If you are considering the possibility of investing in precious metals like gold and silver, you may have heard of 7k Metals. Given the way it is set up, you may be wondering if 7k Metals is a scam.
Asking this question is good. When it comes to business and investments, you should be proactive enough to know the risks and protect yourself. Read up on different 7k metals review like this one in order to make an informed decision to find out the answer to “is 7k Metals a scam?”
The way the company runs a pyramid scheme causes people to initially have doubts about it. But not all pyramid schemes are illegal. In fact, 7k Metals is known to be one of the most legit multi-level marketing (MLM) companies in the world.
What is 7k Metals?
7k aims to give people what they need to achieve financial wealth and freedom through precious metals like gold and silver. By being a member, you get exclusive buying privileges and access to their high-quality metals.
You can use these precious metals for wealth creation or wealth protection. Whether you are a coin collector or looking for a business opportunity, 7k Metals will have something to offer for you.
7k Metals was started by a group of entrepreneurs from Idaho in 2016. The owners of 7k Metals are Josh Anderson, Zack Davis, Roger Ball, and Richard Hansen – all known figures in the MLM and networking industries with years of experience backing them up. These leaders aim to teach their members how to invest through precious metals to increase and protect their wealth.
Anderson was the CEO of JD Premium, an MLM business that sells nutritional and personal care products from 2009 to 2011.
Davis was the chief marketing officer of JD Premium from 2009 to 2011.
Roger Ball was the owner of JD Premium. He is also well-known for his entrepreneurial ventures.
Hansen is a known expert when it comes to collecting and mining precious metals. He has also been involved in the network marketing industry for 35 years.
You can easily see that 7k is run by well-known founders as opposed to the many faceless MLM business platforms. This makes them one of the most legit MLM companies in the industry today.
How 7k Metals work
7k Metals is an MLM company. So, to be with them, you have to be a member. 7k Metals members get a cheaper rate when they buy precious metals from the leading precious metals distribution outlets in the world.
So, if you want to invest in precious metals, you can actually save up by buying them at a lesser price as a 7k metals member. To be a member, you have to pay an annual fee. The membership is automatically renewed after a year unless you choose to leave before your renewal date.
There are two types of membership being offered: standard and premium. The premium membership has more benefits like you get a more valuable coin and bullion, 12 months’ worth of technology credits, four wealth strategy books, and 20 business cards.
Now, as an MLM company, their business models give you the chance to earn commissions when you recruit new members to join 7K Metals.
The 7K metals compensation plan makes use of a binary structure. The binary structure laces you at the top of a binary team, which is split into two sides at a level beneath you. The recruits they make also are split at a level beneath them. And so on and so forth. The commissions you get are calculated through the points of everyone in the levels beneath you.
You have to recruit new members to sign up and that can cover your $250 annual fee or choose to pay it yourself. You get a matching bonus of 5% for every new member that you recruit.
Recruiting a basic member will give you 100 points and recruiting a premium member will give you 150 points.
Every time you purchase coins using automatic delivery, this will earn you 25 points. When your recruits purchase coins, you also get a commission and 20 points.
You need to reach the Associate rank before you start earning commissions. To be in the Associate rank, you need to have at least two active recruits who have achieved the qualifying points. The highest rank you can get is Presidential Gold where you will be having 28 recruits.
7k will tally up all the points you accumulated and for every 500 points, you get a $500 commission. You can earn as much as $1000 per week if your recruits can earn 1,000 points on the point system.
But here is the catch: you only have one week to get 1,000 points – otherwise, all points below that will be reset on the next week. You need to have at least 25 points each month to maintain your membership.
Basically, if you sign up for the service, it will take some time and effort too if you are driven to get points and cheaper precious metals.
Take note that only premium members get access to the 7K Metals compensation plan. So if you want to get compensation to maximize the opportunities of being a member, you should start with a premium membership.
As of now, 7k Metals are operating in the USA, Canada, Australia, England, and Singapore.
7k Metals product line
Being a member gives you access to different 7K Metals products at a very affordable rate. Here is a quick list on the 7k Metals products that you can access:
Precious metals
The products that members can get from 7k metals are gold coins, mint silver coins, and gold, silver, and platinum bars.
