Midwest Bullion Exchange, Inc. has been approved by the Minnesota Department of Commerce as a licensed and bonded precious metals dealer.
June 20, 2014 (Newswire.com) - Midwest Bullion Exchange, Inc., a Minnesota-based precious metals dealer announced Friday it has been approved for a license by the Minnesota Department of Commerce.
The state of Minnesota is the first to pass legislation that requires precious metals dealers to obtain special licensing and bonding, in an effort to protect consumers from unscrupulous business practices that have plagued the precious metals business. The new legislation requires those who work directly with the public selling precious metals products to obey and disclose to the consumer all state policy guidelines as well as pass a comprehensive background check.
In a brief statement, MBE Inc. President Scott Hage said, "this law was long overdue" and hopes this gives consumers more confidence when making the decision to buy precious metals. "It is very important to work with a licensed and bonded precious metals dealer when buying gold, silver or other precious metals," Hage continued.
Gold and silver bullion have long been considered a hedge against inflation and a private way to protect retirement wealth. Gold and silver bullion coins and bars in particular are a favorite of investors who want an alternative to the US dollar and the stock market, and like the idea of being diversified. At this time, Midwest Bullion Exchange, Inc. is the only online state licensed and bonded gold and silver dealer.
Midwest Bullion Exchange, Inc. is proud of Minnesota's commitment to protect consumers and is excited to announce their new status as a fully licensed and bonded precious metals dealer.