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Thursday, July 17, 2008

A-Mark

This write up of A-Mark explains who A-Mark are and what they deal in and is well worth reading before you buy gold from their website www.amark.com.

in fact, before you buy gold from any gold dealer, it is always a wise move to find out all about them.

Who are A-Mark
Originally founded in 1965 by former chairman Steven Markoff, it was sold in 2005 to Greg Manning Auctions, Now the Escala Group Inc.

On June 11, 2008, the Board of Directors of Escala Group Inc appointed Thor Gjerdrum as Chief Financial Officer and Executive Vice President of the Company. Other officers are, Dennis Lautzenheiser Controller and Gregory N (Greg) Roberts, Chairman and CEO. Carol Meltzer is the Executive Vice President and Chief Administrative Officer.

A-Mark Precious Metals trades, markets, and finances rare coins, precious metals, and collectibles. A-Mark Precious Metals deals in gold, silver, platinum, and palladium coins, bars, wafers, and grain for central banks, manufacturers, jewelers, and individuals around the world. A-Mark Precious Metals distributes coins for government mints, including those of Australia, Canada, South Africa, and the US. Officers:

They are an official distributor for The Royal Canadian Mint, The South African Mint, The Australian Perth Mint and an Authorized Purchaser for the US Mint among others.

A-Mark are open Monday through Friday from 5:20 am to 5:00 pm, Pacific Time.

A-Mark Customer Service
To do any business with A-Mark one has to open an account with them. There is no form on site and you have to ring up on their phone number provided on site and provide verified identity information, similar to opening a bank account. This is all part of the "Know Your Customer" policy.

Opening an account is free and tends to speed up future transactions.

A-Mark does not offer an online ordering service and you have to call each time you want to place an order.

Shipping takes place the day after the funds are verified received by A-Mark. They ship using the Post office and so it can take from three to seven days for your order to arrive.

A-Mark Products
A-Mark supply the usual gold, silver and platinum coin and bullion coins and bars:
Gold Coins and Bars
American Eagle Gold Coins
Australian Kangaroo Gold Coins
Austrian Corona Gold Coins
Austrian Philharmonic Gold Coins
British Sovereign Gold Coins
Canadian Maple Leaf Gold Coins
Chinese Panda Gold Coin
French Rooster Gold Coins
Mexican Peso Gold Coins
South African Krugerrand Gold Coins
Johnson Matthey Gold Bars

Silver Coins and Bars
American Eagle Silver Coins
Australian Kookaburra Silver Coins
Canadian Maple Leaf Silver Coins
Chinese Panda Silver Coins
A-Mark Liberty Silver Rounds
Colorized Silver Eagle Coins
Colored Silver Canadian Maple Leaf Coins
90% Silver Bags [0.900 Fine Silver Coin Bag
40% Silver Coin Bags [0.400 Fine Silver Clad Bags]
Johnson Matthey Silver Bars
Engelhard Silver Bars

Platinum & Palladium Coins and Bars
American Eagle Platinum Coins
Australian Koala Platinum Coins
Canadian Maple Leaf Platinum Coins
Isle of Man Noble Platinum Coins
Johnson Matthey Platinum Bars
Engelhard Platinum Bars
There is a minimum order of 100 ounces of gold, 5000 ounces of silver and 50 ounces of platinum.

A-Mark Financing

A-Mark also offer financing through their subsidiary, Collateral Financing Corporation (CFC). This has been set up to enable precious metal financing for bullion investors.

According to Mike Lewis, President of CFC, “We’re now lending 75 percent of the value of PCGS-graded generic gold and vintage coins; 65 percent on certified modern coins; and 80 percent of metal value on certified bullion coins. "

The interest rate charged by CFC is the Prime Rate plus four percent, and loans can be made for a maximum term of one year.

Their web site is www.cfccoinloans.com which also contains the very extensive application form. They are based at the same address as A-Mark.

A-Mark Cost of Gold & Payment Options
A-Mark charge a commission for their sales.
A. Over $50,000 A. 0.25% (1/4%) of the transaction value
B. $25,001 - $50,000 B. 0.5% (1/2%) of the transaction value
C. $15,001 - $25,000 C. 1.0% of the transaction value
D. $1,000 - $15,000 D. 2.0% of the transaction value
When you ring up the silver and gold prices quoted over the phone are the prevailing prices at that moment. And may be different to the prices they have on their website due to changes in the market. The prices shown on our Web site may be a few minutes behind.

The Payment options include bank wire, cashiers or certified check, and cleared company or personal check, all considered good funds. For bank wire details you will have to call A-Mark directly but their bank is the Bank of America, 2049 Century Park East #300 Los Angeles, CA 90067

A-Mark Shipping
A-Mark charge for shipping and handling.
The basic charge is $25 handling plus:
A. Gold: $1 per ounce
B. Silver: $0.25 per ounce
C. Platinum: $1.25 per ounce
All precious metals are shipped by registered, insured mail through the U.S. Postal Service.

However, if any precious metals are lost or damaged in transit, it is considered by A-Mark that it is your responsibility to pursue any claim with the third party carrier. They state that you will only have recourse to the third party carrier and not to A-Mark, so you would be wise to ensure that you have sufficient insurance to cover that shipping.

If you live in the Los Angeles, California area you can pick up your order from the A-Mark Los Angeles depository (Brinks Special Services, 550 S. Hill St., Suite #805, Los Angeles, CA 90013) provided you give them at least two business days' notice. You will still be charged a $25 handling fee however. A-Mark do not provide a pickup service at their Santa Monica office.

A-Mark Returns and Refunds
A-Mark do not provide for a refund of goods delivered due to the volatility of the gold price or other precious metals. You CAN, however, sell your precious metal back to A-Mark at the prevailing prices and you will be charged a 25 dollar receiving fee for each package.

There is a heavier penalty if you wish to cancel an order and deposit paid prior to a locked in price. This is 50 dollars. Once the price has been locked in however, the order cannot be canceled but only offset at their then current price. Any deficit between the price at which A-Mark sold to you and the offsetting purchase price is considered your responsibility and is deducted from your deposit prior to our returning the deposit to you. This prevents people canceling when the price has dropped after they have committed to buy.

Last Word on A-Mark

Due to the minimum order levels, 100 ounces of gold is a lot of money in anyone’s terms, this is a market only for the very serious investor and more likely traders, dealers and companies.

Having said that. The prices are very reasonable and, provided one has somewhere to stash 100 ounces of gold, it is likely to be a very good long term investment.

Please feel free to leave your feedback on the quality of service and products of www.amark.com including any online complaints and special attention or service given by www.amark.com online if you have bought any gold coins or gold bullion from www.amark.com

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