Buying gold and silver coins or bullion can be a bit overwhelming.
Buying a precious metal over the phone or via a website can seem like a gamble by itself, and this couldn’t be more true if it’s your first time making such an important purchase.
However, there are very reputable dealers online that offer a great selection, fair pricing, and superb customer service.
Once you know which business you can trust with your hard earned money, your buying experience becomes much more relaxed and enjoyable.
In this review we’ll look at the popular dealer JM Bullion to see if they’re a legitimate business.
Is JM Bullion safe to buy from? Let’s find out.
A Quick History Of JM Bullion
JM Bullion has been in business since 2011 and they are headquartered in Dallas, Texas.
They also have a warehouse in Las Vegas where many of their items are shipped from.
Interestingly enough, this company does not have a walk-in store and exclusively sells products online via their website.
(Which doesn’t stop them from making $1 billion in annual revenues.)
During their time in business, they have accumulated an overall positive review score on all the major review websites and even received several awards.
What Does JM Bullion Sell?
JM Bullion specializes in gold, silver, platinum, palladium, and copper in the form of coins or bars.
By first visiting the site you can tell that selling precious metals is the focus here and not really on collecting.
Real-time pricing is at the top of every page as you shop, once again reinforcing the idea that buying precious metals for investment purposes is the main driver of sales.
(This also ensures there are no surprises at the check-out, if you’re quick to buy.)
Buying Gold
JM Bullion offers gold from the U.S., Mexico, Canada, Australia, and many parts of Europe.
You can invest in coins, which they have a decent selection for, but not one that would entice collectors.
They also sell bullion which comes in standard ounce sizes up to 10 ounces. They also offer custom bars from the countries listed above.
If you’re looking for a straightforward website to quickly buy gold bullion, JM Bullion specializes in this area.
Buying Silver
JM Bullion has a much larger selection of silver coins than gold, so in this regard, it may be a better option for collectors interested in silver.
When comparing gold and silver bullion, the experience is equal.
But when it comes to coin variety, their silver selection is better than their gold offerings. Although inventories may change, this was our experience when dealing with the website.
JM Bullion Pricing
Pricing for JM Bullion is straightforward and competitive with most precious metal dealers online.
You can possibly find lower prices, but the effort may not be worth it in the end for most common items.
The lowest price gold bar on their website was their house brand JM Bullion 1-ounce bar. This was selling for a 3.9% premium over spot prices.
For comparison, their most expensive 1-ounce gold bar was an American Reserve bar that was selling for a 6.4% premium over spot.
All prices listed on the site are based on payment with an ACH, wire, or e-check.
Payment via credit cards or Paypal will add an additional 4%. Crypto is also an option for payment, with a lower fee of 3%.
Now…
There are no minimum order amounts, but there are maximums based on the method you use to buy goods.
Refer to the chart below:
Overall, we liked the straightforward pricing with JM Bullion.
Prices are all clearly marked and spot prices are always listed at the top of the page so you’ll always be able to see the premium and whether it falls within your budget.
One last thing:
We often hear from new buyers the concerns over fees when purchasing any precious metals. Thankfully, this company adds no other fees or charges and you won’t be taken by surprise.
The Buy-Back Program
JM Bullion can also buy your gold, silver, and other metals.
Again, this can be done completely via the website and there is no need to call or speak to a representative.
You can enter the amount and type of metal you have and get a quote. Once confirmed, that quote is locked in and you are given instructions on how to ship your goods to JM Bullion.
Once received and inspected, the funds are released to you.
One important note though is that once you agree to the terms of the buyback, canceling the transaction will result in loss fees if the market moves against you.
So always make sure to do your due diligence before agreeing to the buyback terms.
The buy-back process is very clear and one that may be welcome to folks who would rather not deal with a salesperson over the phone.
At this point, you may be wondering what happens if something goes wrong along the way.
Well, JM Bullion is fully staffed and if anything unforeseen happens, they will either contact you or you can contact them to speak to a representative directly.
Speaking of customer service, that leads us to our next section.
JM Bullion Customer Service
One thing that every precious metal dealer needs to have is top-notch customer service.
