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Miles Franklin Precious Metals is an established dealer in gold, silver, platinum, and palladium. Unlike many other precious metals companies, it does not provide pricing information on its website or allow customers to complete online transactions.
Instead, customers must call the company to learn about its pricing information on individual products and complete transactions.
Here is some information about this company for prospective investors who are considering whether it might be a good source of precious metals for their portfolios.
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Read the list to see if Miles Franklin Precious Metals passed our strict customer service standards to become one of our top recommendations.
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About Miles Franklin Precious Metals
Miles Franklin Precious Metals was founded in 1989 by father and son Paul and Andrew Schectman. The company is based in Wayzata, Minnesota, and offers gold, silver, palladium, and platinum products.
Many of the company's products meet the qualifying standards for inclusion in precious metals individual retirement accounts (IRAs). It also offers numismatic gold and silver coins for collectors. Miles Franklin also purchases precious metals.
Unlike other gold and precious metals dealers, Miles Franklin doesn't allow customers to complete online transactions. Instead, potential buyers must call or email the company to set up an account before they can complete transactions.
The company does not accept debit or credit card payments. Instead, the following are the only forms of payment the company accepts:
The company states that it prefers wire transfer payments. It holds checks for seven days to ensure they clear.
Miles Franklin has an A+ rating from the Better Business Bureau (BBB) and has no registered complaints in its history. However, it has an average rating of CC from the Business Consumer Alliance (BCA).
Products and Pricing Information
Miles Franklin offers a variety of products from reputable and established sources, including the following:
It offers gold, silver, platinum, and palladium products, including gold and silver bars, coins, platinum bars, platinum coins, and a limited selection of palladium bars and coins.
While investors can browse the company's products online, they won't see any pricing information. Instead, customers must call the company to set up an account, learn prices, and complete transactions.
The company also offers precious metals IRAs. These are self-directed IRAs through which investors can hold and grow their precious metals investments for retirement.
People might encounter several fees when they work with Miles Franklin Precious Metals. Most fees will only apply when investors open precious metals IRAs. The fees for precious metals IRAs will be charged by the custodian and depository.
Those who purchase precious metals with their savings directly from the company instead of through their precious metals IRAs won't have to pay these fees and can choose to have their gold, silver, platinum, or palladium shipped to their addresses within the U.S. Miles Franklin charges flat-rate shipping fees plus insurance for $15 for orders of less than 10 ounces of gold, palladium, or platinum and less than 500 ounces of silver.
Domestic shipping and insurance are free on orders of 10 or more ounces of gold, palladium, and platinum or 500 or more ounces of silver.
While Miles Franklin states that it will work with any self-directed IRA custodian, it has partnered with New Direction Trust Company to provide precious metals IRAs. New Direction Trust Company provides the following information about its fees:
Investors who open self-directed IRAs will also have to pay fees to the depository they select. Miles Franklin Precious Metals partners with Brinks for segregated storage of precious metals in vaults or private safety deposit boxes. Investors can also choose a different depository if they wish. Depository fees vary based on the depository selected and typically range from $100 to $200 per year.
Miles Franklin does not require a minimum purchase amount. It also doesn't have a maximum purchase amount, but it states it may require a deposit for large orders.
Precious Metals IRA
While Miles Franklin does not allow people to make online purchases of precious metals, it does provide a way to open a precious metals self-directed IRA online with New Direction Trust Company. People can set up the IRA online with New Direction Trust Company themselves or call Miles Franklin for help.
Investors can open a self-directed precious metals IRA by completing the following steps:
To set up a new self-directed IRA with New Direction Trust, investors will need to gather the following information:
Miles Franklin Precious Metals Storage Options
Investors who purchase precious metals through their self-directed IRAs are not allowed to store their investments in their homes under rules from the Internal Revenue Service (IRS) before they reach retirement age.
Instead, they must choose a depository to store their IRA-held precious metals until they reach at least age 59 1/2. At that time, they can begin withdrawing funds from their IRAs without an early withdrawal IRS penalty.
People who purchase gold, silver, platinum, or palladium with their savings instead of their IRAs can either choose to store them in a depository or have them shipped directly to their homes. However, it is much more secure to store precious metals in an IRS-approved depository.
Miles Franklin partners with Brinks for two different secure storage options, including segregated storage in a vault or storage in a private safety deposit box. Investors who choose to store their precious metals in a Brinks vault can choose from the following locations:
It also offers international vault storage options at the Brinks locations in Montreal, Quebec, and Vancouver, British Columbia in Canada. Each site is fully secured, and all precious metals stored on-site are insured.
The second storage option for investors with Miles Franklin is to open a private safety deposit box at the Brinks locations in Toronto, Ontario, or Vancouver, B.C. With this option, customers must first open a Canadian bank account. The investors will hold the sole copy of the key needed to open the box.
Under IRS rules, investors can't withdraw funds from their IRAs before they reach age 59 1/2 without incurring an early withdrawal penalty of 10% of the withdrawn amount. Since a self-directed IRA, SEP IRA, or SIMPLE IRA account is also tax-deferred with contributions made on a pre-tax basis, investors will pay income tax at the time they take withdrawals. Investors who choose a self-directed Roth precious metals IRA make post-tax contributions and will not have to pay taxes at the time they take distributions.
For precious metals IRAs, SEP IRAs, and SIMPLE IRAs, account holders must begin taking withdrawals no later than when they reach age 72 under the IRS's required minimum distribution (RMD) rules. Those with Roth IRAs do not have RMDs and can choose to leave their precious metals in their Roth accounts.
When people take distributions from their precious metals IRAs, they can have their precious metals shipped directly to them at their physical addresses or P.O. boxes.
Alternatively, they can direct their IRA custodian to sell precious metals and send the funds to the investors. Since Miles Franklins buys precious metals in addition to selling them, investors can sell the precious metals in their IRAs to Miles Franklin and receive funds when they begin taking IRA distributions.
Pros & Cons of Miles Franklin Precious Metals
There are a few pros and cons of choosing Miles Franklin Precious Metals for investments as listed below.
Pros of Miles Franklin Precious Metals
Cons of Miles Franklin Precious Metals
Miles Franklin Precious Metals has been in business since 1989 and is an established broker in the precious metals industry.
It is considered to be a reliable and trusted dealer and offers many gold, silver, palladium, and platinum products. However, investors can't make online purchases, and pricing information is not published on the company's website.
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