Welcome to my JM Bullion review! Whether you're diving into the world of gold for the first time or are an old pro, you've probably heard of JM Bullion.
Unfortunately, it can be hard for even the most seasoned individuals to ascertain whether a gold dealer is legit.
So, is JM Bullion a scam? Or are they on the up-and-up? We'll be looking at JM Bullion to determine if they're a reputable dealer. Are they scammers? Well…
That said, let's dive into the matter at hand.
Countless prospective clients find themselves wondering whether JM Bullion is a scam or not.
Asking questions like this is important. After all, getting into gold is no walk in the park.
It's important, then, that you do your own research before handing your hard-earned money over to a dealer.
We want you to live with no regrets! That's why we've put together the following review.
JM Bullion Review Quick Summary
Company name: JM Bullion
Owner: Mike Whittmeyer
Price: Varies depending on your investments
IMPORTANT WARNING:
It is HIGHLY recommended that you do your own due diligence before trusting your hard-earned cash to any precious metals company.
Take the time to search for reviews and complaints, especially from 3rd party review sites.
While perfect companies rarely exist, doing thorough research can lead you to a company that is reputable and will best suit your needs.
Compare the offerings of each company and their ratings to make a smart decision.
Begin by checking out the TOP-rated precious metals dealer of Autumn 2023 here.
So, What is JM Bullion?
JM Bullion is a precious metals dealer that has been in operation since 2011. You can buy from them or sell to them.
Where is JM Bullion Located?
The company only deals online, but they have a physical address at 1813 Olde Homestead Ln, Lancaster, PA 17601, USA.
How Do They Work?
You can buy Gold, Silver, Platinum, Palladium, Copper, and other precious metals from JM Bullion in the form of coins and bars. They have a good variety of products.
(Feel free to check out their website for the full list of items they're selling, but it seems to mainly consist of coins and bullion.)
JM Bullion accepts the following payment methods:
Visa, American Express, Discover, MasterCard, PayPal, PayPal Credit, bank wires, ACH, paper checks, or bitcoin if you are into that sort of thing.
There are no order minimums for orders paid through credit/debit cards, PayPal, Bitcoin, Paper checks, and ACH.
For bank wires, however, a minimum order amount of $2,500 is required.
As for shipping, JM Bullion doesn't guarantee the number of days needed to ship your order.
The company says that it will ultimately be dependent on the carrier. They do, however, guarantee that the majority of orders are shipped within one business day after a customer's payment has cleared.
More FAQs about JM Bullion
JM Bullion does not directly offer Gold IRAs. However, they have partner custodians that can help their clients take care of their IRA needs.
Surprisingly, JM Bullion does not offer secure vault storage.
Most of the company's competitors offer storage facilities that cater to their client's needs because the majority of customers want storage options for the metals they buy (unless they have their own bank vault in their basement).
If you're looking for vault storage, you'll need to look somewhere else. If you want me to give you some little direction, I recommend this company.
Yes, you can sell back to the company. All you have to do is to call their toll-free number so you can get the current prices they can offer for your metals.
The company claims to have the highest buyback prices in the industry. JM Bullion also states that all buyback prices will be finalized over the phone. (Make sure to do your own due diligence on this and compare other options before pulling the trigger.)
So, Is JM Bullion A Scam?
No, this company is legit. They have come a long way since their start in 2011. Whether they are best for you and your needs, however, is a completely different story. Read some of the reviews below to get a feel for how they do business.
JM Bullion Ratings (Updated 2023)
BBB Rating
As of May. 2023, JM Bullion has an "A+" rating from the BBB and a 4.59 out of 5 rating based on 870 reviews. That said, it appears the amount of reviews listed by the BBB has dropped from 870 in October, 2023 to just 795 in May, 2023. Why were 75 reviews removed in just a few short months? Also, they have 54 complaints in the last 12 months, and 248 complaints in the last 3 years, as you can see below:
Consumers Affairs Rating
Their Consumer Affairs rating has increased from 3 in October 2022 to 3.6 out of 5 in May 2023 based on 280 reviews.
