Finding a reputable dealer is important if you want to purchase precious metals. In your search for the right service provider, you may have come across JM Bullion. The company provides its clients access to domestic and international bullion and a host of other products and services.
We have written this JM Bullion review to help you determine whether this company is a good fit for you. Keep reading to learn how it works, the pros and cons, how JM Bullion compares to other precious metals dealers, and more!
Advisory! Prior to diving into this review, we’d like to stress that at Investors Circle, our mission is to protect your wealth. We know that our research reports may alter your investment decisions, so we want to be 100% sure you are investing your hard earned money with the right company!
With this in mind, we urge you to check out our list of the top five companies in this space (we found 1 that fits 99% of investors needs)
See if JM Bullion made our list this year, or continue with this review below to see if they are possibly the right company for your investment needs.
JM Bullion is an online precious metals dealer that was established in 2011. The company provides a wide selection of gold bullion bars and coins from countries all over the world, such as the United States, Mexico, South Africa, and others. In addition to gold, the company also sells platinum and silver, two other valuable metals.
JM Bullion’s rates are transparent and relatively competitive compared to those of other online dealers. One of the things we liked about this company is that it offers limited-time offers and does not impose commissions or additional fees, and the website is user-friendly.
It provides a number of unique services in addition to precious metals, such as collectibles, an automated savings plan, IRA-approved gold bullion for self-directed IRAs, and the option to sell your gold and silver bullion.
Here are some of the precious metal products you can purchase from JM Bullion:
Gold: Buy gold bars, European gold bullion, Canadian Maples, and American Gold Eagles.
Platinum: A range of bars and coins are available for purchase.
Silver: You can choose from bullets, bars, silver coins, statues, and silver rounds.
Palladium: Choose from American Eagles, Canadian Maples, Credit Suisse palladium bars, and PAMP Suisse Fortuna bars.
Copper: Bullets, single-ounce bars, rounds, and wheat pennies are all available.
Should You Invest in a Precious Metals IRA?
Individual Retirement Accounts (IRAs) are used to protect the financial stability of your family and ensure that you are financially secure when it’s time for retirement. You can save money in these specialized accounts that are tax-sheltered for future usage.
In order to secure your future, it’s crucial to invest a sizable amount of these long-term funds in assets that are trustworthy and stable.
While you could put cash into an IRA, it will depreciate quickly and will be further devalued by inflation. There’s no better prospect for retirement savings than gold because it is dependable, holds its value over time, and offers reliable ROIs.
Uncertainty is at an all-time high as the global economy struggles as a result of inflation, shortages, lockdowns, and wars. Investors are safeguarding themselves by putting physical gold and other precious metals in IRAs.
Such economic crises, which have a negative impact on the majority of other assets, benefit investments in gold.
Risk is not taking action to safeguard yourself and your dependents against economic threats despite knowing about them. Investing in a precious metals IRA is a simple but effective way to do this.
Purchasing Precious Metal Products from JM Bullion
If you prefer to buy gold rather than invest in precious metal IRAs, follow these steps to make your purchase:
Browse the website and select products.
Once you’ve decided what you’d like to invest in, click “Add to cart.”
Next, go to the checkout page and select your preferred payment method.
Proceed with payment.
Enter your contact details, choose your shipping method, and enter your delivery address.
Are Purchases Reported to the IRS?
The IRS is not informed about every purchase made at JM Bullion. Nevertheless, the business complies fully with all regulations requiring the reporting of precious metal purchases and sales.
Most of the time, reporting laws are concerned with the payment type and the overall amount invested. JM Bullion will submit IRS Form 1099-B and 8300 documents as needed. Cash transactions over $10,000 and specific dealer client sales are reported on Form 8300.
This is true for one-time purchases, but it might also be applicable for multiple products purchased in a single day. Profits made by sellers who are not corporately related are reported on Form 1099-B.
Can Investors Return the Gold and Silver Bullion They Purchased from JM Bullion?
Items may be exchanged or returned within five days of shipment. The company might ask for a photograph of the goods you’re returning.
You can begin the return process by contacting JM Bullion’s customer service team.
The return can be returned to JM Bullion once the return or exchange has been approved. Keep in mind that you could be required to pay a market loss fee in some cases, and the cost of the return won’t be reimbursed.
Moreover, the buyback rate is not dependent on the price you paid for the products but on the current market value at the time of the sale.
What Are the Supported Payment Methods?
JM Bullion provides a number of payment methods for customers to choose from. This includes:
Paypal – for $10,000 purchases or less.
ACH transfer – the maximum amount you can transfer using this method is $25,000 (prices are four percent less than PayPal or credit cards).
Debit and credit cards – only valid for purchases up to 5,000. JM Bullion accepts Mastercard, American Express, Visa, and Discover.
Check – valid for orders up to $50,000 (prices are four percent less than PayPal or credit cards).
Bank wires – for orders between $2,500 and $250,000 (prices are four percent less than PayPal or credit cards).
Cryptocurrencies – you can save up to three percent on purchases by paying with cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Litecoin, and more.
JM Bullion customers can pay using Bitcoin for a minimum purchase amount of $299 and a maximum of $250,000. It also supports Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and more.
What Are the Associated Shipping and Insurance Costs?
This company does not retain any of the acquired precious metals in storage. Orders must therefore be dispatched to the investor or their representative. Many customers decide to have their products shipped to vault storage providers.
JM Bullion has a partnership that makes it easier for customers to have their orders shipped directly to a storage facility storage.
The two main shipping options for orders are UPS and USPS. Some order categories may require a different shipping method.
Basic insurance coverage on all its shipments is included in the purchase price, and there are a number of extras available.
