FAQ
FREQUENTLY ASKED QUESTIONS
Buying 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.
- Gold bullion is extremely portable and is liquid just about anywhere in the world. Ask us about traveling with gold.
- Universal acceptance as money Gold will always have value. Unlike fiat currencies, created by governments, gold bullion cannot default or go bankrupt. Gold is the only form of money that has survived for over 5,000 years.
- Portfolio Diversification Gold is historically uncorrelated to stocks, bonds, and other financial instruments.
- Privacy in a world of decreasing privacy Gold is an anonymous store of wealth. No one will know how much wealth you have hidden away.
- A safe haven asset In times of turmoil and uncertainty in the financial markets and around the world, gold is a popular safe-haven asset to hold.
- No counter-party risk Gold is one of only a few assets in the world that is not simultaneously someone else’s liability.
No, Miles Franklin does not have a minimum order size. To purchase any amount of gold, silver, platinum or palladium call us at 952-929-7006 or email us to set up an account.
Online orders are presently limited to $10,000.
For orders through our licensed brokers there is no maximum order. For special pricing and orders over $10,000.00, please contact us at 952-929-7006 and one of our Licensed Brokers will assist you. However please note, before accepting an order and confirming price for particularly big purchases, we may require a deposit. Regardless of the size of the transaction, our Licensed Brokers will work directly with you for a simple and straightforward purchasing experience. In the event that you have any questions or worries regarding your order, don't hesitate to get in touch with us.
After an order has been confirmed, it may be possible to modify it in certain circumstances. However, it can be challenging to make changes to an order that has already been confirmed. Whether or not it is possible to modify an order will depend on the type of product that was ordered. To get specific details about modifying your order, please contact your broker or call our main line at 952-929-7006.
Please note that once an order has been placed it cannot be cancelled.
Please keep in mind that once an order has been placed, it cannot be canceled. It is essential to carefully review and confirm all order details before placing it to ensure that everything is accurate and meets your needs and requirements.
To make changes to your order, you would need to cancel your current order and place a new order. Please note that cancelling your order may result in market loss and/or cancellation fees.
If you place an order online, it is also a binding commitment, and the confirmed price will be accompanied by an email with an order number. Please note, that price fluctuation driven by market price fluctuations may happen until you check out. If you decide to cancel your order, you will be responsible for any market losses incurred. It's essential to carefully review all order details and confirm that everything is accurate before placing the order to ensure that there are no issues or concerns with the transaction.
For orders with our licensed brokers 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.
We are required to report to the Government purchases that are made with cash instruments of $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.
Purchases over $10,000 or more made with other payment methods are not reported to the Government.
Cash instruments include dollars, cashier’s check and money orders.
The gold/silver ratio is a simple formula used to determine the relative value of gold and silver. It is calculated by taking the current market price of gold and dividing it by the current market price of silver. For example, if gold is trading at $1,800 per ounce and silver is trading at $25 per ounce, the gold/silver ratio would be 72 (i.e. 1,800 divided by 25).
Gold Spot / Silver Spot = Gold/Silver Ratio
The precious metals markets are open Sunday at 6:00 p.m. EST and close Friday 5:00 p.m. EST. Markets are also closed every Monday through Thursday from 5:00 p.m. to 6:00 p.m. EST. The spot price remains static when the market is closed. The prices of precious metals are constantly fluctuating at all other times.
Due to the constant changes in our inventory availability, we do not offer a brochure. However, we can email you a digital pdf of our current inventory. You can find all our in-stock products on our website, which we update regularly as we receive new shipments. If there are new or highly anticipated products, we will make them available for presale on the site with their expected arrival dates. Checking our website regularly is the best way to stay up to date on our inventory.
To establish our prices, we combine the current spot price with a premium. The premiums we charge on our products are influenced by the mint of origin, the intricacy of the design, and the distinctiveness of the product. Furthermore, our selling price for each product is influenced the price at which we can source.
Yes, please visit our Gold and Silver IRA page to learn more about purchasing Gold, Silver and Platinum inside of your IRA.
