What is Sprott Money?
Sprott Money is a Canada-based precious metals dealer and investment firm. It was founded by Eric Sprott, a prominent figure in the resource investment sector. Sprott Money offers a range of products and services related to precious metals, including gold, silver, and platinum.
As a precious metals dealer, Sprott Money sells physical bullion products such as coins and bars to investors.
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They source their products from reputable mints and refineries, ensuring their authenticity and quality. These products can be purchased online or through their physical retail locations. Sprott Money also provides storage solutions for precious metals through its partnership with leading storage facilities. Investors have the option to securely store their precious metals in various locations around the world.
In addition to their bullion sales, Sprott Money offers investment advice and market insights. They publish regular commentary, analysis, and research reports on the precious metals market. Sprott Money claims to assist individuals and institutional investors in diversifying their portfolios and preserving wealth through the acquisition and ownership of physical precious metals.
Who is Eric Sprott? (The Man Behind Sprott Money)
Eric Sprott is a Canadian entrepreneur, investor, and philanthropist. He is best known for his involvement in the resource sector, particularly in the field of precious metals. Born on July 29, 1944, in Canada, Eric Sprott initially built his career in the investment industry.
He co-founded Sprott Securities (now Cormark Securities Inc.), a prominent Canadian investment firm, in 1981. The company provided brokerage services and investment banking for resource companies.
In the late 1990s, Sprott shifted his focus towards resource investments, particularly precious metals. He established Sprott Asset Management in 2000, a highly regarded investment management firm specializing in precious metals and natural resources. The firm manages a range of investment funds, including mutual funds, hedge funds, and exchange-traded funds (ETFs).
Eric Sprott is known for his bullish stance on precious metals and his belief in their role as a store of value and protection against economic uncertainty. He has been a vocal advocate for investing in gold and silver, often sharing his views through interviews, conferences, and his own publications. Beyond his involvement in the investment industry, Sprott is also actively involved in philanthropy.
He has made significant donations to various charitable causes and organizations, including healthcare, education, and cancer research. Eric Sprott’s contributions to the investment field and his influence on the resource sector have earned him recognition and respect among investors and industry professionals.
Apart from Sprott Money, he has also founded OneGold. It’s a subscription-based investing company which allows users to buy gold in small increments.
Additional People at Sprott Money:
Who is Larissa Sprott?
Larisa Sprott is a respected professional who has made notable contributions to the financial industry. With a Master of Science degree, Larisa joined Sprott Money in 2009, assuming the role of President. Her extensive experience spans over 20 years, during which she has worked at reputable firms such as Cormark Securities and Sprott Asset Management.
As President of Sprott Money, Larisa plays a crucial role in overseeing the company’s operations, strategy, and client services. Her leadership and expertise contribute to the firm’s mission of providing guidance, education, and exceptional client service in the realm of precious metals investments.
Larisa Sprott’s profound understanding of the financial landscape, coupled with her commitment to delivering superior service, allows her to assist clients in making informed investment decisions in precious metals. Her dedication to the industry and the success of Sprott Money make her a valuable asset to the organization.
Who is Wioletta Traynor?
Wioletta Traynor is the Chief Financial Officer of Sprott Money Ltd. She joined the company in 2012, bringing with her over 10 years of accounting experience in public accounting, finance, and the legal industry. As the CFO, Wioletta is responsible for overseeing and managing the day-to-day financial operations of Sprott Money.
Her main focus is to ensure the maximum efficiency and effectiveness of the company in achieving its objectives.
Wioletta plays a crucial role in driving the growth of the business by implementing new services and controls that contribute to the overall success of Sprott Money.
With her expertise in accounting and financial management, Wioletta plays a key role in maintaining the financial stability and integrity of the company. Her responsibilities include financial planning, budgeting, financial reporting, risk management, and compliance.
Who is Vijay Dhankhar?
Vijay Dhankhar is the Online Store Manager at Sprott Money Ltd. She joined the company in April 2020, bringing with her five years of experience in content creation for various industries such as finance, education, and pharmaceuticals.
In her role, Vijay is responsible for curating and delivering high-quality content on the Sprott Money website and other social media channels.
Who is Desean Thomas?
Desean is an important member of the Sprott Money team, bringing with him a diverse background and strong academic credentials. Originally from the Caribbean, he moved to Canada in 2010 to pursue his studies in business administration and accounting.
Desean’s dedication and hard work paid off as he successfully completed his Bachelor of Business Administration (BBA) degree with a major in accounting, earning honors, from Brock University in 2015.
Who is Sophia Bubas?
Sophia Bubas is a dedicated member of the Sprott Money team, serving as the West Coast Sales Representative. Originally from Vancouver, BC, Sophia joined Sprott Money to provide enhanced service to clients located on the West Coast of Canada.
Sophia’s journey with Sprott Money began as a sales assistant at Sprott Inc., where she gained valuable experience in the sales field. Over the course of her career, Sophia has amassed over 18 years of experience in sales and operational management, honing her expertise and skills in delivering exceptional customer service.
