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Only Gold is a website that claims to be the best place to purchase precious metals online. In addition to selling gold, they sell palladium, platinum, silver, and a variety of numismatic rarities. However, they aren't the most highly-trafficked website in the industry, and their online presence is a little confusing.
Is Only Gold a legitimate business? What should you know about this company before you invest?
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About Only Gold
Only Gold merged with a company called CMI Gold and Silver Inc., in 2014. CMI Gold and Silver has been in business since the early 1970's, leveraging over four decades of precious metals experience. Only Gold is now the main face of CMI's online trading operation for coins and bullion.
Only Gold was founded by a man named Richard Smith, who had more than twenty-five years of industry experience. He decided to merge his company with CMI because he wasn't getting any chance to vacation or take care of himself due to the high management demand.
Richard aimed to create a site that would let people quickly view the prices of different coins and bars on a day-to-day basis. Prior to founding the company, he worked in the precious metals industry buying and selling gold and silver.
When Only Gold merged with CMI, the two companies were able to bring more than six decades of combined experience together. The business is family operated and uses non-commissioned salespeople, which ensures that you get the best service without pressure.
Only Gold has a membership with the Numismatic Guaranty Corp and the Professional Grading Service. They also support the Industry Council for Tangible Assets and trade with the Certified Coin Exchange. All of these qualifications point to the company being a legitimate and reputable dealer.
The company aims to offer precious metals at competitive prices. Instead of using salespeople who work on commission, all of the prices are sourced through information on the internet. You get immediate access to information about the global price of gold and of different individual products.
Instead of filling out an online shopping cart, you'll talk to a company representative to place your order. This person will create your order and answer questions about the items and the process.
The company website uses an algorithm to adjust its pricing on a day-to-day basis based on the fluctuating global price of gold. The algorithm also includes the discounts offered through the company. Since gold isn't sold on commission, there aren't high markups. In addition, the company has solid relationships with many distributors.
The company aims to provide a variety of resources regarding the precious metals industry. For example, you can look at graphs of the price of gold over time, the current price of precious metals, and spot prices for different precious metals.
In addition, the website has a Frequently Asked Questions page that addresses many questions about investment. They talk about solid types of gold bullion for investment, choosing the right bullion, and analyzing the global market.
This information does add to the legitimacy of the company. But it's important to note that they aren't the only precious metals dealer to provide education. In fact, many other precious metals dealers have more robust educational resources, including free eBooks, videos, and frequent blogs.
The online resources are useful if you're just getting started with precious metals investing. But you can find all of the same information on other, more navigable websites.
Buying from Only Gold
Only Gold trades from 7 AM until 5 PM Eastern Standard Time on Monday through Thursday. On Friday, the hours are reduced slightly from 7 AM to 3 PM. There's no obligation to create an account or work with a pushy salesperson.
If you want to make a purchase, you'll need to call the company during the trading hours. There is a minimum order threshold of ten ounces. Since the price of gold changes so often, you'll need to lock in your price during the phone call.
You will need to send a bank wire transfer or personal check to the company on the same day you make the purchase. They will not accept credit or debit cards, as they need the payment to be linked to a US financial institution.
One note is that if you place an initial order of more than 100,000 dollars worth of product, you'll have to send a bank wire transfer on that day rather than a check. It's important that you place your order before your bank closes, since you won't be able to send the payment the following day.
Items are shipped in three business days or less following the receipt of your payment.
Selling to Only Gold
Only Gold does buy precious metals that meet certain minimum requirements. With silver, you'll need to be selling at least 300 ounces. With palladium, platinum, and gold, the minimum threshold is just five ounces. You can call the customer service line and get a price quote.
Make sure that you confirm the purchase the same day you ship the items. You should use the USPS Registered Insured Mail option to cover the cost of your items.
The purchase price comes from the spot market, which changes on a minute to minute basis. You'll talk with a customer service representative about the quantity of metal you're selling. Then you'll lock in the price.
Once this is done, you'll be sent an email that lists the purchase price and the items being sent. You are guaranteed the price you're originally quoted, but you are obligated to make sure that the package is shipped that day. If you confirm your purchase on Friday, it's acceptable to ship the package on Saturday.
After receiving the package, the company will send you payment within 24 hours. Most people receive payment on the same day it was received.
Is Only Gold a Scam?
Only Gold is not a scam. In fact, it is one of the longest-running precious metals businesses in the country, with its parent company having been established in 1973.
Both Only Gold and its parent company have Better Business Bureau accreditations. The companies are also completely free of complaints.
The biggest issue is that the company's online presence is weak. Though they do have a website, it doesn't seem to be consistently updated, and the layout is difficult to navigate. In addition, there aren't a lot of customer reviews to sift through.
It's difficult to judge the practices of a company without knowing about client experiences. That's where you learn whether a business's claims match up to their actual management.
Pros & Cons
Only Gold has more than four decades of experience in the precious metals industry, making them one of the most long-lived companies in the United States. They are legitimately established and have solid ratings with the BBB.
However, it seems like they might have fallen behind the times. Their website isn't designed well and can be difficult to navigate. It's hard to find the right information among all of the cluttered pages.
Similarly, it's very difficult to find any customer reviews online. It's possible that the company does most of its business in person and relies on word of mouth for referrals. But when you look for an online gold dealer, you want to choose one with reliable consumer reviews and a solid web presence.
Although we do think that Only Gold is a solid company, we believe that there are better companies out there to make your investment with.
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