Wondering what Midwest Bullion Exchange has to offer? Or maybe you want to find out why they rebranded themselves as “Private Bullion”?
Whether you’re an interested investor or just an avid reader, the following review will help.
We’ll go through the various reviews they have received as well as analyze their numerous claims.
By the end of this review, you’d know whether you should invest with them or not:
Table of Contents
What is Midwest Bullion Exchange aka Private Bullion?
Midwest Bullion Exchange aka Private Bullion is a precious metals dealer that offers a range of investment options for customers looking to purchase physical gold, silver, platinum, and palladium. The company provides services like secure storage, appraisals, and auctions, and has a reputation for offering competitive pricing and excellent customer service.
The Company is based in Minneapolis, Minnesota, and serves customers throughout the United States. Also, Private Bullion operates primarily online, through its website and other digital channels.
People Behind Midwest Bullion Exchange aka Private Bullion:
Midwest Bullion Exchange, also known as Private Bullion, was owned by Scott Hage and was founded in 2009. The company’s leadership team also includes other experienced professionals in the precious metals industry, as well as experts in marketing, customer service, and operations. However, specific information on the individuals who make up the leadership team is not readily available.
How to Invest in Midwest Bullion Exchange IRA?
To invest in Midwest Bullion Exchange through an IRA, you would first need to open a self-directed IRA with an IRA custodian that allows precious metals investments. Some popular IRA custodians that allow precious metals investments include Equity Trust, GoldStar Trust Company, and New Direction IRA.
Once you have opened a self-directed IRA with an approved custodian. You can fund the account and then work with Midwest Bullion Exchange to purchase IRA-approved precious metals. Midwest Bullion Exchange offers a wide selection of IRA-approved gold, silver, platinum, and palladium coins and bars that can be purchased through an IRA.
However, I don’t recommend opening an IRA with them. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer of your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
Midwest Bullion Exchange Products:
Midwest Bullion Exchange offers a wide range of precious metals products, including gold, silver, platinum, and palladium coins and bars.
Here are some of the products that the company offers:
- Gold coins: American Gold Eagles, American Gold Buffalos, Canadian Gold Maple Leafs, South African Gold Krugerrands, and more.
- Silver coins: American Silver Eagles, Canadian Silver Maple Leafs, Austrian Silver Philharmonics, and more.
- Platinum and Palladium coins: American Platinum Eagles, Canadian Platinum Maple Leafs, Canadian Palladium Maple Leafs, and more.
- Gold bars: PAMP Suisse gold bars, Valcambi gold bars, Perth Mint gold bars, and more.
- Silver bars: PAMP Suisse silver bars, Johnson Matthey silver bars, and more.
In addition to these products, Midwest Bullion Exchange also offers a range of collectible coins for investors and collectors. As well as services like secure storage, appraisals, and auctions.
Midwest Bullion Exchange Fees and Charges:
Sadly, Private Bullion doesn’t provide any fee-related information on its website. This is quite disappointing.
That’s because it increases your risk of facing “hidden charges”. While, they may not necessarily charge hidden fees, the lack of transparency certainly raises some questions.
The fees and charges associated with purchasing precious metals from Midwest Bullion Exchange can vary depending on the specific products and services selected.
Here are some of the fees and charges that may apply:
- Premiums: Precious metals products typically have a premium above the spot price of the metal, which covers the cost of production, distribution, and profit for the dealer. The premium can vary depending on the product, the quantity purchased, and market conditions.
- Shipping and insurance: The company offers shipping and insurance services for a fee, which can vary depending on the value and weight of the order, the shipping method, and the destination.
- Storage fees: If you choose to store your precious metals with the company, there may be storage fees that apply. These fees can vary depending on the quantity and type of metals stored, as well as the storage method (e.g. segregated or non-segregated).
- Appraisal fees: If you require an appraisal for your precious metals, there may be fees associated with this service.
- IRA custodian fees: If you purchase precious metals through an IRA, there may be fees associated with the IRA custodian. Such as account setup fees, annual maintenance fees, and transaction fees.
It’s important to carefully review all fees and charges associated with purchasing and storing precious metals before making any transactions and to work with a reputable and transparent dealer like Midwest Bullion Exchange.
Midwest Bullion Exchange Reviews and Complaints:
Below we offer a diverse selection of reviews, ratings, and complaints pertaining to Midwest Bullion Exchange from trusted consumer reporting and rating agencies sites:
Better Business Bureau (BBB) Rating:
This business has 0 reviews with 0 complaints registered in 3 years. They have A+ ratings in their Better Business Bureau page.
The company has 5 stars out of 5 stars. However, the rating is a result of only 2 customer reviews.
According to Timothy M., he has been conducting business with Midwest Bullion Exchange for three years and highly recommends them. As someone who has purchased gold and silver online for more than a dozen years from various dealers, both large and small, he asserts that Midwest Bullion Exchange is the best. They are honest, offer competitive pricing, and provide exceptional customer service.
According to Christymbronson, their investment management firm has utilized Midwest Bullion for not only their employees’ purchases of gold and silver but also for their clients’ successful purchases. Midwest Bullion is highly professional and trustworthy, and ships orders on time. Christymbronson highly recommends them.
The company has 5 stars out of 5 stars. There, it only has 2 reviews.
According to Matt M., the company is characterized by honesty, reliability, and professionalism, making it a top choice for anyone interested in investing in precious metals.
As per Bill M.’s recent experience, he has made a few minor purchases of gold and silver coins and found the company’s service to be prompt, reliable, and courteous. He also mentioned that if he plans to make any future purchases, he will undoubtedly contact “Scott” at Midwest again.
Many customers have praised the company for its knowledgeable staff, helpful customer service, and high-quality products. The company has an A+ rating with the Better Business Bureau. Furthermore, its website features numerous positive reviews and testimonials from satisfied customers. Like any company, Midwest Bullion Exchange has received some complaints from customers. Some of the most common complaints include delayed shipping, unexpected fees, and issues with order accuracy.
The complaints can certainly make it difficult for an investor to trust Private Bullion. After all, it’s better to work with a more specialized and reputed company.
Midwest Bullion Exchange Pros and Cons
- Over a decade of experience
- A+ rating on BBB
- Limited availability of products
- Possible shipping delays
- Lack of transparency
Is Midwest Bullion Exchange Legit? Should You Invest With Them?
No. They are not the best option available in the market.
While it’s true that Midwest Bullion Exchange is a legitimate and reputable precious metals dealer, it has several flaws as well. The company has been in business for over a decade and has a strong track record of providing high-quality products and services to its customers.
However, the company has received complaints for delayed shipping. Moreover, they don’t share vital information about their fees and charges, which can be a huge red flag for many investors.
When choosing a precious metals dealer, you should always go with a reputed and reliable provider. To learn about the most reputed gold IRA companies, I recommend checking out my list of top gold IRA providers.
There, you can also find the best precious metals company of your state.
Have you dealt with Private Bullion? How was your experience? Let me know in the comments.