Friday, March 6th, 2015 MST

Doing Business with CMI

Locking in Prices

Because gold and silver prices change by the minute, all  orders  must be placed by telephone so that prices can be locked in at the prevailing market. For buy orders, payment must be remitted the same day the order is placed. For sell orders, the gold or silver must be shipped the same day.  During periods of high volatility and for large orders, we may require that funds be on deposit with CMIGS before prices can be locked in.

When payment is received on buy orders, CMIGS mails a copy of the invoice and a letter showing the scheduled day of shipment. When the order is shipped, CMIGS notifies the buyer by email (or by phone if the buyers prefers) and gives the expected day of delivery.  On orders paid by wire transfer, the product is often shipped before the buyer receives the invoice and letter.

If you are interested in selling gold or silver, visit our page dedicated to selling gold and silver to CMIGS. CMI Gold & Silver Inc. is one of the nation’s oldest gold buyers.


CMIGS brokers take orders Mondays through Fridays, 7:00 a.m. to 5:00 p.m. MST. Orders must be placed early enough in the day that payment can be remitted the same day.

Any time you get a recording when calling CMIGS, it means either our lines are overloaded or that you are calling when we are not open. In such cases, please leave your name and phone number and we will return your call. If you do not hear back from us as quickly as you would like, please call again.

CMIGS Order Minimums

The minimum orders for bullion purchases at CMIGS:

  • five ounces of gold
  • five ounces of platinum
  • ten ounces of palladium
  • 200 ounces of silver

Although the minimum order for silver bullion is 200 ounces, the minimum order for junk silver coins is $250 face, which equates to 178.75 ounces of silver. A $250 face value bag of junk silver coins (circulated pre-1965 US 90% silver coins) is known as a “quarter bag.” $1,000 face value of junk silver coins is a standard unit in the precious metals business.

Additionally, our Gold Specials Page often carries offers of gold bullion less than five ounces, and our Silver Specials Page sometimes has offers less than 200 ounces.

The minimum order for the gold The Perth Mint Lunar Series Coins is one ounce of gold. We have no Lunar Series silver coins.

Payment Remittance

Payments must be remitted same day that orders are placed. If the order is more than $50,000, payment must be received by CMIGS before prices can be locked in.

During periods of high volatility, we may require that funds be on deposit with CMIGS before prices can be locked in.

Methods of Payment

Payment by Bank Wire Transfer

Payment by bank wire transfer is best. Payment by wire transfer means allowance must be made to send the wire before the wire cut-off time, which is 5:30 pm ET, 4:30 CT, 3:30 MT and 2:30 PT at most banks. Some banks will not initiate wires with less than thirty minutes before the wire cut-off time.

Before taking steps to place an order, please determine your bank’s wire transfer procedures. Most banks require the wire instructions documents to be signed in person. Yet some banks accept faxed documents. Only a few banks accept wire instructions by phone.

Payment by bank wire transfer enables us to provide the best service. We start the shipping process as soon as the wire is confirmed, which means that the order often is received by the buyer within a week of the order being placed, sometimes only a matter of days.

However, during periods of high activity, shipment of orders can be delayed. When we anticipate delayed shipments, we inform buyers at the time orders are placed.

Wire transfer instructions are provided when orders are placed.

Investors considering more than one precious metals investment may want to see if their banks provide convenient phone, fax or Internet bank wire services. Nowadays, many businesses can initiate wire transfers from their office computers.

Payment by Check

For orders less than $50,000 and in low volatility markets, CMIGS will accept payment by check. However, payment by check — either a personal check or a cashier’s check — means shipment is delayed because we do not send orders paid by check to or shipping department until two weeks after we deposit the check. Further, payment by check means that the check has to be mailed to us, which takes two to four days.

Persons familiar with cashier’s checks may ask why we wait two weeks when the money is pulled from their accounts when the cashier’s checks are purchased. The problem is that few banks will verify that checks have cleared, personal checks or cashier’s checks. Therefore, it is necessary for CMIGS to allow ample time to learn if the check is not going to clear.

Actually, payment by personal check works better than payment by cashier’s check, for two reasons. To obtain a cashier’s check, a trip to the bank has to be made whereas a personal check simply can be dropped in the mail.

