Apmex experience trying to sell back to them today

[Hermie]

I just contacted Apmex to sell back some of their 1oz Apmex bars and the trader I spoke to quoted a price
that was 69 cents less than the price they have listed on their web site as "Buy Price".

Also had done the same with 10 oz bars, several dollars less per oz than quoted on their "Buy Price".

This is the first time I have had a bad experience with Apmex.

I sold to them last month and the trader at that time quoted the same price listed on their page.

Very unhappy about this.

[madfranks]

Did you bring it to his attention that the website listed a buy price higher than he was quoting you? The first thing I would have done if I called would be to mention the buy price on their website and ask for that.

[Hermie]

Did you bring it to his attention that the website listed a buy price higher than he was quoting you? The first thing I would have done if I called would be to mention the buy price on their website and ask for that.


I did.
He just gave me some story about it being only near their minimum buying amount quantity, so...

Totally different experience that I had last time I sold to them.

Why list the "Buy Price" if that is not the price that will be used?

Stinks.

[zusn]

Did you get the name of the trader? I'd send in a complaint about that person. Unless Apmex went down hill recently, I'm going to guess that crap like that don't fly!

[Awoke]

You should contact teh president, Scott.
I think his email is scott at apmex dot com

They are quite focused on customer support, based on my experiences with them. He should correct this oversight.

[Hermie]

I appreciate the responses.

Some told me there is a quote on thee site,
"Buy prices are indications only and for transactions of $10,000 or more.
Buy prices will be less for smaller trades."

I have not been able to find it. Could someone point me to it if they know?

Thanks again.

I've always been happy doing business with Apmex, that's why I was surprised and disappointed
with this.

[joe_momma]

http://www.apmex.com/FAQ/Default.aspx
(http://www.apmex.com/FAQ/Default.aspx)

(pulled off the FAQs)
Selling to Us

Do you have a minimum transaction?

Yes. When you sell your products to us, our minimum purchase amount is $1,000 (USD).

[Hermie]

Received email from Trade Mgr. :

Over 5,000 or 10,000 the buy price is used.

Said smaller trade amounts are to be offered less than stated buy price.

That's the policy.


Thanks for the responses.

[Grand Master Melon]

I'm still at a loss as to why anyone would do business with them when you can get stuff substantially cheaper off of ebay, craigslist or a pawnshop.

[k-os]

I'm still at a loss as to why anyone would do business with them when you can get stuff substantially cheaper off of ebay, craigslist or a pawnshop.


I'll tell you why I would, but my reasons may not apply to everyone. I trust a big name with a good reputation, and I don't mind paying a premium for that peace of mind.

On the flip side, I am not about to trust a person on eBay with a precious metals purchase. I have read many horror stories and I've learned lessons vicariously through others. Finally, being female, I certainly will not risk meeting a stranger from craigslist just to save a little money. For all I know, they could have a friend of theirs follow me home.

I've never tried a pawn shop. It's just not something that occurred to me.

[MAGNES]

Topping SI and GC have nothing to do this, LOL !

[madfranks]

I'm still at a loss as to why anyone would do business with them when you can get stuff substantially cheaper off of ebay, craigslist or a pawnshop.


I'll tell you why I would, but my reasons may not apply to everyone. I trust a big name with a good reputation, and I don't mind paying a premium for that peace of mind.

On the flip side, I am not about to trust a person on eBay with a precious metals purchase. I have read many horror stories and I've learned lessons vicariously through others. Finally, being female, I certainly will not risk meeting a stranger from craigslist just to save a little money. For all I know, they could have a friend of theirs follow me home.

I've never tried a pawn shop. It's just not something that occurred to me.


Ebay is quickly becoming a dangerous place to buy bullion. Have you seen, they recently added a whole new subsection to their bullion area for "replicas & reproductions" because they had so many people putting fakes up and claiming that the bullion section was the most accurate place for their listings. Look at the attached image: for the 1300+ listings they have for replica bullion, how many sellers are not being that honest? Almost everyone I know has a story about being taken on ebay, so you have to be very careful.

[gunDriller]

Ebay is quickly becoming a dangerous place to buy bullion. Have you seen, they recently added a whole new subsection to their bullion area for "replicas & reproductions" because they had so many people putting fakes up and claiming that the bullion section was the most accurate place for their listings. Look at the attached image: for the 1300+ listings they have for replica bullion, how many sellers are not being that honest? Almost everyone I know has a story about being taken on ebay, so you have to be very careful.


i have a perfect eBay safety record. 8)

i never bought anything off eBay !

USENET was SOOOOO much better. also places like the BMUG bulletin board.

i did about 200+ transactions in the early 90's, mostly selling computers.

zero flakes, well i had one guy who tried to pay for a computer with an Army gun, maybe i should have gone for that one but i didn't.

did about 150 UPS COD for cash deals, which involves both UPS & US mail doing their job. out of all that, i had zero no-shows on letters & checks.

people in the computer related world in the early 1990's were so much more honest than, for example, Craigslist 2006.

i guess that's the Holy Grail for social networking & ecommerce software - how do you build a network of completely honest strangers ?

