Another problem with APMEX: a couple of years ago they bought from Donald Trump office building in Manhattan. It was a famous "gold for bricks" transaction. They got a lot of publicity and media attention, but... unexpected side effect: now they have to charge sales tax 8+% to all NY residents. New York, California and Texas are the biggest PM buyers, and APMEX basically lost NY market. So, buyers from other states have to pay for this loss.