What is CMI Gold and Silver?
CMI Gold and Silver is a bullion dealer based in Phoenix, Arizona. Their address is 3800 N Central Ave 11th floor, Phoenix, AZ 85012. Similarly, their contact number is 602-234-2300.
They were one of the earliest entrants of the bullion industry starting in 1974, right when gold bullion began.
CMI Gold and Silver used to be a trader of silver and silver products. So, when Americans got the right to buy and sell gold bullion for investing, this bullion dealer entered this industry immediately.
With over 50 years of experience, CMI Gold and Silver has developed an uncanny reputation.
They offer customers gold, silver, platinum and palladium coins and bars. It’s a family-run enterprise.
Furthermore, they publish articles on their blog regularly to keep customers up-to-date on the recent developments in the bullion sector.
People Behind CMI Gold and Silver
The founder of CMI Gold and Silver is Bill Haynes. He has been running this enterprise since 1973.
Now, his two sons are part of the company’s management team as well. Mike Haynes is the CEO at CMIGS while Adam Haynes is the manager of Marketing and Advertising.
BIll has a Bachelor of Science in Finance from the University of Colorado and has over 50 years of experience in dealing precious metals.
How to Invest with CMI Gold and Silver
CMIGS offers customers both IRA-eligible and non-IRA products. So, if you want to add non-IRA products to your fortune, you can get in touch with them directly.
On the other hand, if you’re interested in opening a precious metals iRA, you would need to contact their custodian, GoldStar Trust Company. CMIGS has provided links to all the required forms on their website.
The custodian will help you set up a self-directed IRA which you can fund directly or by rolling over funds from an existing IRA.
Once you have added funds to your precious metals IRA, you can begin adding precious metals to your IRA.
CMI Gold and Silver has an impressive collection of IRA approved metals which you can add to your IRA.
CMI Gold and Silver Products:
CMI Gold and Silver has an impressive collection of precious metals. You can get gold, silver, platinum and palladium coins and bars here.
However, many of their products are not IRA-eligible so be cautious when purchasing from them.
In terms of IRA approved products, you will find the following products here:
- Gold American Eagle
- Silver American Eagle
- Gold Bullion Bars (1 oz, 10 oz, 1 kg)
- Backdated Silver American Eagle
- Silver Bullion Bars (1000 oz, 100 oz)
- Canadian Palladium Maple Leaf
- Platinum American Eagle
- Canadian Platinum Maple Leaf
However, CMIGS strongly suggests investing primarily in gold and silver. They state that investors should do thorough research before purchasing platinum or palladium products.
While their product selection is missing plenty of IRA-eligible coins, they keep their pricing details transparent.
They also offer many non-IRA products to consumers such as Mexican Gold 50 Pesos, British One Sovereign, and others. For investors who want to add collectible coins to their personal collection, this is a great place.
CMI Gold and Silver Fees: How Much Do They Charge?
CMI Gold and Silver has partnered with GoldStar Trust Company to offer custodial services. Your fees and charges would depend on their fee-structure. They are the provider of storage services to CMIGS customers as well.
GoldStar Trust Company charges a one-time set up fee of $25 and $40 transaction fee on every buy/sell transaction. Furthermore, the company has a minimum annual storage fee of $40 and 1% of the fair market value of the stored assets.
So, if your account’s value is $100,000, you would have to pay $100 per year as storage fee.
They also charge an annual administrative fee of 0.8% of the fair market value of your stored assets. The minimum administrative charge is $50 and the maximum limit is $250.
Collectively, the fees at CMI Gold and Silver are rather high. Furthermore, scaled fees make it more expensive for investors with larger portfolios. The larger your investment would be, the more you would have to pay here.
The company doesn’t share any information on their minimum investment requirement.
|Initial Setup Fee||$25|
|Annual Administrative Fee||0.8% of your assets’ fair market value ($50 min. and $250 max)|
|Annual Storage Fee||1% of your assets’ fair market value ($40 min.)|
Additional Highlights of CMI Gold and Silver
Apart from being one of the first gold bullion dealers of the US, there are plenty of qualities which make CMI Gold and Silver a unique IRA provider. Here are some of them:
CMIGS has been working with their custodian partner since the 1980s. They began offering self-directed IRAs with Delaware Charter which the American Church Trust acquired in 1994. In 2007, GoldStar Trust Company acquired the American Church Trust and since then, CMIGS has been offering self-directed IRAs through them.
GoldStar Trust Company is one of the most reputed custodians in the industry as well. They administer over 28,000 IRA accounts with $1.2 billion in custody.
Having such a reputed custodial partner works well for CMIGS.
Helpful Blog and Articles:
CMI Gold and Silver runs a blog on its website where they add new posts regularly. They also have a list of books which they deem as Essential Reading on their website too.
Their blog covers the basics of precious metals investing. For example, their latest blog articles cover these topics:
- Are Junk Silver Coins a Good Investment?
- Yellow Gold vs Rose Gold
- Should I Buy Gold? Pros and Cons
They can be a good read for someone who is unfamiliar with precious metals investing.
CMI Gold and Silver Reviews and Complaints:
Even though CMI Gold and Silver has been in business for over 50 years, they don’t have many reviews online.
On BBB, they have received an A+ rating from the platform. Their average rating based on 14 customer reviews is 4.71 out of 5-stars.
Reviews on the platform praise the company for being professional and polite. For example, Mason shares that he is a small-time buyer but the company treats him like a big-time client every time.
What’s commendable is there are 0 complaints against the company on BBB.
On Yelp, there are 3 reviews on CMIGS and the overall rating of the company is 5 out of 5-stars.
Is CMI Gold and Silver Legit?
- Over 50 years of industry experience
- Reputed custodian partner
- Offer platinum and palladium products
- Limited product selection
- Low number of reviews
Yes, CMI Gold and Silver is a legitimate precious metals dealer. The company has been in business for over 50 years and is one of the first gold bullion dealers of the US.
They are a family-run operation with highly experienced leadership. The company partners with GoldStar Trust Company to offer precious metals IRAs to customers.
However, the company’s product selection of IRA-eligible products is quite limited. Although they offer gold, silver, platinum and palladium products to customers, there aren’t many IRA-eligible products to choose from.
The company has received an A+ rating from BBB but their number of reviews is rather low.
Opening a precious metals IRA can help you hedge against inflation and preserve your wealth in the long run. However, your returns would depend largely on the gold IRA provider you choose.
That’s why I recommend checking out multiple precious metals IRA providers before selecting one.
You can learn about the top gold IRA companies in 2023 here.
Have you dealt with CMI Gold and Silver? How was your experience? Share it below!