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The global economy has taken its fair share of hits over the past few years. With economic uncertainty at such a vast height, people are turning to precious metals. The gold and silver industries are booming.
But if you want to invest in precious metals, you have to know where to start. What's the best company to use? And what companies are more likely to scam you than help you secure your future?
Money Metals Exchange is a precious metals investment company that allows you to buy precious metals online. We've taken a look at everything they have to offer, along with how they compare to the competition.
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About Money Metals
Money Metals Exchange is a company that helps you invest in silver and gold bullion. The goal of the company is to get people in touch with precious metals without paying an exorbitant markup. They also state that their salespeople will never use bait-and-switch or high pressure tactics.
Most of the investors who work with the company are independent people who want to direct their own future. The competitive pricing is one of the biggest draws of the company. Other things that make it ideal are the discreetness and the dependability.
Investopedia has recognized Money Metals as one of the top precious metals dealers online. When honoring the company, they noted the excellent pricing, commitment to integrity, diverse range of services, and simple investment approach. This is a company that welcomes beginners and experts alike.
No matter how big or how small your order size, the company's priority is making sure you feel valued. They don't discriminate based on how much you're spending. You get access to the same quality customer service no matter what.
President of the Company
The president of the company is a man named Stefan Gleason. He first launched the company in 2010 and has seen it grow to more than 250,000 total customers.
The company was originally founded because of how national advertisers were selling their rare coins. These predatory companies were marking coins up to double or even triple their melt value by saying that they were "numismatic collectibles."
At Money Metals, the company works staunchly against "collector" pricing. Instead, they make sure that all of their products are priced close to their melting value. Rare coins are only as valuable as their demand. It's a difficult market to turn a profit in, and you can easily lose your investments.
Stefan Gleason is also the head of publishing, real estate holding, and marketing companies. He is behind several legislative projects related to the precious metals industry. In addition, he has been a guest on national shows like Fox News, CNBC, CNN, and the Washington Journal on C-SPAN.
Products and Services
The company does not offer numismatic collectibles. They believe that products should be offered at close to their melt value instead of marked up to higher prices.
In addition to the four most common types of precious metals, the company also sells copper and rhodium. You can purchase rhodium in one-ounce and five-ounce bars. Copper options include Morgan Heads, several different types of round, and one-ounce bars.
How Purchasing Works
When you go to the Money Metals website, you will see different product categories in tabs at the top. All you need to do is click on your ideal product, type the quantity, and put it in your shopping cart. You can buy several different products or just one.
Once you're satisfied with your cart, go to the checkout. The checkout process causes your price to be locked for ten minutes. You'll have a timer on the screen to let you know when the price will expire. If you don't finish the checkout process by this time, you'll need to start over.
Checking out is relatively easy, as it often is with online shopping. You just need to give the company your shipping address, full name, and your payment information. Once you do this, you'll receive an email confirmation of your purchase.
There is a return policy, although it might be a little too strict for some people. If you receive your package and decide you don't actually want it, you can return the metals within three days following the delivery. The returns process can be initiated by calling the customer service line.
The product must be returned with its original packaging, and you need to pay for shipping to have it sent back. In addition, if you paid with a credit card or Paypal, you'll be subject to a 5 percent stocking fee.
One thing that might bother some investors is that you're responsible for any market losses. If your items have lost value since you initially paid for them, you will only receive a refund for the lower value. But if they're worth more, you'll get back what you paid for them.
Different payment methods are available depending on how much you spend. Some will allow for faster processing than others. If you use Paypal or a credit card to pay, you will need to pay an additional 4 percent processing fee.
The only payment method with a minimum threshold is a wire transfer. You must spend at least 3,000 dollars. There's a maximum threshold of 50,000 dollars. Wire transfers are processed in one to two business days.
The other fastest processing options are Paypal and a credit card. Both of these have a maximum purchase price of 575 dollars. They'll be processed within one to two calendar days.
You can pay in cryptocurrency if you want. The pricing will vary depending on the value of the crypto. If you're making a large purchase, you can pay up to 200,000 dollars in cryptocurrency, which will result in a processing time of just one or two calendar days.
Other payment methods take longer. An ACH transfer has a maximum price of 575 dollars and takes up to 10 calendar days. A money order can cover up to 25,000 dollars, but it also takes up to 10 calendar days. Personal checks can cover up to 25,000 dollars with up to 10 calendar days for processing.
The orders are usually shipped around 48 hours or less after the payment clears. Depending on where you're located, the package might take anywhere from two to four days to arrive.
The cost of shipping varies depending on the value of your order. Every order comes with full insurance. You'll need to sign for the metals when they arrive.
For orders of less than 150 dollars, the shipping cost is about 7 dollars. For orders between 150 and 500 dollars, the cost is about 10 dollars. Once you order more than 500 dollars worth of metals at a time, you can have them shipped to you for free.
When you want to sell precious metals to the company, you can do so through these steps:
If you do want to sell your items, though, you need to make sure they adhere to the company buyback guidelines.
Both bars and rounds need to have a clear marking of their weight and purity. All bars also need to have the manufacturer's insignia or name.
The metals you send need to be uniform and clean. Their design must be marketable, so that the company can sell them.
If you are selling half-dollars, quarters, or dimes that were minted prior to 1965, there must be clear minting.
You can talk to a representative over the phone or through live chat if you want to ask whether your items qualify. You can also send emails with any questions you have about the buyback program or your purchases.
Is Money Metals a Scam?
Money Metals is not a scam. They are a legitimate company with a solid investment philosophy. In addition to having excellent pricing, they have also been praised by Investopedia.
The company president has had guest talks on several national networks, and the Better Business Bureau gives the company an accredited A+ rating.
This is one of the best companies on the market when you want to invest in precious metals for yourself. They have some of the most diverse offerings, including rhodium and copper.
If you're looking to invest in a precious metals IRA, though, this company might not be the right choice. They don't have enough specialization to walk you through the process.
Pros & Cons of Money Metals
Money Metals Exchange is a solid company with about a decade of experience selling precious metals. They retain good ratings with third party organizations, and they have been praised by several investment publications. Multiple customers have indicated that they're happy with their experiences.
If you want to purchase small amounts of precious metals, this is a great option. There is no minimum threshold for investment. The company vows to give everyone the same level of stellar customer service, whether you're investing a hundred dollars or a hundred thousand.
But if you're looking to put your funds into a precious metals IRA, you might want to go elsewhere. This company doesn't specialize in gold IRAs, so it won't be easy to set up your account or get the right assets through their marketplace.
Although we do think that Money Metals is a solid company, we believe that there are better companies out there to make your investment with.
Or you can get a free precious metals investment kit from our #1 recommended company right now!
Or, continue with Money Metals...