Sprott Money Review – Your Trusted Insight into Precious Metals Investing
Is Sprott Money the right choice for your precious metals investment? Our straightforward sprott money review provides essential information on their trustworthiness, fees, and customer service. Learn what distinguishes Sprott Money in the competitive world of precious metals investing and see how it stands against its competitors—all without the fluff.
Key Takeaways
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Sprott Money is a trusted precious metals investment firm, offering a comprehensive range of services including gold, silver, and platinum products; secure storage; and educational resources.
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The company supports investment through self-directed IRAs and RRSPs, with secure storage options in multiple global locations, but has limitations on the selection of precious metals eligible for these accounts.
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While customer reviews are generally positive, noting Sprott Money’s customer service and competitive pricing, some criticisms have focused on issues with shipping, payments, and product quality.
About Sprott Money
Based in Canada, Sprott Money is a reputable dealer in precious metals and a trusted investment firm. It is known for its reliability and expertise in the industry. Founded by Eric Sprott and headquartered in Toronto, Sprott Money has made a significant impact in the precious metals sector since its establishment in 2007.
Offering a range of services, Sprott Money covers everything from storage and shipping to offering registered accounts like TFSA and RRSP. They also provide a department dedicated to large volume transactions. This broad spectrum of services, coupled with a wealth of educational resources via the Sprott Money blog, makes the company a reliable partner for both novice and experienced investors. Additionally, Sprott Asset Management plays a significant role in the financial industry, and their sprott money products are highly regarded.
Sprott Money has earned a reputation as a trusted name in the precious metals sector. Their focus on security and customer peace of mind has been a driving factor in their substantial growth since inception. With increasing interest in precious metals investing, we recommend Sprott Money for their commitment to excellence and customer satisfaction.
Leadership Team
The strength of its leadership significantly contributes to the success of any company. Sprott Money, under the helm of President Larisa Sprott and Chairman Eric Sprott, has witnessed remarkable growth since its founding.
Larisa Sprott, who has been serving as the President of Sprott Money since 2009, brings over 20 years of financial industry experience to the table along with a Master of Science degree. Her leadership has been instrumental in guiding the company’s strategic direction and overseeing its expansion.
Eric Sprott, the Chairman of Sprott Money Ltd, is a celebrated figure in the precious metals sector. His extensive investor experience has been invaluable in shaping the company’s offerings and maintaining its competitive edge.
Under Larisa Sprott’s dynamic leadership, the company has grown from a 2-person team to a team of over 20 employees, a testament to the leadership’s skills and the company’s commitment to delivering superior service to its clients.
Precious Metals Offerings
A diverse selection of precious metals, tailored to various investment preferences, is available at Sprott Money. These include:
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High-grade gold coins and bars produced by both government-owned and private mints
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Investment-grade gold bullion assured to be 99.5% pure or higher
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Competitive market pricing in the precious metals market
In addition to gold, Sprott Money provides an extensive range of silver investment options. These include coins legally tendered by governments, privately produced rounds with artistic designs, and bars suited for varying investment scales. Silver is recognized for its affordability and potential for higher return investment prospects, further enhancing its appeal to investors.
Numismatics, a sector dedicated to collecting coins, is also an area where Sprott Money is actively expanding its offerings. They showcase collectible coins with special value for collectors and investors alike.
At Sprott Money, we offer a variety of precious metals, including gold silver and platinum products, albeit with more limited availability for platinum.
IRA and RRSP Options
Registered accounts like Individual Retirement Accounts (IRAs) and Registered Retirement Savings Plans (RRSPs) serve as effective vehicles for investing in precious metals, offering significant tax benefits. Sprott Money has established partnerships with institutions like Questrade and New Direction Trust Company to facilitate holding precious metals in such accounts.
Clients can easily transfer existing registered accounts to Sprott Money from other financial institutions. This allows a smooth transition into precious metals investment through their self-directed precious metals IRAs and RRSPs.
