Sprott Money review
Sprott Money sells bullion, precious metals and collectibles. Here's our review.
You can purchase precious metals and collectibles with Sprott Money. In addition, the company offers storage services.
- Think about Sprott Money if you value customer service and want access to an array of precious metals.
- Consider another vendor if you’d like free shipping or the ability to pick up orders.
What does Sprott Money sell?Sprott Money offers the following products and services:
- Precious metals. These include gold, silver, platinum and palladium, which you can purchase as coins, bars and bullion.
- Collectibles. Sprott Money sells collectible items, some of which are metal based.
- Storage services. You can store your valuables with Sprott Money in North America and internationally. Storage facilities are located in Langley, Toronto and New Castle in North America and George Town, Singapore and Zurich internationally.
- High net-worth services. If you’re considered a high net-worth individual, you’ll receive a dedicated sales representative, volume pricing on precious metals, shipping discounts, low exchange rate spreads and tiered storage rates.
- Invest through registered accounts. Using registered accounts, like RRSPs, TFSAs and Questrade, you can purchase precious metals using Sprott Money‘s services. This means any investment income earned on your purchase will be sheltered from tax.
- Wholesale trading. Buy wholesale, instead of retail, with Sprott Money. Benefits include daily premium updates, shipping discounts, competitive rates, fast turnaround times, dedicated sales rep and volume discounts.
How does buying from Sprott Money work?
You can place an order online at any time or over the phone during business hours (8am to 9pm EST). Once the transaction is confirmed, the price is locked in, regardless of market price changes. The customer then has 72 hours to submit payment for the order to Sprott Money. When payment is received, Sprott Money will send an order confirmation within two business days.
Does Sprott Money accept returns?Sprott Money does accept cancellations in exchange for a $50 cancellation fee. In addition, you will be charged for any market loss that occurred between the purchase and your cancellation.
There is no mention of returns on Sprott Money‘s website. If your transaction has already been processed, you can attempt to sell the products back to Sprott Money as a return.
What payment methods can I use with Sprott Money?Sprott Money accepts the following payment methods:
- Certified cheque
- Cashier’s cheque
- Personal cheque
- Bank draft
- Money order
- Bank wire
- Bill payments
- Shipping information
There is no available information on shipping vendors, delivery times or related fees. However, there are fees related to insurance when shipping. Below are the insurance fees that will apply on shipped orders:
- Gold. $15.00 fee plus 0.4% of the Sprott gold bullion value.
- Silver. $30.00 fee plus 0.75% of the Sprott silver bullion value.
- Platinum. $30.00 fee.
- Combination of gold, silver and platinum. $30.00 fee plus 0.4% of the Sprott gold bullion value and 0.75% of the Sprott silver bullion value.
- Orders over $200,000. Storage is highly recommended by Sprott Money. Delivery may be required in an armoured vehicle. The pricing for these services varies, contact Sprott Money for a quote.
How much will I have to pay for my order?
The price of your order depends on what you buy and the amount that you buy. Sprott Money advertises its current prices and shipping costs on its website. Using this information, you should be able to reasonably estimate the cost of an order before you place it.
What types of orders can I place?
You can place two types of orders with Sprott Money:
- Doorstep orders. Order products online or by phone and have them shipped to your door.
- Storage services. Place an order with Sprott Money to use its North American or international storage services.
How does selling to Sprott Money work?Sprott Money will purchase precious metals from you. The company specifies that it will buy back products it once sold to you and investment-grade precious metals (99.99% gold and 99.9% silver).
If Sprott Money agrees to purchase your precious metals, a buy price will be locked in. Once the products have been shipped and received by Sprott Money, it will send you payment within 10 business days.
Is Sprott Money safe?Sprott Money has been in business since 2008. Over the last 13 years, it has established a positive reputation and clear guidelines. This communicates that the business is legit and established.
In addition, Sprott Money has been accredited by the Better Business Bureau since 2011. Currently, the organization holds an A+ rating.
Pros and cons
- Plethora of choices. You can purchase precious metals and collectibles with Sprott Money. In addition, the company offers storage services.
- Available pricing. For precious metals products and storage services, Sprott Money adversities the pricing on its website. This allows you to estimate costs before placing an order.
- Customer service. Reviews indicate superior customer service. Also, customers have the opportunity to work with a dedicated representative, especially if they make bulk purchases or are a high net-worth individual.
- Online and phone orders. You can place an order online or over the phone.
- No returns. Sprott Money allows cancellations for a fee of $50 plus market loss charges. Returns are not accepted, but you can try to sell your order back to the company.
- Limited in-person service. Walk-ins are not accepted by Sprott Money at the moment. You must request an appointment if you’d like in-person service.
- Shipping. It’s unclear which vendors Sprott Money uses to ship. In addition, it advertises insurance fees, but not shipping fees.
How do I contact Sprott Money customer support?
You can contact Sprott Money customer support using the following methods:
- Live chat with a specialist on its website
- Send a message through its website
- Call 1-888-861-0775 (if in Toronto, you can call locally at 416-861-0775)
- Book an appointment for an in-person meeting at the Toronto office