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CMI Gold & Silver Review

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About the Management

CMIGS is lead by President Bill Haynes, who has spearheaded the company's operations since its inception in the early seventies. He holds a Bachelor of Science in Finance degree from the University of Colorado. CMIGS is somewhat of a family company, with Bill's two sons playing important roles. Mike Haynes is listed as the Vice President of Sales, while Adam Haynes is listed as the manager of Marketing and Advertising.

CMI Gold & Silver Ratings and Complaints

  • BBB Rating: A+ (Details)
  • BBB Complaints: 1 in the past 3 years (Details)
  • BCA: B (Details)
  • BCA Complaints: 0 in the last 3 years (Details)
  • CitySearch: 5 Stars (5 / 5) based on 4 reviews (Details)
  • Google+: 4.9 Stars (4.9 / 5) based on 29 reviews (Details)
  • RipOff Report: N/A – Not Listed
  • SiteJabber: No Reviews (Details)
  • Trustlink: N/A – Not Rated (Details)
  • Yellow Pages: N/A – Not Rated(Details)
  • Yelp: Not Rated (Details)

 

CMI Gold & Silver Prices and Products

CMIGS sells gold and silver bullion bars and coins in various denominations and types, some of which are approved to be deposited into an IRA account, including:

  • Gold and Silver Bars
  • American Gold Eagles
  • American Silver Eagles
  • Backdated Silver Eagles
  • Platinum
  • Palladium

We should reiterate that not all of the precious metals sold by CMIGS are eligible to be stored in an IRA – for example, they also sell 90% pure pre-1965 silver coins, which of course do not meet the purity requirements for an IRA. There's also a minimum investment amount of 5 oz. for gold and platinum.

The company promotes and facilitates the setting up and funding of IRAs through its affiliation with the GoldStar Trust Company. Investors have the option of opening an IRA with GoldStar, funding the account, and using those funds to purchase precious metals from CMIGS, which are then deposited directly into their IRA with GoldStar.

GoldStar Trust Company charges the following fees:

  • Annual Administrative Fee: equal to .08% of the fair market value of the assets stored in the account. The fee minimum is $50, but it is capped at $250, so even if you store $1 million in the account you'll never incur an administrative fee greater than $250.
  • Annual Storage Fee: set at a minimum of $90; equal to 1% of the fair market value of the assets stored in the account, regardless of how high the account value is. This fee is billed every year in the month the metals were deposited. For example, it costs annual storage fee of $1,000 per year to store $1 million.
  • Setup Fee: one-time charge of $25.
  • Transaction Fee: $40 per buy/sell transaction in or out of the account.

Example scenarios showing charges incurred in an IRA with CMI-affiliated GoldStar Trust Company:

 

Value of Assets StoredAnnual Administrative FeeAnnual Storage FeeSetup FeeTotal Annual Cost
$10,000$50 (minimum)$90 (minimum)$25$165 + transaction fees
$75,000$60$90 (minimum)$25$175 + transactions fees
$100,000$80$100$25$205 + transaction fees
$500,000$400$500$25$925 + transaction fees
$1,000,000$800$1000$25$1825 + transaction fees

CMI Gold & Silver also provides live spot prices for precious metals via its Spot Prices app available for Android and iOS.

CMI Gold & Silver Contact Details

  • Address: 3800 North Central Ave., 11th Floor, Phoenix, Arizona, 85012
  • Phone: 1-800-528-1380
  • Local Phone: (602)-234-2300
  • Website: http://www.cmi-gold-silver.com/

Key Pages From CMI Gold & Silver's Website

  • Gold & Silver IRAProvides an overview of the types of IRAs, as well as type of precious metals that can be stored in an IRA. CMIGS refers its customers to GoldStar Trust Company, as mentioned above in the prices and products section.
  • Gold – Provides information on gold investing, including guidance on owning gold coins, and mention of the best-selling gold coins.
  • Silver – Discusses various aspects of silver investing, including denominations, types, the importance of purchasing .999% silver, and information on how to put precious metals in your IRA.

Always Review the Competition Before You Buy

While CMI Gold & Silver is certainly a reputable company that has decades of experience and plenty of satisfied customers, it is always best to examine every possible option before committing to any investment. We've dedicated this site to reviewing the best precious metals IRA companies in the industry, so you can get all the information you need to make a decision without having to scour the internet.

Contact Us if You Own or Represent CMI Gold & Silver

If you are an owner, associate, or representative of CMI Gold & Silver and you would like us to correct or update any of the information in this review, feel free to contact us with your concerns. We aim to keep our company reviews as accurate as possible for our visitors.

CMI Gold & Silver
  • Editor Rating

  • Rated 3 stars
  • Good
  • 0/5 Avg. User Rating

  • Rated 0 stars
  • 0 No reviews yet!

  • CMI Gold & Silver
  • Reviewed by:
  • Published on:
  • Last modified: April 19, 2017
  • Quality
    Editor: 90%
  • Customer Support
    Editor: 90%
  • Pricing & Fees
    Editor: 90%

Review Summary:

CMI Gold & Silver Inc is an established precious metals dealer based in Pheonix, Arizona. The company was founded in 1973, about one year before Americans regained the right to personally own gold bullion. CMI Gold & Silver (CMIGS) was one of the first precious metals dealers in the country to advise investors to buy gold immediately after the right to own bullion was reinstated. The business was originally founded primarily to sell silver, capitalizing on the fact that Arizona is the fifth-largest silver producing state in the U.S.

CMI Gold & Silver Inc is an established precious metals dealer based in Pheonix, Arizona. The company was founded in 1973, about one year before Americans regained the right to personally own gold bullion. CMI Gold & Silver (CMIGS) was one of the first precious metals dealers in the country to advise investors to buy gold immediately after the right to own bullion was reinstated. The business was originally founded primarily to sell silver, capitalizing on the fact that Arizona is the fifth-largest silver producing state in the U.S.

Editor rating
Rated 3 stars
User rating
Rated 0 stars
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