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Bullion Shark is one of many online precious metals dealers that allow you to purchase gold and silver through the internet. Rather than branching into platinum and palladium, the company focuses on gold, silver, and sometimes rare coins.
In addition to having coins and bullion available online, the company also runs an auction platform. This allows people to auction off their precious metals, and for potential buyers to snag them at a fair price.
Is Bullion Shark actually legitimate, though, or should you be worried about getting scammed? What exactly does the company offer?
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About Bullion Shark
Bullion Shark is an online precious metals dealer that lists gold and silver products. The website tagline says that the company is family owned and operated, but it's difficult to find any information about who is behind the dealership. The website even lacks the typical "About" page that most companies have.
That isn't an automatic red flag, but it is something to keep in mind. There's not a lot publicly available with regards to who is in charge and who makes decisions for the business.
When you open their website, you'll see a product search bar and a menu button. Scrolling down, you'll be shown the company's featured products. These include things like proof silver coins, coin display boxes, and rare collector's coins.
The company offers a rewards program as an incentive for consumers. You accumulate points when you make purchases, which you can eventually trade in for coupons. In addition, you'll receive bonus points for things like your birthday, following the company on Instagram, and creating a loyalty account.
Rewards programs aren't super common with precious metals dealers. If you like the idea of earning points toward discounts, you might appreciate the setup.
We aren't sure how long it takes to accumulate enough points for a tangible reward. The explanation of the program doesn't say how many points you earn with each purchase. However, it does state that you can redeem your points for a 24 dollar off coupon once you reach 2,400.
Whether you're enrolled in the rewards program or not, orders over 99 dollars will ship to the continental US completely free of charge. Some other precious metals dealers use package weight as their cutoff for free shipping instead. With Bullion Shark's system, you never need to calculate how much your individual order weighs.
Placing an Order
If you do decide that you want to make a purchase with this company, you can fill your shopping cart by browsing the marketplace on the website. This might not be the best brokerage for people seeking precious metals IRAs, since it doesn't have a dedicated category for IRS-approved metals.
Once you assemble and pay for your order, the package will be shipped within three business days of the payment arrival. It's common for packages to be sent out the same or the following day. In cases where there are expected shipping delays, a notice will be printed beside the online checkout button.
There is no minimum dollar amount for placing an order. However, you should be aware that any orders under 50 dollars will ship without a tracking number. They will be delivered by the postal service. These orders usually arrive in around five business days after shipping.
If your order is between 50 and 500 dollars, it will be shipped using First Class Mail with the postal service. Depending on where in the continental US you are, you can expect the order to take anywhere from two to five days to arrive.
For orders that are larger than 500 dollars, the company uses USPS Priority Mail. This is the fastest shipping option, so your items will arrive in one to three days. Again, the exact speed depends on your location.
As soon as the order ships out, the company will send you a confirmation email that includes a tracking number.
The company insures packages with contents costing at least 250 dollars. That means you'll need to be home to sign for the precious metals. If you aren't home, the package won't be able to be delivered.
With orders under 250 dollars, the company doesn't invest in insurance. This is a little concerning because it means that if the package gets lost in the mail, they will have no way to recoup their losses. Depending on the situation, you might find it difficult to get a second shipment sent out.
Bullion Shark has a much more flexible return policy than many other precious metals dealers. Other dealers don't tend to offer returns, or if they do, there are strings attached. But Bullion Shark accepts returns up to two weeks after your package is received.
If you do return your purchase, the items need to be in the same condition they arrived. You also can't remove any certified coins from their special holders.
Bullion Shark sells both non-graded and graded coins. Most of the company inventory has received a certification from NGC or PCGS, which are two top coin grading organizations. The company has a money back guarantee with regards to the authenticity and quality of the coins they sell.
When orders are returned, refunds are issued within two days of the package arriving. The company just needs to inspect the products first to make sure they haven't been damaged.
The company also states that they make an effort to reply to customer service inquiries as quickly as possible. If you reach out via email during the company's usual business hours, you should get a response in a few hours. If you send an email over the weekend or after closing, the response will come when the store opens back up.
All of these policies make Bullion Shark one of the most flexible dealers on the market. They may appeal to individual collectors and investors because of this.
Is Bullion Shark a Scam?
Bullion Shark has been accredited by the Better Business Bureau. In addition to holding an A+ rating from the organization, they also have an average of 4.27 out of 5 stars from 22 customer reviews. This indicates that the company is a legitimate business, and that most customers have had a satisfactory experience.
There have not been any complaints against the company in the past year. Two complaints have been closed in the prior three years through the BBB, but the company resolved both of them.
Pros & Cons of Bullion Shark
Bullion Shark seems like a fairly decent precious metals dealer. Their Better Business Bureau page has an A+ and an average customer rating of more than 4 stars. It appears as though most customers are happy with their experiences and would do business with the company again.
There are a few potential drawbacks, though. One is that the company doesn't specialize in IRA services. If you want to fund an IRA, you need to purchase precious metals that meet IRS standards. Most of the options on this gold and silver website do not comply with IRS regulations.
Another potential drawback is a relative lack of transparency. It's hard to find information about who runs the company, who makes policy decisions, and who is on the customer service team. This makes it difficult to hold people accountable if you ever run into any issues.
There are several other precious metals dealers that provide competitive pricing while also having IRA services. Many of them are more transparent regarding their overall policies as well.
Although we do think that Bullion Shark is a solid company, we believe that there are better companies out there to make your investment with.
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