CMI Gold & Silver Inc.
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CMI Gold & Silver Inc. (Cmigs) is one of the oldest precious metals bullion dealers in the United States. The company is headquartered in Phoenix, Arizona where it was organized in 1973 to sell various forms of .999 fine silver bullion to individuals as hedges against inflation. When Americans regained the right to own gold January 1, 1975, Cmigs added gold bullion coins to its line of products.
Although the raging inflation of the 1970s sprained many silver bullion dealers, only Cmigs survived the Reagan years, when inflation was brought under control, as a pure bullion dealer. Other dealers either went out of business or started promoting numismatic and collectible coins.
Initially, Cmigs sold its own line of silver bullion products, which included 100-oz, 50-oz, 25-oz and 10-oz .999 fine silver bars and 1-oz .999 fine silver rounds. As the market matured, large refineries such as Johnson Matthey and Engelhard, began producing bullion products, and Cmigs dropped its line in favor of Johnson Matthey and Engelhard products, which remain the standard .999 fine silver bullion products sold today.
After Americans regained the right to own gold bullion in 1975, South African Krugerrand gold coins became the most successful modern gold bullion coins ever, and Cmigs added Krugerrands to its line of products. Although, Krugerrands are no longer imported into the United States to meet the demand for bullion coins, Krugerrands from the secondary market remain one of Cmigs best-selling gold bullion coins. American Gold Eagle coins also are popular gold bullion coins at Cmigs.
CMI Gold & Silver Inc. is privately owned. Bill Haynes has headed the company since its inception and today serves as Cmigs' president. Haynes is a graduate of the University of Colorado, with a Bachelor of Science in Finance. His youngest son, Mike, has worked for Cmigs for ten years and is vice-president of operations.
In September 2002, the staff at Cmigs played a pivotal role in the apprehension of Miles Dabord, who is now believed to have killed his brother, Bison Dele,[1] the former professional basketball player who was born Brian Williams, aboard Dele's yacht in the South Pacific. Haynes and his son suspected fraud when a caller identified himself as Brian Williams and said he wanted to buy a large amount of gold.
When the caller, who turned out to be Dabord, attempted to pick up $152,000 in one-ounce American Gold Eagle coins, the Phoenix Police Department took him in for questioning for impersonating Brian Williams, for whom a missing person's report had been filed. In a Catch-22 situation, Dabord was released, and he died a few weeks later from an apparent overdose of insulin,[2] in what was believed to be suicide.
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