Are you ready to purchase gold online right now? Then here is a review of how effectively APMEX may be able to meet your precious metals needs.
What Are the Costs To Set up a Gold IRA?
At APMEX, you’ll first need to have a gold or silver IRA rollover to work with them. They will not work with your existing investments and control everything in house. Once you’ve accomplished that task, you have an extensive variety of gold products from which to choose, as well as silver and other precious metals that you can use in your IRA. You’ll be paying a fee above the spot price which averages out to 20% of the cost.
There are no minimum orders that must be placed on the site. All orders above $99 USD receive free shipping, however, so there is an advantage to bulk ordering. Free shipping is also available to Canada for a $250 USD order minimum and to Europe or Australia for a $1,500 USD minimum transaction.
APMEX also reserves the right to request a deposit on orders that they deem to be significant or large. This generally applies only to orders that are worth $500k or more and a 10% deposit on the order may be required. Investors are told to speak with APMEX customer service in order to determine if a deposit would be required and it can take up to 24 business hours for the issue to be resolved.
What Are the Types of Precious Metals Available?
APMEX primarily provides gold, silver, platinum, and palladium as precious metals available for sale. You can purchase these either through a standard metal exchange or through IRA approved items that is either with boullion or with rare coins. You’ll find that the widest variety of products available is in silver, while the least available is palladium.
How Is the Buying and Selling Process Handled?
At American Precious Metals Exchange you’ll pay different prices for your items based on how you choose to pay for them. You’ll pay a premium cost if you need to make the purchase by credit card, even if the purchase is associated with your IRA. Cash-based purchases receive a 4% discount off of the listed prices APMEX has on their website.
All credit card orders have a 3% premium when compared to other payment methods that are available. APMEX accepts certified or cashier’s checks as well as money orders in addition to cash, personal check, or credit/debit cards. Bank wires qualify for the cash discount, but can only be initiated when the gold or precious metals purchase exceeds $1,500 USD. Personal checks are subjected to a holding fee of up to 10 business days.
PayPal is also accepted, but the first order is limited to $5,000 for new customers. Only valid US addresses are eligible for this digital funds transfer and only in US dollars. No ACH payments are accepted.
There is also a bulk discount that applies to gold purchases through APMEX for large inventory investors. Let’s use the example of an American Gold Eagle – a classic investment vehicle for those who want a tangible investment. Now let’s say that the base price of this gold coin is listed at $1,400 for the sake of this example. Here is what the pricing structure would look like.
Although this price difference seems negligible, it means an investor who wants to add 100 American Gold Eagles to their portfolio would be able to save $1,000 on their total investment.
What Are the Expected Timeframes?
If you’re purchasing commodities that are in stock with AMPEX, then most products state that they will ship the next day with a credit card or bank transfer payment. There is a minimum $9.95 shipping fee to send you the commodities, but orders that are over $5,000 are shipped to you for free. You can reduce shipping costs by $5 for orders above $500, but below $5,000 by being a club member of this gold IRA company.
APMEX ships orders out in about 4 business days, which is in-line with what the company promises throughout its website. It’s important to remember that business days don’t include weekends or holidays when planning for a gold delivery after a purchase.
What About An Order Cancellation?
APMEX has a $35 USD cancellation fee that applies to all orders. If there has been a market loss on the gold that was intended for purchase, then this loss will be added to the cancellation fee. For those who initially paid by credit card, the market loss and cancellation fee are automatically calculated and charged to the card.
APMEX allows no future orders of gold or other precious metals until a customer pays their market loss on a cancellation in full. Order modifications are available, but strongly discouraged. If payment is not received in 3 business days for orders above $25k or in 5 business days for orders under $25k, then American Precious Metals Exchange (APMEX) may cancel the order on their own.
Is APMEX a Good Company To Use?
Every organization uses higher pricing or transaction fees to make money, but not necessarily to the level that APMEX does. The stated shipping turnaround is fantastic, but this brings up the issue of the many complaints that this company has generated. All combined, there are over 100 registered complaints that have been generated by this company’s actions in the last 3 years with a majority of them being related to customer service or shipping issues.
It is for this reason, when comparing American Precious Metals Exchange and Regal Assets side by side, that we recommend Regal Assets for your gold IRA needs.