Transactions in precious metals can be rather large and involve significant investments. If something isn’t right, people want an answer fast and without any hassle.
We tested JM Bullion’s customer service a few times. Both via email and by telephone to see what the response time was.
Via email, we received a reply to both of our messages within 24 hours. Responses arrived the next business day and in both cases, we were happy with the answers we received.
With one message, we replied with a follow-up email to ask for more clarification, and that message also received a reply the next day with the correct information we were seeking.
Next, we tested their customer service via a phone call.
We made two separate calls on separate days. Both calls were answered with minimal wait times. One call took 3 minutes to speak with a representative and one took just over 5 minutes.
Let’s face it, not that bad by today’s standards when calling a large company by phone.
One problem we did find though is with the hours.
Phone support is only available during their business hours, which is 8 a.m. to 6 p.m. Dallas, Texas time (CST).
This is only on weekdays and they have no weekend hours. While this isn’t a deal breaker, we would like to see weekend hours or maybe extended weekday hours.
Some other prominent sellers have 24/7 support, which is best for this type of business in our opinion.
However, JM Bullion is responsive during their hours of operation and everyone we communicated with knew exactly who to connect us with to get the answer we were looking for.
Overall, we give their customer service a positive review, but for those who demand 24/7 responsiveness, it may not be adequate.
Shipping
While this company has an A+ rating on Better Business Bureau, some of the complaints were related to shipping or product availability.
Almost all in-stock items ship within one business day according to the website. Any order over $199 has free shipping and they include free insurance with that as well.
One thing we were a bit disappointed about was the amount of out-of-stock items on the website. This was mostly in the area of gold coins and their silver selection was much better.
Don’t get us wrong, all items are clearly marked as in stock or out of stock, so there is no confusion.
But for collectors or others looking for very specific coins, JM Bullion may not have the inventory to satisfy your needs, at least when it comes to gold.
Other JM Bullion Services
Outside of just selling precious metals, JM Bullion offers some additional services.
The first is the buyback program that we touched on earlier.
JM Bullion will buy back your purchases with an easy-to-use interface on their website.
It has listings for many popular gold products, so you just select your product and it will give you a quote. Simply agree and your price is locked in.
It’s one of the easiest online buyback programs we’ve seen.
Next is their loan service.
We didn’t personally test out this service, but JM Bullion offers loans of up to $5 million on your gold. There is no credit check and they claim the money can be available in as little as 10 days.
These loans are not handled directly by JM Bullion but are offered through the Collateral Finance Corporation.
Finally, JM Bullion does offer a storage service, but it’s through a third party. In this case, TDS Storage.
But due to the partnership, JM Bullion representatives will help you with the process of setting up your storage.
Note:
If you want a company that handles 95% of the paper work when you invest in precious metals for your retirement account, then check out the Augusta Precious Metals firm.
Is JM Bullion Worth It?
Reasons to Consider:
1) Very easy buying experience with straightforward pricing that can be great for new buyers as well as experienced buyers who know exactly what they want.
2) Decent gold bullion selection but a much better silver selection when it comes to coins.
3) Ability to buy and sell gold without dealing with a salesman or other representatives.
Reasons to Avoid:
1) Customer service is responsive but hours are limited. We would prefer 24/7 support or at least extended hours beyond 6 p.m CST on weekdays.
2) Gold coin selection can be lacking. A good deal of items may be out of stock at any given time. Investors looking for bullion may have no issue here, but collectors will likely be disappointed.
3) Doesn’t offer help with Gold IRA accounts.
Who Should Use JM Bullion?
JM Bullion is a good choice for first-time or new buyers who may have been turned off by other more complicated websites.
The simple pricing is easy to understand and you always know the exact premium you are paying over spot.
Experienced buyers will also do well with JM Bullion, however, if you want very specific items, you may be let down with their inventory.
Overall, JM Bullion is legit and safe to buy from.
It is a reputable seller and while only in business for a little over a decade, they are a trusted name in precious metals and worth looking into when deciding on your next purchase.
Now, we’d like to hear from YOU:
- Is JM Bullion trustworthy, in your opinion?
- Do you have any complaints with this company?
- What are your thoughts of this JM Bullion review?
Let us know your thoughts in the comments below!
