When you consider just how volatile many of your options are when looking to hedge your retirement account, gold IRAs offer a more stable alternative. With that said, it’s challenging to find a gold IRA company that has the experience and skill needed to manage your account successfully.
Today we’re taking a look at JM Bullion. We’ve scoured through JM Bullion reviews from both customers and insiders and broken down the company’s pros and cons, product offerings, customer support, and more to give you all of the information you need.
JM Bullion’s History
Based in Dallas, Texas but originally founded in Pennsylvania, JM Bullion has been in operation since 2011. This company sells a wide variety of precious metals, from silver and gold to copper, palladium, and even platinum. While many precious metals retailers only provide their customers with a confirmation slip, JM Bullion offers real physical products exclusively.
A company of only two employees at its founding, JM Bullion now has nearly 100 staff members and continues to grow. In fact, JM Bullion received recognition as the fastest-growing company of its kind in the U.S. in 2019. It currently boasts revenue in excess of $650 million per year.
Customer reviews seem to agree that JM Bullion is flexible, honest and direct, and more affordable than other precious metals retailers. Many customers specifically point to how reliable JM Bullion is and how easy it is to buy precious metals and set up a gold IRA through JM Bullion’s partner company New Direction IRA.
JM Bullion boasts thousands of reviews online, most of which are overwhelmingly positive. Among issues that customers have reported are various problems with shipments and missing items. JM Bullion’s customer service generally resolves these claims, even when the company itself is not at fault.
JM Bullion Pros and Cons
JM Bullion is an online retailer that sells physical bullion, gold coins, and other similar items. As a bullion dealer, it cannot store gold for a gold IRA, but it can sell the gold bars.
Please note that JM Bullion does not offer transactions without physical delivery. Unlike other gold dealers, JM Bullion does not support transactions where the gold is only on paper. While it doesn’t provide gold storage, it does have a facility it works with and recommends for those looking either to store gold for a gold IRA or for personal use.
Pros
One of the most significant items in the pro column for JM Bullion is its particularly high BBB (Better Business Bureau) rating. Out of nearly 1,000 customer reviews, it currently sits at 4.64/5 on the BBB site, with an A+ rating.
Along with its high ratings with both the BBB and the customers it serves, JM Bullion also offers free shipping on specific orders. It does this to keep overall customer costs down, so most large orders (any over $199) will qualify for free shipping.
Lastly, since JM Bullion partners with a secure facility for gold and other precious metal storage, customers will find a smoother process than with many other companies. While many dealers only focus on selling precious metals, this company can offer the services of a reputable partner for storage.
Cons
The first item on this short list of cons has more to do with existing government regulations and less to do with JM Bullion itself. This company does adhere to strict rules regarding sale and purchase reporting for gold and other precious metals.
JM Bullion also does not offer any type of precious metals storage. This puts JM in contrast to its competitors, many of whom do offer gold storage. With that said, this company also partners with storage facilities that, together with partnered custodians, can provide the services you need to set up a new gold IRA account.
The other item to note is that JM Bullion does have a bit of a delay between the purchase of gold bullion bars or coins and the receipt of that shipment.
JM Bullion Gold IRAs
JM Bullion does not offer any type of IRA service. Although you can’t get a gold IRA directly from JM Bullion, however, this company partners with a variety of custodians with whom you can work to set up a new gold IRA account.
While JM Bullion does not offer gold IRAs, the company does allow customers to sell back gold and other precious metals. Since prices fluctuate, JM Bullion requires customers to call them to get the latest buyback prices. The retailer boldly states that it offers the best prices for buybacks anywhere.
Check here for more information on gold IRAS and the companies that offer them.
JM Bullion Products
Now that we have a better idea of some of JM Bullion’s pros and cons as well as its partnership with other companies to augment its services, let’s take a look at some of the actual products and services that the retailer offers.
You Can Buy Gold and Other Precious Metals
For starters, JM Bullion offers a wide variety of precious metals. When it comes to gold products, you can purchase all standard American coins like the Gold Buffalo coins, Gold Eagles, and any coins that the mint produced prior to 1933.
