, 2020 - 6:55pm

Thanks, Turd!

I opened up a OneGold account last Thursday (five days ago) and funded it with an Ally Bank savings account that was bringing in a whopping 1% interest.

As of right now, I am up over $9,000!* I bought 75k in silver and $25k in gold. The app is easy to use and I really appreciate that you are able to transfer from a linked account and make a purchase instantly. If they had required time for funds to "clear" I would have missed out on this huge move today.

*now $11,000 a few minutes later!

The only criticism I have of the app (and website) is that it occasionally just won't connect, almost like the website server is down. Hopefully that is a bug they will work out in time.

ralphs
Jul 20, 2020 - 9:13am

Investing in Platinum - can you recommend a service like TFMR?

Dear Community,

I also would like to invest some money in Platinum. Could you recommend a similar service like TFMR but related to guidance in the area of Plantinum investment please?

Thank you!

Ralph

gundog
Jul 17, 2020 - 10:52pm

Stay away from Goldmoney.com

I have had a small silver holding with them since 2010. I recently transferred some more funds to them in order to buy more silver. They subsequently contacted me to inform me that I had to reverify my identity using their special software on a camera enabled device. I tried unsuccessfully on my Iphone and Ipad using different web browsers. I was then told I had to go a get my identity verified at my expense by a authorized firm in the city where I live. I decided after the appalling customer service to simply close my account. That was 3 weeks ago an I am still waiting for my money to be returned.

Are they a scam, insolvent or just incompetent?

OneGoldsurfeitndearth
Jul 17, 2020 - 10:53am

Canadian Payment Options

Many of our Canadian customers have U.S. checking accounts which will enable them to use free ACH transfers both to and from OneGold. For our international customers who do not have a U.S. checking account, they most commonly use bank wire for funding and any subsequent withdraw orders. We are certainly working to provide a better solution for our non-U.S. customers, in which they would be able to transact in their local currency. However, this process and figuring out the right way to provide this, is taking some time, along with providing our other new features. We will certainly keep all of our customers updated as these new features become available.

Zenblaster
Jul 16, 2020 - 1:22pm

Opened a OneGold, pretty nice

Opened an account an compared against GoldMoney, very nice! Like the App too. Wonder if they will ever set up a Debit card for additional "spend" access. Works very smoothly and easily so already much better than GoldMoney.

Edit: Finished listening and heard about the upcoming OneGold stuff, Cool.

mrciccyclemadman
Jul 16, 2020 - 11:52am

To consider

Agreed with your post: something to consider...

How good will Apmex be at deliverying if the delivery system is compromised. For example, Sprott will not ship because they cannot get insurance for their shipment to you in the current state of the world. Give consideration that when the system is under stress, you can pick a failure at any point in the chain of delivery (whether it be miners (possibly closed), refiners (possibly closed), dealers (possibly closed), shippers (possibly restricted)) and you get the old adage: if you don't hold it, you don't own it. It gets more complicated if you are shipping across borders/regions.

Something to consider.

mrcicNigel Black
Jul 16, 2020 - 9:40am

Educational exercise

I had opened a OneGold account just to see if another avenue of stacking was available to me from Canada. Deposited funds are converted from Canadian to USD while the financial institutions take their cut (same for if I buy american stocks using my Scotia itrade (stock trading) account - they all take advantage of the Canadian/USD exchange rate. I fully expected that - again, didn't care just wanted to see if metal could be sourced from another avenue. I consider the stupid fees charged to just be part of the process to get metal that is below proper historical valuation anyway. Had to wait 90 days before I could get metal out. Wish they had that posted before I transferred funds to them (I did all this shortly after they opened for business - not sure if that is posted publicly now).

Suppose that you sell the metal within your OneGold account and wish to take Fiat out, take your profits that you made while in OneGold and just buy the metal locally (at a local coin shop)? Can't do it from Canada. No way to wire money from out to a Canadian institution. I tried, I e-mailed them, even after following instructions to provide institution numbers they wanted but to no effect.

So finally, when I redeemed from OneGold and bought through Apmex(can't remember what gold coin was on sale), the process worked - I did receive the coin. Apmex shipped to Canada BUT at the border, Canada Customs opened up the package to see what was inside. Not sure what the result of that was: was I now flagged by the government or was it just to see there was no illegal materials shipped across the boarder? I remember reading that there was a restriction on shipping gold via canada post and only certain institutions had permission to do so (Sprott, for example, can do so but you or I, not so much). Maybe this little peak inside a personal shipment was related to that?

Concerning what Ken Lewis said about sourcing silver in Canada: CanadianPMX (www.canadianpmx.com) had silver and gold. I was able to visit them a couple weeks ago and walk inside their shop recently and there was a lot there. Not sure what the case is now but since then, their posted delivery times have dropped so as long as it is listed, they have it. Some of their items listed as 5-10days delivery were actually present in the shop. Be aware that if you pay via a Canadian bank so that you get the cash price, it took me 5 days to get the payment to clear. Not sure why.

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GoldHermit
Jul 15, 2020 - 11:05pm

Thank you...

A great interview. I am using One Gold and have been very happy. I recently converted gold into silver and it was so easy.

cyclemadmanMontross515
Jul 15, 2020 - 10:52pm

System Failure

When you convert fiat currency to gold, or silver at OneGold it becomes a physical reality. That physical metal exists no matter what happens to the digital shell game at the bank. If the banking system goes down or ceases to function there is another option through OneGold and APMEX. You convert your physical metal to its fiat currency value and use that value to purchase products from APMEX. Not as easy as an ACH transfer but if the banking system truly goes down that is when you are going to need physical metal in your possession.

Also, I think everyone should have some gold and silver in their possession along with some copper jacketed lead and the means to deliver it accurately.

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