For US citizens, Sprott Money provides a self-directed IRA that grants the autonomy to make their own investment choices for retirement savings. This includes the option to invest in precious metals through a reputable gold IRA company, while maintaining the tax advantages associated with IRAs.
However, the selection of coins and bars eligible for inclusion in RRSP accounts at Sprott Money is restricted. This includes only specific items like Maple Leaf gold and silver coins and larger government-approved bars, which may limit the investment options for clients.
Fees and Pricing Structure
For investors, gaining a clear understanding of an investment firm’s fee and pricing structure is crucial. Sprott Money offers a transparent pricing structure that includes sprott money fees such as:
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No commission for trades over $2000
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A flat rate of $20/trade for transactions under $2000
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Specific fees for the purchase and storage of precious metals in registered accounts.
Sprott Money accepts a range of payment methods, providing customers with convenient options for completing their transactions. Whether utilizing credit cards, bank transfers, or other forms of payment, customers can choose the method that best suits their needs.
Here are the payment methods accepted by Sprott Money:
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Credit cards: Orders under $500 can be locked in with a credit card, which is charged only if payment fails.
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Bank transfers: For orders over $500, credit card use is not accepted. Instead, they accept wire transfers.
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Bank drafts: Bank drafts are also accepted as a payment method.
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Personal checks: Customers can also pay with personal checks.
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Cryptocurrency: Sprott Money also accepts cryptocurrency payments.
When it comes to storage fees, Sprott Money offers competitive rates. They are known for their low storage fees for precious metals, which often compare favorably to the industry average.
Shipping and insurance costs for precious metals include an administrative fee plus a percentage of the metal value. However, these expenses can vary based on the order size, which some customers consider a disadvantage.
Storage and Security
One of the key considerations when investing in precious metals is the security of your investment. Sprott Money provides secure storage options in multiple global locations, including:
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Delaware, USA
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Toronto, Ontario
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Langley, British Columbia
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Singapore
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Switzerland
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Cayman Islands
This allows clients to choose a location that best suits their needs.
These storage facilities, operated by partners International Depository Services of Canada, Brinks, and Strategic Wealth Preservation (SWP), offer world-class security technology and infrastructure. Additionally, precious metals stored with Sprott Money come with comprehensive insurance coverage, securing against theft, loss, and damage. The policies are provided by reputable insurance firms.
At Sprott Money, each client’s precious metals are allocated to their account and physically segregated from those owned by Sprott Money and other clients. This ensures authentic personal ownership.
The company also offers a tiered storage rate system based on the value of the portfolio. These rates range from 0.65% to 0.35% in Canadian Dollars and include insurance costs.
Customer Reviews and Ratings
The performance of a company can be gauged effectively through customer reviews. Sprott Money has generally received positive feedback from customers, citing excellent customer service, quick responses to issues, and competitive pricing. In fact, sprott money reviews hold a 4.8-star rating on ShopperApproved based on 1,615 customer ratings and reviews.
However, like any company, Sprott Money has also received some criticism. Some customers have reported issues with shipping, including difficulties with being present for deliveries and not being able to select specific shipping methods. Complaints have also been raised about the order process and payment experiences, with some facing delays and ineffective communication channels.
Product quality has also been a point of contention for some customers. Instances of receiving items like scratched gold coins, lacking protective holders, or assay certifications have been reported. Despite these drawbacks, Sprott Money has still managed to earn a 3.7-star rating on Trustpilot, with specific praise for customer service.
Finder Canada acknowledges Sprott Money’s excellence in customer service and options, but notes drawbacks regarding undisclosed shipping fees and pickup restrictions. These reviews show that while Sprott Money is generally well-regarded, there are areas where they can improve to further enhance customer satisfaction.
Selling Your Precious Metals
For clients interested in selling their precious metals, Sprott Money, a reputable precious metals dealer, provides an accommodating option. They agree to buy back all precious metals they sell and will also purchase precious metals, even if they were not originally bought from them, making it easy for clients to purchase precious metals and later sell them back.
