Sprott Money Review
Sprott Money Ltd. was established in 2007 and is a wholesale, institutional and retail dealer of precious metals. Of Canada largest bullion holders, Sprott Money is owned and operated by billionaire investor and prominent gold bug Eric Sprott. Sprott is a highly acclaimed Canadian investor and was even appointed to the prestigious Order of Canada in 2013, among many other distinctions. Sprott also runs Sprott Asset Management and a host of subsidiary companies, all of which are related to precious metal and natural resource investing. He is a world renown expert in the industry.
Sprott Money is headquartered in Toronto but they only operate online or over the phone. The company buys and sells gold, silver and platinum bars, coins and wafers. They do not provide financial advice but are knowledgable about investing in gold and silver. Their website provides a wealth of information to learn about the markets and the forces that drive the price of gold and silver. The Sprott Money blog is a great place to educate yourself and keep up to date with the markets for gold and silver. The Sprott Money site also features a convenient virtual chat option so you can have your questions answered immediately. Helpful customer service reps can also be reached by phone.
Gold in RRSP Accounts
Because Sprott is a registered dealer with Questrade, you can trade gold and silver with them in your RRSP account. The process is the same as it is with all of Questrade’s affiliate dealers. You must first open and fund a self directed registered account at Questrade, which can easily be done online. Remember that Questrade allows you to hold a balance in U.S. dollars, which you will need to buy bullion. Although Sprott’s website gives price quotes in Canadian dollars, bullion purchases will require U.S. funds. If you only have a Canadian balance in your brokerage account, you will pay a small fee to Questrade for buying foreign currency. The prices on the Sprott website give you a general idea of what you will pay given current spot prices, exchange rates and premiums. They may not be exact.
Once you have opened your brokerage account, fill out the dealer authorization form which will link your Questrade account with Sprott Money. Finally, fund your account with cash or transfer another registered account. At this point you are ready to start acquiring bullion. The minimum units of trade are 1 oz of gold and 10 oz of silver. Questrade is a competitively priced, full-service discount broker so you can keep your other RRSP assets (stocks, GICs, bonds, ETFs, etc…) in the account with your bullion. Your bullion will be included with these assets in your monthly statement.
Sprott Money Fees and Selection
Sprott Money will not charge commission for trades over $2000. Under that amount, a $20/trade fee applies. Questrade charges Sprott a fee that Sprott then includes in the premium they charge over spot price. The premiums vary for coins and bars, by the size of the trade and the type of metal. You will get a quote when you call based on the current market price. Premiums are generally higher on coins compared to bars.
Because of the quality and purity requirements on gold and silver for registered accounts, Sprott offers a limited selection of coins and bars that qualify for your RRSP. You can buy Maple Leaf gold and silver coins or you can buy larger bars. The bars are guaranteed to be government approved investments from a reputable mint. The source of the bar depends on what is currently available in stock.
When a purchase is complete, Sprott Money will ship your bullion to the approved IDS storage facility near Toronto. Your metal is allocated under your name and kept in a Questrade account at the IDS. Questrade charges a fee of 1.5%/year of the market value of your bullion for storage and insurance. If desired, you can request delivery of your gold or silver at any time. However, you will be subject to the fees and taxes that apply to all early RRSP withdrawals.
Sprott is a Better Business Bureau approved company. Their assets are not leveraged nor are they kept offshore. The company has a solid reputation for customer service and guaranteed quality.
Sprott Rating & Complaints
BBB Rating: A+(Details)
BBB Compaints: 1 Complaint in the past three years. (Details)
Yelp: Not Listed
Yellow Pages: Not Rated. (Profile)
Google+: Not Rated (Profile)
Facebook: (4.3 / 5) based on 20 reviews. (Profile)
TrustLink: Not Listed
SiteJabber: Not Rated (Details)
Sprott Storage Information
The Sprott Money Storage program allows you to purchase precious metals from Sprott Money and store in their secure storage facilities. Existing Sprott Money clients can also transfer their precious metals previously purchased from them to their storage facilities.
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Sprott Shipping/Delivery Infromation
- You may have Sprott Money arrange for delivery of your precious metals through Canada Post, FedEx or other commercial couriers, or by armored carrier to a destination you designate.
- Shipping via courier service will cost an administrative fee of $75 plus shipping and insurance (0.75% of the dollar value of silver and 0.4% of the dollar value of gold/platinum at the date the request was submitted). If shipping is being completed by an armoured courier, costs are subject to vary based on the size of the shipment and location.
- Large orders will be shipped through an armoured courier, arranged by Sprott Money. Please consult a representative at 1-888-861-0775 for more information about shipping high-value orders.
Sprott Promotions, Discount Coupons, or Vouchers
There are no current known or posted promotions.
Sprott Founders & Management Team
President. Larisa Sprott. Larisa has over 15 years of experience in the financial industry having worked at Sprott Securities Inc. (now Cormark Securities) first in their Vancouver office as an office administrator, followed by roles in both research and corporate finance at their head office in Toronto. Larisa then worked at Sprott Asset Management for five years, in the capacity of client services, sales and marketing. In November 2007, Larisa became an Investment Advisor, and was responsible for servicing and managing high net worth client accounts.
Financial Controller. Wioletta Traynor is responsible for managing the day-to-day financial operations of Sprott Money, while ensuring maximum efficiency and effectiveness in achieving company objectives. In her role as Financial Controller, she has directly contributed in the growth of the business by implementing new services and controls. Wioletta attended Laurentian University where she studied Bachelor of Commerce (H.B.Com) program. She recently completed her CPA, CGA designation. She is currently working on achieving post grad Accounting and Information Technology (AIT) Certificate.
Operations Manager. Diana Fordjour is responsible for the day-to-day operations, ensuring smooth operation of various processes contributing to services, logistics, storage and delivery. Diana is also responsible for product coordinating, fulfilment and purchasing. Diana has a combination of over 8 years of experience in Logistics, Transportation and Customer Service as well as Human Resources for the Canadian Federal Government. She holds a B.A. Honours in Public Administration and Governance with a minor in Business Management: Human Resources Management from Ryerson University.
Sprott Store/Branch Locations
Currently Sprott does not have any store or branch locations.
Corporate: 111 Queen Street East Suite 501 Toronto, Ontario M5C 1S2 Canada
Sprott on the Web
No commissions or fees for trades over $2000 No minimum purchase. Insightful research and quality customer service available online.
Limited selection of coins. Bars may come from a number of different approved refiners depending on availability.
Sprott Money Ltd. is is a privately owned and operated wholesale, institutional and retail dealer of precious metals. They buy and sell gold, silver and platinum bars, coins and wafers. Because they are a registered dealer with Questrade, you can trade gold and silver with Sprott Money in your RRSP account. Your bullion is then stored with Questrade at an approved facility. Sprott operates online and over the phone.