Miles Franklin Precious Metals Review
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Miles Franklin Precious Metals is a dealer that offers gold and other types of bullion. Open more than three decades ago by a father and his son, the company has a strong reputation both in its local community and online.
Investors will find gold bullion from the United States Mints and other mints around the world. In the below Miles Franklin Precious Metals review, prospective investors can find out more about the top services and products that are available.
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Table Of Contents
About Miles Franklin Precious Metals
With more than 30 years of helping investors buy the right products, Miles Franklin Precious Metals is one of the oldest bullion dealers in the world. All of the brokers who work for the company go through extensive training before they work with clients.
Miles Franklin Precious Metals believes in building lasting relationships with its clients and giving them the resources, they need to find out more about investing. The company now offers storage options and other services as well as precious metals.
Pricing and Fees
Prospective clients and those who already work for the company will find that the site does not include any pricing. Every product contains a line that asks those interested to call to check on prices.
Miles Franklin Precious Metals charges annual administration fees of $75 per year for accounts that contain less than $100,000 and $125 per year for larger accounts. Clients also pay a $50 IRA setup fee when they sign up. All transactions cost up to $40, too.
Miles Franklin Precious Metals shows clients the total cost of their order before the site charges their card. The company guarantees that it will only charge a client for the price they see. If prices change, the company will contact them to make sure they want to continue with their purchase.
On larger orders, Miles Franklin Precious Metals has the right to charge a deposit to a client's card until the full payment goes through. Those clients can pay by bank transfer and other means, they only have three days to complete their payment.
Any client who makes a purchase for $10,000 or more will receive Form 8300. A copy of this form also goes to the IRS. Miles Franklin Precious Metals sends the form to clients who spend the same amount within 24 hours.
If a client buys $5,000 worth of gold on a Monday and places two $2,500 orders on Tuesday, they will still get this form.
Available Products and Services
Special offers are just some of the products that are available from Miles Franklin Precious Metals. A one-ounce gold Britannia coin is one of the site's special offers. This coin came out in 2020. The special offers change every few weeks and when new products become available.
Many of the clients who buy from Miles Franklin Precious Metals purchase gold coins that they add to their gold IRAs. Many of these coins come from the US Mint and include Liberty Gold Double Eagle coins with a face value of $20 and Gold American Eagle coins.
These coins contain 1/10 up to one ounce of gold.
Other coins come from the Royal Canadian Mint like the Canadian Golden Eagle. This coin came out in 2018 and has one ounce of gold. The Gold Canadian Maple Leaf coins are also available.
They can have as little as ¼ to ½ ounces up to a full ounce of gold. Miles Franklin Precious Metals also offers some rarer coins from this mint such as the Gold Canadian Elk and Gold Canadian Growling Cougar coins.
Based out of Australia, the Perth Mint releases new coins every year that clients can add to their IRAs. The Gold Australian Kangaroo coin with a kangaroo on one side and a nugget design on the back is just one example.
In addition to gold coins, investors can also purchase bars produced by the mint that weigh up to 10 ounces. Miles Franklin Precious Metals now offers a range of gold coins from other mints around the world that include:
Gold bars weigh can weigh up to a kilo and contain a high purity level. One kilo gold bars from Miles Franklin Precious Metals come from different mints and usually cost more than other bars. Those who want more affordable bars will find one-ounce and 10-ounce gold bars from Perth and similar mints.
To appeal to investors who want to diversify their accounts, Miles Franklin Precious Metals now offers silver coins. All of the coins meet the standards created by the IRS for gold and similar accounts.
Silver Australia Dragon coins weigh one ounce and have a unique look with a rectangular shape and dragon emblems on the front.
Some of the silver coins sold by the company include Kookaburra and Koala coins minted in Australia and Creatures of the North and Canadian Maple Leaf coins from Canada. Some silver coins also come from the US Mint.
The silver bars sold by Miles Franklin Precious Metals have the required purity content and come in a range of prices. PAMP silver bars weigh between 100 ounces and one kilo. One-ounce silver coins are popular among new investors.
The bars allow them to keep an eye on the silver market and spend more money on silver when the price drops. Miles Franklin Precious Metals also sells 10-ounce silver bars.
