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NWTM Be Careful

Wellsburg

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#1
I placed an order with NWTM on Sept. 17, 2015 for 600 ounces of silver. Sent a check the next day for $9,312.00

A few days later, I got an email with a receipt and an order number that claimed an estimated delivery of 10 to 12 weeks.

In late December, I realized that the delivery was due but we would be away for the Christmas Holiday, so I waited until early January to call them regarding the status of my order. I was informed that they were running 3 to 4 weeks late on deliveries, and that my silver should ship at the end of January. So, I waited.

In early February, I called them again asking for delivery and was told that they are still running late, and the new delivery date would be 6 or 7 additional weeks. At this point, I wanted to cancel my order and get a refund. I was transferred to many other people, waited on hold for a very long time, and then some woman proceeds to read all of their Terms and Conditions that I had evidently agreed to, at the time of purchase, and telling me that I was asking them to "exit my position", not get a refund. Then, she told me that my check would be mailed out "the week of February 22nd." Several times I tried to get her to give me an exact dollar amount, assuming that they might try to short me on the refund amount as part of their "Terms and Conditions" that I have never seen, but she continued to read from the same script.

Again, I called them on February 22, waited on hold forever, and the same person told me that the check would go out "this week." So, I waited.

I called again on February 26 and was told that the check was cut and would go in the mail today or tomorrow. The check did arrive on March 3, and did clear my bank yesterday, thank God. And, they did refund the exact full amount.

By the way, I have ordered from NWTM in the past (smaller amounts) and always got my delivery eventually, although 2 or 3 weeks later than their original estimate, generally.

I get the feeling that they are going down this time, and lots of people are going to get screwed, so be careful out there.
 

<SLV>

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#2
Thanks for the candidate report. I still stick with only APMEX.
 

Someone_else

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#3
Thanks for the report. But you should know that people have been complaining for YEARS! about their delays and the bad feelings about maybe not getting their silver. GIM and GIM2 have discussed this for over a decade. You should not be surprised. You bought from them anyway. Let that sink in a bit. You knew the risks, and you still sent them your money. Fine, your choice. And when you did not get your silver, you did get a refund. It seems to me that you got an education for free.
 

Scorpio

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#4
As Someone said, all manner of threads on it, and a long long history of this.

Then they recently combined with Elemetal and Provident into one didn't they?

That recent consolidation could have been part of the reason for all of this, but again, their reputation precedes them.

I stick with JMB 'cause I know it is going to show up. No delivery games, no extended deliveries, and most importantly, they only sell what they have in stock, other than presales on US Mint changeovers.
 

the_shootist

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#5
Well, I certainly learned something here! I do most of my buying through APMEX and have bought from JM too....both are solid and have always delivered!
 

Uglytruth

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#10
Last order was for some other people I buy for. APMEX sent 2 different styles of rounds with no notice. It was OK but not what I ordered.
 

gringott

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#11
Yes, Provident is now an Elemetal company. I couldn't find a connection between Elemetal and NWTM.

I wouldn't order anything from NWTM, not because I think they are going away, but because I don't like companies that play games.
 

SilverBuyer

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#12
What made you choose them in the first place? (just curious as they have a terrible reputation for slow delivery)

I've been buying from JmBullion and Provident mostly and don't think I've ever waited over 3 weeks for an order.
 

Wellsburg

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#13
What made you choose them in the first place? (just curious as they have a terrible reputation for slow delivery)

I've been buying from JmBullion and Provident mostly and don't think I've ever waited over 3 weeks for an order.
50 cents over spot delivered was the reason. Never again.
 

Scorpio

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#14
I really cannot see how this resolves,

It would be one thing if it was a suit and outstanding deliveries missed, with a judge sitting on his account,

But that admission of not filing taxes for years is the death star,

By the time they pick over the bones, the place will be pieced off and sold one would think,

I don't know how they will be able to recover from that minor oversight...........:0)
 

southfork

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#16
Looks like they are out of the bullion business, only selling mint coins and medals now, wonder how many people they shafted.