APMEX Statement On Current Market Conditions:

April 15, 2023 Update

It has been a little over a week since our last update.  During that time, APMEX has added 25% more resources to our fulfillment area.  A significant amount of this is our exempt office workforce now assisting in Operations, showing the kind of dedication to customer service that we take great pride in.  We are seeing overall progress in getting down the backlog, which sits at 3 days behind our standard best-in-class service commitment.  Unfortunately, we are not catching up as fast as we would like and must make some additional difficult decisions.

Effective today, we are going to $500 order minimum in an effort to slow down order volumes further.  I expect this will last 7 to 10 more days.  In an effort to be transparent, when we look at order volumes, our average daily orders for the last week for orders over $250 are actually up.  Customers are simply migrating to a larger order rather than not placing a purchase.  We appreciate the commitment of our customers to modify, while at the same time, we are not getting the relief needed to get back to traditional service levels.  With the new minimum and the addition of new hires, I fully expect it to be business normal in the near future.

 As I have said in previous updates, our business is at all-time highs for a 6 week period.  Order counts have more than doubled on a weekly basis.  We are used to market volatility, but not to these kinds of levels.  It is great to see the market realize the benefits of precious metals in their portfolio and believe increased demand is here to stay.  APMEX will continue to make substantial investments in people, processes, and systems to maintain our best-in-class reputation.

April 7, 2023 Update

Since our last update, markets have continued to drive demand to record volume. With this in mind, we have made the difficult decision to implement a $250 order minimum, which should allow us to maintain a delay of no more than 2-3 business days. Precious metals are doing exactly what they are meant to do, providing a safety valve in times of uncertainty. I am hopeful we will be able to return to business as usual in the near future. Thank you for choosing APMEX for your precious metal needs.

April 5, 2023 Update

APMEX is experiencing record volumes resulting in an extended two-day processing time which is reflected in the Estimated Ship Date on your order confirmation. As an Authorized Purchaser of the US Mint and one of the largest precious metals dealers in the industry, we continue sourcing inventory and remain proud of our current in-stock position. As a reminder, APMEX will only sell a product that is either in stock or our suppliers have confirmed is available and shipping. I cannot predict when we will return to normal processing times as we continue to experience incredible demand due to market conditions. Additionally, after working several weekends in a row, we owe it to our employees to allow them time to enjoy the Easter Holiday. Thank you for your patience and rest assured we will keep you informed as we continue to make progress.

Regards,

Ken Lewis
CEO, APMEX

Since opening our doors in 2000, APMEX remains one of the largest sources in the Precious Metals industry. Over the last two decades, we have sold more than $12 billion in Gold, Silver, and other Precious Metals in more than 60 countries around the world, serving over 1M customers in the process. We pride ourselves on providing the best overall experience including an intuitive website, information-rich app, fast shipping, and exceptional customer service. For additional information, visit APMEX.com or call (800) 375-9006.