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CMI Gold & Silver was founded in Phoenix, Arizona, in 1973, one year before Americans legally regained the right to own gold bullion. That timing was deliberate. Bill Haynes, a University of Colorado finance graduate and former Wall Street stockbroker, saw the lifting of the gold ownership ban coming and positioned the company to serve investors the moment it happened. CMI was among the first gold dealers in the country to advise clients to buy bullion immediately after the right was restored in 1974.
More than fifty years later, Haynes is still president. His sons Mike and Adam have joined the operation — Mike as VP of Sales and Adam managing marketing. The company remains independent, family-run, and based in Phoenix.
CMI Gold & Silver distinguishes itself from other dealers considered here because of a combination of factors that seem to be less common than one would hope for – non-commission brokers, IRA fee structure availability, and a founder who is willing to publicly disagree with the high prices being charged for collectible coins. This review examines whether the operational reality lives up to that philosophy.
For a broader context, see our guides on precious metals investing and Gold IRA rollover pros and cons.
First, Get Noble Gold’s Free 2026 Guide
CMI Gold & Silver publishes more fee detail than most dealers. Noble Gold’s free guide is still worth reading first — it covers how IRAs are structured, how to read a fee schedule, and the questions every investor should ask before committing retirement funds to physical metals.
Quick Company Snapshot
| Company | CMI Gold & Silver |
| Phone | (800) 528-1380 |
| Address | 3800 North Central Ave., 11th Floor, Phoenix, AZ 85012 |
| Website | www.cmi-gold-silver.com |
| Founded | 1973 |
| President | Bill Haynes (founder; 50+ years in precious metals) |
| Brokers | Non-commission — explicitly stated on website |
| BBB Rating | A+ |
| Custodian | GoldStar Trust Company (partner since the 1980s) |
| Storage | Delaware Depository, Wilmington, DE (COMEX-approved; Lloyd’s of London insured) |
| Metals Offered | Gold, silver, platinum, palladium |
Non-Commission Brokers: What This Actually Means for You
The headline on CMI Gold & Silver’s website reads: “Speak to a non-commission broker TODAY.” In an industry where sales representatives frequently earn commissions on the products they steer clients toward — creating an obvious incentive to push higher-margin items — that is a meaningful structural commitment.
With the non-commission approach, the agent that you talk to does not make more commission if you purchase an item of greater value or a numismatic coin that earns him or her a higher profit margin. The president of CMI, Bill Haynes, has been vocal against overvalued collectibles throughout his career, and this business approach represents that principle.
For investors, this can have a significant impact on how the discussion goes. You are less likely to receive recommendations based on what brings in the most money for the sales agent but on what works best for your specific case. This is something that should be considered when comparing CMI to other coin dealers who hide their commissions.
My Quick Verdict
A good fit if: you want a long-established, family-run dealer with non-commission brokers, published IRA fee schedules, all four metals, and a custodian relationship that has been in place for over four decades.
A weaker fit if: you want a digital purchase experience, need a broader catalog with no purchase minimums, or require a large volume of recent online reviews before engaging.
My take: CMI Gold & Silver is one of the more genuinely transparent dealers in this review series. The non-commission structure, published fees, and anti-collectible-coin philosophy all point in the same direction. Its weaknesses are modest catalog size, no e-commerce, and thin online review presence. Put it on your comparison list.
Fifty Years of Bill Haynes: The Founder Who Is Still Running the Company
Bill Haynes received his college education at the University of Colorado in finance and then worked as a stockbroker in both Wall Street and Denver. Subsequently, he created CMI Gold & Silver, a company established in 1973. This company, as its name implies, specializes in trading with precious metals, with an emphasis on silver. It is quite logical because Arizona is one of the biggest producers of silver in the USA.
For more than half a century, the philosophy of Bill Haynes has been consistent: gold and silver will protect you in case of monetary devaluation; collecting coins that are too expensive is bad for investors; it is important for a precious metal dealer to provide useful information rather than to make money on each sale. Haynes shares his views with readers on Bill’s Blog available on the company website. The blog consists of continuous comments about how current events influence prices on precious metals.
The website also contains a Monetary Digest Archive consisting of valuable research and analysis about the market of precious metals. It represents a good source for professional investors rather than a marketing campaign.
The Haynes’ sons, Mike and Adam, are involved in running the company’s business, Mike responsible for sales and Adam for marketing. However, they still run their independent family business, which did not change after becoming large enough to be bought out by some company.
The Product Catalog: All Four Metals, With One Notable Minimum
CMI Gold & Silver carries all four IRS-approved precious metals — gold, silver, platinum, and palladium — in both IRA-eligible and non-IRA formats. The catalog is focused on investment-grade bullion. Bill Haynes has been explicit about not recommending high-markup collectible coins to investors, though some non-IRA collector items are available for buyers who specifically seek them.
Important purchase minimum: Gold and platinum have a minimum purchase of 5 troy ounces. For investors buying fractional quantities or testing a new dealer with a small initial purchase, this threshold requires consideration. Silver and palladium do not carry the same stated minimum.
IRA-Eligible Gold
- Gold American Eagle
- Gold Canadian Maple Leaf
- Gold American Buffalo
- Gold Austrian Philharmonic
- Gold bars (various weights)
IRA-Eligible Silver
- Silver American Eagle
- Silver Canadian Maple Leaf
- Silver bars (various weights)
IRA-Eligible Platinum
- Platinum American Eagle
- Platinum Canadian Maple Leaf
IRA-Eligible Palladium
- Palladium Canadian Maple Leaf
Non-IRA Products Also Available
- 90% pre-1965 silver coins: These do not meet IRA purity requirements and must be purchased outside an IRA structure.
