Miles Franklin Precious Metals Review For 2024

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Founded in 1989, Miles Franklin is a trusted source for buying and selling precious metals. The company's primary focus is facilitating clients' efforts to include precious metals in their investment portfolios. Andrew and David Schectman founded the firm. The company's goal was to sell bullion and numismatic items to people all around the country.

Unlike conventional precious metals dealers, Miles Franklin is a service provider and a bargain broker with minimal operating costs. The organization maintains that fair pricing, accurate client education and attentive care may improve service.

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Miles Franklin Background

David Schectman and his son Andrew established Miles Franklin in 1989. The Wayzata, Minnesota-based firm was founded in 1999 and is known for its expertise in the precious metals trade.

Coins and bars of precious metals are available from Miles Franklin. It also offers silver IRAs and gold IRAs to its customers. Andy Schectman owns and operates Miles Franklin Ltd. in the capacity of president. Since Andy joined the firm in 1989, he has established tactics that have resulted in $5 billion in sales.

His dedication to satisfying his clientele has earned the organization a solid reputation for reliability. Schectman is responsible for all aspects of the company's operations, management, strategy, planning, new business and finances.

David Schectman runs Miles Franklin as its CEO. Shortly after finishing college, he entered the precious metals sector. He has instructed many brokers on the finer points of managing assets and investing in precious metals.

Custodian and Storage

Customers' precious metals purchases must be kept in secure facilities approved by the IRS. Miles Franklin uses two separate depositories to ensure your precious metals' safety.

Brink's Montreal, Quebec, is home to one of the storage facilities. The alternative way is using a private safe deposit box provided by the firm. You may choose any storage facility you choose for your precious metals. You'll find a wide range of storage costs based on your chosen facility.

Private Safe Deposit Boxes

Most buyers are understandably concerned about their precious metals' security after purchasing. Miles Franklin fully appreciates these worries and the company has made substantial investments in cutting-edge bulletproof technology to safeguard your gold, silver or other precious metals. That's where the use of individual safety deposit boxes comes in.

Keep your precious metals safe by storing them in a private safety box. The typical setup for a private safety deposit box is at a bank, linked to an existing bank account and without insurance coverage.

But with Miles Franklin, your valuables, whether monetary or otherwise, will be safe inside a secure, individually locked container that is also insured. The vaults are hidden in one of the world's most guarded countries.

Customers of Miles Franklin can store their purchased precious metals (silver, gold or platinum) in a secure, fireproof safe. It means nobody but you have access to your precious metals in storage.

Miles Franklin Products

The Miles Franklin catalog is hard to beat regarding precious metals. Depending on personal preference, customers can choose between investing in gold bullion or numismatic gold coins that qualify for IRAs.

The American Gold Buffalo, Australian Platinum Platypus, Canadian Gold Maple Leaf, American Gold Eagle, Canadian Palladium Maple Leaf and the American Silver Eagle are examples.

Precious Metals IRA

Opening a precious metals IRA with Miles Franklin is a simple process. First, knowing the eligibility requirements for a precious metals IRA is essential. The individual need to be at least 18 years old and have an existing IRA account or another retirement account such as a 401(k) or 403(b).

The individual must also be financially able to make the minimum purchase of eligible precious metals.

Here is the process for setting up a precious metals IRA with Miles Franklin:

Contact Miles Franklin: The first step is to contact Miles Franklin to discuss the specifics of setting up a precious metals IRA. An agent from Miles Franklin will provide information on the types of gold, silver and platinum coins and bars they offer and explain the process and fees associated with opening an IRA.
Establish an IRA account: Once you have chosen Miles Franklin to manage your precious metals IRA, you will need to establish an IRA account with Miles Franklin. Miles Franklin will provide the necessary paperwork to open an IRA account, including your name, address, Social Security Number and other financial information.
Transfer funds: Once the IRA account has been established, you can transfer funds from your existing IRA or other investments into the new IRA account. Miles Franklin will provide instructions on transferring funds into the IRA account.
Purchase precious metals: Once funds have been transferred into the IRA account, you can purchase gold, silver and platinum coins and bars from Miles Franklin. Miles Franklin will provide information on the types of coins and bars available, as well as the current market value of each item.
Store precious metals: Miles Franklin will provide secure storage for your precious metals, ensuring that your coins and bars are safe and secure. Miles Franklin will provide detailed instructions on safely storing your precious metals.

Types of IRA Accounts

There are various types of IRA accounts available. You can choose between a traditional IRA, Roth IRA, SIMPLE IRA, SEP IRA and many other types of IRAs.

Traditional IRA

A Traditional IRA is an individual retirement account funded with pre-tax dollars, meaning that taxes are only paid once the funds are withdrawn in retirement.

Contributions to a Traditional IRA may be tax-deductible depending on income, filing status and whether a workplace retirement plan covers the taxpayer or their spouse.

Earnings on a Traditional IRA grow tax-deferred until withdrawn. Traditional IRA contributions are limited to $6000 annually, but taxpayers aged 50 and older may contribute an additional $1000 "catch-up" contribution.