Selling Your Precious Metals to JM Bullion
The company only buys precious metals worth at least $1,000. Suppose you want to sell your bullion using its buyback program. In that case, you will need to follow these steps:
Visit the JM Bullion website to view the repurchase prices.
Contact the company, and a representative will help you complete the sale.
Once the purchase is finalized, you will receive a downloadable insured shipping label along with shipping instructions in an email from JM Bullion.
You can choose to receive your money via check, bank transfer, or ACH transfer after the bullion dealer has received and approved your shipment.
Payment for your precious metals will be made in one to three working days.
What Are JM Bullion’s Purchase and Sale Prices?
JM Bullion’s prices are competitive and on par with other gold dealers. Its rates can end up being a less expensive option for investors because there are no commissions or service fees to pay.
The cost of an uncirculated one-ounce gold American Eagle coin was $2,027.84 last year. That is more expensive than Golden Eagle, whose price was $2,026.70 at the time, and Money Metal, which cost $1,998.20.
An uncirculated one-ounce American Eagle gold coin sold for $1,917.18. This is higher than Golden Eagles and Money Metals.
Is JM Bullion a Trustworthy Company?
This gold dealer was founded in 2021 in Dallas. Since then, it has earned impressive ratings and JM Bullion reviews on a number of platforms.
This includes an A+ rating from the Better Business Bureau, and the Consumer Financial Protection Bureau has not received any complaints against the firm, which indicates that it is indeed a reliable precious metals dealer.
Can You Trust JM Bullion to Keep Your Money Safe When Transacting on the Website?
JM Bullion utilizes a secure payment gateway called CyberSource to handle all sensitive financial information. Additionally, the business makes use of 256-bit SSL encryption that is DigiCert approved.
All shipments leaving the country are handled discretely and adequately insured for complete peace of mind, so you can trust JM Bullion to keep your money and personal information safe when transacting on the website.
The Drawbacks of Working with This Precious Metals Dealer
Although the company offers a plethora of perks, there are also a few drawbacks you need to know about before investing in precious metals with JM Bullion. This includes the following:
JM Bullion Is Not a Registered US Mint Dealer
Verifying that a business is a member of the ICTA and a listed US Mint precious metals dealer is crucial when assessing an investment firm. Some investors could view JM Bullion as less trustworthy than other companies because it isn’t presently a registered dealer.
No Storage Facilities
When a precious metals investment firm provides customers with a safe storage option, it might be beneficial. However, buyers will be required to hire a vault storage firm to hold their investments because JM Bullion does not provide storage.
It Isn’t TRUSTe Certified
You can feel secure when you buy physical gold and other precious metals online with TRUSTe certification. Sadly, JM Bullion does not provide its customers with this kind of security.
Also Read: is SD Bullion a Legit Company?
Frequently Asked Questions
Find answers to some of the most-asked questions in the section below.
1. Does JM Bullion accept cryptocurrencies?
Yes. You can pay with Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Litecoin, and more.
2. Will the company store my precious metals?
JM Bullion does not hold any precious metals that customers have purchased. However, the business collaborates with TDS Vaults.
Investors who have a contract with TDS Vaults can arrange for their JM Bullion purchases to be delivered to their TDS vaults. The prices offered by JM Bullion are not inclusive of fees for vault services.
3. Does JM Bullion collect sales tax?
JM Bullion does not charge sales tax. Having said that, you might have to report your transactions yourself and pay sales tax, depending on what state you live in. It’s important to learn more about your state’s regulations on buying precious metals.
4. Does the dealer comply with laws and regulations?
Yes. JM Bullion complies with all the relevant regulations. However, it does not report gold, silver, platinum, and palladium transactions if the law does not require it.
5. Is JM Bullion a legitimate company?
When choosing a gold dealer, it’s important to check that you are working with a legitimate service provider. This company is legitimate. Although it isn’t a listed US Mint dealer, you can use this company to buy and sell precious metals or set up a gold IRA to save for your retirement.
6. Is it safe to make purchases with this service provider?
Yes. JM Bullion is a reputable company in the precious metals sector. With 256-bit SSL encryption and certification from a leading internet security company, Norton, powered by DigiCert, they protect the privacy of your personally identifiable information.
Moreover, it uses secure payment gateways to process the data from your credit and debit cards. Your payment details will never be accessible to the staff.
You also get insurance for your purchases. From the time your products are ordered until they arrive at your door, you may track them online.
The Pros and Cons of Working with JM Bullion
To help you determine whether this is the right precious metals company for you, let’s take a look at the pros and cons.
A+ rating from the Better Business Bureau (BBB)
You can choose from domestic and international bullion
Prices are updated in real-time on the website
Limited-time offers are available
Several payment options, including Bitcoin
No commissions or fees
Excellent customer service
You can get a good price for gold, silver, and other metals
Military discounts offered
No international shipping
Limited range of gold and other precious metals
The company does not provide storage options
It is not a registered US Mint dealer
No numismatic coins or foreign currencies
Other dealers may have more appealing offers, such as Goldco’s free silver promotion
The company has received a few negative reviews
No 24/7 customer service – some customers reported trying to contact JM Bullion multiple times with no response
If you’re looking for gold dealers that offer competitive prices, professional service, and reliable shipping, JM Bullion is an acceptable option.
It has received a number of positive reviews and ratings from customers and organizations like the Better Business Bureau. However, it is not an official US Mint dealer or TRUSTe certified, which is why many investors do not trust JM Bullion when purchasing precious metals, setting up IRAs, or selling gold, silver, and other metals.
While it is an acceptable gold dealer, we recommend exploring other options. Please browse our website to learn more about other reputable service providers.