Along with American offerings, JM Bullion sells a variety of international products, too. For example, you can purchase a variety of Mexican coins and Canadian coins as well as commemorative products from Canada’s mint, Krugerrands from South Africa, and all kinds of British gold products.
You also have the option of purchasing Chinese gold products such as the Gold Panda, Australian gold, European sovereigns, and even collectibles from popular companies such as Disney. JM Bullion also offers a wide array of gold bullion bars for those who would rather have a standard item.
JM Bullion has just as extensive a collection of silver as it does gold. You can buy silver statues, silver rounds, bars, and coins. JM Bullion even offers silver bullets for sale, although, of course, you cannot use them as live ammunition.
Just as this company sources its gold from all over the world, it does the same for its silver offerings. You can even buy coins from popular book, movie, and television properties such as Star Trek and Star Wars, The Simpsons, and Marvel.
If you’re looking to buy precious metals other than the standard gold and silver, you can also get those at JM Bullion. While this selection is more limited in scope, JM Bullion does offer some copper, palladium, and platinum products for sale.
You Can Sell Back Your Gold and Other Precious Metals
While most of JM Bullion’s customers come to the company to buy gold, silver, and other precious metals, the company also allows you to sell back precious metals that you might have. You can either sell back your items over the phone or through JM’s buyback tool.
More and more customers opt for the tool since it’s entirely automated, available 24/7, and doesn’t require you to speak with a sales agent. The tool even allows you to lock in the rate when it serves you so that you can get the best possible price for your precious metals.
Along with its buyback tool and option to sell over the phone, JM Bullion also provides an email option to enable you to sell your gold or silver.
No matter which method you choose, the process remains the same. All you have to do is lock in the price for your items and amounts, then ship your precious metals directly to the company. Once JM Bullion has had the chance to inspect and approve your shipment, you’ll receive payment.
This company makes it particularly simple to ship precious metals to them. JM Bullion provides the shipping labels, and then all you have to do is securely pack the items, put on the labels, and drop the boxes off at a UPS location near you. Most customers receive payment from JM Bullion within three days after the company receives the shipment.
Gold IRAs (Through JM Bullion’s Recommended Custodian)
While JM Bullion does not offer gold IRAs directly, the company does work with local facilities and custodians to help customers who want to set up a new account.
A gold IRA allows you to invest your retirement account or other portion of your portfolio in gold or other precious metals. Not only does a gold IRA have tax benefits that you can’t find in other retirement options, it’s also more stable than investing in the stock market directly.
JM Bullion works directly with the local custodian New Direction IRA and with the facility A-M Global Logistics, both of which are local to JM Bullion. You can easily purchase your gold or other precious metals from JM Bullion, set up a new account with New Direction IRA, and have your gold stored at A-M Global Logistics to complete the process.
JM Bullion Pricing
As you might expect, customers setting up a gold IRA with New Direction IRA will need to pay additional fees.
Even so, JM Bullion provides affordable pricing thanks in large part to its process of direct purchase. Most customers report that JM Bullion offers prices near the national average for the industry. In particular, you can expect a gold asking price that’s somewhere in the neighborhood of $1,800.
Since JM Bullion offers a variety of products and sources, you can choose from many different bars, coins, and collectible items, depending on your needs.
JM Bullion also stands out for its overall low minimum buy amount. While you’ll need to buy at least $2,500 worth of product if you’re transferring directly from your bank, you only need to hit a minimum buy amount of $100 if you purchase through Bitcoin, check, or PayPal.
It’s important to note that along with its minimum buy amount, JM Bullion also has a maximum buy amount, though you’ll likely find it difficult to hit that amount.
The upper limit is $5,000 for all purchases made with a card, $10,000 for a PayPal purchase, $50,000 for a check, and $150,000 for a transfer directly from your bank. If you’re purchasing with Bitcoin, you can buy up to $250,000 in precious metals in a single transaction.
Reasons to Invest With JM Bullion
We’ve touched on products and companies beyond what JM Bullion offers directly since the company’s partnerships provide opportunities for new customers, especially for those interested in opening up a new gold IRA account.
