Monex Review: Is This Company a Good Fit For Your Gold IRA?

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Monex
  • Editor Rating

  • Rated 4 stars
  • Excellent
  • 0/5 Avg. User Rating

  • Rated 0 stars
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  • Quality
    Editor: 70%
  • Customer Support
    Editor: 75%
  • Pricing & Fees
    Editor: 60%

Monex Review Summary:

Monex is an established precious metals dealer specializing in gold, silver, platinum, and palladium bullion bars and coins, with an industry presence of more than 4 decades. It was founded back in 1987 by Louis Carabini – an investor who has been involved in precious metals since he founded his first company in 1967, the Pacific Coast Gold Exchange. Monex has stated that about 80% of its business comes from repeat clients, and that one-quarter of its business is referred by existing customers. For secure vault storage, Monex has partnered with Brinks International. However, the company does not mention which IRA custodians are preferred partners. The inventory consists of a wide range of platinum, gold, silver, and palladium coins and bars in various available weights.

Disclosure: Our content does not constitute financial advice. Speak to your financial advisor. We may earn money from companies reviewed.  Learn more

Pros

  • Great ratings on BBB, TrustLink, and Trustpilot
  • The preferred vault facility is the world-renowned Brinks International
  • Segregated or non-segregated storage options
  • The company's website offers an extensive library of educational videos

Cons

  • There is no mention of which preferred partnerships with IRA custodians to provide custodial services to new customers

Company Info & Background

Monex is a precious metals investment company, and Gold IRA company that is headquartered in Newport Beach, California. It was founded in 1973 by Louis E. Carabini.

The company’s inventory consists of an array of gold, silver, platinum, and palladium coins and bullion bars. Many of the available products are to be held in a Precious Metals IRA including the Gold American Buffalo, Gold American Eagle, Gold Canadian Maple Leaf, Silver Vienna Philharmonic, Platinum American Eagle, and Palladium Canadian Maple Leaf to name a few.

In addition, Monex has an extensive video library providing educational resources pertaining to precious metals and investing. Moreover, there is a comprehensive Precious Metals News section on the Monex website with topical articles updated on a weekly basis.

Monex Ratings and Complaints

Below we offer a diverse selection of ratings, and complaints that you can read on Monex from trusted consumer reporting and rating agencies sites. Simply click on the links provided to study the reviews in greater detail.

BBB Rating: A+ (Details)

BBB Complaints: 0 complaints in the last 3 years (Details)

BCA: A (Details)

BCA Complaints: 0 complaints in the last 3 years (Details)

TrustLink: ⭐️⭐️⭐️⭐️ based on 40 reviews (Details)

Trustpilot: ⭐️⭐️⭐️⭐️⭐️ 4.9 out of 5 based on 2,299 (Details)

Facebook: 2,547 “Likes”  (Details)

Source: Monex Website

Monex Management Team

The Carabini family had already started operating the business that would become Monex Deposit Company back in 1973, 14 years before it was officially incorporated in 1987.

Today, the company is still managed extensively by three generations of the Carabini family – founder Louis, his son Micheal, and his granddaughter Christina. More than one-fifth of the company's employees have been with the business for a decade or more.

Monex Custodian and Storage 

With regards to any partnerships that Monex has with IRA custodians, the company’s website indicates that the choice of custodian is left to the discretion of the customer.

A knowledgeable Account Representative will help you open your precious metals IRA with the independent, third-party IRA Trustee/Custodian of your choice. Upon establishing and funding your Monex IRA account, we will assist you in placing your order for the number of bullion bars or coins you desire. Monex will then deliver your metals to the storage depository used by your IRA Custodian. Should you later decide to realize the value of your investment by taking advantage of our two-way, buy/sell market, call us to process your sell order. Together with IRA administrators, we will process payment to your Trustee/Custodian and arrange the delivery of your metal back to Monex.”

That said, Monex does appear to have a preferred partnership with Brinks International. The Brinks website says the following with regards to its state-of-the-art facilities and storage of precious metals:

Our vaulting facilities provide you with state‑of‑the‑art precious metals storage services including primary dedicated pick‑and‑pack and storage operations across the globe.”

Source: Monex Website

Monex Products

Before buying anything, understand the difference between the different types of IRA-eligible coins out there (e.g. bullion, proof, uncirculated, etc are NOT the same). 

The Monex catalog of investment products consists of a wide variety of gold, silver, palladium, and platinum coins and bars. Several of the most popular bullion products eligible to be held in an IRA are present in the inventory. 

The company’s website conveniently provides updated pricing for each product, dependent on current precious metals spot prices. Examples of available products from the catalog include the Gold American Eagle, Gold Canadian Maple Leaf, Silver Austrian Philharmonic, Silver Canadian Maple Leaf, Platinum American Eagle, and the Palladium Canadian Maple Leaf, just to cite a few options.

Monex IRA-Eligible Gold

Examples of IRA-eligible coins from the catalog include:

  • Gold American Eagle
  • American Buffalo
  • Canadian Gold Maple Leaf
  • Gold Austrian Philharmonic

Additionally, gold bars are also available in the Monex inventory.

