In investing in precious metals, choosing a reliable partner is crucial for financial safety. Miles Franklin Precious Metals has been a trusted name for over 30 years, helping investors secure more than $9 billion in deals.
This detailed Miles Franklin review will look into how Miles Franklin operates differently by not offering prices online, instead asking customers to call directly for personal service.
Whether adding to your retirement funds with precious metals or diversifying your investments, this review will help you understand what makes Miles Franklin stand out. Keep reading to determine if they are right for your investment needs.
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What is Mikes Franklin?
Miles Franklin is a special company that sells gold and silver. It was started in 1989 by a dad and his son, David, and Andrew Schectman.
They had a new idea: to help people protect their money by investing in precious metals like gold and silver. This idea has worked well for their customers all over the US for more than 30 years.
The company has made over $9 billion in sales, and people trust them to buy precious metals. They make sure to teach their customers a lot and give good prices because they don’t spend too much money running their business.
They believe customers deserve to understand what they’re buying and should get help even after they buy something.
That’s why Miles Franklin provides good service and sells precious metals at lower prices. When you work with them, you talk to a person, not just a website. You call or email them to buy or sell, and they focus on helping you one-on-one.
Andy Schectman: Owner
Andy Schectman started Miles Franklin, Ltd. in 1989 after working as a Licensed Financial Planner, where he mainly dealt with Swiss Franc Investments and other unique investments.
Since its beginning, Miles Franklin has achieved over $9 billion in sales thanks to Andy’s excellent leadership. He has ensured that the company is known for its strong trust, teamwork, and ethical values and for providing top-notch customer service.
Andy plays a key role in managing the company, implementing its strategy, keeping clients happy, handling financial matters, and seeking new opportunities for growth. His efforts ensure that Miles Franklin remains a well-respected company that always puts its clients first.
Why Choosing Miles Franklin?
Choosing Miles Franklin for your precious metals is a smart decision. This trusted American bullion dealer was started by a father and son 30 years ago and is still run by them today.
They have an excellent reputation with an A+ rating and no complaints at the Better Business Bureau. Unlike Minnesota, where laws for precious metal dealers are strict, Miles Franklin follows all rules to keep their customers safe.
They are one of the few dealers allowed to sell US Mint products, meaning they can offer a wide range of items and help you sell when needed.
Each customer’s order is handled carefully, showing their commitment to great service. Their team has extensive experience, over 30 years each, and they use this to help customers make the best choices with their metals.
They also offer free education on precious metals because they believe in helping people learn. They focus on long-term relationships with their customers and making sure each person’s needs are met.
Products Offered by Miles Franklin
If you want to keep your money safe, add something new to your investments, or buy physical items like gold or silver, Miles Franklin has plenty of options. Here’s a quick look at what you can find at Miles Franklin.
Gold
They sell famous gold coins, such as the One-Ounce Gold Canadian Maple Leaf and the One-Ounce Gold American Buffalo.
You don’t know the year you’ll get, which makes it more exciting for people who like collecting different kinds. They also have the 1 Ounce Gold South African Krugerrand and a nice shiny, new 1 Ounce Pamp Suisse Gold Bar.
You can buy a 1 Ounce Gold Bar from various brands if you want something simple and valuable. There’s also the special $20 Gold Liberty Double Eagle coin graded MS62 for people who love old coins. They even have the almost perfect $20 Liberty coins from different years.
They’ve got the latest coins, too, like the 1 Ounce Gold American Eagle 2024 and coins from other places, like the 1 Ounce Gold Australian Kangaroo 2023 and the 1 Ounce Gold Britannia 2023, which have King Charles III on them.
If you want gold, you can break it into smaller pieces; check out the 1 Ounce Gold Valcambi Suisse CombiBar.
Silver
People love the 1 Ounce Silver Buffalo Round because it shows the American spirit, while old silver coins from the US before 1965 are great for collectors.
The 10-ounce Nordic Mint Silver Bar is a good choice if you want something heavier. For those who enjoy collecting older coins, the 90% Silver Half Dollars have a lot of history. The big Valcambi Kilo Silver Bar is perfect for serious investors who want a lot in one go.
