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Miles Franklin Precious Metals has been operating out of Wayzata, Minnesota since 1989, founded by father-and-son team David and Andy Schectman. Over 35 years, the company has processed more than $12 billion in sales, making it one of the most established family-owned bullion dealers in the United States.
It operates as both a full-service precious metals firm and a low-cost discount broker, a structure that keeps overhead lean and pricing competitive. For anyone looking to buy gold, silver, platinum, or palladium, whether for personal holdings or a self-directed IRA, Miles Franklin is a name that consistently appears at the top of shortlists.
Key Takeaways
- Miles Franklin holds an A+ Better Business Bureau rating with zero formal complaints after 35 years in business.
- The company offers no minimum order requirement, making it accessible for first-time buyers and large-scale investors alike.
- As a Minnesota-licensed dealer, Miles Franklin operates under state regulatory oversight that most other precious metals dealers in the U.S. are not subject to.
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Company Background and Regulatory Standing
One detail that separates Miles Franklin from most U.S. bullion dealers is its Minnesota base. Minnesota is the only state that licenses and regulates the precious metals industry at the state level.
The federal government does not regulate bullion dealers, meaning most operate with minimal oversight. Miles Franklin's state compliance gives customers a layer of legal protection that is simply unavailable with out-of-state dealers.
Andy Schectman serves as president and has been with the company since 1989. His father David co-founded the business.
The continued involvement of the founding family means the company's original values have not been diluted through ownership changes, a common issue in the financial services space.
Miles Franklin is also an authorized U.S. Mint reseller, a designation held by a limited number of dealers. This covers direct access to American Gold Eagles, American Silver Eagles, and other official mint products with verified authenticity.
Current Market Prices and What They Mean for Buyers
As of April 2026, metals are trading at historically elevated levels. Miles Franklin's live pricing feed reflects real-time spot prices: gold above $4,900 per ounce, silver near $74, platinum around $2,050, and palladium at approximately $1,728. These figures matter because Miles Franklin builds its prices using spot price plus a premium, and understanding the spread is key to evaluating any dealer.
Premiums are set first by the wholesale source (the mint or secondary market), then a dealer markup is added. According to Miles Franklin, the difference in price between legitimate dealers typically falls within one percent of each other, and their markup stays low relative to competitors with larger retail overhead.
Free shipping and insurance within North America applies to orders of 500 or more ounces of silver, or 10 or more ounces of gold, platinum, or palladium. Smaller orders may carry shipping fees. Online orders are capped at $10,000, with larger transactions handled by phone through a licensed broker.
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Product Catalog
Miles Franklin carries a broad range of investment-grade and collectible metals across four categories.
| Metal | Available Products |
|---|---|
| Gold | American Gold Eagle, Canadian Gold Maple Leaf, Gold Kangaroo, gold bars (various mints) |
| Silver | American Silver Eagle, Canadian Silver Maple Leaf, silver bars, silver rounds, 90% pre-1965 U.S. coins |
| Platinum | Platinum American Eagle, platinum bars (subject to availability) |
| Palladium | Canadian Palladium Maple Leaf, palladium bars and rounds |
Products are also sorted by mint on the website, making it straightforward to find items from the U.S. Mint, the Royal Canadian Mint, the Perth Mint, the Austrian Mint, PAMP, Valcambi, and others.
IRA-eligible products are clearly labeled, meeting the IRS purity standards required for inclusion in a self-directed precious metals IRA. Numismatic coins graded by PCGS and NGC are available for collectors who want certified authenticity with their purchase.
Gold and Silver IRA Services
Miles Franklin facilitates precious metals IRAs by partnering with IRS-approved custodians and depositories. New Direction Trust Company handles custodial services.
The process involves setting up or rolling over an existing retirement account (IRA, 401k, 403b) into a self-directed structure, then purchasing IRA-eligible metals through Miles Franklin.
There is no minimum order requirement, which removes a barrier that many competing IRA providers impose. High-net-worth investors with $100,000 or more may qualify for additional benefits including waived fees and priority access to account representatives.
