What is American Precious Metals Inc?
American Precious Metals Inc. is a precious metals dealer based in Phoenix, Arizona. They specialize in buying and selling precious metals, such as gold, silver, platinum, and palladium, in various forms, including bullion, coins, and bars.
The company was founded in 1995 and has been providing precious metals investment services to clients for over 25 years.
They are known for their competitive pricing, high-quality products, and exceptional customer service.
Additionally, American Precious Metals Inc. also offers storage options for clients who wish to store their precious metals securely.
People Behind American Precious Metals Inc:
The company is a family-owned and operated business that has been in operation for over 25 years. According to its BBB profile, Mr. Jerry C Williams serves as the Vice President of the company, Mr. Courtney B Svendsen is the President, and Dave Platteter is a Senior Numismatist.
The company is led by a team of experienced professionals with expertise in precious metals investment and trading. They are known for their knowledgeable staff and exceptional customer service.
How to Invest in American Precious Metals Inc IRA?
To invest in a precious metals IRA through American Precious Metals Inc., here are the general steps:
- Open a Self-Directed IRA: Select an IRA company that handles opening precious metals IRA accounts and fill out an application. You can work with American Precious Metals Inc. to recommend an IRA company and provide the necessary paperwork. However, I don’t recommend doing so.
- Fund Your IRA: Once you have selected an IRA company, you can move your funds into your new IRA account. You can work with the IRA company representative to transfer or rollover funds into the new account.
- Select a Precious Metals Dealer: One of the forms you need to fill out along the way is typically called a Buy Direction Letter. This is where you list the precious metals dealer you have selected, such as American Precious Metals, Inc.
- Decide Which Precious Metals to Purchase: You can choose to invest in gold, silver, platinum, or palladium for your IRA. There are some restrictions regarding fineness requirements and allowable coin types, so it’s important to get guidance from American Precious Metals Inc. in this area.
- Place Your Order: Once the funds are available in your IRA account, you can call them to place your order for the desired precious metals.
However, I don’t recommend opening an IRA with them. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer of your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
American Precious Metals Inc Products:
The products they offer are given below:
Gold Bullion:
- American Gold Eagles
- Canadian Gold Maple Leafs
- South African Gold Krugerrands
- Austrian Gold Philharmonics
- Gold Bars (various sizes)
Silver Bullion:
- American Silver Eagles
- Canadian Silver Maple Leafs
- South African Silver Krugerrands
- Austrian Silver Philharmonics
- Silver Bars (various sizes)
Gold Numismatics:
- American Gold Buffalos
- Saint Gaudens Gold Double Eagles
- Liberty Gold Double Eagles
Foreign Gold:
- Chinese Gold Pandas
- Australian Gold Kangaroos
- British Gold Sovereigns
- Mexican Gold Libertads
- Gold Bars from various countries
Silver Numismatics:
- American Silver Eagles (Proof and Uncirculated)
- Morgan Silver Dollars
- Peace Silver Dollars
American Precious Metals Inc Fees and Charges:
Understanding the fees and charges for purchasing precious metals from American Precious Metals Inc can be challenging due to the lack of readily available information on their website and other sources. It is recommended to contact the company directly to inquire about their specific fees and charges.
Still, it can be a major red flag for most investors.
Lack of transparency in this regard exposes you to the risk of facing “hidden fees”. It’s a highly unethical practice and can eat away at your savings substantially.
Recently, Red Rock Secured LLC faced regulatory action from the SEC for the very same practice.
Hence, you should be extremely careful when choosing a gold IRA provider. I recommend checking out our top gold IRA providers to ensure you don’t face this problem.
American Precious Metals Inc Reviews and Complaints:
Yelp:
On Yelp, American Precious Metals Inc has 5 stars out of 5-star ratings based on 13 customer reviews. The reviews are mostly positive. The customer praised their services and products. While there are some complaints too regarding products and their shipping.
Google Reviews:
On Google, American Precious Metals Inc has 4.4 stars out of 5-star ratings based on various customer reviews. There are a total of 32 customer reviews on Google, and most of them are positive, with customers praising the company’s excellent customer service, professionalism, and expertise.
Better Business Bureau (BBB):
On the Better Business Bureau website, American Precious Metals Inc has an A+ rating and again 5 stars out of 5-star ratings based on only 6 customer reviews. They are since 29 years in the industry. No complaints have been filed or closed in the last 3 years. This business is BBB accredited on Better Business Bureau website.
Are There Any American Precious Metals Inc Complaints? Should You Be Concerned?
