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JM Bullion is a Dallas-based gold, silver, and precious metals dealer with nearly a decade in the business. The company also offers gold and precious metal IRA accounts through its partner company New Direction IRA.
Are you interested in buying gold or opening a gold IRA? Use this review to see if JM Bullion is right for you.
In this review:
- What does JM bullion offer?
- How much does JM Bullion cost?
- Customer reviews and ratings
- Where does JM Bullion store my precious metals?
- Pros and cons of JM Bullion
- How to open an account
- How can I withdraw from my account?
What does JM Bullion offer?
JM Bullion offers gold, silver, platinum, and other precious metals for purchase. These can be bought directly through JM Bullion’s website.
Consumers can also start a gold IRA account through JM Bullion’s partner New Direction IRA. These are self-directed IRAs that allow you to invest in gold, silver, precious metals, and other assets. In this arrangement, New Direction is the custodian of the account (handling purchase and management of the IRA), while JM Bullion is the metals dealer (selling you the precious metals you wish to invest in).
How much does JM Bullion cost?
The only money you’ll pay to JM Bullion is for the gold and other metals you intend to purchase. These fees will vary based on the type of metal and how much you’re planning to buy.
On New Direction’s end, you’ll pay a variety of fees, including:
- Opening fee: $30 (online) or $75 (on paper)
- Administration fee: $130 per year (Under $100,000 account value), $180 per year ($100,000 or more)
- Purchases, sales, registrations, and exchanges of metals: $50 to $70
There may be other, smaller fees, too — depending on what services you choose. Receiving paper statements, for example, costs $10.
Customer reviews and ratings
If you’re choosing a gold IRA, tread carefully. Scams are common in this industry, and you’ll want to be sure you’re using a reputable and trustworthy company. Always consider at least a few options, check customer reviews and ratings for each, and make sure to talk to a representative before moving forward with your account.
Here’s a look at where JM Bullion stands with customers:
|Better Business Bureau (BBB)||A+|
Where does JM Bullion store my precious metals?
Though ads may claim otherwise, IRA-purchased precious metals should be stored in a secure depository. At JM Bullion, the preferred depository is A-M Global Logistics, a secure depository located in Las Vegas. According to JM Bullion, all purchased metals are fully insured en route to the facility and once deposited.
Pros and cons of JM Bullion
JM Bullion is a long-standing and reputable company you might consider using for gold and precious metal investments. As with anything, though, it also has some drawbacks. Make sure you consider both sides of the coin before opening an IRA through the company and its partners.
- Free shipping on all metals orders over $199 (includes insurance and tracking)
- The website has separate sections for IRA-approved metals, making them easy to find and purchase
- No commissions or surcharges for IRA purchases
- Nearly a decade of experience in the business
- Lots of valuable information regarding metals pricing and trends
- Only offers metal purchases; IRAs and storage must be done through other providers
- Multiple negative reviews note problems with shipping and customer service when using the company
How to open an account
To open an account, you’ll need to work with New Direction first.
Here’s what that process looks like:
- Fill out an online application. New Direction says new accounts are processed and opened within two business days.
- Fund your account. Next, you’ll need to fund your account with either cash/check or a transfer or rollover from an existing retirement account, like an IRA or 401(k).
- Choose your metals. You’ll then choose the IRS-approved metals you wish to invest in at JM Bullion.
- Submit your purchase order. Once you know the metals you want to buy, you’ll fill out a Buy Direction Letter and Depository Election Form and submit these to New Direction.
From there, New Direction will purchase the metals, and JM Bullion will ship them to the depository. They’ll be kept there safely until you’re ready to withdraw funds from your account.
How can I withdraw from my account?
You’ll need to fill out a Distribution Form stating what you’d like to withdraw from the account. If you do so before the age of 59.5, you’ll pay a 10% penalty on the amount withdrawn. If withdrawn after reaching retirement age, the transaction is penalty-free.
Where to find JM Bullion alternatives
JM Bullion is a gold and precious metals dealer that can assist you with opening and investing in a gold IRA with the help of partner companies like A-M Global Logistics and New Direction IRA.
Keep in mind that they’re not your only options. Make sure to consider several IRA companies before moving forward with yours. Use our guide to the best gold IRA companies to get started.
Author: Aly Yale