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CMI Gold & Silver Review is a dealer in Phoenix, Arizona that sells both gold and silver products. Potential investors can learn more about the benefits of precious metal investments and get help picking products for their portfolios.
Reading through the below CMI Gold & Silver review is a good way for new customers and investors to find out what they need to know before they buy.
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About CMI Gold & Silver
The founder of CMI Gold & Silver who lived and worked in Phoenix has some firsthand experience with the local silver mines. Bill Haynes noted that while silver was only worth $2 an ounce at the time that its value would rise in the future.
His experience helped him open CMI Gold & Silver, which often uses the abbreviation CMIGS. CMIGS was one of the only firms that let the American public buy affordable silver as soon as it became legal in the 1970s.
While some still buy locally in Arizona, customers will also find a range of products on the CMIGS website that now include both platinum and palladium bullion.
Pricing and Fees
Those who work with CMIGS will find several value charts on the site. Each one shows the spot value of various metals, which is the price that consumers pay to buy those metals right now. Every available product on the website has a list price that lets users see what they cost.
Prices start at around $30 for an ounce of silver and $2,100 for an ounce of golf. The prices that are shown on the CMI Gold & Silver website change as spot prices change. To find the price of palladium or platinum, customers must contact the company via phone.
Available Products and Services
Looking at the products that CMI Gold & Silver sell gives potential investors an easy way to see what they can buy. The site offers different forms of bullion that include one-ounce coins and bars.
The gold coins sold by CMIGS have a high purity rate and contain an ounce of gold, which makes them compatible with gold IRAs and other accounts. One of the unique things about buying from this company is that customers get a discount when they buy in bulk.
The size of the discount increases when they buy three coins, 10 coins, 20 coins, 50 coins, or 100 coins. Some of the gold coins available now include:
Gold Bullion Bars
While an investor can add coins to a gold IRA, they can also add any of the gold bullion bars sold by CMIGS. Many o these coins are available as singles or in groups of up to three.
They include one-ounce gold coins from the Perth Mint and PAMP gold bars. Both the 100-gram and 10-ounce bars offer discounts for those who buy 20 or more coins in a single transaction. The largest available gold coins weigh one kilo.
Fractional Coins and Other Gold
The options for gold investors do not stop with the coins and bars. CMI Gold & Silver has fractional coins that weigh between 1/10-ounce and 1/2-ounce. They come in sets of three up to sets of 100 matching coins. Other gold products help consumers diversify their gold accounts with options like British sovereigns and Mexican pesos.
While silver coins are not worth as much as gold coins, they have the purity level required by the IRS for investors and are often worth more than the denomination on their faces.
The most popular silver coins include:
Silver Bullion Bars
All of the silver bars available from CMI Gold & Silver are suitable for investment accounts and trades. Investors can buy 10-ounce silver bars or 100-ounce RCM or JM silver bars. There are other 0.999 pure silver bars for a precious metal IRA that weigh between 100 and 1,000 ounces.
Silver rounds are similar to silver coins because they weigh one ounce and usually mark special occasions and events. CMIGS allows customers to purchase a single round or a set that includes multiple silver rounds.
Silver Specials & Deals
As a way to help investors save money, CMI Gold & Silver has a page dedicated to its silver specials and deals. These products are available in large amounts but sell for less than they usually would. A good example is the one-kilo silver bullion bar that comes from the Perth Mint.
CMIGS sells these bars for just a small amount over the spot price of silver. Shoppers can buy 100-ounce silver bars and Washington quarters that are 90% silver, too.
In addition to selling precious metals to others, CMIGS also buys gold from investors. Anyone who lives in the Phoenix area or nearby can contact the company and schedule an appointment to bring their gold to the office.
A rep will go over all of the pieces and make an offer. If the seller agrees to work with the company, the rep will pay them on the spot. Those who live outside of Arizona can also sell their gold to the company. CMIGS asks the user to talk with a rep over the phone.
They will need to send their gold coins through the Postal Service and insure the package. CMIGS issues a check as soon as it confirms the value of the coins.
CMI Gold & Silver uses a locked-in price format. Both the prices shown on the website and those given to investors over the phone remain valid until the end of the business day. Even if the customer buys hours after they order, they still get the same low price.
While some products sell for just their silver/gold/platinum/palladium value, others add a premium price on top of the spot price. If an item is worth $1,000 per ounce, a one-ounce coin might cost $1,000 plus another $2-3.
Investors must pay a $30 shipping and handling fee for orders of gold, platinum, or palladium that weigh less than three ounces. Orders of less than 100 ounces of silver cost the same amount. This fee covers the cost of shipping and handling as well as insurance.
With registered and insured mail, the US Post Office ships the package and adds a tracking number that lets the investor view its location. CMIGS also works with FedEx to ship some packages. FedEx will hold the package at a secure facility until the customer presents a photo ID when they pick it up. For larger orders, CMIGS will sometimes ship via an armored truck.
A fun product this site sells is a selection of junk coins. These coins contain a lot of silver and are worth more for their silver content than their face value. These coins often have marks on the faces or other signs of damage that take away from their collector value.
Customers can buy a bag of junk coins that are worth $1,000 based on their face value alone and go through the bag to determine its value in silver.
CMI Gold & Silver lets investors learn more about platinum coins online before they call to speak to a rep and find out how much they cost. The American Platinum Eagle is just one option. This coin came in different sizes up through 1997 but is now only available in a one-ounce size.
Platypus coins from the Perth Mint, Australian Platinum Koala Coins, and Canadian Platinum Maple Leaf coins are some of the other options for platinum buyers.
Palladium is a popular type of metal used in different production facilities as well as coins. The Canadian Mint released 40,000 platinum coins with the Canadian Maple Leaf on the front in 2005. It has a face value of $50 in Canada and a higher value for its palladium.
CMIGS also offers one-ounce palladium bars that include PAMP and Credit Suisse bars. The value of the coins began climbing in the early 2010s and are now worth more than $1,400 each.
Is CMI Gold & Silver a Scam?
As gold and silver prices rise, some scam websites appear. These sites take money from buyers and never send them any products. Some sites also accept cash and send products that are fake or do not have as much gold/silver as they claim. CMI Gold & Silver is not a scam. It offers a safe alternative for those who have a gold IRA and want to purchase new metals for it.
With the Better Business Bureau, CMI Gold & Silver has a rating of 4.64 stars based on 11 reviews from users. Some reviews talked about the silver specials that helped them save money and the customer service agents that helped them with the buying process.
The one negative review registered with the BBB claims that the company has multiple excuses for why they never shipped the products that an investor bought and that it took a long time for the customer to get their money back.
CMI Gold & Silver has a much lower rating on Revdex where more than 90 customers posted about their bad experiences with the company. The negative reviews mentioned that the sales reps could not answer some of the questions that users had and that some users waited a long time for their orders to arrive.
Other reviews came from people who had a hard time getting someone to help them over the phone and shoppers who never received their orders because the products were out of stock when they ordered.
Pros & Cons of CMI Gold & Silver
CMI Gold & Silver offers options for investors who want to buy or sell gold. With price charts listed on the site, shoppers can easily track values to ensure they do not overpay for any of the products they want.
All of the items on the site meet the IRS standards for gold accounts that help others prepare for the future. Users will also find many resources such as articles and tips on opening and using a gold IRA. CMI Gold & Silver has services and products that are suitable for novice and experienced investors.
Remember to read out list of the Top Gold Companies to see if CMI Gold & Silver made the cut.
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