Trustpilot Rating
Their Trustpilot rating dropped from 4.5 out 5 in October 2022 to 4.3 in May 2023 based on 1,085 reviews:
JM Bullion Reviews and Complaints
Sadly, there does appear to be some complaints, though...
How is JM Bullion’s Customer Support?
A company's customer service can speak volumes about the professionalism of its management. No business is perfect, but oftentimes, customer support says a great deal about how the company operates.
As for JM Bullion, numerous users have complained about the lack of professionalism and accountability from the company. They do have an email address and a phone number for clients to contact, but apparently, that isn't always enough to guarantee great customer service in the eyes of some customers.
This contrasts greatly with top gold IRA companies, which get positive customer service reviews time and again. This is one of the primary areas that led us to choose our top gold IRA company, which you can learn about here.
Nevertheless, JM Bullion seems to be trying to resolve some complaints shown on the BBB website. However, there were multiple clients suggesting that JM Bullion reps only give them "the runaround" when they complain about their orders. This probably isn't exactly what you would call "good" customer service.
JM Bullion Vs. APMEX
Of all the other precious metals companies out there, one of the most common comparisons made is between JM Bullion and APMEX. So below, I will provide a quick comparison between them.
JM BULLION | Rating |
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APMEX | Rating |
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Overall, JM Bullion has a higher rating compared to APMEX. If you wish to know more about APMEX, feel free to read my APMEX review.
Pros and Cons
Pros
Cons
Final Verdict?
To sum it up, as of May, 2023, JM Bullion is not a scam. It is a legit precious metal dealer that has been operating since 2011. However, the complaints filed against the company with the BBB can leave one feeling a bit on edge.
Large sums of money are getting spent on their products, and when customers don't receive their bullion items by the promised dates, it can definitely make prospective clients feel uneasy.
Sure, they try to resolve each issue posted on BBB, but if you don't want any surprises or problems, it's probably best to aim for a company with no serious complaints to begin with.
That said, you might want to check out this company instead. They have quite a few good reviews.
Conclusion
No precious metals company is perfect. Each one of them offers a different way of doing things.
The goal is to find one that adheres to your standards and offers the exact services that you're looking for.
You can give JM Bullion a try if you believe they are capable of providing great service, but it's important to know the potential risks by reading every review they've received before pulling the trigger.
Or you can check out our #1 top gold IRA dealer, which is the best we can recommend after reviewing over 200 gold IRA companies!
I have had several transactions with JMB over the past few years without any problem of any type. I rate them highly based on my experience.
Hey James. Really appreciate you sharing your feedback!
It has been a couple of weeks since I bought $20k in gold coins and it is becoming obvious that JMB is holding my money for the interest. I feel really concerned that I spent another $50k with them and hear only that they are busy. Quite clear that are selling gold they don't have.
Hey Tom, sorry to hear that. Have you given Augusta Precious Metals a try? Perhaps you might find it better with them…
Not a scam? That is far from certain.
They clipped me for $812.52 for "market loss fees", which the alternately called a "cancellation fee" despite my not having cancelled my order. They cancelled it.
As far as I am concerned, it matters no whit whether they are thieves, bumbling inepts, of just don't care enough to do a good job. I'm out $800+ and they made no effort to help this first-time buyer.
Great place to buy gold and silver. Every time I've placed an order they delivered in a timely manner.
Anis:
I read your review "Is JM Bullion A Scam? (Exposed?!) (Updated November 2021!)"
In it you said that JM Bullion "only deals online but they have a physical address at 1813 Olde Homestead Ln, Lancaster, PA 17601, USA."
I just did a quick search on Google Maps for their address and as of Sept 2019, this address was simply the "United States Post Office, East Branch, Lancaster, PA". So, it looks like they don't really have any kind of physical address, just the local post office.
That being said, I have purchased silver bullion from JM Bullion in the past with absolutely no problems.
Thanks for your update!