Welcome to my Sprott Money Review.
(UPDATED AUGUST 2023)
If you are wondering whether this company is legit or a scam, then you are in the right place to look for answers.
This Sprott Money Review is going to reveal all the crucial and vital information you need to learn about it.
Without any further ado, let's get started.
Sprott Money Review Quick Summary
Name: Sprott Money
Founder: Eric Sprott
Price: Varies depending on your investments
Rating: 4/5
More...
What is Sprott Money?
Sprott Money is an international, wholesale, institutional and retail dealer precious metals dealer based in Toronto, Canada.
It claims to provide clients the necessities to access and build their precious metal holdings for their investment portfolios, regardless of the size.
It was founded by Eric Sprott in 2008. The company offers products online, as well as over the phone.
Other than precious metals, Sprott Money offers precious metals IRA services to Canadians. Recently, it launched these services in the U.S.
Sprott Money Management
Sprott Money was founded by the billionaire investor and gold expert, Eric Sprott. He is a renowned Canadian investor and was voted in to the prestigious Order of Canada in 2013.
Furthermore, Eric is an expert in the gold and precious metals industry. In fact, he is the Chairman of Sprott Money Ltd. To add to his expertise, he made several amazingly accurate predictions, including the current financial crisis.
Also, he warned how dangerous excessive leverage is, including the bubbles that the Fed made. In 2008, the housing and financial markets suffered a huge collapse and Eric Sprott was also able to foresee this. These are just evidences of Sprott's extensive knowledge and expertise on the industry, making his reputation and capabilities shine.
A year after the creation of Sprott Money, Eric's daughter, Larisa Sprott, joined the company and become its president. She has over 20 years of experience in the finance industry.
Other people under the Sprott Money management are the following:
- Wioletta Traynor - Chief Financial Officer
- Andrew Sleigh - Sales Representative
- Jeri Russell - Sales Representative
- Sophia Bubas - West Coast Sales Representative
- Kellen Ainey - Sales Representative
- Irene Patin - Bilingual Sales Representative
- Kam Hesari - Sales Representative
- Brenda Holden - Sales Coordinator
- Jennifer Cryderman - Executive Assistant to Larisa Sprott
- Success Anuya - Senior Operations Associate
- Jason Lumley - Operations Associate
- Dimitri Dimitrov - Operations Associate
- Desean Thomas - Accounting Associate
- Jian Lan - Financial Analyst
- Ali Nassar - Product Manager
- Saad Memon - Assistant Product Manager
- James Mitsui - Digital Marketing Manager
- Vijay Dhankhar - Ecommerce Store Manager
- Aleksandra Frolova - Digital Marketing Coordinator
- Olivia Berlanguet - Digital Marketing Coordinator
- Kateryna Sampara - Content Marketing Coordinator
- Tatiana Sourkova - Senior Content Marketing Coordinator
Since Sprott Money literally listed all of the people behind the company, including its founders, it eliminates the question whether the gold company legit or a scam.
One of the most common indicators that a company is a scam is avoiding to provide information on the people behind it because it increases the chance of them being caught.
With this, Sprott Money is not a scam. But are its products and services worth it? We shall find out.
Sprott Money Products and Services
Sprott Money offers various kinds of precious metals and bullion including gold, silver, and palladium.
They come from in bars and coins. Its website has a product catalog that shows the complete list of products they offer. Moreover, they provide the prices of each product, which is very good and convenient for the investors and clients.
Sprott Money also offers collectibles such as high-value coins, superhero coins and even Star Wars coins!
There are also other services listed in Sprott Money's website such as the following.
Storage Services
Sprott Money offers storage services for its clients who wish to safely secure their precious metals investments in a storage facility. The gold company is partnered up with Brinks, International Depository Services (Canada) and Strategic Wealth Preservation for its storage services.
They currently have personal storage and business storage. The process is quite easy.
- Fill up an application form and choose your preferred storage location.
- Make two copies of your valid IDs.
- Submit the application form and the copies of your valid IDs.
- Once your application is approved, your precious metals will be transferred within 48 hours.
Moreover, Sprott Money offers free shipping for North American storage services. Its vault locations are in Langley, Canada, Toronto, Canada, and New Castle, USA.
Also, Sprott Money offers international storage in Singapore and Zurich, Switzerland. However, this will incur shipping fees.
Sprott Money's storage services are:
- Fully insured
- Has low storage fees
- Recognized and trusted
- Certified non-bank storage
- Segregated from others
- Has secure locations worldwide
For the storage fees, refer to the table below. Sprott Money calculates the storage fees based on the value of your holdings. So they get a percentage of your holdings for the storage fees.
Account Value | Storage Rate | Currency |
|---|---|---|
Up to $100,000 | 0.65% | CAD |
Up to $500,000 | 0.55% | CAD |
Up to $1,000,000 | 0.50% | CAD |
Up to $2,000,000 | 0.45% | CAD |
Up to $5,000,000 | 0.40% | CAD |
$5,000,000 and above | 0.35% | CAD |
TAKE NOTE: Sprott Money's storage fees has minimum values:
- Yearly minimum storage fee is $200 plus applicable taxes.
- Minimum monthly fee is $16.67 plus applicable taxes.
What does these mean? If your storage fee is below these fees indicated above, you will still pay for that amount.
For example, if your monthly fee is below $16.67, say, $10 by calculating based on your holdings, you will still need to pay $16.67 for the storage fee.
I believe that this is fair since Sprott Money does not require any minimum amount of precious metals for you to store with them.
Selling to the company
Sprott Money is also open to buying products from its clients. This is a great way for you to liquidate your precious metals. It buys investment grade precious metals (99.9% gold and silver).
The buy back prices are based on the current spot price and market conditions.
