[expand title=”How do I research a gold and silver dealer before I do business with them?”]

First, one should determine the industry credentials of the dealer:

–  Are they a member of ICTA?  (The Industry Council for Tangible Assets – this is our industry legislative and ethics organization.)

–  Are they an Accredited Better Business Bureau organization?  Know that we pay a significant amount of money for the BBB to “check us out” and of course list us where any client can file a complaint.

–  How long have they been in business?

–  Are they willing to provide credible client references?  If they offer two references, ask for four!

–  Don’t be afraid to ask for a bank reference.  You are welcome to speak with our Bank of America Business Manager, as we have done our banking with them since incorporation!

[/expand]

 

[expand title=”Have they had any litigation against them?”]

Do an internet search on any firm or dealer you are considering doing business with – Google will help you find customer complaints and blogs. The BBB can also be a good resource to identify significant customer issues and offenses.

At the end of the day, make sure your dealer has been in business for many years and has a reputation that is as clean as a whistle.

[/expand]

 

[expand title=”Do they hold the appropriate state and county licenses?”]

The licensing for precious metals is not a straightforward set of requirements, as it varies by state and county.  Fisher Precious Metals is registered with the State of Florida as an S-Corporation with a state Second Hand Dealer license (this license allows us to buy your gold and silver items, such as unwanted jewelry and flatware.)  There is no actual state license for gold and silver bullion dealers in the state of Florida.

In Broward County we also hold a Secondhand Dealer/Gold and Silver license that is required for us to buy back your gold and silver scrap items.  In the City of Deerfield beach we hold a Business Tax License for our corporation.

While the precious metals business is still primarily unregulated, a dealer that is on the up and up will hold the appropriate license required by their state, county and city in which they operate their business.

[/expand]

 

[expand title=”Are they fully insured, and with what carriers?”]

Fisher Precious Metals carries a block policy with a subsidiary of Lloyd’s of London that covers all precious metals, jewelry, diamonds and fine watches.    For all precious metals shipped to you, your parcels are FULLY (check fully versus partially) insured for complete value with FedEx, UPS and USPS with an adult signature required.

[/expand]

 

[expand title=”Does the precious metals firm require a minimum investment?”]

Fisher Precious Metals does not require a minimum investment, although we may require that you wire us funds for your initial purchase if over a specific amount.  At the end of the day, we personally purchased small amounts twenty years ago when we began as investors.  We are committed to serving both the small and large investor.

[/expand]

 

[expand title=”What do they recommend as a % of assets to be invested in precious metals?”]

Quality financial advisers and investment brokers will tell you that a diversified portfolio is your best bet for a long term growth strategy, and that a diverse portfolio could include some precious metals. However, most brokers recommend that the percentage of precious metals in your retirement fund should be around 5-20% depending on your tolerance for risk.

Scam dealers use scare tactics and lie to their customers, telling them that precious metals are the only investment worth making. If a dealer is recommending an inordinately high percentage of your portfolio to be invested in precious metals you can rest assured that THEIR best interest takes top priority and not yours!

[/expand]

 

[expand title=”Can you talk with the owner if desired?”]

Most of the industry dealers operate from a call center.  You will typically be assigned a fully commissioned sales person.  Their primary motivation is maximizing their commission percentage.   If you face problems they might escalate you to a mid-level call center manager.  At the end of the day you are unable to talk to the President or the executive team.

At Fisher Precious Metals we commit to you speaking to John Fisher our President within 24 hours if desired.  We do not operate from a call center, nor do we retain fully commissioned salespeople.

[/expand]

 

[expand title=”How do they handle and communicate the order and delivery process?”]

Ask the dealer what you can expect when it comes to your order being explained, confirmed and delivered.  Also question them as to what delivery methods they use, the cost of delivery and how they handle missing and/or damaged shipments.

Fisher Precious Metals has a committed “Seven Step Client Satisfaction Process” in which we communicate every step of the order and delivery process (in addition to advising you as to what the best value metals are to buy for your personal financial situation.)

[/expand]

 

[expand title=”What products do they specialize in?”]

You need to know if a dealer (especially call center operations) have a focus on specific types of metals.  Rest assured that you will be strongly influenced and guided to purchase the type of metals on which they focus.  Also, be forewarned that their are many strong arm tactics and “bait and switch” approaches used to move you from buying bullion to purchasing high margin (read high commission) numismatic coins.

Fisher Precious Metals specializes in easily authenticated, highly liquid, low cost bullion products.  We will provide authentic numismatics for the collector or the speculator.   You will never be pressured to buy any item that does not suit your interest or investment needs.

[/expand]

 

[expand title=”Do they sell leveraged gold and silver products?”]

The majority of leveraged gold and silver dealers have been shut down by various states, but there are still a few that remain under different business models.  Leveraged gold/silver dealers will sell you precious metals “on margin”.

In one of these accounts, the dealer lends you money to buy gold, on the assumption that gold will go up faster than the rate of interest on the loan. In other words, if you call with $5K, they’ll give you another $20K in credit to make a $25K total purchase of gold bullion.