There are two simple ways for you to order from us. The first is to go to our website and make an online order. As an alternative, you can place your order by calling our main line and be connected to one of our many Licensed Brokers at 952-929-7006. Our office hours are 8:00 a.m. to 6:00 p.m., Monday through Friday. Eastern Standard Time
Payment
Payment can be provided using:
Website Licensed Broker
952-929-7006
- Bank Wire No Yes
- Certified check No Yes
- Cashier’s check No Yes
- eCheck/ACH No Yes
- Money order No Yes
- Personal check No Yes
- Credit Card up to $10,000 No
- PayPal No No
- Crypto No Yes
We hold all certified, cashier’s, personal checks, and money orders for 7 business days. Upon placing an order, we will provide you with our payment instructions.
Once you proceed to Checkout, your pricing will be locked in and displayed on the right-hand side of the checkout form. These prices will remain fixed for ten (10) minutes while you finalize the checkout process. If you take longer than ten (10) minutes to complete the checkout process, you will have the option to approve the updated prices before finalizing your order.
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.
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.
You may be able to change your payment method from the original one you selected if your order status is still “Pending,” depending on the payment method you originally chose. If you initially indicated you wanted to pay via Check or Wire, we can accommodate changes to your payment method. However, if you originally selected ACH, Crypto, Credit Card we cannot change the payment method.
To reduce the possibility of financial fraud, all orders are examined individually. Sometimes, extra documents may be necessary to verify identity. For larger orders, we highly recommend using bank wire transfer. Bank wire is our preferred payment method and guarantees the quickest processing and delivery time.
Please note that Miles Franklin retains the authority, based on our discretion, to void any order if we find it to be doubtful, dubious, or a significant risk, irrespective of the payment method and price selected.
Product prices are subject to constant fluctuation based on the ever-changing prices of precious metals. This means that even if an item is already in your cart, its price may change at any time due to market movements.
To ensure that you have the most up-to-date pricing information, it's best to refresh your cart before checking out.
It is possible that your order was cancelled because the address you provided did not match the billing address associated with your credit card. Unfortunately, we cannot reinstate orders cancelled due to address verification issues. You will need to create a new order with the correct billing information. We suggest that you copy the address on your credit card statement when reordering.
Your order was canceled due to our risk prevention measures, which identified higher-than-average risks associated with your credit/debit card payment. These measures are in place to protect all of our customers. If any funds were charged to your credit/debit card, they should be refunded within 48 hours of your order's cancellation.
To ensure timely payment for your order, all checks are mailed directly to the bank and cannot be stopped. If you accidentally send a duplicate payment, we recommend placing a stop payment on your check to prevent double payment.
In the rare event that your check is deposited and payment clears, we will promptly issue a refund check within 10 days of deposit.
In case you forgot to include your order number on the memo line of your check, we can still match your check to your order by cross-referencing the name on the check with the name on your order. However, if the names do not match, please contact your Licensed Broker.
For Bank Wire Transfers: Bank wire transfers are deposited directly into our checking account and can take up to a business day to process. After your transfer is processed, you will receive an email confirming receipt of payment, and your order status will be updated to "Paid." If it has been more than 2 business days since you sent your wire transfer and you have not received an email confirmation, please contact our support center email [email protected].
For Paper Checks/Money Orders/Cashiers Checks: It is common for paper checks to take seven to ten days to arrive via USPS, which is why we ask that customers mail their checks within one business day of placing an order. Once your check has been deposited into our bank it will be held for 7 business days. After processing, your order status will be updated to "Paid," and you will receive an email confirmation of receipt of payment. If it has been more than 7 business days since your check cleared and you have not received an email confirmation, please contact your Licensed Broker or [email protected].
For ACH Payments: Once your account is confirmed, ACH payments are automatically processed. After the ACH has been processed, your order status will be updated to "Paid," and you will receive an email confirming receipt of payment.
Shipping & Returns
Most orders are shipped by UPS and some by USPS. Each package is fully insured and will require a signature upon delivery.
North American shipping and insurance is free on all precious metal orders of 10 or more ounces of gold, platinum, palladium. and 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.
