CMI Gold & Silver Inc. trades in platinum items in addition to gold and silver bullion. However, the company has received complaints about bad service, so buying from them may not be the best idea.
The following details will assist you in making a more educated choice:
Services Provided by CMI Gold & Silver Inc.
Phoenix, Arizona is home to CMI Gold & Silver Inc, whose headquarters can be found at 3800 N Central Ave, 11th Floor. You can reach them at 602-234-2300, and they’re open from 7 a.m. to 5 p.m.
Since its founding in 1973, CMIGS has served the global bullion industry. Gold and silver coins and IRAs are available for purchase. GoldStar Trust Company, located in Canyon, Texas, is the institution through which the company’s clients can open gold and silver IRAs.
They offer Krugerrands and other silver bullion coins and bars in addition to gold bullion products. They require a purchase of at least 100 ounces of silver from you. This indicates that the lowest possible order for silver coins would be over $227 (based on the current spot price of silver).
Many customers complain that CMIGS is overpriced and requires a large minimum order. I’ll elaborate when I have more time.
President of CMI Gold & Silver, Inc.: Bill Haynes
Bill Haynes started CMI Gold & Silver and currently serves as its president. He started this business back in 1973 and has been at the helm ever since. He worked as an apprentice stock broker for two years before starting CMIGS.
It is important to remember that in 1974, the government sanctioned the usage of gold bullion products. Bill started his company in 1973 to take advantage of people’s lack of knowledge about gold investments and bullion. Swindling people out of their money by selling them fake bullion items was much simpler in the 1970s.
Furthermore, the company engages in several questionable practices that raise red flags about its reliability.
Further evidence that Bill Haynes does not have his client’s best interests at heart is the fact that he has no background in the precious metals industry.
Bad Business Practices at CMI Gold & Silver Inc.
CMIGS is a firm with an A+ rating and accreditation from the Better Firm Bureau. You don’t need excellent customer service and top-notch goods to earn a BBB A+ rating, despite common opinion. To receive BBB accreditation, all you have to do is pay a substantial annual fee.
Without a doubt, it is a dishonest method of doing business that is widely employed by fraudulent and unethical businesses. One company that CNN Money looked at that was facing federal fraud charges surprisingly has an A+ rating with the Better Business Bureau.
Accreditation from the Better Business Bureau (BBB) can cost businesses up to $10,000 annually. The benefits to a company from BBB accreditation are numerous.
It makes businesses appear reliable, which in turn draws in more clients. Furthermore, it provides individuals with considerable autonomy over their BBB profile. Some companies can even manipulate their BBB profile by erasing customer complaints.
To what end would a business invest tens of thousands of dollars in misleading the public? It’s suspicious, to put it mildly.
Consider the situation at JFQ Lending: The mortgage landowner has received numerous sexual harassment and racial discrimination claims. But because he employs dishonest marketing strategies, few people know about it.
What exactly is CMI Gold & Silver Inc. trying to cover up, nobody knows.
The absence of any customer complaints is another cause for concern. There should be a few complaints on their page if they’ve been in business for 40 years, but there are none.
You will find many complaints about their service and morals if you look at their other profiles. Here’s an example of one:
Bad Customer Service and Shopping Experience
The reviewer claims that first impressions of CMI Gold & Silver Inc.’s “major company” status are deceiving. They stress the company’s pricing is significantly more than average and that the staff has no expertise in precious metals.
Another major criticism raised by the reviewer is the extremely long shipment times. They also note that they would not make future purchases from CMIGS. In addition, they gave the organization a single star for everything from shipment speed to customer support to the quality of the product itself.
The coin dealer’s outrageous prices have drawn criticism from more than one customer. Many people agree with you on this.
Gold and Silver, CMI, Inc. Reddit Users Do Not Recommend
CMIGS has been in business “for decades,” although the company has no web presence. Nobody discusses this firm in message boards or other internet communities.
Given that CMIGS positions itself as an industry trailblazer, this raises serious red flags. There was only one thread I could find on Reddit inquiring if its members were familiar with CMIGS.
The customer was curious about the legitimacy of the business and whether or not they should purchase from them.
However, nobody I asked suggested working with them. Several customers complained about the excessive price tag and the prohibitive minimum order size.
It’s little wonder the company needs to spend money on BBB membership to attract customers. Their prices and required minimum order size make it tough for clients to choose them over competitors.
I seriously doubt that the firm considers the needs of its customers while making deals.
Conclusion
CMIGS doesn’t seem to care about its reputation, as evidenced by its shady advertising and questionable business methods. You should search elsewhere if you wish to purchase, sell, or exchange precious metals.
Despite their expertise, the company’s present practices give the impression that they don’t value their clients. They put profit before all else, to the point of engaging in questionable trade practices. You should probably stay away from that company.
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