Platinum is just one of the newer precious metals becoming more popular today. Some of the platinum bars weigh just 1/10 ounce, but there are larger bars that weigh one to 10 ounces.
Miles Franklin Precious Metals also helps investors purchase Platinum American Eagle and similar coins that have one ounce of platinum.
Another type of metal growing in popularity among investors is palladium. Though Miles Franklin Precious Metals does not have a large range of palladium products, it does have a few.
Coins are often available such as the Canadian Maple Leaf and American Eagle coins that each contain one ounce of palladium. Investors can also add one-ounce palladium bars to their accounts.
Most coins have a face value, which shows their worth when used as currency. Numismatic gold refers to collectible pieces that are worth more than their face value. This type of gold is usually worth more than spot value, too.
Miles Franklin Precious Metals offers numismatic gold such as graded coins. Each coin comes inside a protective box that shows its grade and the year it was minted on the front. Investors can also choose coins that are not graded but may have some minor condition issues.
One of the more unique products sold by Miles Franklin Precious Metals is a set that comes with coins minted before 1965. The coins have small face values and include dimes, quarters, nickels, and 50-cent pieces.
They come from one of several mints in the United States and are as much as 80% silver. These sets allow collectors to go through them to find coins that may have a higher value in the future.
Precious Metal Storage
Miles Franklin Precious Metals is more than just a company that sells gold and similar metals. It now offers storage solutions for clients, too. The company works with BRINKS to offer gold bullion storage and storage for other types of metals.
To sign up, a client needs to fill out an online form and submit it. Miles Franklin Precious Metals will also sign the form and tell the client how to send their precious metals for storage. The company charges $89 for storage but will waive the fee for collections with a value of $15,000 or more.
Private Safe Deposit Boxes
Another option for clients who want a safe way to store their gold is a private safe deposit box. Clients can choose different ways to store their products. They can ship them to the facility or stop by and drop them off.
These boxes allow clients to store any type of precious metal and get full access to their products. Miles Franklin Precious Metals offers storage solutions for metal bars up to one kilo in weight and different forms of paper currency.
New Direction IRA works with Miles Franklin Precious Metals to help clients easily create self-directed IRAs. New clients can go online and sign up. They just need a social security number, home address, and date of birth.
After they share that information, the site asks them to complete a form that names New Direction IRA as their custodian. New clients will also need to add a debit card or credit card that Miles Franklin Precious Metals charges when they purchase precious metals.
Miles Franklin Precious Metals works with another company that becomes the client's custodian. The custodian is responsible for the daily operations of the IRA. They can make decisions on a client's behalf and buy new products for their accounts as needed.
Miles Franklin Precious Metals works closely with New Direction IRA to keep costs down. Clients can save on both the gold and other products they buy and the storage solutions they choose.
Shipping and Insurance
To protect clients' investments, Miles Franklin Precious Metals offers free insurance on certain purchases. Any order of 500 or more ounces of silver includes free insurance. Orders that contain a minimum of 10 ounces of palladium, gold, or platinum also come with free insurance. Miles Franklin Precious Metals lets clients pay extra for insurance on smaller orders, too.
Is Miles Franklin Precious Metals a Scam?
Pros & Cons of Miles Franklin Precious Metals
Miles Franklin Precious Metals has a fairly average rating online. Trust Pilot gave the company a rating of 3.7 stars but has just a single customer review. The review claimed talked about some of the experts who work for the company and the help they supplied. This review also pointed out the site's fair prices.
The Better Business Bureau rated Miles Franklin Precious Metals 4 stars based on the reviews supplied by former customers. The customers talked about the helpful workers, low prices, and range of precious metals.
One review is quite similar to the one on Trust Pilot and likely came from the same person. Many of the positive reviews used the same language, which puts their accuracy into doubt. Some of the negative reviews of Miles Franklin Precious Metals mentioned the slow shipping and inability to process refunds promptly.
Miles Franklin Precious Metals is one of the several websites that help clients buy gold and other metals for their IRAs. It is one of the oldest in operation today with more than three decades of experience.
Prospective clients who need help investing in precious metals like the personalized help they get from Miles Franklin Precious Metals.
Remember to read our list of the Best Gold Investment Companies to work with, before investing your hard-earned savings!
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