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Covid-19 Update

Wednesday, March 18, 2020

The Coronavirus continues to spread throughout the world and is now impacting the precious metals supply chains.

Most national mints, including The Royal Mint have already sold out of stock of silver bullion coins and are desperately playing ‘catch up’ with new production runs.

International supplies from manufacturers such as PAMP, Metalor and Emirates Gold are subject to disruption and deliveries may even be halted during transit if travel restrictions become more restrictive.

We have seen unprecedented demand for bullion products in the last seven to ten days as investors capitalise on a drop in the prices of precious metals brought about, many experts think, by profit taking by major funds that are trying to make up for losses on stock markets.

As bullion products become more difficult to source, it is inevitable that premiums will increase somewhat but we will continue to attempt to source products that represent the best value for our customers.

Over the last weekend Royal Mail changed the way in which it delivers Special Delivery parcels and no longer requires a signature to prove delivery. This action was not announced to us in advance and has caused considerable disruption to our delivery system as we can no longer insure deliveries using the Royal Mail system.

The result was that we had to suspend the ordering facility on our website, as did many other dealers, whilst we re-configured our system and, more importantly, worked through several hundred orders to contact customers whose deliveries were either already in transit or due to be dispatched.

This process is almost complete and we hope to have our website re-instated and Customer Service lines re-opened later today 18th March.

There will be some changes to our ordering system:

  • We are unable to accept debit or credit card payments for orders until further notice.
  • All payments must be made by bank transfer from a UK bank account.
  •  We are unable to dispatch orders until further notice, which will be when the Royal Mail system reverts to a state which gives sufficient safeguards to allow us to insure precious metals in transit.
  •  All orders will be available for collection, by appointment, from our Wolverhampton offices.
  • Alternatively, dispatch of orders will be delayed until the resumption of a suitable and insurable delivery service, at which point orders will be dispatched at no additional cost. Delayed dispatch orders will be held in our fully insured vaults, free of charge for up to six months. Parcels that are held by us for delayed dispatch will not be ‘storage orders’. (Customers who may wish to sell items from storage should select the ‘buy for storage’ option when purchasing.) 

All items listed on our website will be physically available to order and we will update availability as we receive additional stock.

We apologise for the inconvenience that these changes may cause but our aim is to maintain a reliable system where customers can lock in prices in this volatile market in the face of an increasing crisis.

At present all of our staff remain well but we are planning ahead to enable continued service should any of our small team be required to self-isolate.

We wish you all good health in the coming weeks.