Precious metals are incredibly popular right now and they have been for thousands of years. In fact, for millennia people have been trading silver and gold and these investments have maintained and grown value over time. There are also excellent hedges against inflation.
Monarch Precious Metals is an industry related company that operates in the precious metal space. But they aren’t a precious metals dealer, because instead they are a private refinery. They are a company that mints gold and silver rounds and bars. Each one of their products is professionally poured by hand, which is how precious metals were once minted in the past.
Do you need to know anything specific about the way this company does business? Are you trying to find out more about what they offer? Are you trying to determine if they are legit or not?
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Monarch Precious Metals Company Info
The company was founded in 2008, during a time when precious metals were growing in popularity due to the economic crash. The company’s main headquarters is located in Medford, Oregon. Daniel Anthony is the owner of the company, and Linda Kaylor is considered the principal business contact with the Better Business Bureau.
This organization sells gold and silver bars and Rounds. They do not sell American Eagle Gold coins or American Buffalo gold coins. In fact, they sell 1 g rounds made of gold and silver. Oddly enough, they failed to sell gold bars as well, but if you look on their website, you’ll see that they actually do sell silver bars. They also sell raw gold nuggets safely stored in glass files.
Monarch Precious Metals isn’t the company that provides precious metals IRA services. They do not even make precious metals that meet the required purity levels for an IRA account. And they have no interest in helping you with your account paperwork, so don’t even bother asking!
If you want to get started with a precious metals IRA, you need to choose a gold broker that specializes in opening these types of accounts. They will provide the top level experience that you’re looking for and help you with the paperwork, initiate or rollover, and also help make your investment purchases.
You should look for a company with full transparency and an excellent sales staff and customer service team.
Scam Alert? Is Monarch Precious Metals Considered a Scam?
For all intents and purposes, this company appears to be quite legitimate. They have an actual headquarters in the real world, and we’ve proven more than once that people have purchased precious metals from them successfully.
Nevertheless, there are red flags galore about this company as well.
Lack of transparency is a major red flag about Monarch Precious Metals. The only way to find out who’s in charge of the company is to do lots of research and route around on their BBB profile. Their customers have also said that it’s really hard to get into contact with the company via phone or email, because they aren’t very forthcoming about addressing concerns and their customer service is lacking.
Their lack of presence on third-party review websites like the BBB and BCA is also a red flag. Unfortunately, we’ve only ever discovered negative reviews about this company as well. On their website, you’ll find glowing testimonials, but we all know that companies can fake them quite easily.
As far as company reviews go, just reading them and looking at them presents a number of different red flags. Even though the Better Business Bureau gives them an excellent rating, the first red flag is their lack of being accredited with the organization. Next, a few customers chose to review the company on their website and none of those reviews are positive. In fact, their overall star rating is a 1 out of five stars, which is terrible to say the least.
Finding reliable reviews about this company is nearly impossible as well. The company doesn’t have a profile on the Business Consumer Alliance website and they lack a profile on review website Trustlink as well. As mentioned, it’s possible to read testimonials on their website, but finding objective third-party reviews is difficult at best.
The company failing to have reviews isn’t necessarily a major cause for alarm, but the negative BBB reviews are definitely concerning. We will now look at what previous customers had to say about this company on the BBB.
One previous reviewer mentioned that their grandfather recommended they do business with this company. They mention that their uncle and cousin had excellent experiences buying silver from this business in person. The reviewer gave their grandfather money to make a purchase on their behalf.
Even though they said their order was placed, after calling a week later they found out that the company didn’t place their order. There was a credit card issue. So, the customer fixed the issue and attempted to buy again.
They ended up experiencing the same exact issue. And according to the customer service rep, she said that it was impossible to fix the problem herself. The reviewer realized that the business just wasn’t willing to sell them the product, or maybe they were unwilling to admit that they didn’t have the product available to sell and created a phony credit card problem as a way to pass the buck.
The reviewer finished by saying that they felt like their credit card information wasn’t safe any longer, so they would closely monitor their account to make sure nothing untoward happened.
In a second review, the reviewer claimed that they were placing their very first order, but the order was really slowly processed. It took more than two weeks for them to actually receive an order confirmation. They called the phone number of the company and couldn’t get through so they left a message. They continued calling every day for three days straight, but it took more than a week for someone to call them back.
The customer eventually actually received the product they ordered. So, they decided to make an even bigger order the next time. Their order was ignored for three weeks before they finally received a response. And like the last time, they kept leaving message after message hoping somebody from the company would get back to them.
Eventually, the reviewer received an email from the company claiming that their check never made it in the mail. But the customer felt that they were being lied to and believed the company didn’t have their products so they made up the story.
In response, the company said that it’s common for the mail to lose checks. They’ve said the US Postal Service has lost many checks over the years. The company also claimed that none of the voicemails left for them were ever received.
No doubt about it that the US Postal Service can definitely lose a check in the mail, but the responses from the company make this theory questionable. It really doesn’t make much sense for a customer to lie about sending a company money. It’s also kind of senseless for a company to get so defensive about this particular accusation.
Monarch precious metals expressed an attitude that clearly shows that they do not care if their customers have negative experiences when doing business with them. And if they have so little care for their customers, this shouldn’t be very encouraging to you as an investor.
Monarch Precious Metals Pros
- Purchase precious metals directly from a refinery
- Low market price
Monarch Precious Metals Cons
- No Better Business Bureau accreditation
- Customer reviews are sorely lacking
- Customer reviews tend to skew extremely negative
This company is definitely legitimate, but for all intents and purposes, they do not seem to be the greatest business in the world. There are way too many red flags regarding this business online including terrible customer service, lack of transparency, and very little online presence.
Since finding positive reviews about Monarch Precious Metals is difficult, we cannot fully recommend doing business with them. There are so many other precious metals dealers on the Internet to choose from that have excellent reputations and work hard to solve customer complaints. They will give you a call back, respond when you send an email, and ultimately treat you with dignity and respect.
On the surface, it seems like Monarch Precious Metals have a great deal to offer. But after reviewing the facts that we can find about them; their terrible business practices seem like reason enough to avoid this organization like the plague.
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