The silver market continues to be a sight to behold, with prices exceeding $115 today, a fourfold increase since just one year ago!
Volatility is increasing, and upward momentum in both gold and silver remains strong. Retail demand in the United States has been increasing dramatically in recent weeks.
Money Metals continues to staff up while expanding operating hours to handle these record-level volumes — on both the buy and sell side. As of today, we’ve hired 65 employees since just before Christmas to handle the nearly overwhelming activity in all areas of our operation.
Money Metals inventory position remains exceptionally strong – even as most of our competitors are out of stock or quote long minting delays on many (if not most) silver products.
That said, we still have multi-day processing delays with respect to our shipping, receiving, and depository — these delays are communicated over the phone and in various places on the website so that there are no surprises.
All orders placed are securely locked in and unchangable — so no worries there.
We remain confident we can maintain reasonable service levels – especially in comparison to the operational struggles we see building across our industry.
The continuously high phone volume has been challenging to manage and wait times are common; this is why we continue to encourage folks to use our highly efficient and intuitive wewbsite to buy, sell, and/or store their metals. That said, we have a large team of skilled and helpful staff answering thousands of phone calls a day, and we will get to you if you stay in the queue.
Meanwhile, Money Metals has not followed other dealers in cracking down on small customers by imposing order minimums and/or jacking up order sizes required to receive free shipping.
There is no guarantee we will not be forced to take steps of some kind eventually, depending on market conditions. This would be a last resort, however, given how much we value smaller customers generally… as well as first-time precious metals investors.
Thank you for your business, your patience, and your trust! We will not let you down.
Stefan Gleason, Money Metals CEO