[Grand Master Melon]

I'm still at a loss as to why anyone would do business with them when you can get stuff substantially cheaper off of ebay, craigslist or a pawnshop.


I'll tell you why I would, but my reasons may not apply to everyone. I trust a big name with a good reputation, and I don't mind paying a premium for that peace of mind.

On the flip side, I am not about to trust a person on eBay with a precious metals purchase. I have read many horror stories and I've learned lessons vicariously through others. Finally, being female, I certainly will not risk meeting a stranger from craigslist just to save a little money. For all I know, they could have a friend of theirs follow me home.

I've never tried a pawn shop. It's just not something that occurred to me.


Ebay is quickly becoming a dangerous place to buy bullion. Have you seen, they recently added a whole new subsection to their bullion area for "replicas & reproductions" because they had so many people putting fakes up and claiming that the bullion section was the most accurate place for their listings. Look at the attached image: for the 1300+ listings they have for replica bullion, how many sellers are not being that honest? Almost everyone I know has a story about being taken on ebay, so you have to be very careful.


Interesting, I had not noticed that. I have a bunch of "saved searches" I use. While I'm sure there could be people out there faking a lot of coins, I think you're more likely to find fake slabbed coins or morgan and high end rare fakes than say a 1988 Olympic set which by the way can often be picked up for below spot.

[Sparky]

Received email from Trade Mgr. :

Over 5,000 or 10,000 the buy price is used.

Said smaller trade amounts are to be offered less than stated buy price.

That's the policy.


Thanks for the responses.



It is their right to have such a policy, but it should be listed more explicitly on the web site. This is an unfair surprise to confront once you have already decided to sell to them.

[sunshine05]

I'm still at a loss as to why anyone would do business with them when you can get stuff substantially cheaper off of ebay, craigslist or a pawnshop.


I'll tell you why I would, but my reasons may not apply to everyone. I trust a big name with a good reputation, and I don't mind paying a premium for that peace of mind.

On the flip side, I am not about to trust a person on eBay with a precious metals purchase. I have read many horror stories and I've learned lessons vicariously through others. Finally, being female, I certainly will not risk meeting a stranger from craigslist just to save a little money. For all I know, they could have a friend of theirs follow me home.

I've never tried a pawn shop. It's just not something that occurred to me.


Well said. I just made a large purchase with them. They have always been reliable, fast shipping, etc.

[Gknowmx]

Received email from Trade Mgr. :

Over 5,000 or 10,000 the buy price is used.

Said smaller trade amounts are to be offered less than stated buy price.

That's the policy.


Thanks for the responses.



It is their right to have such a policy, but it should be listed more explicitly on the web site. This is an unfair surprise to confront once you have already decided to sell to them.


I agree with this comment. This would be so easy to do. That said, given the discounts that you DO see on the SELL side prices as listed, it would be fair to assume that there are steps on the BUY side; they should be shown or at least aluded to.

[Skirnir]

I have done well eBay, and when there are problems that cannot be solved with a polite private message, a PayPal dispute smoked them out. Worst case - I use a credit card so a chargeback is available as a nuclear option.

[MoShaniqua]

I'm still at a loss as to why anyone would do business with them when you can get stuff substantially cheaper off of ebay, craigslist or a pawnshop.


I personally wouldn't purchase any metals from e-bay or a pawn shop. I have no desire to leave a paper trail.

Craigslist I would consider (though cautiously) because I can control the time and place of the transaction, I know what the price will be and I can inspect the goods.

The best place for me to buy, however, is a coin show. No paper work, no tax and no worries. There is a large selection of coins and bars to choose from and you get to inspect them before you buy.

[willie pete]

Received email from Trade Mgr. :

Over 5,000 or 10,000 the buy price is used.

Said smaller trade amounts are to be offered less than stated buy price.

That's the policy.


Thanks for the responses.






It's at the top of their page;

"* Sell Price denotes the Lowest Price APMEX offers on this product based on any available volume discounts
** Buy prices are indications only and for transactions of $10,000 or more. Buy prices will be less for smaller trades."

[Twisted Titan]

I have done well eBay, and when there are problems that cannot be solved with a polite private message, a PayPal dispute smoked them out. Worst case - I use a credit card so a chargeback is available as a nuclear option.



Great ceasers Ghost

Skinir is alive!!!

Wassup baby!!!

T

[BabushkaLady]

I'm still at a loss as to why anyone would do business with them when you can get stuff substantially cheaper off of ebay, craigslist or a pawnshop.


I personally wouldn't purchase any metals from e-bay or a pawn shop. I have no desire to leave a paper trail.
.....
The best place for me to buy, however, is a coin show. No paper work, no tax and no worries. There is a large selection of coins and bars to choose from and you get to inspect them before you buy.