- Mexican Gold 50 Pesos, British Sovereign: Collectible and historic coins available for direct ownership.
No pricing is published on the website. Orders are placed by phone; prices are locked at the time of the call.
To learn more about how precious metals fit in a portfolio, read our articles on the role of commodities in portfolio allocation, inflation risk, and inflation hedges.
Why We Recommend Noble Gold Investments First
CMI Gold & Silver is a genuinely transparent dealer. Noble Gold Investments is our #1 pick for 2026 and offers a free guide that helps you understand the IRA structure, compare fee schedules across dealers, and ask the right questions before committing retirement funds.
Where CMI’s Operating Model Earns Genuine Credit
👍 IRA fee schedule published, with dollar figures listed
The ability to estimate the real annual cost associated with your investment before making the call is a big deal. The limit of the administrative fee at $250, the storage minimum at $90, setup fee of $25, and $40 transaction fee can all be found on CMI’s website. It is the type of transparent information which clearly indicates that the priority of the company is informed buyers over customers who have called.
👍 Non-commission brokers — aligned with customer goals
If the advisor recommending you which product to choose earns nothing from your choice of a more expensive product, the recommendations will be better tailored to your situation. This point is explicitly mentioned on the homepage by CMI, which is a distinctive factor in the market where commission structure is not commonly disclosed.
👍 Fifty years plus with the same president and family
Bill Haynes has managed CMI Gold & Silver since 1973. His philosophy is consistent throughout this period of time. Moreover, the company was never sold to a private equity firm, bought by a conglomerate or restructured in the wake of regulatory proceedings. This level of corporate stability is quite unusual.
👍 Long-standing partnership with the custodian
Most dealers boast decades of partnership with custodians. In case of CMI Gold & Silver, it dates back for over four decades. Such depth of cooperation with one custodian speaks volumes regarding its stability and familiarity.
Where the Model Has Real Constraints
👎 Lack of e-commerce — placing all orders via phone
CMI Gold & Silver has no web-based purchasing system whatsoever. Every order should be placed by phoning a broker, having a conversation, agreeing on the terms and placing payment via bank transfer or cheque. For investors wanting flexibility of ordering at any moment, this is a major drawback. On the other hand, it allows having direct conversation with an educated non-commission broker, which could be preferred by many investors.
👎 Small online presence, few customer reviews
CMI has no significant Trustpilot or TrustLink review count compared to Goldline or USAGOLD. Their reputation is based on five-decade-long direct interaction, so their online reviews are less numerous. For investors giving much weight to review count, this is an obvious drawback.
👎 Purchase minimum of 5 ounces of gold and platinum
The 5 ounces minimum in gold purchases means that the starting point for a new investor would be relatively high in comparison to other dealers.
👎 No storage fee limit for large accounts
While the administrative fee remains $250 no matter what your account size is, the storage fee calculated as 0.1% of the fair market value of the metals has no upper limit. For a $1 million account, you will pay $1,000 of storage fees annually. In case of a rollover of $500k or more, it makes the storage cost structure higher than some competing firms offering fixed annual fees. Take this into consideration when comparing alternatives.
👎 Physical metals produce no income
Gold, silver, platinum, and palladium are defensive asset types. They provide no dividends, interest rate or compound interest whatsoever. Consider this while sizing your position.
How CMI Gold & Silver Compares Within the Field
CMI’s closest philosophical peers are dealers that share its anti-collectible-coin stance and transparency-first approach: SchiffGold (bullion only, no numismatics), Colorado Gold (published pricing, no custodian compensation). Its closest structural peers are long-established independent dealers with named custodians and published fee structures.
- Augusta Precious Metals — premium positioning; structured education; full IRA guidance
- Goldco — high brand visibility; guided rollover experience
- American Hartford Gold — competitive promotions; accessible IRA setup
- Noble Gold Investments — our #1 rated company for 2026; strong rollover support; free guide
- Colorado Gold — similar philosophy; published pricing; no custodian affiliation
CMI differentiates itself from Colorado Gold by having a named custodian partner with published fees and a dedicated IRA infrastructure. It differentiates itself from most full-service dealers by the non-commission model and the transparency of the fee schedule.
Final Verdict
CMI Gold & Silver is one of the more genuinely trustworthy dealers, for reasons that have nothing to do with marketing. The non-commission model, the published fee schedule, the five-decade anti-collectible-coin philosophy, and the long-standing GoldStar partnership are structural commitments rather than advertising claims. Bill Haynes has been saying the same things about investor protection since 1973, and the company’s operational model reflects those convictions.
Its limitations are real but not disqualifying. No e-commerce means all orders go through a phone call. Thin review volume means less third-party verification than some competitors. The 5 oz gold minimum and the uncapped storage fee for large accounts are worth understanding before committing.
Where it lands: CMI Gold & Silver belongs on the shortlist for any investor who values fee transparency and non-commission advice. Use the published fee schedule to calculate your annual carrying cost, compare the buy-side spread by calling CMI and at least two other dealers, and confirm the current gold minimum before planning your initial purchase.
Compare Before You Commit: Start With Our #1 Rated Company
CMI Gold & Silver is a transparent, well-run dealer. Noble Gold Investments is our top-rated company for 2026 and offers a free guide that covers the full IRA process, fee comparison framework, and the questions that protect you from common industry pitfalls.
Founded in 1973, CMI Gold & Silver is one of the oldest precious metals dealers in the United States. The company offers some of the most popular IRA-eligible gold, silver, platinum, and palladium products.
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Mohammed Saqib is a finance professional and CFA Level II Candidate with a Master of Finance from Wilfrid Laurier University. He specializes in financial content covering equities, alternative assets, precious metals, and capital markets.
