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There are hundreds of businesses that sell precious metals online. Some specialize in a specific metal or type of investment. Others have a broader reach. OnlyGold is an online gold dealer that was founded by Richard Smith. But is it actually worth investing with?
There are some things you should know about the company prior to making a decision. The most concerning red flags are a poorly designed website and a lack of online information.
Important: Before we move on with this review...
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OnlyGold has a very long history in the precious metals industry. They have been operating for multiple decades. It was founded by Richard Smith.
The company underwent a merger with CMI Gold and Silver in 2014. This partner was among the largest precious metals dealerships in the country. OnlyGold is now run by Bill Haynes, who is the owner of CMI.
The most recent consumer review we've been able to find of the company was written in 2017. That's a little concerning. The site is supposed to be one of the premier retailers in the US, so why isn't there more verifiable online information?
The OnlyGold merger happened because Richard Smith decided he needed some time to himself. After working with the company for more than 25 years, he and his wife embarked on travel and vacation plans instead.
Richard created the OnlyGold website in order to show investors what the current prices of different precious metals were. Before developing the site, he had been trading precious metals starting in 1978. His career was built off of trading precious metals and holding them for long term growth.
He developed the website with the company CSG during the 1990's. CSG is one of the biggest precious metals trading dealerships in the country. Richard worked with them for years before finally getting to make his project a reality.
The CMI and OnlyGold team have more than 60 years of combined industry experience. The company is owned by a family, and none of the brokers work on commission. Since sales don't affect the employee salaries, you can talk to your representative about whatever you want.
This allows people to ask the questions they have and actually trust the feedback. In addition, you can request specific brokers by name if you have a particular employee that you really connect with.
OnlyGold is a member of quite a few important organizations:
A company can't retain membership with all of these organizations unless they have the proper experience and qualifications. When it's hard to find customer reviews, these memberships go a long way for proving the legitimacy of the company. The question is just whether they're actually the best option for investment.
The company's website is not very easy to navigate. It tends to have a cluttered interface, and using the drop down menus is difficult. But if you can manage to make your way through the clutter, you'll find a variety of educational resources available.
You can find information about gold itself, conversion tables, supply and demand, and a glossary of terms. This is a super helpful primer for investors who are new to the gold buying business. There are also FAQs about gold ownership that have valuable information.
How Purchases Work
OnlyGold merged with CMI Gold & Silver a few years ago. While OnlyGold continues to operate from its original website, the parent company is CMI. Nobody has reported a major change in customer service following the merge, but there also aren't many reviews in the first place.
After the merge, OnlyGold was able to expand the silver products it offered, thanks to CMI's inventory. Most other policies have remained the same through the change, with the only big differences being in the costs of shipping.
When you make a purchase, your price will be "locked in" regardless of how the value of the metal changes. Because of this, you need to call and give your order over the phone. This allows the company to lock in their price at the precise minute that the transaction is finalized.
If you are buying precious metals, you must send your payment very soon after the order is confirmed. If you are selling metals to the company, you must ship them out right after your price is agreed upon.
In some cases, the company might ask that you make a deposit before your price is locked. This most commonly happens when the precious metals market is volatile or the order is unusually large.
There are a few payment methods available to you.
You can send a cashier's or personal check to cover your order. If the check is under 25,000 dollars, it will be held for five business days. That length of time increases to ten days for checks that are more than 25,000 dollars.
It might be more convenient to use a bank wire transfer. This allows your funds to be deposited instantly into the company's bank account, without having to wait for the mail. If you want your order to be sent out within 48 hours of you making your payment, this is the way to go.
The company asks that if you're planning to use a wire transfer, you make sure that you know the procedures your bank uses. You might need to sign off on documentation in person or by fax. It's unusual for a bank to let you do a wire transfer without any sort of meeting.
OnlyGold states that they prefer payments to be made by bank wire transfer. It's much easier and more convenient for everyone involved.
If there is a high demand for precious metals, the company might delay your order. However, they do inform customers when a delay is a possibility. That helps keep people from being blindsided if any issues arise. If the delay is a problem, you could place an order with a different dealer.
Is OnlyGold a Scam?
OnlyGold is not a scam. This is a legitimate business that retains an A+ rating and accreditation with the BBB. That kind of BBB rating indicates that the company does provide the services it claims to, even if it's tough to find third party verification.
Now, that doesn't necessarily mean that they're a good company to invest with. There are more reputable companies with hundreds of positive customer reviews. With OnlyGold, it's difficult to find positive customer feedback, and there's also some negativity.
Another huge problem is the website. The outdated layout is basically impossible to navigate on a phone, and it's not much better on a computer. The company's business model is just as outdated. They don't seem to have kept up with the times when it comes to the latest precious metals trends.
There are no precious metals IRA services offered through the company. Many Americans don't have extra savings, but they do have retirement money accrued. By securing part of that retirement in precious metals, you protect yourself against economic downturns. But the process is complex, and you want a dealership that specializes in it.
It's also difficult to judge the company's customer service. There simply aren't enough online reviews to determine how they handle negativity, let alone whether there are any patterns of issues.
Though they have a BBB accreditation, they are strangely absent from most other third party websites:
All of this, combined with the poorly designed website, seems to indicate that the company owners have no idea how to use the internet properly.
Pros & Cons of OnlyGold
OnlyGold has been part of the precious metals industry for a long time. But as far as online goes, they don't have much to show for it. Despite a long history with the BBB, it's extremely difficult to find customer reviews. And their website is terribly designed.
Ultimately, this is a company that's fallen behind the times. While they may work well with customers who do business in person, they clearly don't know how to operate an online store. You're better off seeking a different dealer, no matter what type of precious metals investment you want to make.
Overall, we believe that there is a better option when it comes to your investment.
The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit OnlyGold below!