In all transactions with gold or any other precious metal with any gold dealer, it is always a wise thing to do your own due diligence and find out as much about them as possible.
Who are Apmex
Apmex is an acronym for "American Precious Metal Exchange" and they principally deal in gold coins, silver coins, gold and silver bullion and other peripheral products. According to BBB (Better Business bureau) ampex.com has been in business since 11/01/1999 but their website, under the name of apmex.com, was started around May/June 2004.
Their President and CEO is Chris Thomas and he is approachable online through the various emails on the site. He also posts regularly on the goldismoney forum giving updates of apmex.com and answering questions.
Apmex have an address in Edmond, Oklahoma, USA and can be visited personally as well as dealt with online.
Apmex Customer Service
Apmex are open 24 hours a day 7 days a week and can be contacted anytime.
Apmex claim they only buy the highest quality precious metals available. Each gold and silver coin and bar is inspected to ensure it meets with Apmex’s standards.
Processing and shipping of orders is swift, provided the payment is confirmed then the bullion is usually shipped within 1-3 days. It is fully insured by Apmex but that insurance ceases the moment it is left with you or your representative.
A good point is that all products are wrapped so as not to give any indication of the contents. The return address is simply given as APMEX and the actual address. All deliveries require a signature also.
One point is that Apmex only ship to the US. There is no International or overseas shipping.
As far as ordering online is concerned, Apmex state their site is compatible with the standard Microsoft products and browser and Netscape browser.
However it appears this information may be out of date and Vista is not included and Firefox, not Netscape is the second most used browser after MSIE.
Apmex have an extensive rang of products including gold coins of many types including the standard and also many unusual overseas gold coins. They also do a brisk trade in silver coins and rounds as well as a diverse range of foreign coins of various precious and other metals. Some examples are:
2008 & Prior Gold American Eagles & Gold Buffalo CoinsThe price for each product listed includes all charges except shipping which is extra depending on the shipping method, the quantity of products and where shipped to. Apmex only ships to the USA and not overseas.
2007 First Spouse $10.00 Gold Coins
Gold Bars .999+ Fine 1 Gram - Kilo - 32.15 oz
Pre-1933 US Gold
2008 & Prior Gold Canadian Maple Leafs, South Africa Krugerrands and Gold European Coins
1996 - 2007 Australian Gold Lunar Series 1
2008 Australian Gold Lunar Series 2
2008 & Prior Gold Australian Kangaroos
Perth Mint Items 2008 & Prior Gold
2007 & Prior Austrian Philharmonics
2007 & Prior Gold Mexican Coins
Many Chinese Gold Items
Many other Unique Gold Products
Also Pre-1933 US Gold
2, 3 and 20 Cents
1/2 & Large Cents
Proof & Mint Sets
Civil War Tokens
Tokens & Medals
The prices are pretty much average and are comparable to other major gold coin and gold bullion dealers.
Apmex Payment Options
The minimum order you can place with Apmex is 50 USD regardless of payment method.
Payment options include, credit card, bank wire, certified checks, cashier checks, money orders and personal checks. Most option clear with a few days but personal checks and money orders are held for 10 banking days before any order is shipped.
Credit Card Orders over 5,000 US dollars are only accepted by phone and Apmex will carry out additional checks that can add additional delays to an order and Apmex recommend that such orders are paid for by such options as bank wires, certified check etc.
Once an order is confirmed you will get a confirmation number and it is important that you retain this number and quote it in all communication regarding your order. When you order a price is “fixed” and there can be penalties for subsequent returns or cancellations. See below.
Apmex are very strict on payments and have a set policy on the receipt of funds which must be adhered to so it is a good idea to send payment immediately you place the order.
If a payment is not received within an appropriate time then Apmex are liable to cancel the account and refuse to trade with you in the future.
Paying by any option other than credit card can give you discounts off the shipping and handling charges also.
Apmex Market Loss and Returns Policy
Apmex have what they call a Market Loss Policy. Many dealers in volatile precious metals have similar policies.
In their words, "When purchasing from APMEX, once we have issued a confirmation number, the price is locked in for you and the transaction may not be canceled, but only offset at our current ask price. Any deficit between the price at which we sold to you and the offsetting purchase price and/or prices, is your responsibility only if your item(s) is canceled or returned. That amount will be charged to you, plus a $35.00 cancellation fee. That is our Market Loss Policy. Any market gain on cancellations shall remain the property of APMEX."
In other words, if you order a gold coin shall we say. Get a fixed price and then a day later cancel and the price has gone down then you are up for the difference as that is what it has cost Apmex plus a possible 35 dollar penalty.
Apmex also offer customers a refund return or exchange on all products sold including all bullion and certified coins. They limit this refund/return/exchange to three (3) days from the date on which the customer receives their items and notifies them and, provided they are kept in their original packaging, will accept the product back. However, in keeping with the market loss policy above the customer may be charges for any market loss if the value of the product drops since purchase..
Note that a 5% restocking fee is charged for all credit card orders returned.
If you have purchased a gold or silver coin or coins from Apmex and want to return them you will have to call during business hours and get Return Authorization Number.
This is when the market loss, if any, will be calculated.
Selling to Apmex
Apmex will buy gold and silver bullion. Pretty much the same products as they sell. The gold price and silver price they pay will be less of course as they want to make a profit on the resale.
They have selling prices on the apmex.com site so you can compare this will other buyers of gold and silver bullion.
The minimum transaction when you sell to Apmex is 1000 dollars. To sell to Apmex you simply call their trading desk, tell them what you have to sell and get a confirmation number. Keep a note of the number, the time and date of the call and who you spoke to. Ship the product to Apmex, putting your details in the package including your name address, contact number and email and, most important, the confirmation number, and then call them with the Registered Mail number or UPS/Fed-Ex tracking number so they can locate your package.
You will usually get payment sent within 3 to 5 days.
Be warned that if you do not send the product you intend to sell or even if you do NOT call with the Registered Mail number or UPS/Fed-Ex tracking number then Apmex may cancel the transaction and even ban you from buying and selling with Apmex.
It will pay to fully read and understand all the details and terms of agreement with Apmex before you set about doing a transaction with them to be sure that you fully understand the terms under which they operate.
Security at Apmex
Their shopping cart is standardly secure for credit card facilities provided the purchase adopts the usual standard security measures.
Apmex, the Last Word
Apmex are members of the Better Business Bureau. They are also active members of The American Numismatic Association and ICTA, The Industry Council on Tangible Assets. Both organizations help to protect the rights and serve the members of the numismatic profession and investing public for coins and tangible assets. Apmex are also a member dealer of PCGS & NGC Grading services.
If you have bought any gold coins or gold bullion from apmex.com online, please feel free to leave your feedback on the quality of service and products including any apmex.com on line complaints and special attention or service given by apmex.com online.