Here are some common questions about purchasing from Miles Franklin.
Here are some common questions about purchasing from Miles Franklin.
Why buy precious metals?
Gold and other precious metals serve to balance and protect any portfolio. They provide a safe haven in times of uncertainty but have always been and will always be the ultimate store of immutable wealth. Also visit 6 Reasons Why You Need Precious Metals in Your Portfolio for more information.
Do you have a minimum order?
Do you have a maximum order?
No. However, we may request a deposit on very large orders before we are able to accept the order and confirm pricing.
Can I change my order after my order is confirmed?
In some circumstances, yes. However, it is often difficult to modify an order after it has been confirmed. It will depend on the type of product that has been ordered. Call your broker or our main line 1-800-822-8080 for specific details.
Please note that once an order has been placed it cannot be cancelled.
Will my prices change after I place my order?
No. The price we confirm with you is a firm and binding commitment to buy or to sell the product listed on your order at the prices agreed to at that time. Payment is expected within three business days for all orders.
Online orders are also binding. Your confirmed price will be accompanied by an email with confirmation number. You are responsible to cover any market losses should you choose to cancel your order.
Do you report my purchase to the Government?
We do not report the majority of precious metals purchases to the government. We do however have to file Form 8300 for cash payments $10,000 or more. This also applies to multiple cash transactions within 24 hours. For example, using 3 separate Money Orders for say $2500, $4000, and $3800 would total over $10,000 and trigger filing of form 8300.
Cash includes dollars, cashier’s checks and money orders.
What forms of payment does Miles Franklin accept?
Payment must be provided using:
- Bank Wire
- Certified check
- Cashier’s check
- Money order
- Personal check
We hold all certified, cashier’s, and personal checks for 7 business days. Wire transfers are the recommended form of payment because they allow funds to reach your account as quickly as possible. When an order is placed, we will provide you with our bank wire instructions. It will contain all of the information your bank or brokerage will need.
Do you have a holding period on cashier's checks, certified checks, and personal checks?
We hold all certified, cashier’s, and personal checks for 7 business days. Upon placing an order, we will provide you with our payment instructions with all of the information your bank or brokerage will need.
How quickly will you need my payment?
You must ensure that your payment is received within five business days. Miles Franklin reserves the right to cancel orders that do not meet this requirement. We recommend mailing your payment the same day your order is placed.
If I buy $10,000 or more of gold or silver, is it reported?
No. The $10,000 rule only applies to cash or cash instruments above $10,000. If you pay with a check, ACH or wire transfer there is no reporting when you purchase.
The Industry Council for Tangible Assets has developed Broker Reporting (1099-B) guidelines for precious metals and rare coins. This information is meant only to assist investors. For the most accurate reporting rules, please consult your tax advisor.
How is my order shipped?
Most orders are shipped by UPS and some by USPS. Each package is fully insured and will require a signature upon delivery.
What are the shipping, handling, and insurance charges?
Domestic shipping and insurance is free on all precious metal orders of 10 or more ounces of gold, platinum, or palladium. Domestic shipping and insurance is free on all orders of 500 ounces or more of silver. Precious metal domestic orders with a total under those amounts will incur a flat rate shipping and insurance fee of $15. Contact a broker for all international shipping questions.
Can you ship my order to a post office box?
Yes, orders shipped registered and insured US mail can be sent to a P.O. Box. A signature is required upon delivery of your package.
Do you ship internationally?
Yes, some restrictions apply. Provide your Miles Franklin broker with an international address, including zip code, for a international shipping quote.
Is my package insured while in transit?
Miles Franklin fully insures all of its shipments while in transit. Should anything happen while your package is in transit, it will be covered by our insurance policy. If metals are lost or damaged in transit, it is our responsibility to pursue any claim with the insurance company. Once the claim is filed, we reserve the right to re-ship your items or refund your money at our discretion.
How long will it take to get my package?
Order confirmation will include estimated shipping date per MN licensing regulations. An email indicating actual shipping date will be sent for all online orders. Delivery can be expected on average within 1 to 5 business days of ship date. Your order may be shipped in multiple packages
What should I expect when I receive my package?
All our packages are professionally and discreetly wrapped. There is nothing on the outside of the package to give any indication as to what the contents are inside.
Can I cancel my order?
Whether buying from us or selling to us the order is 100% confirmed once we have provided an order number. We realize rare situations occur where orders need to be cancelled. Should you elect to cancel or offset your order, you must do so during the normal business hours of 8:00 am – 5:00 pm CST Monday through Friday. Cancellations may only be approved by speaking directly to a Miles Franklin team member by phone 1-800-822-8080;at which time you will be appraised of any market loss if applicable. All cancellations are subject to our market loss policy.
If any market loss has occurred, Miles Franklin will invoice you and you will have 7 business days to pay the amount due in full. No future orders will be permitted until paid in full. Any market gain on cancellations shall remain the property of Miles Franklin.
Selling Precious Metals
How do I sell to Miles Franklin?
Selling your gold and silver back to us is easy. When you are ready to sell just follow these simple steps:
1. Call our Trading Department at 1-800-822-8080 and get our current prices.
2. Securely package your items. We can assist you by sending detailed instructions with boxes, labels, and packing material. We recommend you only ship packages via USPS registered and insured mail for your protection.
3. When your shipment is received by our warehouse your payment will typically be sent within 3-5 business days.
What happens if I don't send in the precious metals after a price has been confirmed?
You will be liable to cover any market loss we incurred by accepting the order to buy from you. Furthermore, you will not be permitted to buy or sell to us in the future.
Do you accept trade-ins?
Absolutely. We consistently provide the highest bid price in the nation for trades.
Do you report my buyback to the Government?
Dealers are required to file a 1099-B form when a customer sells the minimum quantity of any Precious Metals product that is included on the IRS’s Reportable Items List (below). Prior to delivering any proceeds from a buyback, a form W9 needs to be filed. 1099-Bs will be mailed out by February 15th in the year following the buyback.
|Reportable Item||Minimum Fineness||Minimum Reportable Amount|
|Gold Bars||0.995||Any size bars totaling 1 Kilo (32.15 troy oz) or more|
|Silver Bars||0.999||Any size bars totaling 1000 troy oz or more|
|Platinum Bars||0.995||Any size bars totaling 25 troy oz or more|
|Palladium Bars||0.9995||Any size bars totaling 100 troy oz or more|
|Gold 1 oz Krugerrand||as minted||Twenty-five (25) 1 oz coins|
|Gold 1 oz Maple Leaf||as minted||Twenty-five (25) 1 oz coins|
|Gold 1 oz Mexican Onza||as minted||Twenty-five (25) 1 oz coins|
|U.S. 90% Silver Coins||as minted||Any combination of dimes, quarters, or half-dollars totaling $1,000 face value or more.|
These guidelines provided by ITCA are subject to change at any time without notice.
If you have additional questions, please consult a tax professional for details on your specific tax situation.
Can Miles Franklin help me with storage?
Absolutely! When you purchase gold and silver from Miles Franklin, you will be offered the option to store your purchase in North Dakota at the Dakota Depository or in Montreal or Vancouver utilizing our strategic alliance with Brinks. Learn more about our storage program with Brinks or contact us at 1-877-375-1365.
Can I purchase elsewhere and still use Miles Franklin storage?
Absolutely! This is, in many cases, what separates us from the competition. Call us at1-877-375-1365 for assistance sending your existing precious metals to any of our three depository partners.