Like any other company, American Precious Metals Inc has had some complaints and negative reviews over the years. However, it’s important to note that the vast majority of their customers have had positive experiences with the company.
Most of the complaints are regarding their customer support and prices.
To ensure that you have a positive experience when dealing with American Precious Metals Inc or any other precious metals dealer, it’s always a good idea to do your research ahead of time. Read reviews from multiple sources, including BBB, Google, and Yelp, and ask for recommendations from trusted sources. However, they are not on other trusted sources like Trustpilot, Business Consumer Alliance (BCA), Sitejabber, Trustlink, ShopperApproved, Consumer Affairs, YellowPages, etc. Additionally, make sure that you fully understand the fees and charges associated with your purchase and that you are comfortable with the level of risk involved in investing in precious metals.
Some Complaints You Must Read:
#1. According to Shlomo Tuchband, he contacted them to inquire about the price they would pay for his gold coin. They informed him that they pay the market price for a maple leaf and $50 below the market price for other forms. However, when he visited their establishment with his maple leaf coin, they offered him $35 below the market price instead. When he reminded them of their previous conversation, they attributed the discrepancy to market instability.
Despite the lower offer, he decided to accept it, as the effort of finding another buyer might be costly. However, upon receiving the payment, he discovered that the amount was even lower than agreed upon by approximately $7. Based on this experience, he advises others to avoid engaging with this particular operation, citing ethical concerns.
#2. According to Hyper Clarity, their interaction with Dave from the company was unpleasant. Dave displayed arrogance and engaged in discussing conspiracy theories about banks owning everything. Based on this experience, Hyper Clarity has decided not to return to them again.
#3. According to Brenden, the lady he spoke with at the company was rude and unhelpful. She refused to show any inventory, which left him dissatisfied with their customer service.
#4. According to Williandtv, the service provided by the company was not great.
Some Positive Customer Reviews From Various Online Business Rating Websites:
#1. Cathy L. had a positive experience when she needed to liquidate a collection of silver coins at the company. She describes the experience as excellent and highly recommends them to anyone looking to buy or sell silver coins.
#2. Shelley P. visited the company to purchase 1 oz..999% American Eagle silver coins. Before her visit, she spoke with Holly over the phone, who patiently addressed all her inquiries. The transaction was relatively quick, and although the options for purchase were somewhat limited, they had precisely what Shelley was looking for.
#3. Ed Z. shares their positive experience with the company. They contacted the company with questions and received an immediate response, even on a Sunday, from Courtney. Encouraged by the prompt and helpful communication, they visited the store and were impressed. Ed Z. ended up purchasing silver coins and bars, and they commend the great service provided at a fair price. They express their intention to return in the future.
#4. T.K. shares their positive experience after visiting the company for the first time. They express their satisfaction, mentioning that the premiums offered at the shop are better compared to other places in the valley. T.K. found the staff to be friendly, and knowledgeable, and the establishment to be clean. He also appreciate the fair prices provided. T.K. concludes by expressing gratitude and thanks to them.
#5. Brandon shares his positive experience as a long-time customer of this company. He expresses that Dave and the rest of the crew have consistently been helpful, knowledgeable, and professional. Brandon also appreciates the great selection of precious metals available at the establishment. He highly recommends this business to all Phoenix locals and emphasizes the importance of supporting local businesses. Brandon concludes his message with a supportive “SUPPORT LOCAL!” statement.
American Precious Metals Lawsuits: UniCourt & Justia
Justia
According to the Federal Trade Commission, American Precious Metals violated section 5(a) of the FTC Act and various sections of the FTC’s Telemarketing Sales Rule by engaging in unfair and deceptive acts and practices in connection with the marketing and sale of precious metals.
Is American Precious Metals Inc? Should You Invest With Them?
No. I don’t think you should invest with them.
Pros:
- Nearly 30 years of industry experience
- High ratings on BBB
Cons:
- Lack of transparency
- No fee-related information available on the website
- Very few reviews are available online
While it’s true that American Precious Metals is a legitimate company, it has a lot of issues as well.
Furthermore, there are better alternatives to them available where you can get better services.
The company has received numerous complaints about poor customer service and shipping delays. Many of their reviews allege that the company doesn’t give proper attention to their customers’ orders.
Moreover, they don’t share any fee-related information on their website.
So, while I would say American Precious Metals Inc is a prominent gold IRA provider, they are certainly not the best.
To learn about the best, I recommend checking out my top gold IRA recommendations.
There, you will also learn about the highest-rated precious metals companies of different US states.
Have you dealt with this company? How was your experience? Let us know in the comments!
Alternatively, you can view the top-rated gold IRA company in your US state below: