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If you have any interest in investing in precious metals, there's a good chance you've heard of JM Bullion. You may even have heard of this company without any precious metals interest. They're one of the top precious metals distributors in the entire world.
But being popular doesn't necessarily mean being high quality. Does JM Bullion actually have the performance to back up their popularity? What do past customers have to say? And are they a better company to work with than the competition?
STOP! Before we continue with this review, we want you to know how seriously we take your investment. We know our research and information may sway your investment decision, so we want to make extra sure you are investing with the right company!
With this said, we do have a list of our top 5 companies (we have found that at least 1 of these 5 companies fits what 99% of our visitors are looking for and all have great reputations & customer reviews):
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.
About JM Bullion
JM Bullion is an online dealer of precious metals that operates as a subsidiary of A-Mark Precious Metals. It has been operating since 2011, boasting over a decade in the precious metals industry. The company's operations are located in Pennsylvania, although they don't have a retail storefront.
JM Bullion has one of the widest selections of precious metals in the world. In addition to standard gold and silver, you can also buy palladium, platinum, copper, other legal tender, and accessories for your coin collection.
The company also offers IRA services. However, this is a very small portion of what they do, and it isn't their main focus. Their website has information about their preferred custodian and depository. Other precious metals IRA companies will typically give you a choice between a few different custodians and depositories, so you can find the one that works best for you.
One of the more unique aspects of JM Bullion is how many different payment methods the company accepts. They are much more accommodating than the majority of other online precious metals dealers.
In addition to bank wire transfers, debit cards, and credit cards, the company will also accept Paypal, money orders, Paypal Credit, and even Bitcoin. So if you're interested in transferring some of your digital currency for tangible assets, it's easy to do so.
Most payment methods don't have any minimum order requirement. The one exception is bank wire transfers, which have a minimum order requirement of $2,500.
After you place your order, the package is usually processed and shipped within two business days. The company makes an effort to ship most orders within a day. There are no guarantees regarding how long the shipment will take to reach you, as it depends largely on the carrier and your location.
You can sell your precious metals back to JM Bullion when you're ready to liquidate. The main step is to call their number and get a price quote. According to the website, JM Bullion has the highest buyback offers in the precious metals industry.
If you want to sell your metals back to the company, the order will be confirmed over the phone.
Is JM Bullion a Scam?
JM Bullion is absolutely not a scam. In fact, this company is one of the largest and most frequently recommended in the industry. There are thousands of reviews across websites like the Better Business Bureau, Trustpilot, and Sitejabber. Each of these trusted third party websites shows a rating of over 4 out of 5 stars, indicating that the majority of customers are very satisfied.
However, there are a few things that should be taken into consideration before you decide whether to buy.
The first is that there is also a large number of complaints against the business. Any national business with this large a clientele will have some complaints, but JM Bullion's volume is concerning. There are 270 total complaints over the last three years, 98 of them being from the past year alone.
With that said, that's a small fraction of the positive reviews. Even with the hundreds of complaints, there are still thousands of satisfied customers.
But it's worth looking at the complaints to see what the issues are and how the company responds. The BBB notes that not every complaint is displayed because of the sheer volume. But about a third of the submitted complaints are.
The other consideration is the IRA services. While JM Bullion does have some IRA services, they aren't the most robust in the industry. There are other companies that have a deeper core focus on IRAs, oftentimes with their own IRA teams of experts. It's better to work with one of these if you want to open a precious metals retirement account.
Of the complaints filed, 145 were related to problems with a service or product. Another 70 were related to delivery problems. There were 28 complaints about billing, 26 complaints about advertising and sales, and just one complaint about a guarantee or warranty.
That's a pretty wide spread. Let's take a look at one of each of the main four issues.
Missing Insurance Paperwork
One customer posted a review about an issue with the company's services due to their slow paperwork processing.
The customer made a purchase through JM Bullion and was sent an invoice over email. This invoice explained that the package would be sent through UPS 3 day priority delivery, after up to 48 hours for processing. There was a followup email stating that the package had shipped before much more time passed.
The customer then created a tracking account with UPS to get email updates on the package. Over the next several days, the tracking information kept updating with confusing locations and missed flights. On the day that the package was supposed to be delivered, it never came.
The customer was emailed and told that the package would arrive Monday instead. This was confirmed with a followup email on Sunday. About an hour before the package delivery time on Monday, the customer called UPS to make sure that the package would arrive. UPS said that they would get in touch with the distribution center and return the call.
Nobody called for the rest of the day. So at 5 PM, the customer called back and was told that the package was lost. The customer filed a report immediately and emailed JM Bullion about the missing package. On May 6, the customer was notified that the company had filed an insurance claim.
Everything went smoothly and the insurance claim was accepted. But JM Bullion needed to do paperwork to finish the UPS claim. When the customer called UPS back, they were told that JM Bullion still hadn't submitted the insurance paperwork.
The customer wanted the paperwork to be submitted so they could receive a refund.
JM Bullion responded to say that the customer had now been emailed the insurance declaration for signature. Once the customer signed it, the insurance claim would be fully processed and approved.
A customer left a review regarding a problem with deliveries in November of 2021. They stated that JM Bullion had failed to deliver the order, but that they also wouldn't issue a refund. The customer believed that JM Bullion had violated their contract and wanted to be refunded in full in light of that.
The order had been accepted, and the funds had been transferred to JM Bullion within three days. But a week later, the customer received a notification that their order had been cancelled. When the customer called to ask about the cancellation, they spoke to three different individuals, none of whom had an answer. All of them just said that there was an issue with a review that the company's billing department performed.
Instead of issuing a refund, the representatives told the customer to file a bank dispute for a lack of goods being provided. But when the customer called their bank, they were told that the claim would be denied because the transaction had been authorized.
When the customer contacted JM Bullion again, they were told that they needed to provide a copy of the denial letter. Then a refund would be issued. The customer was frustrated because they said they did not know when or if the bank would issue the letter.
JM Bullion responded to say that the customer's bank had successfully pulled the funds back into the customer's account. They recommended that the customer call the bank to make sure the matter was settled. There was no explanation offered for why the order had been cancelled in the first place.
A customer left a review about a cash purchase they had made of more than $6,000 in bullion. The package never arrived. An insurance investigation was opened and completed, but JM Bullion failed to refund the purchase price. The company stated that their insurance company still needed to complete an investigation.
The customer was sent an email indicating that the investigation would take about 30 days, and the supervisor at JM Bullion had no way of speeding up the process. They were told that it was part of the contract they had signed. The customer was upset because they had never been asked to sign that kind of contract when working with other bullion dealers.
They went on to say that the fine print promised a refund or a reshipment, but that they believed their money was being held hostage. Since the customer had paid with cash, there was no way to file a dispute. The customer said that they aren't rich and couldn't afford for JM Bullion to keep their money.
JM Bullion responded to say that the approval process can take time, and that the customer would be updated when the investigation had concluded.
The customer said that they did not accept this response. They believed that because they had proof that the package had been lost, they should be refunded immediately. Their frustration was with the fact that JM Bullion was making them wait until their insurance company paid out.
JM Bullion responded to once again reiterate that the claim was active. They said that after the customer signed the official declaration, they were waiting for the insurance company to make a decision. Then they apologized for the wait and stated that they would continue to keep the customer updated about the status of their claim.
Missing Silver Rounds
One customer left a review citing issues with advertising and sales. They said that they had placed an order for 500 silver rounds, each of which weighed one ounce. The customer fully paid for the order and had it shipped to their parents' house.
But when the customer looked inside the box, they discovered that there were ten rounds missing. They had paid for a total of 500 rounds, but they only had 490. The container missing the rounds had been marked with a pen, as if the person packaging it knew that there were missing pieces.
The customer said that despite this, JM Bullion did not want to solve the problem. They stated that they had spent over $12,000 with JM Bullion, so they were mystified as to why the company wouldn't help. In addition, they clarified that it had been some time before they were able to inspect the package, because they were unable to see their parents due to the COVID-19 pandemic.
JM Bullion responded to say that the customer had gotten in contact nearly six months after shipment. Because of this, the video of the order being packaged wasn't available. The company doesn't keep archives of orders for that long. They request that any problems with the shipping be reported within two days so that an investigation can be conducted.
The company concluded by noting that they had offered the customer a coupon for the future because of the inconvenience.
The customer responded that they would not accept this resolution because they had not received the product that they paid for. They also reiterated that the tube with the missing coins had been marked, and stated that they were upset.
JM Bullion apologized but said that there was nothing that could be done. The customer had brought up the issue far outside the company's terms and conditions limits, and the insurance company wouldn't process a claim. There was not enough information available for JM Bullion to investigate the issue because of the elapsed time.
Pros & Cons of JM Bullion
JM Bullion is one of the most popular precious metals dealers in the world, and they've garnered an excellent reputation. When you look at third party websites like Trustpilot and Sitejabber, you can find thousands of positive reviews. The positive feedback from past customers far outweighs the negative feedback.
However, there have still been quite a few negative complaints. In fact, there are so many complaints on the BBB website that not all of them can be displayed. Most seem to be related to issues with missing packages or frustration with the company's terms and conditions. JM Bullion does tend to be accommodating in their responses, although they don't always explain themselves.
For example, one customer filed a complaint regarding a cancelled order. Since the customer hadn't cancelled, they wanted to know the reason for the issue. JM Bullion didn't provide any reasoning.
Another thing to keep in mind is that the company doesn't have the most streamlined IRA services on the market. Their main focus is on helping people make cash purchases of bullion. Therefore, if you want to invest for an IRA, it's better to work with a different company.