Yes, orders are shipped registered and insured US mail. Orders can be sent to a P.O. Box. A signature is required upon delivery of your package.
At this time, we are only shipping to North American and US territories.
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.
Please note if your shipment is lost damaged you should contact us at 952-929-7006 to report it immediately. Any insurance claim needs to be initiated within 7 business days from the expected delivery date.
Order confirmation will include estimated shipping date per MN licensing regulations. An email indicating the 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.
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.
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 with your Licensed Miles Franklin Broker direct or call phone 952-929-7006; 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 the previous order has been paid in full. Any market gain on cancellations shall remain the property of Miles Franklin.
Storage
Absolutely! When you purchase gold and silver from Miles Franklin, you will be offered the option to store your purchase in multiple locations. Learn more about our storage program with Brinks or contact us at 952-929-7006.
Absolutely! This is, in many cases, what separates us from the competition. Call us at 952-929-7006 for assistance in sending your existing precious metals to any of our three depository partners.
MARKET LOSS FEES EXPLAINED
Our company, as a precious metals dealer, faces a unique challenge of constantly fluctuating prices. This complexity affects our operations and company policies, particularly our market loss policy which is often misunderstood. As a responsible dealer, we, like other major bullion dealers, fully hedge our precious metals inventories. We rely on premium spreads for profit, not on spot price speculation.
When a customer places an order, the price is locked in and no longer subject to spot price changes. At this point, we un-hedge the metals ordered to make them fully exposed to the gains and losses. We trust that the customer will pay for their order, but to protect ourselves from the risk of customers backing out of the agreement due to market changes, we require a credit card from every customer regardless of the payment method selected.
If the customer doesn't pay and the price of precious metals stays the same or goes up, we cancel the order without charging a fee. However, if the price goes down, we must charge the market loss fee which is the precise amount of money our company will have lost as a result of the unpaid order. We only charge the difference in spot price from the time of order to the time of cancellation. We do not add additional fees or forbid cancelling outright, but we charge the fees to cover our actual losses, which do not take into account transaction fees and labor costs, but simply the true amount of losses the un-hedging has cost us.
If a customer does not agree to pay the market loss fees, they will not be able to place an order with the company. The market loss policy is a necessary protection for the company and its investors against potential losses caused by customers who fail to pay for their orders. It is important for customers to understand the policy before placing an order, and to carefully consider their commitment to the purchase before doing so. The company aims to be transparent and fair with its fees, charging only the actual losses incurred, and not profiting from cancellations with market loss fees. Customers who have further questions or concerns about the policy should contact the company for clarification.
If you want to speculate on price changes, ETFs may be a better option for you than physical bullion. We rarely receive cancellation requests or unpaid orders for purchases that have increased in value. Our cancellation requests typically involve orders that have decreased in value.
These losses are very real due to the reasons we outlined previously. Our goal is to break even, not profit from cancelled orders with market loss fees.
A precious metals purchase is a serious commitment, and cancellations are not guaranteed until we have confirmed them and informed you of any applicable fees.
You can only cancel by email if no market fees are due. We want to provide you with the amount of fees before cancelling an order with fees due, so you can decide whether you want to proceed with the cancellation.
Selling Precious Metals
Selling your gold and silver back to us is easy. When you are ready to sell just follow these simple steps:
- Organize a list of the precious metals you want to sell (metal type, quantity, weight).
- Call your Licensed Broker at and get our current prices.
- We will provide you with instructions to securely package your shipment.
- When your shipment is received by our shipping facility, payment will typically be sent within 7-10 business days. During peak periods, this process may take an additional 1-3 business days to complete. Checks can be sent free of charge, or if you prefer, we can wire the funds for a $25 fee.
While it is possible to clean precious metals, it is generally not recommended unless absolutely necessary as it can potentially damage the metal and decrease its value. If you do choose to clean your precious metals, it is important to use the proper tools and techniques to avoid damaging the metal. If you are unsure about how to properly clean your metals, it is best to consult with a professional. Additionally, keep in mind that altering the appearance of a coin or bar may affect its numismatic or collector's value.
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.