The buy-back price of precious metals at Sprott Money is influenced by:
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Current spot prices
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Overall market conditions
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The physical location of the metals
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Supply and demand dynamics
To formalize the deal, Sprott Money prepares a contractual agreement for the sale of bullion, which is emailed to the seller for agreement.
Once the agreement is in place, payment is processed within 3 to 5 business days for precious metals stored with Sprott Money. For metals shipped to Sprott Money, payment is issued within 10 business days once the bullion is received and verified.
However, it’s important to note that Sprott Money can choose to reject the purchase of metals based on factors such as inventory levels, market fluctuations, or if the products specifications do not meet their standards. As with any investment decision, sellers are advised to consult their financial advisors regarding tax implications of the sale, as Sprott Money does not report these transactions to tax authorities.
Pros and Cons of Investing with Sprott Money
A thorough assessment of pros and cons is imperative when contemplating an investment with Sprott Money. On the plus side, Sprott Money offers excellent customer service, including a virtual chat option and phone representatives. They also provide a blog and other resources designed to educate investors about precious metals.
High net worth clients receive competitive advantages such as:
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better USDCAD exchange rates
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tiered storage
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discounted shipping
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volume pricing
Additionally, all trades over $2000 are commission-free. Regardless of the size of your portfolio, Sprott Money caters to a diverse client base by assisting in the building of precious metals holdings.
However, the company has clearly stated limitations. They are not liable for losses or damages from transactions, and offer a limited selection of coins and bars for RRSP accounts. Despite these limitations, Sprott Money’s favorable reputation suggests a high regard for customer service and product quality.
Comparing Sprott Money to Competitors
A comparison between Sprott Money and competitors like APMEX reveals a number of parallels and distinctions. Both companies serve a global client base and offer a wide range of precious metals, including gold, silver, platinum, palladium, and rare coins.
Both companies have also capitalized on technology to enhance their investment solutions. APMEX offers an AutoInvest program, while Sprott Money has integrated blockchain into their offerings.
High net worth clients have access to special benefits at both companies, which maintain a positive reputation with the Better Business Bureau and provide superior customer service.
At Sprott Money, these benefits include:
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Better USD/CAD exchange rates
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Tiered storage rates
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Discounted shipping
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Volume pricing
At APMEX, high net worth clients receive a 4% discount for non-credit card payments.
While Sprott Money provides globally dispersed, segregated storage options, APMEX partners with Citadel for its secure storage services. Both companies are accredited by the BBB, highlighting a shared commitment to customer satisfaction and quality service.
Summary
In conclusion, Sprott Money is a reputable firm in the precious metals investment sector. With a strong leadership team, a comprehensive range of precious metals offerings, secure storage options, and a commitment to customer service, Sprott Money offers a solid platform for both novice and experienced investors. Despite facing some challenges, the company’s continuous efforts to improve its services reflect its commitment to its clients. Whether you are looking to buy, sell, or store precious metals, Sprott Money provides a reliable and trusted platform for your investment needs.
Frequently Asked Questions
Is Sprott money legit?
Yes, Sprott Money is considered a trusted and legitimate source for purchasing precious metals, and is known as “The Most Trusted Name in Precious Metals.”
Is gold money legit?
Yes, Goldmoney is legitimate with some negative reviews, specifically regarding delayed payments for selling gold through the online platform. Be cautious and do thorough research before considering using their services.
What precious metals does Sprott Money offer?
Sprott Money offers a variety of precious metals, including gold, silver, and platinum in the form of high-grade coins and bars. They also offer collectible coins.
What are the costs associated with investing in Sprott Money?
The costs associated with investing in Sprott Money include no commission for trades over $2000, competitive storage fees, variable premiums based on metal type and trade size, and additional costs for shipping and insurance.
How secure is my investment with Sprott Money?
Your investment with Sprott Money is secure due to their secure storage options and comprehensive insurance coverage against theft, loss, and damage.
