CMI Gold & Silver Inc – A Mere Scam with High Risk?
Are you looking to buy gold bullion in Phoenix, Arizona? Then you might have heard of CMI Gold & Silver Inc. However, if you are yet not aware of the firm, then the author is here to help.
Bullion is indeed the purest forms of ornamental metals sold, recognized for its 99.5% – 99.9% purity. The usual metals purchased as bullion are gold and silver. A bullion is shaped as a bar or ingot.
They are a gold and silver bullion dealer and also offer platinum products. However, it might not be a smart decision to purchase from them as the company tries to mislead consumers and has received complaints for poor service.
The following points will help you make a better-informed decision on this matter:
What CMI Gold & Silver Inc Offers:
CMI Gold & Silver Inc is based in Phoenix, Arizona and their address is 3800 N Central Ave 11th floor, Phoenix, AZ 85012, US. Their contact number is 602-234-2300 and their opening hours are
7 AM to 5 PM.
CMIGS has been operating in the bullions market since 1973. They offer gold and silver IRAs and sell gold and silver coins. The company offers gold and silver IRAs with GoldStar Trust Company, which is based in Canyon, Texas.
They sell gold bullion coins, gold bullion bars as well as silver bullion products, including Krugerrand coins. The minimum silver order they accept is 100 ounces. This means, the minimum order you can place for silver coins would be above $227 (according to silver’s spot price).
Many consumers believe that the minimum order requirement and the pricing of CMIGS is terrible. I’ll share more on that later.
Bill Haynes: The President Of CMI Gold & Silver Inc
Bill Haynes is the president and founder of CMI Gold & Silver. He founded this company in 1973 and has been running it ever since. Prior to founding CMIGS, he trained as a stock broker for 2 years.
Note that the government legalized the use of gold bullion products in 1974. Bill launched his company in ‘73 because he wanted to capitalize on the lack of awareness about gold investments and bullions. It was significantly easier to swindle people in the 70s when it came to bullion products.
Moreover, the company uses multiple suspicious tactics that suggest it’s not a trustworthy company.
It’s also obvious that Bill Haynes didn’t have any experience in the precious metals industry before launching this firm, which further suggests that he didn’t have his clients’ interests in mind.
CMI Gold & Silver Inc BBB: Ugly Truth
CMIGS has an A+ rating on BBB and it’s a BBB accredited business. Contrary to popular belief, you don’t need to have stellar service and great products to have a BBB accreditation. You only need to pay a hefty annual fee to BBB to get their accreditation.
Certainly, it’s a shady business practice and is heavily popular among scams and unethical organizations. For example, CNN Money’s investigation found that a company facing federal charges of fraud had A+ rating on BBB.
Companies pay up to $10,000 and sometimes more per year to maintain their accreditation with BBB. Having a BBB accreditation gives a lot of advantages to a business.
It allows companies to seem trustworthy which helps them attract more customers. Moreover, it gives them significant control over their BBB page. Some are even capable of removing consumer complaints from their BBB profile, manipulating their page completely.
Why would a company spend thousands of dollars to mislead consumers? It suggests something’s fishy.
Take the case of JFQ Lending for example, The owner of this mortgage lander is facing complaints of sexual harassment and racism. Yet, people don’t hear much about it because he uses unethical business tactics to promote his company.
Who knows what truths CMI Gold & Silver Inc is trying to hide.
Another red flag is the lack of any complaints on their profile. If a company has been operating for 40 years, there should’ve been at least a few complaints but their profile doesn’t have any.
When you check their other profiles, you find several complaints against their service and ethics. Below is one of them:
Poor Buying Experience and Customer Service
The reviewer complains that CMI Gold & Silver Inc seems like a major company until you talk to someone working there. They highlight that the company’s staff has no knowledge about precious metals and their pricing is much higher than the industry.
The reviewer also points out that the shipping is considerably slow. They add that they wouldn’t purchase from CMIGS again. Also, they have a 1-star rating to the company for their shipping time, customer service, and the overall buying experience.
This isn’t the only person complaining about the exorbitant pricing of this coin dealer. There are many others with this opinion.
CMI Gold & Silver Inc Reddit: Not Recommended By Redditors:
Even though CMIGS has been operating “for decades” the company doesn’t have any online presence. You wouldn’t see anyone talking about this company in forums or online discussions.
This raises a lot of red flags as CMIGS claims to be one of the pioneers of the bullion industry. I found one discussion on reddit where a user was asking if someone had heard of CMIGS.
The user wanted to know if this company is reliable and should they buy from it or not.
However, no one recommended this firm. Several users pointed out the expensive pricing and the high minimum purchase limit.
No wonder this company has to buy memberships of review platforms (like BBB) to gain customers. Their pricing and minimum order requirement make it very difficult for customers to prefer them over others.
I highly doubt that the company keeps its clients’ interests in mind while offering deals.
CMI Gold & Silver Inc Review: Verdict
Their suspicious marketing tactics and poor business practices suggest that CMIGS isn’t a reputation company. Whether you want to buy, sell or trade gold and silver, look elsewhere.
Although they have the experience, the company’s current operations doesn’t make it seem as if it cares about its customers. The only thing they care about is their profit and they even resort to unethical business practices.
It would be best to avoid this firm.
Need to differentiate between the scammers and also the legitimate ventures providing the profit for your investment, we will have to expose the fraudsters and promote the legitimate dealers.
My saving has gone behind these scammers.
Have seen various platforms better than this nefarious site and it is very difficult to choose the best platform for investing, we need to make the perfect decision for investing your money.
Many of the users don’t recognize the name of the company which is difficult to believe but this is the truth, I have seen various reviews where people have exposed their shady business and criminal past have been discussed, not reliable.
The company is spending thousands of dollars to promote its schemes which is suspicious.
This firm is not trustable and also their claims are not true you will suffer and regret investing with them, my relatives are suffering for putting their money with them and yet to receive their funds.
We need to make them suffer for their crime and also make ask the government to ban them from doing business in their country with these nefarious schemes, need to be stopped, and let them understand their mistake.
Providing them the positive marketing even after indulging in these crimes is out of my understanding.
The company has an A+ rating even after indulging in various criminal charges, which means that some higher authorities are helping these fraudsters.
CMI Gold & Silver has the worst prices. You’d think you’re buying from a premium brand but there’s no premiumness to these guys.
I recommend going with a bigger dealer because at least you don’t need to worry about your product’s quality with those guys. With CMI, idk, I don’t think they are any reliable.
Placed an order with this company a few weeks ago. I was supposed to get my product delivered last week. But they didn’t.
I can’t belive a company dealing in precious metals could be so terrible at handling orders.
It was a mistake to order from here
CMI gold and silver has the worst prices in the market. You’ll be better off buying from a smaller bullion dealer because these guys are ripping people off.
Thanks for this, I almost made a purchase with them.