Review: Monex Precious Metals

pmbug

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Website: www.monex.com

Monex is one of those companies that doesn't offer a shopping cart on their website to place orders (though they do publish live prices). You have to call them and place orders over the phone.

Monex will try to sell you on buying metal in their one of their storage account programs. If you want physical delivery (like I always do), you have make that clear when you call them.

Because they operate an unallocated storage program for customers, it's important when the market is experiencing shortages to make sure that they actually have physical inventory in stock to commit to your purchase. I would be leary of ordering if they could not guarantee reasonably immediate shipment.

In my experience, their packing and shipping has been fine. I've never had any problems with any orders.

Once you are one of their customers, Monex will contact you from time to time to see if you are interested in buying or selling depending upon how the spot/futures market is moving. I managed to get them to stop calling after making it clear that when I had interest in buying or selling from them again, I would contact them. YMMV.
 

DoChenRollingBearing

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My MONEX Experience

About two - three years ago I bought platinum from MONEX (I could not find Pt Eagles, my preferred form). They had sent me (at my request) some of their literature about their products.

On the day I pulled the trigger, I called up the Sales Guy I had been talking to. He told me to wire the amount for 10 oz of Pt "plus a little bit more" (to cover price changes I expect). So I did. I sent about $400 "extra", which remained on deposit with them, actually earning a small amount of interest.

Within about a week I received my platinum, which I had expected to arrive in bar form (as he had told me MONEX had no Pt Eagles either). Instead what I got were 10 Pt Nobles (Isle of Man), which actually was a little better for me than a 10 oz bar. The Pt came by Registered Mail.

A week or so later, I also got a letter from a VP there saying they were sorry for sending out coins instead of the expected bar. He threw in a MONEX silver coin they had minted up in Austria.

After a few months, I asked them to send me my money (the +/- $400), which they did.

Bottom line: They did what they promised to do, and I actually got a little bit better deal than I expected.

*** This purchase from MONEX is the ONLY online purchase I have made. Every other purchase of ANY PMs has been from coin shops. ***
 

superhero

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Just realized Monex is 10 minutes away from my office. Their premiums are decent: $2.69 for ASEs, $2.18 for silver Maples, about $69 for gold Eagles and $51.50 for gold Maples.

Not sure where they're getting their silver spot price feed though, seems a few cents higher than Kitco's.

For those that have purchased from them, a few questions:

1) How did you pay? Their website mention bank wire and "other forms of payment". Wonder if they'll accept cash in an envelope.
2) Do they have a minimum?
3) How quick / slow was delivery? Their site mentions ~4 weeks.

I'll e-mail them in the next day or two to see if they accept walk-ins.
 

pmbug

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Pretty sure we paid by check years a few years ago when we bought from them. I don't recall if they had a minimum order requirement. It took a while for delivery, but then, this was during a period of tightness in the market when all dealers were experiencing slow delivery. At that time, Monex was one of the few dealers we could find that actually had inventory in hand for the items we wanted to buy.
 

superhero

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I e-mailed MONEX a few weeks ago and got a reply saying to call. So I called today and spoke to one of their sales people. Q&A below:

Q1. Since I'm local, is there a way to pick-up instead of paying for shipping.
A1. No and yes. No, their depository is in NY, and the do not carry inventory in their office in CA. However, they are willing to lower some prices to lower/negate delivery. <-- I'm taking this with a big grain of salt right here.

Q2. Since their website only lists wire transfer. Do they accept other forms of payment?
A2. Yes, they accept wire transfers, cashiers and personal checks. No credit card.

Q3. Do they carry generics?
A3. No. Coin wise, they only deal with government mints, so they have Gold Buffaloes and Kruger Rands, along with Gold/Silver/Platinum/Palladium Eagles, Maples, Philharmonics.

Q4. What are the minimums?
A4. A bit more complicated answer:
- Silver: 100 oz
- 1 oz Gold: 10 oz
- 1/2 oz Gold: 5 oz minimum (roll)
- 1/10 oz Gold: 2 oz minimum (roll)
- 1 oz Platinum: 5 oz minimum

FWIW, the salesperson seemed to think in the next 18-24 months, silver will be in the mid $40s, gold will be at $2,400. Kind of a fast talker. Unless they offer discounts on shipping, it might be cheaper to go elsewhere.
 

superhero

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Their "live" prices are a few minutes behind the market so difficult to pin down exact premiums, but a few cents off is close enough right?

Gold Eagles and buffaloes: spot + $69.70
God Maples: spot + $51.40
Silver Eagles: spot + $2.69
Silver Maples: spot + $2.19

Re shipping. They deliver using USPS. Can't find anything on their site with regard to shipping rates. I originally contacted them because they have a CA address about 10 minutes from my office and was hoping to pick up without having to pay for shipping.
 

benjamen

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Their "live" prices are a few minutes behind the market so difficult to pin down exact premiums, but a few cents off is close enough right?

Gold Eagles and buffaloes: spot + $69.70
God Maples: spot + $51.40
Silver Eagles: spot + $2.69
Silver Maples: spot + $2.19

Re shipping. They deliver using USPS. Can't find anything on their site with regard to shipping rates. I originally contacted them because they have a CA address about 10 minutes from my office and was hoping to pick up without having to pay for shipping.
It looks like their silver prices are pretty good even at a 100 ounce minimum.

Their price versus minimum buy for gold is not that great. You are not forced to 10 ounces of gold at a time at Apmex and they have similar gold prices. I can even walk into most LCS and get similar deals (once you account for shipping).
$.02
 

mark.1

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I have heard about Monex precious metals and its looking quite interesting as they are offering metals for investing. As an investment product, gold, silver, platinum and palladium are available in coin or ingot form. Coins have a currency value or they are actually defined as ingots. I strongly prefer Gold or Silver investment as its prices are rising day by day so a person having gold is i think a rich man. He could hold this Gold & Silver and after some month sell it he will surely enjoy a huge Return on his this precious investment.
 
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