  • Credit Suisse 10-ounce bar
  • Credit Suisse 1 kg bar

Monex IRA-Eligible Silver

Examples of IRA-eligible coins include:

  • Silver American Eagle
  • Silver Canadian Maple Leaf
  • Silver Austrian Philharmonic

Two silver bars are in the catalog:

  • 1000-ounce silver bar
  • 100-ounce silver bar

Monex IRA-Eligible Platinum

There are two IRA-approved coins and one platinum bar in the inventory:

  • Platinum Canadian Maple Leaf
  • Platinum American Eagle
  • 10-ounce platinum bar

Monex IRA-Eligible Palladium

One IRA-approved palladium coin and bar are available:

  • Palladium Canadian Maple Leaf
  • 10-ounce palladium bar

Monex Pricing

The below chart highlights the spot price for gold and the markup price for various gold coins in the Monex inventory as of March 16, 2022.

Gold CoinSpot PriceMonex Standard Price
1 oz American Gold Eagles$1,917.00$2,017.20
1 oz American Gold Buffaloes$1,917.00$2,018.30
1 oz Austrian Gold Philharmonics$1,917.00$2,008.40
1 oz Canadian Gold Maple Leafs$1,917.00$2,005.90

Other available precious metals products in the company’s catalog with current markup prices are below.

Silver (Spot Price – $25.11/Ounce)

  • Silver Canadian Maple Leaf – $30.61
  • Silver American Eagle – $33.60
  • Silver Austrian Philharmonic – $29.64

Platinum (Spot Price – $1,030/Ounce)

  • Platinum American Eagle – $1,139.10
  • Platinum Canadian Maple Leaf – $1,128.80

Palladium (Spot Price – $2,480.10/Ounce)

  • Palladium Canadian Maple Leaf – $2,480.10
Source: Monex Website

Monex Educational Video Library

Monex has an extensive educational video library covering a plethora of topics containing literally hundreds of videos. This is certainly unique amongst Gold IRA companies, and not typically offered on company websites. 

The videos are updated regularly and contain topical material on a variety of subjects. For instance, recent videos uploaded to the library cover the Russian invasion of Ukraine and its effect on precious metals and Russia’s future on the world stage, inflation, government spending and the Biden Administration’s stimulus package, and the Federal Reserve.

Source: Monex Website

A Better Future with Precious Metals Report

In addition to the specific gold, platinum, silver, and palladium investment guides on offer, customers can also request a report written exclusively for Monex by CPM group Managing Partner, Jeffrey Christian. 

Christian authored the seminal 2006 book on investing in commodities – Commodities Rising: The Reality Behind the Hype and How To Really Profit in the Commodities Market.

Source: Monex Website

Monex Precious Metals News

In addition to the comprehensive educational video library on Monex’s website, it also provides a weekly updated section dedicated to precious metals news.

Another unique feature is that each article is actually an excerpt of recently published articles from third-party reputable media outlets such as Reuters, Barron’s.com, The Street.com, and streetwisejournal.com, just to cite a few recent posts.

Source: Monex Website

Key Pages From the Monex Website

  • Online Catalog of Products
  • Monex Precious Metals IRA – this page explains the benefits and process of opening an IRA account with Monex. The company is partnered with various IRA custodians and therefore recommends their clients to an IRA firm based on their investment needs and goals.
  • Video Library – Contains a library of videos designed to highlight the advantages of investing in precious metals – mostly news stories and statements from/interviews with commentators and authors.
  • How to Buy – Walks you through the process of ordering, receiving, and storing precious metals purchased from Monex.
  • Contact – Online form to directly contact an Account Representative.

Monex Review Conclusion: Is This Service Worth It?

Overall, Monex appears to be driven by the objective to educate the public as much as possible about all aspects of investing in precious metals. 

Additionally, it provides an abundance of information on its website pertaining to a Precious Metals IRA including what it is, how to rollover an IRA, eligible bullion that can be held in this type of retirement account, and outlining the IRS regulations dictating Precious Metals IRAs.

However, the company does not list any apparent partnerships with IRA custodians, instead, leaving that to the customer's discretion. That being said, Monex does stipulate on its website that an Account Representative will assist new clients with establishing an IRA with “one of several recommended Trustee/Custodians”.

A quick glance at the star ratings and negative reviews about this company and others should be a reminder for every investor to choose their precious metals dealers and IRA custodians carefully. Why take the risk of putting your hard-earned retirement savings at risk, and why pay more for storage and administrative fees than necessary?

Monex Contact Information

  • Address: 4910 Birch Street, Newport Beach, CA 92660-2113
  • Phone: 800-444-8317
  • Email: info@monex.com
  • Website: www.monex.com

Review All IRA Options Before Investing

We recommend that you contact at least 2-3 different companies before making an investment decision. Do your due diligence and speak to your financial advisor to determine what allocation of your portfolio you want to dedicate to precious metals. Gold and other precious metals don't pay dividends and aren't as easy to liquidate as stocks and bonds. Make sure you fully understand the pros and cons of this asset class. 

Monex Review Summary

Monex is an established precious metals dealer specializing in gold, silver, platinum, and palladium bullion bars and coins, with an industry presence of more than 4 decades. It was founded back in 1987 by Louis Carabini – an investor who has been involved in precious metals since he founded his first company in 1967, the Pacific Coast Gold Exchange. Monex has stated that about 80% of its business comes from repeat clients, and that one-quarter of its business is referred by existing customers. For secure vault storage, Monex has partnered with Brinks International. However, the company does not mention which IRA custodians are preferred partners. The inventory consists of a wide range of platinum, gold, silver, and palladium coins and bars in various available weights.

Website: https://www.monex.com

Editor rating
Rated 4 stars
User rating
Rated 0 stars

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