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JM Bullion is an online bullion dealer that has been in the business since 2011. Since their initial launch, they have grown to be one of the largest bullion dealers in the United States. They have worked with over 300,000 customers and have thousands of detailed reviews online. But are they actually the best company to work with?
When you're buying precious metals, you want to make sure that you're working with a reputable company. We've broken down everything you need to know.
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About JM Bullion
JM Bullion has headquarters in Texas, while the bullion warehouse is located in Las Vegas, Nevada. Rather than having a retail store, the company operates exclusively online. If you need to talk to an employee, there are representatives available for contact over the phone.
Despite being such a big operation, JM Bullion is slightly limited in services compared to some of the competitors. But it has become one of the top bullion dealers in its areas of expertise. According to the company website, they operate on principles of simplicity, low fees, great service, and quick shipment.
JM Bullion does offer some IRA services. If you're interested in opening a gold IRA, you can call and talk to a company representative about it. They will help connect you to a custodian so you can create an account and transfer funds. Then they'll help you purchase IRA-eligible items for your retirement account.
JM Bullion has been accredited with the BBB and holds an A+ rating. It is also one of the first businesses that many people in the US turn to for their precious metals investments.
There are a variety of products available through JM Bullion. Most of the business is focused on selling precious metals. When you go to the company website, you can see tickers that display the live prices of precious metals in real time. These change on a minute by minute basis as the stock markets and exchanges fluctuate.
Bullion bars are available in gold, silver, and platinum. You can purchase bars from a variety of different mints. Only some of them are eligible to hold in an IRA, since they must adhere to certain purity standards and other regulations.
Standard bullion ranges from one to ten ounce bars. There are also specialty gold bars that come in a variety of different sizes, if you're looking for something a little more unique.
Palladium is sometimes available, though this is rarer than the other three standard precious metals. It's also possible to buy copper in bulk through the JM Bullion website. You should just keep in mind that copper is not approved to hold in a gold IRA, and it's also not always considered a precious metal.
There are gold and silver coins available from a wide variety of different sovereign mints. While they don't have many numismatic collectibles available, there are a few. For example, you can get pre-33 historic gold coins, or gold commemorative coins. The same is true of silver coins.
Numismatic collectibles cannot be held in a gold IRA. Your coins will need to be from a sovereign mint and pre-approved by the IRS. Most of the traditional coins from the US Mint are approved to hold in an IRA as long as they are properly graded and certified.
In addition to the US, some of the represented sovereign mints include South Africa, China, Britain, Mexico, Canada, and Australia.
Whether you're looking for gold or silver, you can browse the inventory by using filters. You can search for certain sizes, quality levels, countries of origin, and grade levels. JM Bullion has one of the most diverse selections of international sovereign coins in the US.
JM Bullion has a variety of silver rounds available. Though these are not eligible to hold in an IRA, they are very popular with collectors, art lovers, and history enthusiasts. Despite looking similar to coins, they aren't legally usable as tender. Therefore, they can be minted by any refinery, not just the government mint.
Rounds can be stamped with infinite designs. They are highly collectible, so they tend to appeal to hobbyists and numismatists. On the investment side of things, silver rounds tend to have a lower markup from the spot price than real numismatics.
Selling Precious Metals
If you have precious metals that you'd like to sell, you can do so with JM Bullion. Unlike many of the other companies on the market, you can actually confirm your price, ship your package, and have your payment delivered without ever speaking to an employee.
This is because of the company's automated buyback system. As soon as you enter your item details into the computer, you'll be given a quote. Upon checking out, you create a binding contract that guarantees that you'll send the bullion in a package.
Is JM Bullion a Scam?
JM Bullion is an extremely large business that ranks as one of the biggest precious metals dealers in the world. In fact, they outperform almost every other bullion dealer in the US. They have largely positive reviews on a wide variety of third party websites.
For example, they have 4.65 out of 5 stars based on over 1,000 customer reviews on the BBB website. This indicates that the vast majority of customers were fully satisfied. On Sitejabber, there are over 2,600 reviews, which give the company a rating of 4.8 out of 5 stars on average. On Trustpilot, the company holds a rating of 4.4 out of 5 stars based on over 950 reviews.
The only third party company that has a relatively low score is Consumer Affairs. There, JM Bullion has just 3.2 out of 5 stars. But there are also only 70 reviews. In comparison to the thousands on other websites, this score isn't very well weighted.
So with all of that feedback in mind, we can confidently say that this company is not a scam. They provide the products and services that they claim to, and most customers seem to be happy with the results.
However, there is one glaring thing. There are 263 complaints against the company on the BBB website, almost a hundred of which were in the last year alone. Even for a company this large, that seems like a staggering number. Big companies are bound to get some complaints here and there, but more than 250 is intense, especially considering there are only about 5,000 online reviews at most.