Who is Andrew Sleigh?
Andrew Sleigh is a highly experienced Sales Representative at Sprott Money, having joined the sales team at the end of 2021. With an impressive career spanning over 30 years in the financial sector, Andrew brings a wealth of expertise to his role.
Andrew’s professional journey began in 1991 as an Insurance Broker, where he quickly advanced to become a senior broker within a decade. In 2000, he took the entrepreneurial path and established his own company as an independent financial broker.
Over the past 21 years, Andrew has provided clients with a range of financial services, including strategic financial consultation and planning, investment products, group benefit planning, and life/disability insurance products.
Sprott Money Lawsuit: Sprott Money Ltd. vs. OHM (What Happened?)
In the past, Sprott Money, a bullion dealer, became involved in a legal dispute that took place in 2016. The company filed a case against Neal Cabot Ohm, and the specifics of the lawsuit were related to a 380 Personal Property matter. In 2017, the lawsuit was ultimately resolved through a settlement agreement, the details of which were not disclosed.
For further information on the lawsuit mentioned, you can refer to the case Sprott Money Ltd v. OHM, 1:16-cv-07566, on the website CourtListener.com. Additionally, it has come to attention that Sprott Money has received multiple complaints from both its customers and employees, although specific details and the nature of these complaints were not specified.
Our top companies have a clean background and aren’t involved in any kind of major legal dispute. You can check out the list here.
Can You Invest in A Sprott Money IRA?
Sprott Money does not offer IRA investment services. Sprott Money primarily focuses on providing a platform for purchasing and investing in precious metals such as gold, silver, and platinum.
The lack of gold IRA services is among the biggest drawbacks of this firm. With a gold IRA, you can invest in gold, silver and many other precious metals while enjoying several tax advantages.
An Individual Retirement Account (IRA) is a specific type of investment account that offers tax advantages for retirement savings. While Sprott Money specializes in the sale and distribution of precious metals, they do not facilitate or administer IRA accounts.
If you’re interested in opening a gold IRA, I recommend checking out our highest rated gold IRA provider. They have received multiple accolades for their transparency and customer-centric policies.
Alternatively, you can check out our top gold IRA providers as well.
Sprott Money Products:
Sprott Money offers a range of IRA-approved coins and bars, primarily focusing on gold and silver investments. While collectible coins are also part of their inventory, it’s worth noting that the availability of platinum options seems limited. Here are some examples of the IRA-approved options available from Sprott Money:
Gold:
- Gold Australian Kangaroo
- Gold American Eagle
- Gold Canadian Maple Leaf
- Gold Britannia
- Gold Austrian Philharmonic, and many more.
Silver:
- Silver Canadian Maple Leaf
- Silver Austrian Philharmonic
- Silver Canadian Antelope
- Silver Australian Koala
- Royal Canadian Mint Silver Bar, and many more.
Platinum:
- PAMP Gibraltar Platinum Coin
- American Eagle Platinum Coin
- Canadian Maple Leaf Platinum Coin
- PAMP Suisse Platinum Bar
- Platinum Kangaroo Coin, and many more.
Sprott Money Fees and Charges:
All fees are clearly stated in both Canadian and U.S. dollars for transparency and convenience. The following payment methods are accepted in Sprott Money:
- Certified check
- Cashier’s check
- Personal check
- Bank draft
- Money order
- Bank wire
- E-transfer
- Bill Payments (Accepted from BMO, RBC, Scotiabank, National Bank and several others)
Apart from this, there isn’t much information available on Sprott Money about the fees and charges.
This might be a bit problematic for many investors.
After all, many investors value transparency when it comes to fees. It helps them gauge the returns of particular investments and helps them figure out if it’s good enough for them or not.
However, the lack of any information about Sprott Money fees on their website makes it very challenging for investors to trust them. As a rule of thumb, you should only deal with companies that
Insurance Fees:
When shipping precious metals to clients, insurance rates are applicable. These rates apply to both Canadian and American clients and are outlined as follows:
- For gold: A flat rate of $15 along with 0.4% of the value of the gold.
- For silver: A flat rate of $30 along with 0.75% of the value of the silver.
- For platinum: A flat rate of $30, and insurance coverage is provided by SM Ltd.
- For a combination of gold, silver, and platinum: A flat rate of $30, 0.4% of the value of gold, and 0.75% of the value of silver.
- Platinum is covered by SM.
Sprott Money Reviews and Complaints:
Business Consumer Alliance (BCA):
On BCA, Sprott Money has neither star ratings nor customer reviews. There they have an AA company rating on the BCA website. In the context of BCA (Business Credit Advantage) ratings, the AA company rating signifies a high level of creditworthiness and financial stability. BCA ratings are assigned by Dun & Bradstreet (D&B), a leading provider of business data and insights.
The AA rating indicates that the company has a strong ability to meet its financial obligations and demonstrates a low risk of defaulting on its debts. It suggests that the company has a solid financial foundation, good payment history, and a favourable credit profile.