My thoughts exactly! Also some gun and knife shows have some regular sellers that I've bought from.

[VX1]

Received email from Trade Mgr. :

Over 5,000 or 10,000 the buy price is used.

Said smaller trade amounts are to be offered less than stated buy price.

That's the policy.


Thanks for the responses.




Odd way to put it... "over 5000 or 10000...". Which is it? Seems like 10000+ would be over certain unfavorable reporting limits.

[Bullion_Bob]

Did you bring it to his attention that the website listed a buy price higher than he was quoting you? The first thing I would have done if I called would be to mention the buy price on their website and ask for that.


I did.
He just gave me some story about it being only near their minimum buying amount quantity, so...

Totally different experience that I had last time I sold to them.

Why list the "Buy Price" if that is not the price that will be used?


Stinks.



They better have an asterisk on the buy price with a link explaining that. That sounds ridiculous, and shady.

In lieu of all that, why are you selling physical? Ouch...

[Hermie]

Did you bring it to his attention that the website listed a buy price higher than he was quoting you? The first thing I would have done if I called would be to mention the buy price on their website and ask for that.


I did.
He just gave me some story about it being only near their minimum buying amount quantity, so...

Totally different experience that I had last time I sold to them.

Why list the "Buy Price" if that is not the price that will be used?


Stinks.



They better have an asterisk on the buy price with a link explaining that. That sounds ridiculous, and shady.

In lieu of all that, why are you selling physical? Ouch...


Ouch! is right... Hurts, but necessary... Ouch! again.

[Hermie]

Received email from Trade Mgr. :

Over 5,000 or 10,000 the buy price is used.

Said smaller trade amounts are to be offered less than stated buy price.

That's the policy.


Thanks for the responses.






It's at the top of their page;

"* Sell Price denotes the Lowest Price APMEX offers on this product based on any available volume discounts
** Buy prices are indications only and for transactions of $10,000 or more. Buy prices will be less for smaller trades."




It is at the top of their "Most popular sellers" page, which I had never looked at.
I was using the Buy Prices listed on the Silver Bars page.
Should have been stated there also.

[gunDriller]

This is the first time I have had a bad experience with Apmex.

I sold to them last month and the trader at that time quoted the same price listed on their page.

Very unhappy about this.

what part of the country are you in ?

just wondering if there might be some local dealers who are a better fit for transactions smaller than APMex' preferred $1K or $10K.

[Hermie]

"what part of the country are you in ?"

Middle Tennessee.

Looking for local shops tomorrow.

[Sparky]

"what part of the country are you in ?"

Middle Tennessee.

Looking for local shops tomorrow.



Please let us know how that goes. Thanks.

[Grand Master Melon]

I personally wouldn't purchase any metals from e-bay or a pawn shop. I have no desire to leave a paper trail.
Craigslist I would consider (though cautiously) because I can control the time and place of the transaction, I know what the price will be and I can inspect the goods.

The best place for me to buy, however, is a coin show. No paper work, no tax and no worries. There is a large selection of coins and bars to choose from and you get to inspect them before you buy.


Any coins or bars I've ever bought have been gifts so it doesn't matter.

Besides, we've all got ourselves a nice little electronic trail right here.

[Johnny Ringo]

Kind of hard to believe almost 30 replies and nobody's even suggested Bulliondirect.com (if someone did, I overlooked it). They have the Nucleo Exchange, where you can buy and sell. You'd have to look up the specifics as it's been awhile for me, (and I only traded what was in my "storage" account), but selling physical from what I remember was pretty straightforward.

APMEX gets you on their APMEX branded stuff. I don't buy much from them anymore, but they used to charge a pretty good premium for that stuff. However, if you try to sell it back to them, you get what happened in the OP. If you try to sell it to anyone else, they treat it as generic. Lesson: If you're going to pay a premium, stick with name brands or "legal tender" coins.

Right now, five generic bars/rounds are listed for $18.80 as a bid price - that means someone is willing to buy five of them at that price. Someone else is willing to pay $18.70 for up to 160 oz. Someone will take 5000 oz. at $18.60/oz. Of course, BD makes money off this by charging a 1% transaction fee - $0.19/oz. at these prices. My quick math tells me you come out $0.50/oz. ahead of APMEX.
Link if you're interested. NOTE: I have no interest in BD, nor do I have anything for sale at this moment.

http://www.bulliondirect.com/nucleo/lp/Silver_Bullion_999_pure_Bars_Rounds_(1.00_oz).html

It would be a little legwork, but something to look at. At least you get close to market price.

The coin/gun/knife show may work. Trouble is, most of the people that go there are like us. They want to sell you their silver at $3 over spot, and want to buy yours at $3 under. Good luck - also looking forward to a report.

[Skirnir]

I will vouch for BD, but they tend to take awhile. The buy prices are higher, so what I would sometimes do is snipe a bar on eBay, get Bing and MrRebates cash back, lock in a price, and thus the profit, on the bar and sent the bar out on the same day I got it.