Further, when at the bank to buy a cashier’s check, why not send a wire transfer? Yes, it may cost $15 to send a wire, but when making an investment in gold or silver is the $15 really significant? The important thing is to get the gold or silver in your hands as fast as possible, and payment by wire transfer does that.

The primary reason that personal checks work better than cashier’s checks is that issuers can go online to see if their checks have cleared, which is usually two to three days after we deposit. Then the issuer simply captures (copies) an image of the cleared check (front and back) and emails the image to us. It is next to impossible to get images of cleared cashier’s checks.

Large money orders are handled the same as cashier’s checks. For small orders (less than $3,000), buyers may want to consider using Postal Money Orders, which can be purchased for up to $1,000 each at a cost of $1.25. We normally ship immediately on receipt of Postal Money Orders.

Mail checks to:
CMI Gold & Silver Inc.
3800 N. Central Avenue
11th Floor
Phoenix, Arizona 85012

(For further privacy, checks may be made payable to CMIGS.)

CMIGS does not accept credit cards or debit cards.

CMIGS does not accept third party checks.

CMIGS does not accept checks drawn on foreign banks, not even Canadian banks.

CMIGS does not accept payment by cash in any amount.

Shipping, Handling, and Insurance

For orders less than ten ounces of gold, ten ounces of platinum, twenty ounces of palladium and 500 ounces of silver, there is a $30 shipping and handling fee. Shipping and handling is free for quantities in excess of those stated.

Methods of Shipment

Most orders are shipped by registered, insured US Mail. Occasionally, orders are shipped via UPS. UPS delivery is used for small orders or when clients request UPS delivery. Still, orders valued more than $20,000 cannot be shipped via UPS.

When orders are shipped, CMIGS notifies the buyers by either phone or email and gives the expected day of delivery. When notification is by email (the most frequently used method of notification), a tracking number is given, which enables the recipients to verify date and time that the packages entered the carrier’s system. The tracking numbers also enable CMIGS to verify when the packages were received by the buyers.


Shipping Gold and Silver to CMIGS

When shipping gold and silver to CMIGS, there is really only one way to go: registered U.S. Mail, using the Post Office’s Flat Rate boxes. Registered mail is the safest way to ship, as the Post Office rarely loses a registered package. Still, we recommend you buy insurance because if your shipment is that rare one that gets lost, you will be covered by the insurance.

The Post Office’s Flat Rate fee also provides the lowest shipping rates, much cheaper than either UPS or FedEx for silver, and usually for gold. But the big advantage of using Flat Rate boxes combined with registered mail is the high reliability of registered mail. The Flat Rate fee provides the lowest rates: $12.35 for up to 70 pounds shipped anywhere in the U.S.

Flat Rate boxes are free at your local Post Office. The boxes are sturdy enough to handle gold, but for silver the boxes need to be reinforced.  For tips on packaging silver for shipment, view our slide presentation How to Ship Silver.


CMIGS has dealt with the same bank since 1973. Bank and other references are available on request.

Client Confidentiality

CMIGS strives to ensure client confidentiality. We do not sell or share our customers’ names, and we do not computerize transactions. Not putting transactions on a computer protects our clients from record theft. It also makes it difficult for someone to come in and demand to see who has bought precious metals from CMIGS.

Furthermore, CMIGS does not even put clients’ names on invoices, thereby providing even more investment privacy. This became policy in the mid-1970s as CMIGS pioneered the bullion precious metals industry in Phoenix.

One day a detective from the Phoenix Police Department’s Burglary Division visited our offices. The detective asked, “Do you know what a nightmare you’re going to create for the Police Department–and your clients–if copies of your invoices fall into the wrong hands?” Because of that policeman’s visit, CMIGS quit putting clients’ names on invoices and started writing their names and addresses on 5″ X 8″ cards that are stapled to the invoices. After clients receive their gold or silver, the cards are detached and destroyed.

Please call with any questions about doing business with CMIGS. We accept calls Mondays through Fridays, 7:00 a.m. to 5:00 p.m. MST. Our toll free number is 1-800-528-1380.  If you have what you think is a straight forward question and want to use email, it’s info

You will be pleasantly surprised that our brokers do not start the conversation by asking for your phone number but by answering your questions. We do not need your phone number unless you place an order with us. CMI Gold & Silver Inc. has been buying and silver gold and silver bullion since 1973. You will find us easy to do business with.