Absolutely. We consistently provide the highest bid price in the nation for trades.
Absolutely. We consistently provide competitive pricing for swaps, please call one of our Licensed Brokers at 952-929-7006.
Please note, some swaps are reported to the Government as noted in the “Do you report to the Government” section in the FAQ.
We do not do appraisals, but we will provide market valuations.
Yes, 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. Before we deliver any proceeds from a buyback, we will need you to fill out a W9 form (https://www.irs.gov/pub/irs-pdf/fw9.pdf). The 1099-B forms 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 |
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.
While most orders are verified on the same day they are received, during peak periods, this process may take 1-3 business days to complete.
After verifying your items, payment is usually processed within 1-3 business days. However, if you select a paper check as your payment method, it may take 1-2 weeks for the check to arrive.
Miles Franklin Website
If you want to create an online account without placing an order, simply click on the “register” link
If you would like to be added to our newsletter, please send an email to [email protected] with your name, address, email, and phone number.
Dealers can select from a range of spot services, and pricing may change somewhat based on which service is used. Futures contracts, which are commitments to supply a commodity at a later date, are what decide the spot price. You want your goods as quickly as possible, not after a few months, whether you buy from us or another vendor. As a result, we must compute a current price based on the futures market price using a time value of money computation, sometimes referred to as an Exchange for Physical (EFP). As each business takes into account its unique cost of money and other variables, there is no one approach that is widely acknowledged for conducting this computation.
Miles Franklin offers guaranteed products at competitive prices and at times we can price match. Please call us at 952-929-7006 and one of our Licensed Brokers will provide you with our best pricing.
The regulations regarding sales tax vary from state to state and sometimes by product. Sales tax will be applied to your order based on the ship to state tax laws. As per State requirements, we are required to collect sales tax on certain products.
promotions and Discounts
Yes, we offer special promotions which can be found on our website under the "On Sale Now" tab. Additionally, you can sign up for our email newsletter to receive weekly updates on our specials.
Yes, we offer a military discount. Please contact us at 952-929-7006 and one of our Licensed Brokers will assist you with your order. To qualify, please have your military ID available to show to one of our Licensed Brokers and they will be able to assist you with your order. Once approved, your account will be marked as a military account, and all orders placed through our Licensed Broker will have the discount applied.
Privacy Policy and Terms & Conditions
You can find it by following this link: https://milesfranklin.com/wp-content/uploads/2023/04/privacypolicy.pdf
You can find them by following this link: https://milesfranklin.com/termsandconditions/
Bullion sales tax by state
| CALIFORNIA | 7.5% on orders below $2000 |
| CONNECTICUT | 6.5% sales tax on orders below $1000 |
| DISTRICT OF COLUMBIA | 6% |
| FLORIDA | 6% on orders below $500 |
| HAWAII | 4% |
| INDIANA | 7% |
| KENTUCKY | 6% |
| LOUISIANA | 4% on orders below $1000 |
| MAINE | 5.5% |
| MARYLAND | 6% on orders below $1000 |
| MASSACHUSETTS | 6.25% on orders below $1000 |
| MINNESOTA | 6.88% on sovereign minted |
| NEW YORK | 4% sales tax on orders below $1,000 |
| NEW JERSEY | 7% |
| NEW MEXICO | 5.13% |
| VERMONT | 6% |
Non-taxed states
ALABAMA, ALASKA, ARIZONA,
COLORADO,
DELAWARE,
GEORGIA,
IDAHO, ILLINOIS, IOWA,
KANSAS,
MICHIGAN, MISSISSIPPI, MISSOURI, MONTANA,
NEBRASKA, NEVADA, NEW HAMPSHIRE,
NORTH CAROLINA, NORTH DAKOTA
OHIO, OKLAHOMA, OREGON,
PENNSYLVANIA,
RHODE ISLAND,
SOUTH CAROLINA, SOUTH DAKOTA,
TENNESSEE, TEXAS,
UTAH,
VIRGINIA,
WASHINGTON, WEST VIRGINIA, WYOMING, Wisconsin
It is recommended to research your own state's tax laws.