High-net Worth
Sprott Money takes care of high-value investors and offer them exclusive perks and precious metal services. If you are qualified, you will get the following benefits:
- A dedicated precious metals sales rep
- Tiered storage rates
- USD & CAD pricing
- Low exchange rate spreads
- Volume pricing on gold, silver and platinum
- Shipping discounts available
You will be able to be qualified for this service as long as you have any of these requirements:
- Earn an income of more than $200,000 yearly or a joint income of $300,000 in each of the last two years and must be able to maintain this income.
- Have a high net worth which exceeds $1 million, either individually or a joint with your spouse.
- If you are a general partner, executive officer, director or a related combination thereof for the issuer of a security being offered.
Wholesale Trading
Other than buying from and selling to Sprott Money, you can also wholesale trade with them. Select traders will be able to enjoy the following benefits from Sprott Money's wholesale trading service:
- Dedicated sales rep
- Daily premium updates
- USD and CAD Pricing
- Competitive industry rates
- Volume discounts
- Shipping discounts available
- Fast order turnaround
Investments
Sprott Money also offers self-directed investment services listed below. These accounts will allow you to make your own investment decisions while maintaining their tax benefits.
You can choose which precious metals you will invest in and you have the ability to diversify your investments too.
- RESP – Registered Education Savings Plan
- RRSPs – Registered Retirement Savings Plan
- LIF – Life Income Fund
- TFSA – Tax-Free Savings Account
- RIF – Retirement Income Fund
- LIRA -Locked-in Retirement Account
Sprott Money is partnered up with Questrade, a registered investment dealer with IIROC (Investment Industry Regulatory Organization of Canada), which assists clients in adding precious metals to their investments
How to buy from Sprott Money?
Buying from Sprott Money is pretty similar to other precious metal companies with e-commerce websites. First, you need to create and account and then you can access the gold company's product catalog. That is where you choose which products you want to buy.
Once you have determined the products you want, add them to your cart and then proceed to the checkout and choose your payment method.
Sprott Money ships all packages within 2 to 5 business days once the payment is cleared. Furthermore, delivery usually takes 1 to 10 business days from the shipment date.
Payment Methods
Sprott Money accepts various types of payment methods including the following:
- Bank Bill Payment
- Money Orders, Certified Cheques, Bank Drafts
- Personal/Business Cheques
- Credit Card
- E-Transfer
- Bank Wire
Take note that each payment method has their own number of days to be held once the payment is made. This affects the shipping time of your products. Moreover, each method has specific instructions so be sure to check them out in their website.
Shipping
Sprott Money uses FedEx, Purolator or Canada Post for Canadian orders. On the other hand, for U.S. orders, Sprott Money uses UPS or the United States Postal Service.
All packages are shipped discreetly and are all fully insured in case they are lost or damaged while in transit. Moreover, a signature is required the moment that these products are delivered to you.
How to invest with Sprott Money?
To get started with Sprott Money, you can either open an account online or give them a call. Personally, I recommend to open an online account since the process is easier and faster.
Sprott Money is partnered with Questrade, a registered investment dealer with IIROC.
This means that whenever you open a Sprott Money account, you must also create a Questrade account.
Afterwards, you must fund your account with Questrade, fill up an authorization form, then you can start buying precious metals.
Questrade charges a trade fee of $20 each product on orders that don't meet a minimum amount of $5,000 per product.
How to sell to Sprott Money?
Selling to Sprott Money is again, made easy with their smooth process. First and foremost, you have to give them a call and inform them that you are interested in selling your precious metals to them.
Then, they will quote your precious metals and will confirm the sale. If you are satisfied with the offered price, you will receive a confirmation email.
This email will contain a Wire Transfer Payment form that will ask if you want to receive your payment via Bank wire, which will incur $25 charge.
After that, it is time for you to ship your precious metals to them. You will be email with the instructions on how you can ship your precious metals to Sprott Money.
However, if your precious metals are in your storage account, you need to fill up the Storage Account Transaction Request form to give authorization to Sprott Money for the transfer. You will also be able to find this in the confirmation email.
Lastly, once the products are received and verified, your payment will be sent within 5 to 10 business days.
Does Sprott Money accept returns?
Sprott Money does not reveal any information regarding returns. Your best bet is to just sell back your precious metals to them.
But they do accept cancellations which will charge you $50 for the cancellation fee, plus additional fees for any market loss that occurred between the purchase and your cancellation.
Sprott Money Reviews and Ratings
One of the best ways to check out a precious metal company's legitimacy is to read its ratings and reviews online. That has always been an important factor here in Your Gold IRA Guide.
Below are the Sprott Money reviews and ratings that I found.
- Better Business Bureau (BBB) - A+ rating and BBB accredited, with 0 reviews
- Business Consumer Alliance (BCA) - AA rating based on 0 reviews
- Trustpilot - 3.7 out of 5 rating based on 1 review
Although on paper, Sprott Money looks good, with excellent services and an expert management team, it fell short on its online reviews and ratings.
If you are the type of investor who really value a gold company's review and ratings, then check out Goldco which has thousands of positive ratings and reviews.
Sprott Money Pros and Cons
Pros
Cons
Is Sprott Money A Scam?
Let me conclude this Sprott Money Review with my answer to this question.
Sprott Money is a legitimate company. It has good services and products. Moreover, it's management team is composed of professionals in the industry, especially its founder.
The company is rated A+ in BBB. However, the only downside is how it does not have enough ratings and reviews compared to other precious metal companies.
Believe it or not, ratings and reviews are crucial in making decisions on precious metal investments. If you want to check out my top recommendation, you can click the button at the bottom of this review.
Thank you so much for reading my Sprott Money Review. If you have any comments or questions, feel free to leave them in the comments section.