They also have special coins like the 1 Ounce Silver Canadian Maple Leaf 2022, the 1 Ounce Silver American Eagle 2024, and the 1 Ounce Silver Austrian Philharmonic 2023, each beautifully made and different yearly.
For bars, the 10 Ounce Silver Nadir Bar and the 10 Ounce Silver Eagle Bar are known for their nice designs. If you like a mix, there are assorted 10 Ounce Silver Bars, the 10 Ounce Silver Italpreziosi Bar, and the 5 Ounce Nordic Mint Silver Bar.
Lastly, for those who like coins from different countries, the 1 Ounce Great Britain Silver Britannia and the 1 Ounce Silver Noahs Ark 2023 are very interesting and fun to collect.
Platinum
They sell top products like the 1 Ounce Valcambi Platinum Bar and the 1 Ounce Platinum Canadian Maple Leaf, which are known for their pure quality and fine craftsmanship.
They also have smaller items like the 1/10 Ounce Platinum Britannia and unique products like the 1 Ounce Platinum PAMP Suisse Fortuna Bar, which is famous for its detailed design and comes in a secure card.
For those interested in special editions, there is the 2023 1 Ounce Platinum Austrian Philharmonic, the Australian Lunar Year of the Rabbit, and the 1 Ounce Platinum American Eagle, all of which feature important cultural and historical themes.
Moreover, they also offer smaller platinum pieces, like the 1 Gram Pamp Suisse Fortuna Veriscan and Multi-gram bars, which are easier for beginners to buy.
Palladium
If you want something simple, they have 1-ounce palladium Bars from various brands. For those who like something special, they offer the 1-Ounce Palladium Fortuna Bar from Pamp Suisse, known for its beautiful design.
They also have smaller sizes like the 5 Gram and 1 Gram Palladium Bars from Argor-Heraeus, perfect for starting or slowly growing your collection.
Mint
Mint covers items from famous precious metal makers, such as the United States Mint, the Perth Mint, the Royal Mint, the Austrian Mint, the Royal Canadian Mint, Valcambi, PAMP, the South African Mint, and more.
They have very good collections, including silver coins like the Buffalo round and famous ones from countries like Canada and the USA. Specific ones are mentioned, like the 2022 Canadian Maple Leaf and an upcoming 2024 American Eagle.
Silver bars come in different sizes, from 10 ounces made by Nordic Mint to really big ones weighing a kilo by Valcambi.
For those who like old coins, they sell US silver coins made before 1965 and half dollars, giving a peek into old money that was once used.
In the gold section, they offer big-name coins like the Canadian Maple Leaf and the American Buffalo, plus the South African Krugerrand. These coins are not tied to a specific year, which is great for people who collect or invest in these items.
IRA Approved
They have IRA-approved items like the Silver Buffalo Round and the big Valcambi Kilo Silver Bar, but they don’t tell you prices until you want to buy them.
You can also find silver and gold Canadian Maple Leafs, Silver American Eagles for 2024, and Silver Austrian Philharmonics for 2023. If you like bigger pieces, there’s a 10-ounce Silver Bar and even a Gold American Buffalo coin.
For something unique, there are Silver Noah’s Ark for 2023 and special Britannia coins with either King Charles III or Queen Elizabeth II for 2023. There’s even an old-timey Morgan Dollar Design and a shiny One Ounce Pamp Suisse Gold Bar.
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Miles Franklin Precious Metals Storage and IRA Services
Miles Franklin provides special services for people who want to invest in precious metals like gold, silver, platinum, and palladium.
These metals can be added to retirement accounts called IRAs. Miles Franklin works with Brinks, a well-known secure storage company, to keep these investments safe.
Brink’s has been a trusted company keeping valuables safe since 1859. It started in Chicago and helps customers keep things secure in more than 100 countries. Brink’s is skilled at moving valuables safely, counting money, and storing precious metals.
Miles Franklin gives you two options to store your precious metals with Brink’s:
- Private Safe Deposit Boxes: This service, available in Toronto and Vancouver in Canada, is perfect for keeping gold and platinum. It’s like having your own locked box at Brink’s, where only you can access your metals.