Roth IRA

A Roth IRA is an individual retirement account funded with after-tax dollars, meaning taxes are paid before funds are deposited. Contributions to a Roth IRA are not tax-deductible, but withdrawals in retirement are typically tax-free.

Roth IRA contributions are limited to $6,500 annually, but taxpayers aged 50 and older may contribute an additional $1000 "catch-up" contribution.

SEP IRA

A Simplified Employee Pension (SEP) IRA is an employer-sponsored retirement plan that allows employers to contribute to individual retirement accounts (IRAs) on behalf of their employees.

Employers can contribute up to 25% of an employee's compensation, up to $66,000 annually. Contributions are tax-deductible and earnings grow tax-deferred until withdrawn.

SIMPLE IRA

A Savings Incentive Match Plan for Employees (SIMPLE) IRA is an employer-sponsored retirement plan for small businesses with 100 or fewer employees. Employees can contribute up to $15,500 or $19,000 annually if they are over 50.

Benefits of Investing in Precious Metals IRA

Investing in a precious metals IRA can provide numerous financial benefits. Here are some of the major benefits.

Tax advantages: Investing in a precious metals IRA offers several tax advantages over other types of investments. Precious metals IRAs are tax-deferred, meaning that investors can defer their capital gains and income taxes until they withdraw distributions from the account.
Diversification: Precious metals can provide much-needed diversification from other investments such as stocks, bonds and real estate. Investing in a precious metals IRA can help to balance out the risk in a portfolio and provide a hedge against inflation.
Hedge against inflation: Investing in precious metals can be a great way to protect against inflation. Precious metals are seen as a store of value, meaning that when currency values decline, the value of precious metals can increase.
Liquidity: Precious metals are highly liquid assets easily converted into cash. This makes them a great asset to have in case of an emergency.
Security: Precious metals are relatively secure investments, as they are safe from the stock market's volatility and other economic forces. They are also physical assets that are difficult to steal or damage.
Preservation of wealth: Investing in a precious metals IRA can be a great way to preserve wealth over the long term. Precious metals are seen as a store of value, meaning that their value is likely to appreciate over time, providing investors with a great return on their investment.
Physical ownership: One of the great benefits of investing in a precious metals IRA is that the investor has physical ownership of the metals in their account. This means that the investor can participate in physical possession, a privilege not offered by other IRAs.
Access: Another great benefit of investing in a precious metals IRA is that investors can easily access the assets in their accounts at any time. This allows investor to change their investment as they see fit.

Which Types of Precious Metals Are IRA-Eligible?

IRA-eligible precious metals include gold, silver, platinum and palladium, all considered "collectible" investments and not securities. Gold and silver are the most common IRA-eligible precious metals and gold is the most popular choice.

Gold is widely recognized worldwide and has historically been used as a currency, making it a reliable form of wealth. Silver is also a popular choice for IRA investments, as it is generally more affordable than gold and can be a reliable form of wealth in times of economic uncertainty.

Platinum and palladium are also IRA-eligible but are less popular than gold and silver. Platinum is a rare metal with a higher intrinsic value than gold and silver, making it a good choice for long-term investments.

Palladium is a relatively new precious metal less widely accepted than gold or silver. However, it can still be an attractive option for investors looking for diversification.

All IRA-eligible precious metals must meet specific requirements to be held in an IRA, including purity and fineness. Gold must have a purity of 0.995, silver must have a purity of 0.999 and platinum and palladium must have a purity of 0.9995.

The fineness of the metals should also be verified to ensure they are high quality. IRA custodians can help investors verify the purity and fineness of their investments.

What Should You Consider When Selecting a Precious Metals Dealer?

When selecting a precious metals dealer, it is essential to consider various factors to ensure you do business with a trustworthy dealer. First, you should consider the dealer's reputation and track record. Make sure to research the company online to see if there have been any complaints or negative reviews.

You can also contact the Better Business Bureau to see if there are any unresolved complaints against the company. Additionally, it is wise to ask friends, family or other investors who they have used and if they had a positive experience.

You should evaluate the dealer's customer service. It is essential to have access to a knowledgeable customer service team to answer any questions. You should also consider the payment method and payment speed.

Many dealers offer a variety of payment methods such as bank transfers, cryptocurrency, checks or wire transfers. It is also important to discern how quickly you can expect to receive your payment once the transaction is complete.

Also, you should consider the dealer's selection and pricing. Ensure your dealer has a wide selection of precious metals and a fair pricing structure. It is also essential to check for any hidden fees or commissions the dealer may charge.

Finally, check to see if the dealer is licensed and accredited. Choosing a dealer registered with a professional regulatory body such as the National Futures Association, is crucial to ensure that all transactions comply with industry standards. Also, check if the dealer offers insurance and secure investment storage.

Final Thoughts

In short, Miles Franklin is a trustworthy precious metals merchant. It has been around for almost 30 years, showing it is committed to becoming a leader in the precious metals sector.

Despite Miles Franklin's good history in the precious metals trade, we cannot endorse their services. They are not fraudulent but not a good option for gold investments or IRAs. Our highest-recommended companies offer a better selection, service and price.

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