|BCA Accredited Rating||N/A|
|IRA Transfer Process||14 Days|
|401(K) Rollover Process||4 weeks|
|Metals Delivery||1-2 weeks|
|Annual Admin Fees||$50 - $250 (Scaled)|
|Annual Storage Fees||$90+ (Scaled)|
|Preferred Custodian||GoldStar Trust|
|Preferred Depository||Delaware Depository|
|Min Purchase Amount||$5,000|
|Physical IRA Application|
|Digital IRA Application|
|U.S. Mint Listed Dealer|
In 1997 the law changed, allowing different types of bullion to be used as part of traditional, Roth, SEP, Simple, and Self-Directed IRAs. This has been particularly useful to a wide range of older IRA investors who would more normally prefer investing in bullion rather than coins. Another advantage is that metal bars sell at smaller premiums than their equivalent in coins making them ideal for IRAs.
CMI is a precious metals dealership that has been in business since 1973. The company sells gold, silver, palladium and platinum bars and coins; it also handles the set-up and management of precious metals IRAs. CMI Gold and Silver(CMIGS) works with both American and international customers and has an A+ Better Business Bureau rating and a reputation for providing a very high level of service and professionalism. Following is an overview of what this company has to offer in the way of gold/silver IRAs.
CMI IRA Accounts
CMIGS handles all IRA-related business through a subsidiary company, GoldStar Trust Company. Those who are interested in opening an IRA account with said company will need to start by filling out the appropriate forms; these can either be downloaded from the company website or send to an individual on request.
The cost of opening an account varies depending on the monetary value of assets stored in the account. The company’s annual administrative fee is set at .08% of the value of stored assets; however, there is a minimum fee of $50.00 and a maximum fee of $250. The annual storage fee is .1% of stored assets, with the minimum fee being $90.00 per year. Precious metal investments are stored at Delaware Depository Services Corporation in Wilmington, Delaware, a COMEX approved storage facility.
There are two ways in which one can provide initial funding for the new IRA. Those who have a regular IRA account can roll this over into the new account; GoldStar Trust provides the necessary forms to do this.
Those who do not have an existing IRA can direct GoldStar to purchase the metal(s) of their choice. It should be noted that while GoldStar is linked with CMI, customers are not required to buy bullion or bars from CMI. Bullion bars are recommended, as they have a low premium and are easy to store. Those who opt to purchase bullion coins will need to bear in mind those IRS regulations stipulate that only silver and gold coins with a purity level of 99.5% and be considered legal tender.
GoldStar requires an initial investment of at least $5,000 in order to start an IRA. The minimum investment afterwards is $1,000. Those over the age of 50 can contribute up to $6,000 to their account every year. In order to put money in the account, a person would need to send the money to GoldStar along with explicit instructions as to which metal(s) to purchase, what form they should be purchased in and who they should be purchased from.
The company itself is in the remarkable position of having no complaints or suits filed against it by either the US Government or its customers. Customer reviews, in fact, are full of praise for the efficiency and good service offered by CMI.
Another thing customers praise about CMI is their pricing strategy. Prices are updated constantly on their website so buyers are aware of what they will get charged. Also, if orders are placed by telephone, the price is locked into the current market price at the time of the deal.
Additional Investment Options
In addition to bullion, CMI also offers investments in:
– American Gold Eagles
– American Silver Eagles
– Backdated Silver Eagles
As a point of note, platinum and palladium have increased in popularity with investors recently, but you should always, as CMI themselves suggest, do some homework before investing in these metals. Platinum along with palladium are not classed as precious metals, but rather industrial metals which have a more marked effect on their value at any given time.
The company does have some minimum investment amounts which include:
– 5 oz gold
– 5 oz platinum
Shipping fees do apply and are again quoted on the website. These vary by the metal and the amount of metal being sent but, for example, shipping 10 ounces of gold has a shipping and handling fee of $30.00.
Right Company for You?
CMI has experience and expertise in the realm of buying and selling valuable metals. Yet in terms of creating and rolling over to self-directed precious metals retirement accounts, it could be costly due to the scaled annual fee charges. There are absolutely other more reliable and affordable company to work with. Thus, it is highly recommended that investors check out our top recommended gold IRA firms listed here before making any rough decision. Taking the time to choose the right investment company is important, as it not only ensures the full safety of one’s investment or retirement fund but also keeps costs at a minimum.
|Address:||3550 N Central Ave Phoenix, AZ 85012|