To start with, JM Bullion offers a military discount that applies to all military personnel, whether on active duty or discharged. This discount typically applies to larger orders, although military members can also take advantage of exclusive pricing. Just look for the marker denoting “as low as” to take advantage of this special pricing.
To qualify, all you need to do is send your military ID directly to JM Bullion. Once you email this information, the company will send a confirmation and apply the military discount for all eligible products and orders.
In addition to its support of all military personnel, customers frequently praise JM Bullion for its refusal to operate on commission. While other gold bullion retailers add fees and artificially hike pricing, JM Bullion does none of this. This company practices live pricing, and that’s it.
Along with its fair pricing, JM Bullion offers a discount for any customer that pays either through a check or direct bank transfer. These transactions provide a total discount of 4% over other transaction types.
As mentioned before, JM Bullion only uses live pricing for all the precious metals it sells. You can even request the live pricing so that you can check rates and discover the best time for you to buy or sell.
Since the price of precious metals fluctuates over time, JM Bullion requires its customers to lock in pricing before checking out. Once you check out, your total locks in for the next 10 minutes. If you wait longer than 10 minutes to check out, you’ll have to pay whatever the new rate becomes.
How Does JM Bullion Ship Orders?
JM Bullion typically ships out orders within three business days of a payment going through. For orders put through for standard shipping, JM Bullion ships via both UPS and the USPS and provides insurance for every order. If you’d like your items sooner, you can expedite shipping for an extra fee.
In addition to shipping directly to customers for their personal storage, JM Bullion also allows drop ship. Customers can opt to have their precious metals shipped to JM’s partner facility.
Does JM Bullion Accept Cryptocurrency as Payment?
Unlike many other gold bullion retailers that only allow for traditional cash, check, or bank purchases, JM Bullion does allow customers to check out using crypto payments. In particular, JM Bullion allows for payment through Ethereum and Bitcoin Cash.
Keep in mind that Ethereum payments cannot be higher than $150,000, and Bitcoin has an upper limit of $250,000 per purchase. Another essential thing to keep in mind is that you’ll need to confirm and lock in your prices over the phone if you’re using Bitcoin to pay for your purchase.
For more information, check JM Bullion’s reviews to see what other customers have done to pay through cryptocurrency.
Will I Have to Pay Sales Tax?
While some gold retailers require sales tax on all purchases, JM Bullion does not. You will have to self-report all transactions with your state’s regulatory bodies, but you do not need to pay sales tax when purchasing your precious metals directly from JM Bullion.
What if I Need to Change My Order?
Unfortunately, JM Bullion does not allow customers to change their order after it processes. If you need to alter your order, you must first cancel your original order and then place a new order directly with JM Bullion.
Since live prices fluctuate over time, you will likely pay a different rate on that second-order than you did on your first order.
What Storage Options Does JM Bullion Offer?
While many JM Bullion customers opt to store their precious metals at home (especially for smaller orders), others want to have a safe and secure place to store their purchases. JM Bullion partners with TDS Vaults to provide storage services for those who don’t want to store their items at home.
TDS Vaults is a multinational storage company that offers precious metals storage in Toronto, Las Vegas, Singapore, and Zurich.
If you want to opt for precious metals storage, all you have to do is open a new account with this partner company, choose which facility you’d like to use, and then complete your purchase with JM Bullion. Once the order is complete, JM and TDS will work together to coordinate the shipment of your new items to the facility you choose.
TDS Vaults offers a double insurance policy in order to assuage any customer fears. The facility itself insures your precious metals, and it will also take out an all-risk policy to insure your items.
Does JM Bullion Have a Returns Policy?
All JM Bullion orders come with a 5-day returns window. With that said, you may have to pay a restocking fee when returning an order.
In addition to a potential restocking fee, you will also have to pay the market difference for your item or items. JM Bullion will not do a buyback for anything under $1,000.
For more detailed information on the company’s exact prices at this moment, visit the JM Bullion site.
What Kinds of Fees Should I Expect?
While fees typically come with the territory when it comes to the precious metals industry, JM Bullion does not charge fees or commissions on any of its transactions. Instead, this company makes its money through a spread that’s added to whatever rate the current market is sitting at.
