Republic Monetary Exchange Review – A Quick Overview
Republic Monetary Exchange is a bullion dealer based in Phoenix, Arizona. It offers gold and silver coins & bars to customers for both IRA investments and personal collections. The company has received an A+ rating from BBB and has received a generous amount of positive reviews online. However, their product catalog lacks platinum and palladium. Also, the company doesn’t share any pricing details on its website.
- Received multiple positive reviews
- Provide plenty of free resources to consumers
- Received an A+ rating from BBB
- No platinum and palladium products
- Limited product catalog
- No pricing details on the website
- No storage assistance or facility
What is Republic Monetary Exchange?
Republic Monetary Exchange aka RME Gold is a bullion dealer based in Phoenix, Arizona. Their office is located at 4040 E Camelback Rd, Phoenix, AZ 85018, US. Similarly, their contact number is 602-955-6500.
The firm offers gold and silver products to customers as well as precious metals IRAs. They have received hundreds of positive reviews online which is a nice highlight.
Furthermore, the company publishes a lot of content on its website to help consumers keep up-to-date on the latest events and their impact on their precious metals.
While the company mainly does business locally, it also ships its products. RME prides itself on providing 5-star, fully insured shipping on its products.
People Behind Republic Monetary Exchange:
The CEO of Republic Monetary Exchange is Jim Clark. According to his LinkedIn profile, he has been helping clients invest in precious metals for over 40 years.
Jim founded this bullion dealing firm in 2008 and has been running the firm since.
Since its inception, the company has succeeded in servicing over a 1000 customers all across the US and in the Phoenix region. The company claims to be a premium dealership of gold and silver products.
Jim says that his company takes great pride in each and every relationship it builds with its clients and is excited for the opportunity to help improve their financial future.
He graduated from Arizona State University in Business Administration and Management.
Can You Open a Precious Metals IRA with Republic Monetary Exchange?
Yes, it is possible to open a precious metals IRA with this firm. However, you would only be able to invest in gold and silver, which can be problematic for many investors.
To open a gold IRA with Republic Monetary Exchange, you would need to get in touch with the company. Their representatives will ask you to choose a custodian.
The company has partnerships with SunWest Trust and GoldStar Trust but you can also open a self-directed IRA with a different custodian.
Your preferred custodian will guide you through the process of setting up the IRA. Once that’s complete, you can start adding gold and silver products to it from RME’s catalog.
It’s worth noting that they offer numismatic products too and they are not eligible for a gold IRA. So, be extremely cautious when adding precious metals to your IRA from this firm.
Unfortunately, they don’t offer any storage services so you would need to manage storage of your precious metals yourself. You can talk to the custodians and let them handle the storage as well. On the other hand, you can store the metals in a safe or bank deposit box.
That’s it. After following these steps, you would have a gold IRA with this firm.
Republic Monetary Exchange Products:
Here, you can find a decent collection of gold and silver products to invest in. They offer both IRA-eligible and non-IRA products to consumers.
They offer a varied selection of gold products to customers although the selection is rather limited. Some of the products you can find here are:
- American Gold Eagle
- $20 Gold Liberty
- Gold South African Krugerrand
- Canadian Gold Maple Leaf
- American Gold Buffalo
Apart from gold coins, they also offer bars of various sizes. Popular coins like American Eagle are available in multiple sizes too.
While it’s impressive, this selection is quite limited in comparison to other bullion dealers (such as Noble Gold).
At Republic Monetary Exchange, you can purchase from a varied selection of IRA approved and numismatic silver coins and bars. Some of the notable products in this selection are:
- Canadian Silver Maple Leaf
- Morgan Silver Dollar
- American Silver Eagle
- Silver Peace Dollar
You can also invest in silver bars here. Their website mentions that you can buy platinum bars as well but there is no specific listing for it.
The lack of platinum and palladium products is a huge downside of their product selection. Both of those precious metals have become popular as they allow investors to diversify their portfolio.
Another issue I had with REM Gold’s website is it doesn’t offer any pricing information. This can be bothersome for many investors especially when many bullion dealers keep their pricing details transparent.
Republic Monetary Exchange Fees:
According to their website, Republic Monetary Exchange doesn’t charge any fees for opening precious metal IRAs. The only charges you would need to bear are the custodian’s fees.
Also, the company doesn’t share any pricing details on its website so it’s obvious that the company mainly makes profit on spot prices.
Furthermore, they don’t offer any storage assistance or facilities so there are no charges for that process as well.
Additional Highlights of Republic Monetary Exchange:
Apart from having over a decade of industry experience, Republic Monetary Exchange has several qualities which make it unique:
RME Gold offers a seamless buyback program to its customers. Very few bullion dealers offer this facility. According to their buyback program, customers can sell the metals they had purchased from the company back to them.
They can bring the precious metals themselves or ship them. The company assures customers of quick payment.
However, they only buy back their products. You can’t use this facility for any products you had purchased from another bullion dealer. This is a facility only available with select bullion dealers such as Colorado Gold.
Free Resources for Consumers:
The website of Republic Monetary Exchange has plenty of free resources for its visitors. You will find a detailed blog where they publish new articles regularly. The blog covers recent events and their impact on precious metals. Additional topics include US Economy, Politics, Global Economy and Personal Finance.
On top of that, they have several dedicated sections to help people get started in precious metals investing.
For example, they have a Precious Metals Glossary covering all the terms used in this industry. Similarly, they have several more resources:
- The Life Cycle of a Gold Mine
- History of US Mint Coins
- Why Investors Buy Gold During a Recession
If you’re new to precious metals investing, these resources can be quite helpful.
Republic Monetary Exchange Reviews and Complaints:
Republic Monetary Exchange doesn’t have profiles on many consumer review platforms. On BBB, they have an A+ rating. Also, the company has received 15 customer reviews on the platform and their overall rating is 5 out of 5 stars.
Similarly, there are a lot of Republic Monetary Exchange reviews on their Google My Business listing. There, the company enjoys a 4.8 out of 5-stars rating based on 132 reviews.
Most of their positive reviews praise the company for being helpful and informative.
However, there were a few complaints as well. Most of the complaints were about high markups on coins and aggressive sales tactics.
Apart from Google, they have received reviews on Yelp as well. There, teh company has a 2 out of 5-stars rating based on 5 reviews.
Is Republic Monetary Exchange Legit?
Yes, Republic Monetary Exchange is a legitimate bullion dealer. The company has been offering gold and silver products to consumers since 2008. They have received 100+ reviews across multiple consumer platforms and most of them are highly positive.
Furthermore, the company provides consumers with many free resources including guides and an active blog.
They have partnered with two reputed custodians but also allow clients to open their gold IRA with other custodians. RME offers its customers a seamless buyback program which allows them to liquidate their precious metals quickly.
However, the company has its issues as well. Their product selection is quite limited and there aren’t any platinum or palladium products visible in their catalog. Moreover, they don’t share any pricing details on their website which can make price comparison quite difficult for any investor.
They don’t provide any storage facilities and recommend storing your precious metals in a bank deposit.
On top of that, the company has received several complaints for having high markup.
Opening a gold IRA is crucial for wealth preservation. It helps you save your money against economic downturns such as a recession.
However, the gold IRA provider you choose will play a huge role in determining the returns you get. Their product selection, fee-structure and features would impact your overall returns and experience.
That’s why I recommend checking out multiple IRA providers before finalizing your choice.
You can learn about the best gold IRA companies here.
On the other hand, if you have had any experience dealing with this company, feel free to share it below!