When it comes to precious metals dealers and brokers, you have an almost unending list of companies to choose from. If you don’t believe me, do a quick web search and you’ll see just how many options there are on the market.
While having all these available options is great, it can lead some novice investors to stop looking before they’ve even started. It can certainly be overwhelming to find a broker who is going to be reliable, trustworthy, friendly, approachable, and transparent while offering competitive pricing and security.
A-Mark Metals has been around a while, but does that make them a reputable company to do precious metals business with? If you’re curious about A-Mark Precious Metals, keep reading this review to determine if they are the right company for you.
Who is A-Mark Precious Metals?
A-Mark Precious Metals has been in the precious metals industry since 1965, making it one of the older precious metals companies out there.
It should be stated that they typically deal in wholesale sales, selling large quantities to institutions and dealers at low prices so those companies can then turn a profit on the products.
If you decide that you want to work with A-Mark, you’ll need to be ready to spend some big bucks.
If you’re not rolling in money, you’ll be happy to know that A-Mark has acquired some smaller companies, such as Provident Metals and Goldline International, that can handle smaller precious metals transactions.
A-Mark offers coins, precious metals bullion, and copper bullion and has clients that include not only investors, but institutions, dealers, manufacturers, mints, eCommerce platforms, and collectors.
Under their wholesale branch, A-Mark buys metals from government and private mints, including the U.S. Mint.
This means no high markup because there is no middleman. Besides the U.S. Mint, A-Mark Precious Metals buys from governmental mints in the U.K., Canada, Mexico, Australia, Austria, South Africa, and China. They also sell industrial metals to refineries and fabricators.
If you’re looking for a precious metals dealer who can also offer you a loan, then A-Mark is your choice. They are licensed in California as The Collateral Finance Corporation as a financial lender and they can create liquidated loans that are secured using your existing precious metals. In addition, AM Capital Funding adds security to these loans.
Is A-Mark Precious Metals a Scam?
A-Mark Precious Metals has been around for a significant amount of time, which is definitely a positive. They also have the products they advertise, so they aren’t lying about what they offer.
What does give me some pause is that you can’t really find many customer reviews out there on the company. They are not Better Business Bureau (BBB) accredited or rated. There are a few positive reviews on Yelp, but those I take with a grain of salt.
The Business Consumer Alliance (BCA) has given them an AAA rating, which is the highest rating you can receive, but that is merely based on length of time in business and licensing and not customer complaints.
What gives me pause are the reviews on Glassdoor and Indeed from previous employees of A-Mark Precious Metals. Employees complain of poor/lazy management, low pay scales, and long, stressful workdays.
If they are treating their employees poorly (i.e. no breaks/lunches, fear of making mistakes, and extensive, stressful workdays), are they prepared to provide you with stellar customer service?
Probably not. Especially when A-Mark Precious Metals has such a high turnover and burnout rate.
A-Mark Pros and Cons
If you’d like the quick rundown, here you go:
- You have extensive options for investments, including gold, silver, and platinum in bars and coins
- Exclusive products only available from A-Mark Precious Metals
- Secure and segregated storage options
- Terrible management that is well-known
- Very few positive comments and reviews
- Low quality of service due to a high-stress work environment and high turnover rate
Final Thoughts on A-Mark Precious Metals
A-Mark Precious Metals has been around long enough that you would think they have their business model perfected. However, this doesn’t seem to be the case. Their management skills are lacking and this translates into poor customer service for the most important part of the precious metals industry: the customer.
Their lack of reliable reviews and less-than-stellar customer service make me hesitate on recommending A-Mark Precious Metals, especially if you’re looking for individual purchases. If you’re interested in wholesale purchases, they are a decent choice, but otherwise, there are better precious metals companies out there.
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