If you order less than $199 worth of precious metals from JM Bullion, you’ll incur a $7.99 shipping charge. As long as your order crosses over that $199 threshold, though, you won’t have to pay for shipping.
JM Bullion is very transparent. Along with current market pricing for all the precious metals it sells, JM lists all additional pricing on many separate pages on its website.
How Does JM Bullion Stack Up Against SD Bullion?
JM Bullion’s main competition comes from the company SD Bullion. The two companies have many similarities. Both companies showed up in the early 2010s, and the two companies share competitive rates for gold, silver, and platinum.
JM Bullion does edge SD Bullion out when it comes to variety. Even so, SD offers some of the most common and popular product types.
SD Bullion offers returns within three days of purchase, while JM Bullion has a five-day return policy. Both bullion retailers have a wealth of positive reviews, although SD Bullion has more reviews than JM Bullion.
In the final analysis, the best bullion retailer for your dollar has more to do with the products you’re looking for than anything else.
What Should I Look For in a Gold Bullion Dealer?
Given how big of an investment purchasing precious metals is for most investors, it’s crucial to look at a few different areas when making your decision.
The first thing you want to look at is the bullion dealer’s overall reputation, both online and offline. Check its reviews, not just on its own website but on reputable sites such as TrustPilot and Google. Ask for testimonials whenever possible and compare reputable positive reviews with negative ones.
You should also confirm that the bullion dealer has at least one physical office or store. Even with the recent shift to online-only marketplaces, you should steer clear of a bullion dealer that only has a post office box listed on its site.
Transparency is also vital. If a dealer adds any extra fees or commission charges, it should clearly list that on its site and not try to tack those on right before you make your purchase. Since the price of gold and other precious metals fluctuates over time, the dealer needs to have the current pricing clearly available and up to date.
You should also steer clear of any gold bullion dealers that don’t offer diverse payment options. Avoid a company that requires cash up front.
Most reputable dealers will allow you to pay for your gold purchases via check, money order, direct bank transfer, PayPal, and credit card. A growing number of retailers now even allow their customers to use cryptocurrency to complete transactions. Also, be sure to ask up front about any fees associated with specific payment types, like a credit card or bank transfer.
Lastly, you’ll want to confirm the company’s returns policy as well as the buyback options that the retailer offers. The majority of retailers buy precious metals back from customers, although they may have separate fees for these transactions. As with everything else, a retailer should provide all of this information on its website clearly and transparently.
Customer Support
Customer service is paramount in any industry, but it is especially important when it comes to the precious metals industry. The fact remains that mistakes happen, and no company is perfect. The important thing is how well a company responds once those mistakes do happen.
While JM Bullion has resolved a number of complaints and order issues for its customers over the years, it’s also not without its disputes. Some customers argue that JM Bullion doesn’t show an adequate level of accountability and professionalism, which stands in pretty sharp contrast with other companies in the field.
It’s important to take each review seriously but also to weigh the negative against the positive. In particular, JM Bullion has an overwhelmingly positive overall score on basically every review site.
Despite the occasional dispute, JM Bulion’s page on the Better Business Bureau’s site shows that it takes complaints seriously and works to resolve all customer issues. While companies can sometimes sweep wrongdoing under the rug, it’s difficult to get anything past the BBB. With its A+ BBB rating, JM Bullion remains one of the best gold retailers in the industry.
Conclusion
With so many gold bullion retailers out on the market, it’s no wonder that potential customers have a hard time narrowing down their options. If you’re looking for a more stable way to hedge your retirement account, a gold IRA is probably the best choice for you.
And while JM Bullion can’t set up your new account directly, it can sell you your precious metals and set you up with a custodian and secure facility.
JM Bullion seems to have earned its reputation for direct and honest dealings, fair prices, and good customer service. Whether you’re new to the world of investing or know the ins and outs, JM Bullion is a company that makes investing in gold simple and straightforward.
We’ve studied JM Bullion reviews online and discussed its advantages and disadvantages, the products it offers, its customer service, and more to give you all of the information you need. You’re wise to consider all your options for opening a gold IRA. Contact Learn About Gold today to discuss opening a gold IRA or choosing gold for an investment plan.