The BCA rating system uses a scale ranging from AAA to D. With AAA being the highest rating and D representing the lowest rating. An AA rating is considered a favourable assessment. This indicates that the company is reliable and has a relatively low risk of financial distress.
Better Business Bureau (BBB):
On the Better Business Bureau website, Sprott Money has an A+ rating, with no customer reviews. They have been in the industry for 15 years. This business is also BBB accredited on the Better Business Bureau website.
Trustpilot:
On the Trustpilot website, Sprott Money has 3.7 stars out of 5-star ratings based on customer reviews. There is only 1 customer review on the website. They are rated average on this website. The review given is in favor of the company.
ShopperApproved:
On ShopperApproved, Sprott Money has 4.8 stars out of 5-star ratings based on 1,615 customer ratings and reviews. Mostly all the customers highly appreciate the company’s exceptional customer service, professionalism, and expertise.
Are There Any Sprott Money Complaints? Should You Be Concerned?
While it’s not uncommon for businesses to receive customer complaints, Sprott Money has had some complaints registered with various consumer review platforms. These complaints cover a range of issues, including order fulfillment, shipping delays, customer service experiences, and product quality concerns.
Certainly, it can be a problem for investors because it doesn’t inspire trust.
If you are considering doing business with Sprott Money, it can be beneficial to review and consider the complaints. Along with positive reviews and testimonials, to form a balanced opinion. Pay attention to the nature of the complaints, their resolution (if available), and any patterns that may emerge.
Additionally, consider the company’s response to the complaints and its efforts to address customer concerns.
Here are Some Positive Reviews of the Company:
#1. Adonis expresses his confidence in Sprott Money as the best way to keep your sound money safe.
#2. AI M. expresses that the Sprott Money website is excellent, providing a wealth of information and demonstrating extensive knowledge. He also appreciates the simplicity of the ordering system.
#3. Grant N. shares that his experiences with Sprott Money have consistently been positive. He gives 5 stars to their customer service.
#4. R.T.A. expresses satisfaction with Sprott Money, mentioning that they received their order promptly and found the best online pricing available.
#5. Richard N. appreciates the convenience of being able to order online from Sprott Money if his usual representative, Jeri Russel is with him. She is very helpful.
Some Negative Customer Reviews From Various Online Business Rating Websites:
#1. Mr. S. shares his experience of attempting to make a purchase on his mobile device using the latest Brave Browser and VPN. However, he encountered an issue where he was unable to enter his credit card details in the designated boxes. Despite trying for several minutes, he was unable to proceed with the transaction. Frustrated and disappointed, he eventually switched to his laptop. It also had the latest Brave Browser and VPN, to successfully complete the transaction.
#2. Matthew W. expresses his dissatisfaction with the company’s customer service. He specifically mentions the issue with the credit card purchase system being out of service for the entire year of 2022. Which he finds unacceptable and in need of a resolution. Additionally, he had experienced issues in the past with the customer service team not following up with him.
#3. Tina N. shares her experience of making two purchases with Sprott Money.
She encountered difficulties when attempting to use her credit card as a payment method. As it did not work and displayed an error message indicating an issue on the company’s end. She found it inconvenient that only e-transfer was available as an alternative.
Tina raises a valid point regarding the offering of credit cards as an option if it consistently fails to process the transaction.
She also finds it strange that while the deposit/hold on her credit card went through, the actual charge did not. She concludes that this situation is inconvenient and misleading.
Some more negative reviews:
#1. Louis N. expresses her disappointment with Sprott Money’s customer service. She explains that she contacted them about two months ago regarding damaged coins she received, but never received a reply. This lack of response has left her feeling very disappointed.
#2. Earla H. shares her experience of attempting to check out Sprott Money’s website using Chrome. She mentions that she tried about eight times but was unsuccessful.
However, when she switched to using Microsoft Edge, the checkout process worked. She suggests that others should be aware of this issue and recommends caution.
Earla mentions that she wasted approximately half an hour dealing with this problem. She notes that while this was her first time purchasing from Sprott.
She has previously bought silver from other dealers without any issues.
Is Sprott Money Legit? Should You Invest With Them?
No. I don’t think you should invest with them.
Pros:
- Globally-renowned leadership
- A+ rating on BBB
Cons:
- No gold IRA services
- Mixed reviews
While it’s true that Sprott Money is a legitimate company, it has a lot of issues as well.
Furthermore, there are better alternatives to them available where you can get better services.
The company has received numerous complaints for poor customer service and shipping delays. Many of their reviews allege that the company doesn’t give proper attention to their customers’ orders.
Moreover, they have received complaints for ignoring their customers’ feedback. Certainly, these are major issues that you shouldn’t ignore.
So, while I would say Sprott Money is a precious metals dealer, they are certainly not the best.
To learn about the best, I recommend checking out my top gold IRA recommendations.
Have you dealt with this company? How was your experience? Let us know in the comments!
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