The sales pitch is that since we all know gold is going up, you might as well maximize your returns by leveraging up. What they don’t often mention is what happens if gold goes through a correction. You’ll likely be asked to send in more cash for a “margin call.” If you don’t, they’ll sell your gold for a substantial loss.

Unfortunately, the leverage rip-off doesn’t end with margin calls. Expect to pay commission on the entire value of the purchase. If you have to pay 3% commission on the whole $25K, that’s actually 15% of the $5K you invested.  Then, there is interest on the $20K loan, which may run you 8% per year, adding an additional $1,600 in the first year of holding. With the commissions, this amounts to a staggering 47% of your original $5K investment!  Tack on leasing fees, transaction fees, administration fees, storage fees, delivery fees… with many of these accounts, it is nearly impossible to come out ahead.

Run and run fast!

[/expand]

 

[expand title=”Do they have a product guarantee?”] If a dealer is not willing to guarantee all products they sell for purity and authenticity do NOT buy from them!

Please see our Authenticity Guarantee page, where we outline all of the counterfeit protection and prevention measure we have in place to protect our clients.

[/expand]

 

[expand title=”How do they test the items they purchase to make sure everything is legitimate?”]

Counterfeits are increasing in both quantity and quality.  We have invested in the best digital authentication equipment available and are also a Bullion DNA Dealer for the Royal Canadian Mint.  In addition, we purchase items through the largest and most reputable wholesalers in the world.  Read exactly how we protect you with our Bullion Authentication practices.

[/expand]

 

[expand title=”Will they lock in at a premium amount over the spot price on the phone and commit not to increase the premium/mark up?”]

Some dealers will exploit the potential benefit of trying to sneakily increase the premiums they charge in order to make a couple extra bucks. They will give you a generic “about $50 over spot on that gold coin” answer on the phone and you then arrive at the office to pick up your gold and the premium has mysteriously risen to $63 over spot.

Because we operate on a volume basis, it is in our interest to cultivate solid business relationships with as many clients as possible. Having satisfied return clients is our main goal. We are committed to integrity in all areas of our business and pricing is no exception. Fisher Precious Metals will lock in the premium amount over the spot price with you and we commit to that specific dollar amount. You can rest assured that no matter what the spot price moves to when confirming the transaction, you will only pay the premium amount over the spot price that we originally quoted you on the phone.

[/expand]

 

[expand title=”How much does their company make on transactions or mark up the products they sell? “]

The bullion business is a very low margin, high volume business. Margins should range from 1% on the largest trades to 4% on the smallest trades. Numismatic coins on the other hand retain a margin of 20% to 75% or more, depending on demand, availability and buyer motivation. Now you clearly see why many dealer try to push their clients in to rare and numismatic coins for the wrong reason – their profit margin!

[/expand]

 

[expand title=”Does their pricing include shipping and insurance or is it an additional cost?”]

As you may have already found, comparing dealer pricing is a difficult task. The reason being, is that many dealers structure their price quotes differently, and are not always transparent as to what the complete cost is to the client. Those dealers have one objective – and that is to quote you a “lower than most price” on an item(s) to “get the deal” and then make up their margin difference on shipping and insurance costs.

At the end of the day you need their “all in price”. Some dealers include shipping, some don’t. Some charge for insurance, some don’t. Require that they provide you an exact TOTAL cost at the point in which you lock in at a specific spot price.

[/expand]

 

[expand title=”Is my gold and silver fully insured while in transit?”]

Believe it or not, there are some dealers that will not insure their shipments or only partially insure the value of the metals they are shipping. With Fisher Precious Metals you can rest assured that ALL items are FULLY insured at declared market value while in transit. Once you sign for the items from the carrier they are no longer under our insurance policy and become your responsibility.

[/expand]

 

[expand title=”How soon after a deal is consummated will you receive your items?”]

All dealers have to wait until your funds clear before shipping your items. Request that the dealer clearly state and commit to when they will ship your metals upon funds being cleared. Fisher Precious Metals ships items within 24 hours of clearing funds.

Please note that “collected funds” are different than “cleared funds”. When a dealer cashes your check your bank will note that the funds have been “collected”. That does NOT mean that the dealer has received your money. Only when your funds are “cleared” (usually a few days later, but the time frame depends upon your bank) is the dealer assured that they have received full funds.

Also make sure the dealer clarifies if items are back-ordered and how long they will take to ship (by item type.) Sometimes the wholesale distributors will have items on back-order in times of heavy demand. Fisher Precious Metals has superb relationships with our market makers and are typically able to fulfill immediately upon the wholesaler gaining initial back-ordered inventory.
[/expand]

 

[expand title=”How are their packages wrapped for shipping?”]

This might seem like an odd question, but some dealers clearly print their logo and “gold and silver” or “precious metals” on their packaging and correspondence. It is important for dealers to honor and protect the privacy of their clients.

We insure that all of our packages are wrapped in non-descript packaging such as tightly packed corrugated boxes, so as to give no indication of the package contents. In addition, any correspondence from Fisher Precious Metals has a non-descript revision of our logo that in no way indicates any reference to precious metals. The USPS, UPS, and FedEx driver will never know that you are in receipt of precious metals.

[/expand]