An In Depth Review of Sprott Money
Sprott Money is a privately held Canadian based online precious metals dealer offering gold, silver and platinum bullion. The company is owned and operated by Eric Sprott; an avid precious metals investor and billionaire. A majority of their product offering consists of coins and bars though they do stock a limited selection of silver rounds. The company is fully BBB accredited with an A rating and have been in business since February of 2008.
Sprott Money has a team of professional customer service representatives who can be reached via telephone at 1-888-861-0775 Mon-Thur 8AM-6PM and Friday 8AM-5PM. They also offer email support, and you are able to place orders online through their website; SprottMoney.com 24/7.
Sprott Money Pricing
Being a Canadian based bullion dealer, Sprott seems to have a large offering of Royal Canadian Mint products while they do still stock other popular items like the Silver American Eagle, numerous Suisse Gold Bars and other foreign coins. SprottMoney.com seems to have average prices on both gold & silver bullion coins and bars. At the time of this posting, their gold maple leaf coins were listed as low as $34 USD over spot, while their silver maple leafs were listed as low as $2.50 over spot.
Secure Storage Available
If you don’t want to worry about storing and insuring your metals at home, Sprott also offers a secure storage program with vaults located in Canada as well as the USA. If you choose to store your metals in Canada, they will be held at a secure Brinks Canada facility while US clients are offered secure storage in Wilmington, Delaware.
Sprott Money’s Shipping & Insurance Rates
Sprott ships to countries in North America, including the US and Canada though secure storage options may be available for those living outside these areas. When shipping to your residential or business address, they send out all of their packages discreetly & they are also fully insured. For orders going to Canada, they use either FedEx or Canada Post while US orders are sent either USPS or UPS with tracking included.
Payment Methods Accepted by Sprott Money
Sprott Money accepts a few different payment options which include bank wire, check, and money orders. There are a few pros and cons to each option and the clearing times do vary depending on the method you choose. Below we will differentiate between each option.
- Money Orders – You can choose to pay via money order if your order is under $10,000. When using this option your payment is held to for up to 5 business days to ensure good funds.
- Bank Wire – Because bank wire transfers are pretty much instant, this method doesn’t require a clearing period and is the fastest way to pay for an order. There is however a $2,000 minimum for bank wires.
- Certified & Cashiers Checks – Like money orders, certified checks and cashiers checks are held for up to 5 days and are accepted for orders under $10k.
- Personal Check – Out of all payment options, personal checks take the longest to clear at 10 days. They may also be used for orders under $10k
SprottMoney.com Sell To Us Program
Sprott Money guarantees that they will buy back precious metals purchased through them. Currently their sell to us program offers fair prices on .999 silver and .9999 pure investment grade gold bullion. Their buy back prices are generally right around spot price and are calculated as a percentage.
Sprott Money Complaints & BBB Review
Sprott Money AKA Sprott Money Ltd. have been fully accredited with the BBB since July of 2011 and have maintained an A rating. Since 2011 they have only had 1 complaint with the BBB which is pretty much unheard of in the precious metal retail industry. Even with this one issue, the BBB found that Sprott made a good-faith effort to resolve it.