That said, they have maintained an A+ rating and accreditation with the organization. To do that, a company must respond to all customer complaints and either explain why the customer is wrong or make a good faith effort to resolve them.
So let's take a look at a few of the more recent complaints and see how the company handled them.
Because of how many complaints there are, the BBB has only published the text of about 30% of them. Even so, we won't be able to look at all of the negative feedback. But we can examine some of the most recent complaints.
With 97 complaints filed in the past year, there's an average of about eight complaints per month. Or more plainly, about two complaints are filed every single week. That's concerning. Though some complaints and misunderstandings are expected, companies should be able to resolve concerns before they reach the point of public shaming.
Intercepted Return Check
One customer said that they placed an order in January of 2022 for more than $3,100. Though they were given a tracking number for the shipment, the package never left the first shipping location. Two months later, a refund was approved.
The customer placed another order ten days after the first for a little over $530. The item was shipped out two weeks later. But once again, despite receiving a tracking number, the package never moved out of the shipper's location. The refund for the purchase was approved six weeks later.
The customer received emails promising that a refund would be issued in three days or less. But after a week went by with no word, the customer began to call and email. Two weeks after the refund approval, they received a call saying that their refund check had been mailed for the combined total.
The customer was then told that the refund check had been cashed. But the customer had never actually received the cash. When they asked where the check had been sent, they were told that it went to the Honda company. There was no way to find out exactly who had cashed the check.
The customer was frustrated because the refund check should have been sent to them alone, not to any other company. The representative apologized and said she'd try to figure out what had gone wrong. By this time, it had been three months since the initial purchases.
The company responded to the complaint to say that they apologized again and had sent a new check. The customer followed up to indicate that they had received the refund check and were happy with the resolution.
No Rush Shipment
A customer left a complaint in April of 2022 regarding an order he had placed two months before. The order had been for several grams of silver and a gold note. Because the customer had paid for rush delivery, the package should have reached him within seven days of ordering.
But the package was not delivered to the customer in seven days. In fact, it was not delivered at all. The customer had spoken with the customer service team and been told that he needed to send an affidavit of agreement.
However, he was unhappy with this because the affidavit didn't guarantee that the items would be refunded or reshipped. The package had been lost in the mail despite there being a tracking number.
JM Bullion responded to say that they would approve the claim as soon as the customer sent back the affidavit with an electronic signature. They promised that they would either refund or reship the items in this case.
The customer never responded to say whether he received his refund. It's also unclear what the affidavit was about or why it was necessary.
Denied Insurance Claim
Another complaint from April of 2022 is about a purchase that was made a full 16 months before, in January of 2021. The customer had bought a gold coin and gotten an email confirmation that it was shipped. The tracking number never stated that the coin was delivered, and the package didn't arrive by the expected date.
When the customer contacted JM Bullion, they were told that they should wait up to 5 days in case the package arrived. Obviously the package never arrived, so the customer started a claim and followed the company's procedures. As part of this process, the customer made a police report. But because of the customer's location, the police report could take up to 10 days to make.
During this time, the company reached out to ask whether the customer had the report done yet. If the customer didn't provide it, the claim would be closed. The customer explained that the report was being delayed because of the small police force in their area along with the holiday.
The initial response was that the company would wait for the police report. But then the customer was informed that the claim had already been closed because the police report wasn't submitted on time. Nearly two weeks went by without any contact from the company. When the customer finally reached out and got a hold of someone, they said that the insurance company was firm about their decision.
The company then said that if the customer suspected their package had been stolen by USPS, they should file a claim with the postal service. When the customer posted their review, it had been 16 months since the initial order was placed. They had still not received any refund. A claim had been filed with USPS in that time, but the customer only received a refund for the insured shipping charges.
The company responded to say that this was an old claim that had been denied, and that they had explained the reasoning repeatedly to the customer.
The customer said that they did not accept this response, because JM Bullion hadn't factored in the processing time for the police report. They said that they had communicated as clearly as they could throughout the process.
JM Bullion responded with the same thing. They reiterated that they had denied the claim and would not be reopening the investigation. Then they said that there was nothing more to add. The customer has never received a refund for the issue.
Pros & Cons of JM Bullion
JM Bullion is a well established bullion dealer that has a strong reputation in the precious metals industry. Though they were founded just over a decade ago, they have quickly grown to become one of the largest online bullion dealers in the entire world. There are thousands of customer reviews online, most of which are positive.
However, there is also a huge number of complaints. Nearly 100 complaints have been filed in the past year, with over 250 being filed in the past three years. The company has not managed to resolve all of these complaints to the customers' satisfaction, though they have responded to each.
Because of the volume of complaints, we can't recommend working with this company. It's true that the complaints might be proportional to the size of the company. But there are other companies of similar scope that have fewer overt complaints. In addition, you might want to work with a smaller corporation in order to have a more one-on-one experience.
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