- Segregated Storage means your metals are stored separately from others’. It’s available in Canada, Montreal, and Vancouver, as well as in the US, Los Angeles, New York, Salt Lake City, and Miami. This is a good choice if you have a precious metal IRA and want to protect your investment.
Insurance is included with these storage options. If something unexpected happens, there’s a plan to protect your metals. Thanks to the insurance papers they give you, you can see where your metals are stored at Brink’s.
To make buying and storing metals in IRAs smooth, Miles Franklin partners with New Direction Trust Company. This helps ensure everything from buying the metals to looking after your IRA is done correctly and stored safely.
How to Sell to Miles Franklin
Selling your gold and silver to Miles Franklin is straightforward. They welcome various metals, including gold, silver, platinum, or palladium, making the process easy to follow.
Here’s a quick guide on how to do it:
- Make a list of what you want to sell, noting the type of metal, the amount you have, and its weight.
- Call your contact at Miles Franklin to find out the prices they offer.
- Package your items safely as they tell you to, and send them over.
- Wait for your payment, which usually takes 7-10 business days to arrive after they get your shipment. If they’re really busy, it might take a bit longer. You can get your payment by check for free or pay $25 for a wire transfer.
Remember, it’s best not to clean your metals before selling; it could lower their value. If you agree on a price but don’t send your metals, you’ll have to cover any loss in value and won’t be able to deal with them again. They do accept trades and often offer the best prices for them.
Fees Structures
Miles Franklin has good prices for buying and storing precious metals. Here’s a simpler look at their fees.
If you buy lots of silver (over 500 ounces) or a good amount of gold, platinum, or palladium (more than 10 ounces), they won’t charge you for shipping or insurance in North America. If you buy less, it will cost $15 for shipping and insurance.
If you want your own storage space, it costs $89.00 to set it up. But, if you spend more than $15,000, you don’t have to pay this one-time fee.
Choosing private safe deposit storage is pricier. It has a $99.00 setup fee. If you want to see your metals, it’s $65.00 each time, and if you take some metals out, it’s $40.00. There are some other costs too, so it’s best to ask them about those.
For investing in metals through an IRA (a type of retirement account), Miles Franklin works with New Direction Trust Company, and they have these charges:
- $75 a year for IRAs with less than $100,000; $125 for more.
- A $50 one-time fee to set up.
- $40 to buy metals with your IRA.
They also have fees for transferring money, getting printed statements ($10, but free if you get them by email), switching to a Roth IRA ($75), paying late ($25 each month), and any special requests ($150 per hour).
If you use a service like Brinks to keep your metals safe, the yearly fees are between $100 and $200, depending on who you pick.
The fees are simple and low if you just want to buy metals without an IRA. If you’re setting up an IRA, the cost depends on what services you need.
Payment Options
Miles Franklin accepts different payment methods, and you can talk to a licensed broker at 952-929-7006 for most methods.
If you’re using a credit card, the limit is $10,000, and you can pay directly on their website. They also accept bank wires, certified checks, cashier’s checks, eChecks/ACH, money orders, personal checks, and even crypto.
However, they do not take PayPal. Remember, if you use a cashier’s, certified, or personal check, or a money order, it will take 7 business days for the money to clear.
When you buy something, you’ll see your locked-in price for 10 minutes at checkout. To keep your order safe, make sure to pay within five business days.
If you’re buying $10,000 or more, using checks or wire transfers means no special reporting is needed for large purchases. But checking with your tax advisor for any rules is still good.
Shipping and Returns Policies
Miles Franklin ships most orders using UPS and USPS. Each package is insured and must be signed for. If you order at least 10 ounces of gold, platinum, palladium, or 500 ounces of silver and you’re in North America, they will ship it for free, including insurance.
However, there is a $15 charge for smaller orders. They can also ship to PO Boxes because the shipments are registered and insured.
However, they only ship within North America and US territories. They insure all packages, so if something goes wrong while they’re being delivered, they’ll take care of it.
Remember to report any issues within seven days of when you were supposed to get your order. They’ll either send a replacement or refund you.
