APMEX said unprecedented order volumes tied to repeated record highs in gold and silver have pushed operational capacity to the point that it is instituting a $10,000 minimum order to “help keep volumes down and improve service levels,” alongside broader fulfillment and product-availability controls.
In a customer letter, CEO Ken Lewis described the last two weeks as historic, citing multiple record highs for both metals and a surge in demand “unlike anything we’ve seen in years,” driven by global uncertainty, inflation concerns, and renewed interest in hard assets, with inflows from both new customers and returning investors adjusting positions.
“This level of demand brings real challenges across the entire industry. Supply is tight, order volumes are elevated, and service channels are under pressure. Many firms are struggling to keep pace. In moments like these, the difference between providers becomes clear,” he explained.
Among the changes, APMEX said customers will continue to see an estimated ship date at checkout, but the firm is now adding four business days to ESD calculations “until further notice,” versus a typical buffer of one business day.
The company said it was “about to lower the additional days” before the demand surge intensified again this week.
Also, to restore availability, APMEX said its minting teams have narrowed focus to 31 core production silver products. As of the letter date, APMEX reported 21 of the 31 were in stock, up from sub-15 a few days ago, and said it expects the majority to be in stock by this weekend, conditional on demand not increasing further.
APMEX added that it has turned the majority of pre-sales off, keeping pre-sales only when it believes it can ship the product within two weeks.
On the retail purchasing side, APMEX said it is currently four days behind in receiving customer orders. In response, the firm instituted the $10,000 minimum specifically to reduce incoming volume and improve service levels.
The firm also noted that it increased sales and customer service headcount by 25%, reallocating staff across the organization, as it anticipates longer hold times and higher contact volumes during fast-moving markets.
Lewis framed APMEX’s response as an execution test across fulfillment, sales and customer service, minting, and operations, with teams working “extended hours” while expanding capacity “wherever possible.”
This follows United States Mint warning customers earlier it may temporarily remove silver coins from sale as it evaluates pricing adjustments, hours before silver hit a record high above $90 per ounce.
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