Key points about the IRA process:
- Rollovers accepted from existing IRAs, 401(k)s, and 403(b)s
- Metals must be stored in an IRS-approved depository (home storage is not permitted under IRS rules)
- Both traditional and Roth IRA structures are supported
- Collectibles and jewelry do not qualify for IRA inclusion
Storage Options
Miles Franklin partners with Brink's, which has been operating secure logistics since 1859, for physical storage. Two programs are available to investors.
- Private Safe Deposit Box: Exclusive individual storage for gold and platinum at Brink's locations in Ontario, Toronto, and Vancouver, B.C.
- Fully Segregated Storage: Metals are held in the investor's name, completely separate from other clients' holdings. Segregated vaults are available at Brink's facilities in Montreal and additional North American locations.
Segregated storage costs more than commingled options but provides the clearest chain of title.
For investors who want the ability to visit and physically inspect their holdings, the Montreal facility is the most accessible for clients in eastern North America. Storage fees vary by program and should be confirmed with a Miles Franklin broker before committing.
How Buying and Selling Works
Purchases can be made online up to $10,000. Orders above that threshold, or for investors who want to discuss options before committing, go through a phone call with a licensed broker. Office hours run 8 a.m. to 6 p.m. EST, Monday through Friday, with Saturday and Sunday available by appointment.
Once an order is placed, it is considered firm. Miles Franklin hedges its inventory and un-hedges the specific metals at the moment of order, which is why a credit card is required on file regardless of payment method.
If a buyer backs out and the spot price has dropped, they are responsible for any value loss. If prices rise after placement, the buyer pays the locked price.
Payment options include check (free) and wire transfer ($25 fee). Miles Franklin also buys back metals. The sell process involves listing the items with a broker to confirm buy prices, shipping the metals according to their packaging guidelines, and receiving payment within 7 to 10 business days after the shipment is received and verified.
Wire transfer buyback payments carry the same $25 fee; check payments are free.
Reputation and Customer Feedback
Miles Franklin holds an A+ rating from the Better Business Bureau with zero formal complaints on record. That combination over 35 years and $12 billion in sales is unusual in precious metals, where pricing disputes and delivery complaints are common.
TrustPilot scores sit at 3.7 out of 5. Positive reviews consistently mention knowledgeable staff, competitive pricing, and responsive service.
Staff members including Michael Spector, Kathie Bortnem, and John Herbert receive specific mentions by name across reviews, a sign of personalized service rather than call-center interactions.
Negative reviews reference occasional pricing discrepancies and shipping times that can extend to two weeks.
Miles Franklin is a member of the Industry Council for Tangible Assets (ICTA) and the Certified Coin Exchange (CCE), both of which set ethical standards for member dealers.
What Miles Franklin Does Well and Where It Falls Short
| Strengths | Limitations |
|---|---|
| A+ BBB rating, zero complaints on record | Online orders capped at $10,000 |
| No minimum order requirement | Shipping limited to North America and U.S. territories |
| Minnesota state licensing and regulatory oversight | Shipping can take up to two weeks on some orders |
| Authorized U.S. Mint reseller | Fewer third-party reviews than the company's age might suggest |
| Segregated storage through Brink's | Platinum and palladium selection smaller than gold and silver |
| Dedicated brokers with personalized service | Pricing not fully transparent on website; phone call required for large orders |
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Who Miles Franklin Is Best Suited For
Miles Franklin works well for investors who want a long-term relationship with a dealer rather than a transactional experience. The broker model means you have a named contact who learns your portfolio and investment goals over time.
For first-time buyers, the educational resources including newsletters, market analyses, and direct broker consultations lower the barrier to entry without pushing toward a specific product.
Investors who prioritize buying through a regulated, accountable dealer will find the Minnesota licensing requirement meaningful.
For those running a precious metals IRA, the combination of IRS-compliant custodial partners, Brink's-secured segregated storage, and no minimum order makes the setup practical for a range of account sizes.
Buyers who prefer a fully digital experience, instant online quotes for large orders, or faster shipping turnaround may find better options elsewhere.
Conclusion
Miles Franklin is a well-established, regulated, and operationally sound precious metals dealer with a track record few competitors can match at their scale.
Investors who value personalized service, state-licensed oversight, and institutional-grade storage will find it a credible and reliable partner for both direct purchases and retirement account diversification.