After you place an order, they’ll tell you when it’s likely to ship. Your order should arrive in 1 to 5 business days, and it might arrive in more than one package.
Customer Reviews and Ratings for Miles Franklin
We can find comments and scores on different websites by looking at what people think about Miles Franklin. These tell us how happy customers are with their service.
Here’s a quick look at what people say about Miles Franklin on some popular review sites:
BBB (Better Business Bureau)
- Grade: A+
- Stars: 4 out of 5
- Number of Reviews: 4
Miles Franklin received the top grade of A+ from the BBB, showing they are trusted and treat customers well. With 4 out of 5 stars from 4 reviews, most people seem quite happy with their service.
Trustpilot
- Stars: 3.7 out of 5
- Number of Reviews: 1
There’s only one review for Miles Franklin on Trustpilot, and it gives them 3.7 out of 5 stars. It’s not much to go on, but someone seems to like their service.
Yelp
- Stars: 4 out of 5
- Number of Reviews: 4
On Yelp, 4 people have given Miles Franklin a good score of 4 stars, meaning they’re doing a good job for their customers around where they are located.
- People Who Recommend: 96%
- Number of Reviews: 25
On Facebook, 96% of 25 reviewers say they would tell their friends to check out Miles Franklin. People think the company does a great job.
Miles Franklin gets great reviews for their friendly and helpful service in buying and storing precious metals. Customers like Michael Spector, Kathie Bortnem, and John Herbert are praised for making buying easy and making customers feel valued.
They handle large orders and offer advice on saving money. However, someone advises against buying collectible coins from them. Despite this, people are happy with the safe delivery and plan to keep buying from them.
What are Customers Saying About Miles Franklin?
Customers like Miles Franklin feel they are friends you can trust, not just a place to buy from.
- JE talks about trusting them for safe deals and getting help to reach his money goals.
- BI felt a strong trust from the start and has had over 20 great experiences with them, recommending them to family and friends.
- JGM trusts them for advice even though he lives far away, and only needs to call them for help.
- MLB has been buying coins since 1974 and says Miles Franklin is the best, with straight talk, fair prices, and keeps their promises. Everyone agrees that it’s a trusted company that treats customers well.
Pros and Cons of Miles Franklin
When considering Miles Franklin for buying precious metals, it’s important to know what’s great about them and what’s not so great.
Here’s a quick look at both sides:
Pros:
- Happy Customers: Many people who’ve bought from Miles Franklin like them.
- Years of Experience: They’ve been around since 1989, so they know much about precious metals.
- Good Prices: They sell gold, silver, and other metals without charging too much.
- Easy Website: Their website is simple to use, and you can find what you need and see how much metals cost right now.
- Helpful Staff: Whether you’re new to investing or have extensive experience, their team is there to help.
- Trustworthy: They have a top-notch rating for being a reliable place to buy from.
Cons:
- Not Many Reviews: There aren’t as many online reviews to check out compared to other companies.
- Buying Limits: You can only order up to $10,000 online, and they only send packages to places in North America and US areas.
- Can’t Buy Online Easily: You need to call them to find prices or buy something that might not be convenient for everyone.
Is Miles Franklin a Scam?
Miles Franklin is not a scam. It’s a trusted company selling gold, silver, and other metals since 1989. People can buy metals directly or use them for retirement accounts.
Before buying, it’s smart to check the company carefully by looking at what other customers say and asking experts for advice.
It’s important to be careful with money, but Miles Franklin has been around for a long time and has a good name in the metals business, so it looks like a real and solid company.
Conclusion
Miles Franklin is known for good customer service and a nice selection of products, such as gold and silver. They work with a safe storage company called Brink’s.
Some customers say they are slow to ship items and don’t always communicate well. But mostly, people like them.
Even though they are a bit old-fashioned, they are trustworthy. They could be a good choice if you need to buy gold or silver, but make sure they fit what you need.
Goldco Precious Metals
- Goldco Surpasses $2 Billion in Precious Metals Placements
- Over 5,000 Five-Star Ratings on BBB, Trustpilot, and ConsumerAffairs
- Seven-Time Winer on the Inc. 5000 List