Only Gold is the name of a website that has been around since the 1990's. Back when the internet was still young, the company's owner realized there was a major marketing opportunity in web content. He snagged the Only Gold URL and began to use the site as eCommerce for his precious metals business.
Today, Only Gold continues to sell precious metals to people all over the US. But has it been able to keep up with the competition? Is older always better? We've taken a look at what you should know prior to getting started.
About Only Gold
Only Gold was created as a website in the 1990's by Richard Smith. Richard had his own precious metals company and knew that there was a major opportunity to reach more customers through the internet. He was one of the first people to create an eCommerce site for selling precious metals online.
The site received a Better Business Bureau accreditation in 1999, meaning that it has been accredited with the organization for 23 years. It also has an A+ rating and no public complaints filed.
In 2014, ownership of the website changed hands. Richard Smith decided that it was time to step away after the industry after 26 years of hard work. By letting go of the company, Richard was able to truly relax with his wife for the first time in a while. Only Gold merged with CMI Gold and Silver.
The owner of CMI Gold and Silver, Bill Haynes, has over 40 years of experience working in the precious metals industry. Upon merging with CMI, Only Gold became one of the biggest precious metals dealers in the Southwest region of the US.
The original purpose of the website was for investors to look up the prices of popular bars and coins. But it quickly blossomed into an eCommerce trade that greatly enhanced Richard Smith's business.
You can purchase the products that you see on the Only Gold and Only Silver websites (both are owned by the same parent company). The company doesn't have an online shopping cart set up, so you'll need to call during business hours to confirm your selection.
The company's hours are 9 AM to 5 PM Eastern time, Monday through Thursday. On Friday, they're available from 9 AM to 3 PM. They are closed on the weekends since the major trade floors are also closed.
If you have decided on what you want to buy, you can give the company a call. You will need to meet the minimum order requirement of 10 ounces of precious metals. When you make the call, you will be able to "lock" your price with the sales representative. This means that your price will remain the same even if the cost of precious metals fluctuates later.
You will then need to make a payment using a US bank account. Your two options are to do a bank wire transfer or to mail a personal check. The wire must be completed or the check mailed within 24 hours of confirming your price. If you mail a check, there will be a delay while the payment processes. Wire transfers are less likely to experience delays.
The company does not accept payment through non-personal checks, debit cards, credit cards, Paypal, cryptocurrency, or other methods. You must send the funds from a US bank account.
Each transaction will include a confirmation number. If you're making a first-time order with the company for more than $100,000 in total, the company does require that you send a wire transfer on the same day. You'll want to make sure that everything is set up with your bank prior to this.
The company uses an algorithm to adjust their prices to the current spot price of different precious metals in real time. They say that their listed prices are real offers to buy or sell at the time that they're shown.
You must order at least 100 ounces of silver or 10 ounces of palladium, platinum, or gold. If you purchase more than 500 ounces of silver, the company will ship it for free. If you purchase less than 500 ounces of silver, the shipping fee is a flat $30.
The majority of the orders are shipped sometime in the 48 hour period after the payment processes.
You can sell bullion to Only Gold by sending it through insured and registered USPS mail.
There are some minimum requirements for making a sale. You must have at least five ounces of palladium, platinum, or gold. For silver, you must have at least 300 ounces to sell.
The company asks that you call to confirm the trade on a day that you're able to go to the Post Office. That way, your metals are shipped out the same day that the price is agreed upon.
The purchase prices will be calculated based on the spot price in real time. Once you've explained what you're selling and agreed upon the price, you'll get a trade number. A confirmation email will be sent with all the details on the package contents and pricing.
After the package arrives, the company will pay you within 24 hours. In most cases, payment is sent on the day that the company receives the package. They just need time to verify the authenticity and quality of the contents before they send the payment to your bank account.
Is Only Gold a Scam?
Only Gold is not a scam. The company has been accredited with the Better Business Bureau since 1999, has an A+ rating, and does not have any complaints filed against it.
In addition, Only Gold is very transparent about their origins. It's easy to find out about their parent company and look up who runs the website. They are one of the longest-running online precious metals dealers, having begun selling gold online before most people had even considered the concept of online shopping.
So they are a legitimate company. And though it's difficult to find consumer reviews online, there are a few talking about Only Gold's services. All of the feedback seems to be largely positive. People say that the order process was simple, the customer service was friendly, and they received their items on time.
But you have to scour the internet to find those reviews. A company that has so much online history should probably have a bigger online presence, shouldn't it?
That's not to say that anything is "fishy" with Only Gold. The business seems to operate smoothly and be managed very well. But they don't seem to have kept up with the changing times. Their website is an example: it's very difficult to browse on mobile or in a small browser tab. Responsive design is critical these days, and the website lacks it.
Pros & Cons of Only Gold
Only Gold is an impressive company for several reasons, the biggest of which being its longevity. The "Only Gold" name comes from the website URL, while the parent company has a different name entirely. They were able to register the Only Gold domain back in the 1990's, beginning an eCommerce journey before the majority of Americans even had a home computer.
But even though this company might have started out ahead of the game, it doesn't seem like they've kept up. The online precious metals industry is extremely competitive. With spot prices available for anyone to check, companies need to compete for who can offer the most competitive price while providing the most convenient service.
Only Gold seems to operate well and have good management. But their website is badly laid out and frustrating to navigate. It seems like a relic of the 1990's. There hasn't been much effort to update the coding to make it accessible on mobile or tablet, so you'll have trouble if you try to make any purchases from your phone.
It's also hard to find customer feedback. What little we did find was positive, but there are other companies that have hundreds of glowing reviews from prior customers. With Only Gold being an online company, you'd think that their online presence would be a higher priority.
Overall, there's nothing wrong with the management or the pricing of this company. But we can't quite recommend them, because the website is just too frustrating to use. It's a better idea to work with a company that's kept up with modern eCommerce trends instead.