Only Gold is an online precious metals dealer that ships gold and silver nationwide. The company was originally founded in the late 1970's and was helmed by the founder for four decades. When the founder retired, Only Gold merged with CMI Gold and Silver, one of the largest precious metals dealers in the US.
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About Only Gold
Only Gold is a company that was founded by Richard Smith in 1978. It has been through a long period of growth and change, including merging with other companies and expanding its online services. When Richard Smith retired, Only Gold was acquired by CMI Gold and Silver.
CMI Gold and Silver is now the main parent company that manages the Only Gold website. Despite the change in management, the company is determined to maintain the resources and offers available through Only Gold. The goal is to connect visitors to important resources about precious metals investment.
Only Gold has racked up a huge number of impressive qualifications and endorsements over the years, including:
When you combine the experience of the CMI Gold and Only Gold employees, there are over 60 years worth of expertise in precious metals alone. The business is family owned.
Another major point in Only Gold's favor is that none of the brokers work on commission. This means that there's no incentive to engage in high pressure sales tactics.
Rather than trying to "trick" you into buying as much as possible, the employees at Only Gold try to answer your questions and help you choose what's best for you. You can even ask for brokers by name if there's one you prefer working with.
Is Only Gold a Scam?
Only Gold isn't a scam. Neither is CMI Gold and Silver, which merged with the company in 2014. Only Gold has been part of the precious metals industry since the 1970's, and it only changed ownership when the original founder decided to finally retire.
Only Gold is accredited with the BBB and has an A+ rating. There have not been any complaints filed through the website. However, there also haven't been any basic reviews. It is somewhat difficult to find reviews of Only Gold through third party websites.
CMI Gold and Silver is also BBB accredited with an A+ rating. Like Only Gold, there are zero complaints. Unlike Only Gold, there are several customer reviews available. The 15 reviews come out to an average of 4.73 out of 5 stars, indicating largely positive feedback.
There is just one negative review, which was posted in September of 2021. The customer said that he had been given multiple excuses for why his shipments were delayed. The company has never responded to this review. But given the time period when it was posted, it seems reasonable to assume that supply chain issues related to the COVID-19 pandemic might have affected the business's inventory.
Since the rest of the feedback is excellent, this doesn't seem to speak to any potential patterns of mismanagement.
Praise for CMI Gold
Since CMI Gold is the company that operates the Only Gold website now, reviews of their practices are relevant. Let's take a look at some of the positive things that people had to say on the BBB website.
A review from February of 2022 says that the customer doesn't make big purchases. Rather than being a huge investment spender, he just buys small orders from the specials section of the website. But he says that he is always treated with the respect of a major investor.
A review from June of 2021 was from a customer who said they've made several purchases per year for multiple years. Every phone conversation they've had has been helpful and cordial. The customer also praised the pricing and the fast service. They went on to name the salespeople they'd worked with, but said they were confident that the entire sales team would be great at customer service.
This customer said that they spend a lot of time perusing the information on the website. In addition, they check the company's specials frequently. Even though they don't buy in bulk volume, they are still treated with respect. They're also pleased that they can get free insured shipping on small orders of specials.
One reviewer said that CMI was an extremely trustworthy company. He explained that he had had bad experiences with bullion dealers in the past, and he wanted a company that didn't have good reviews. After settling on CMI, he was writing a review to praise them. The services were exactly as ordered, and the offered pricing was competitive.
A customer wrote a review about buying two silver pieces from the company. Both purchases were shipped out on the same day and packaged professionally. It was easy for the customer to transfer the funds, and they were happy about the friendly customer service representative.
We can't look at every single positive review, but we can examine just one more. This customer said that CMI is an amazing company to work with. He said that they would answer questions quickly and give consistent updates on the status of different purchases. In addition, this customer mentioned that he had sold bullion rather than just buying it, and he was very happy with the offer he received.
All of this seems to show that every aspect of CMI's setup is praised. People have been happy with the specials, the large purchases, the customer service, the shipping policies, the ease of transactions, the processing time, and even with selling their own metals instead of making purchases.
Pros & Cons of Only Gold
Only Gold is one of the oldest established precious metals dealers in the US. In fact, the company has been in business for more than 40 years. But when the original founder retired, the company merged with CMI Gold and Silver. This made the combined company into one of the largest online bullion dealerships in history.
Only Gold doesn't have very many online reviews. There are no BBB complaints or reviews. Similarly, there's very little feedback on other websites. But CMI Gold has quite a few customer reviews, almost all of which are positive. Customers report being happy with the pricing, service, products, shipping, and ease of use. They also report being happy with the offers made when they sell their own precious metals.
All in all, Only Gold does seem like a solid company to work with. The only drawbacks are that the website isn't necessarily the most organized, and the company doesn't have very streamlined IRA services. So if you want to invest in a precious metals IRA, you're better off working with a company that specializes in this.
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