Money Metals Exchange, also commonly known as Money Metals, is a dealer of gold and silver bullion. The company is one of many that claims to offer precious metals for a low price online. But how do they actually compare to the competition? Are their prices really the lowest on the market, and what else do they have to offer?
Perhaps more importantly, can you trust their services? Here's everything that you should know.
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About Money Metals
Money Metals is a company that was built for people who want to invest in precious metals. Rather than focusing on collectible items, the company focuses on high value silver and gold bullion. Precious metals are favored by investors because they hedge against inflation while providing some protection against stock market volatility.
One of the biggest issues with the precious metals industry is high pressure sales. When salespeople work on commission, their livelihood depends on selling you as much gold as possible... whether it's good for your portfolio or not. Money Metals operates differently. It aims to be an honest precious metals dealer that makes gold and silver accessible to even the newest investors.
Money Metals has grown rapidly since joining the market, proving itself as a strong competitor amongst the more long-lived businesses. Part of the reason for this is because the company has strong, honest policies. Another part is because they offer some of the most competitive pricing on the market.
In fact, Money Metals has been awarded by financial publications like Investopedia for being their top overall pick for precious metals dealers. The company is especially favored by people who are new to investing and want to learn more about the potential benefits of precious metals.
The president of the company is Stefan Gleason. Prior to creating Money Metals, he worked as the president of a publishing company that created newsletters about financial freedom and privacy rights. Since he launched Money Metals in 2010, the company has grown to have more than 250,000 customers, making it one of the largest precious metals dealers in the entire US.
Stefan founded the company because he kept seeing dealers who used dishonest tactics to sell precious metals. These dealers would mark coins up to exorbitant rates past their actual value. Money Metals operates on the principle that coins should be priced based on their melt value, not on vague potential for collectible growth.
Stefan additionally believes that collectible coins are not as safe an investment as pure bullion. He wants people to avoid investing in numismatic rarities unless they are willing to take risks and are already comfortable in their current portfolio.
Money Metals doesn't take up all of Stefan's time. He is also the head of several real estate holding, publishing, and marketing companies. He has been involved in legislative issues regarding precious metals. Prior to all of this, Stefan worked for the Right to Work Legal Defense Foundation as the organization's vice president.
Stefan has appeared on television shows as a consultant regarding finances and the precious metals industry. He has been featured on networks like Fox News, CNBC, and CNN. His written commentary has been published in major financial newspapers like the Wall Street Journal and Newsweek.
There are two main co-managers of the company: Clint Siegner and Mike Gleason.
Clint Siegner has a major editorial role regarding the company's publications, correspondence, website content, social media content, and other important resources. He is also responsible for dealing with employee training, compliance, internal system matters, and core operations in the company.
Clint often writes about sound money and the precious metals market. His blogs and articles have been published on numerous financial websites.
Clint's hometown is in rural Oregon. After he graduated college, he began working with a specialty steel distributor. Over the next decade, he helped that company become regionally established all over the West Coast. Then he became the general manager of all of their California businesses.
Clint launched Money Metals alongside Mike and Stefan Gleason. He has been with the company since the beginning, after he moved to Idaho to have a quieter life with his family.
Mike Gleason is in charge of many of the day-to-day operations for the company. His main background is in logistics and sales. As such, he works on making sure that the staff are properly managed, so that they're able to provide the ideal customer service for their clients.
Mike is the host of the company's podcast, which comes out on a weekly basis. He is also in charge of managing inventory and pricing the products.
Before he worked with Clint and Stefan to launch the company, Mike was working as a systems consultant. He spent more than a decade building and improving the warehouse management systems for his companies.
Mike advocates for people to have hard assets. He is also invested in financial liberty and limited government control.
Selling Your Items
In addition to making purchases with Money Metals, you are also able to sell your precious metals. They have a buyback program for their customers. When you're ready to liquidate your metals, they are likely to give you a better offer than you'll find with their competitors.
If the company sells a certain precious metals item, they will buy it from you. There are a couple other items that they're willing to buy as well. You don't need to have bought from them to take advantage of the purchase program.
The company website states that you're likely to find a better price with them than with a local shop. This is because Money Metals is larger and has a wider network, allowing them to purchase at higher prices and sell at lower ones.
If you want to sell your items, you just need to give the company a call during business hours. They'll lock in the price when you agree. All of the transactions are totally confidential, and the company places special emphasis on your personal privacy.
According to the website, they will typically pay at least the current spot price for your metals. Sometimes they'll pay more than that.
There are just three steps to selling your items:
Is Money Metals a Scam?
Money Metals Exchange appears to be a limited business. It is one of the most popular companies for purchasing precious metals in the US. The website is transparent about the ownership and management. In addition, they have an A+ rating with the Better Business Bureau.
However, that doesn't mean that you ought to work with this company. There have been a whopping 34 complaints filed with the BBB in the past three years. Of those, 18 were filed in the past twelve months. That means that more than half of the complaints happened recently.
That's quite a lot of complaints, even if there are thousands of customers. Since the company has an A+ rating, that indicates that they've made efforts to acknowledge and address the complaints. But the existence of so many issues is concerning.
Of the complaints, 11 were related to issues with the products, while 10 were related to delivery problems. There were an additional eight complaints about billing, four complaints related to an advertising campaign, and one complaint related to a guarantee or warranty that the company offered.
There are plenty of other precious metals dealers who don't have the same number of complaints.
Pros & Cons of Money Metals
Money Metals is an extremely popular online bullion dealer. Many people use their website to purchase precious metals and to learn about the precious metals industry. They are well-known in part because of their advertising campaigns and sponsorships, which intrigue viewers.
But they might not be the best company to invest with. Even though they have an A+ rating with the BBB, there have been 34 total complaints filed in the past three years. Some customers said that they did everything they could to get in touch, but since the company made no effort to respond, they turned to a formal complaint.
It does seem that the company has made an effort to resolve all of the formal complaints that have been posted. But you shouldn't need to make a public fuss in order to have your issues resolved. It appears that there are a lot of issues that crop up with regards to delivering the correct items, and not everyone has been satisfied with the solutions.
We recommend working with a company that has fewer overall complaints and more positive customer feedback. There are plenty of precious metals dealers that have hundreds of great reviews alongside glowing company policies.
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