CMI Gold & Silver Inc was founded in 1973 and has gradually grown into one of the premiere gold and silver dealers in Phoenix, Arizona today. Although the company is based in Phoenix, it does business all over the United States. Since there are always new investors willing to convert their 401k’s and traditional IRA’s into Gold IRA’s, the company is always ready to offer advisory services so as to guide the new investors in making the best investments
Better Business Bureau
I started by looking at the BBB rating of CMI Gold & Silver. The rating was A+ which is the highest possible rating a company can have. This means that CMI Gold & Silver has a good reputation in the industry mostly brought about by a high resolution to properly address customer complaints
Business Consumer Alliance
I also went ahead and checked the BCA rating of the company. However, the company was not BCA listed. And this is bound to harm the company’s reputation compared to other good Gold bullion and coin dealers I have reviewed so far.
CMI is listed on the Trustlink website but with zero star rating. And from my own experience, I can say that a lot of gold dealers impress their clients with excellent customer service to the point that they feel compelled to leave a five star rating as a thank you note, but this was not the case with CMI.
On Yelp.com, the company won a 5 out of 5 star rating based on 3 buyers reviews, the buyers testify that they have had an overall great buying experience with the company, and recommend it wholeheartedly to other investors.
On Golddealerreviews.com CMI has 3.9 out of 5 stars based 7 reviews. Most of the clients were please to deal with the company and report their buying experience was good and their items arrived in time, except one buyer who was disappointed by the company’s overpriced items
CMI Gold and Silver Complaints
CMI looks perfectly clean from any other complaints except the one filed on Golddealerreviews.com.
How to Rollover your IRA with CMI
CMI delivers physical precious metals right to your door. If however you wanted to set up an IRA backed with gold and Silver, you would then need to contact the third party custodian listed on CMI’s website, and let them process the paperwork of the IRA rollover for you, once your precious metals IRA is set up , CMI will contact you by phone and they will act as the dealer who will fund your account with metals.
CMI Under the Radar
When we contacted CMI Gold, an agent called Dean answered the phone, he was friendly throughout the whole conversation, and he was willing to walk us through smoothly with non of our questions returned unanswered.
We explained that we wanted to rollover a 401k with a previous employer to precious metals.
Here are more details from this call:
How it works?
The first step is to call a company that we work with called Gold Star Trust.
Once the roll over is initiated and the account has been funded, Gold Star will alert us and we will give you a courtesy call to let you know that we are ready to proceed. At that point we will let you know that we are ready to purchase the precious metals.
We will lock you in on a price depending on what the market dictates at the time of the transaction. A trade number will be created. That number will be unique and correspond with your transaction.
The difference is that rather than we send you confirmation and you send us payment, we send that confirmation to Gold Star Trust, they pay us and rather we shipping the metals to you directly, we ship the metals to the Delaware Depository in the account that was set up in your name with Gold Star.
About the Storage?
The metals will be stored either segregated or co-mingled depending on what option you choose. “I don’t know anyone who has ever chosen segregated because of the cost point” said Dean.
What’s the setup fee?
CMI does not charge you any fees.
All the fees go to Goldstar Trust:
GoldStar Trust’s fees:
- Annual Administrative Fee: The admin fee is an .08% of the fair market value of the assets stored in your account. The fee minimum is $50, but it is capped at $250 when you go over $312,500 investment.
- Annual Storage Fee: set at a minimum of $90; which equals to 1% of the fair market value of your stored assets, regardless of how high the account value is.
- IRA Setup Fee: one-time charge of $25.
- Transaction Fee: $40 per transaction in or out of the account.
- Closing Account Fee: closing your account with Goldstar will cost you $50 .
My Final Thoughts on CMI Gold Silver
CMI is a good Gold dealer with a fair reputation, but you can see that I found more cons for this company rather than the pros. And this does not mean I am being biased in anyway, the reputation and services of the company speak for themselves , and I would rather choose a better gold retirement package offered by more reputable gold IRA companies in this competitive market.
I finally, I prompt you to browse other dealers on the comparison page and see which one best merits your trust.
Which Company do we Recommend and Why?