7k Metals can buy products directly from the mint, enabling them to offer the precious metals at the lowest possible price to their members. Here is a general breakdown of the pricing you can get with 7K Metals:
- Silver coins – $19 to $226
- Gold coins – $162 to $1945
- Silver bars – $18.88 per ounce
- Gold bars – $155 per ounce
- Platinum bars – $966 per ounce
All coins are rated by the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC). You can be assured that the gold and silver coins are certified by the London Bullion Market Association (LBMA).
Jewelry
7k Metals also offer a wide assortment of jewelry made from gold and silver. You can get watches, rings, chains, monkey clips, and more at affordable rates as a 7k Metals member.
7k gear
You can also get accessories and gear that carries the 7k Metals logo such as backpacks, sweaters, shirts, hats, wallets, and many more. The 7k Metals products available under this category will change from time to time.
7k Metals features and services
AutoSaver program
7k Metals has an AutoSaver program that is designed to help you get coins automatically. If you enroll in this program, you will get a collectible coin each month and these coins are handpicked by experts. This means that even if you are not actively buying precious metals, you still get to build your own collection through the AutoSaver program.
7k Metals uses a SmartSelector tech to assess what coins you already received from the AutoSaver program to avoid duplicates. However, duplicates are still a possibility especially if the only available coins are the ones that you have already received before.
The AutoSaver program is optional for 7k Metal members.
Easy cancellation
If you still have your doubts, you can always give 7k a try and then cancel later. You can cancel at any time. All you have to do is send an email to them.
SoundMoney
7k Metals has the SoundMoney feature, which serves as the online wallet that you can use to send and receive cash and precious metals. Your commissions will also be sent to your SoundMoney wallet. All assets and cash in your SoundMoney will be fully insured.
SoundMoney has no transaction limits so you can make as many transactions as you want. Funding, purchasing, and member-to-member transfers are free. The only fee you have to pay is $5 when you transfer cash out of the wallet.
Private vault access
When you buy silver and gold from 7k Metals, you can have them stored in a private vault for safety for a discounted rate. The vault has military-grade security tools, movement tracking, and electronic visibility. You can be assured that the precious metals you store will be safe and secured. Aside from storage in a private vault, you also get insurance and inventory management.
Buyers Accreditation Training
As a 7k Metals member, you get access to their Buyer’s Accreditation Training, which teaches you how to analyze precious metals and what to look out for before buying them. It is a training program that ensures you understand the business involve in coin collecting and what opportunities you can have through it. This is a great program for those who are still new to the game or for those who want to be good coin collectors.
Technology credits
When you have technology credits, you get access to tools and data that will help you make better decisions when it comes to purchasing precious metals. This is an advantage if you are trading or investing in these precious metals seriously.
Buyback program
If you have gold and silver in your possession and you want to sell them for cash, you can do it through 7k metals too. Inform them what kind of precious metal you have and they will assess your items and give you a quote. Their buyback price is as competitive as those you will find in the market.
You can also use the buyback program to transfer the precious metals you purchased into cash. If you want to receive a quote for your gold and silver assets, all you have to do is send an email to [email protected]
7k Metals fees
As mentioned earlier, all members need to pay an annual membership fee. The basic membership costs $249 per year while the premium membership costs $499 per year. You can upgrade your membership from basic to premium at any time.
You will also be required to purchase their travel savings card. The cost of the card will depend on your membership plan. For basic plan members, the travel card costs $250 and for premium plan members, the travel card costs $500.
The travel card gives 7k Metals the best travel deals and benefits like discounts on hotels, airfare, vacation spots, rental cars, and many more. The benefits you get will vary, depending on your location. If you are in the USA, the savings you can get through the travel card is extensive.
At a glance, you can see that the fees involved in being a member are quite high. And you actually have to pay almost double because of the travel savings card. As most 7k Metals review would point out, Although the travel savings card can be helpful for those who travel a lot but for those who don’t – it could just be an unnecessary added expense.
7k Metals Pros and Cons
Of course, no business is perfect. 7k Metals has its own advantages and disadvantages. Here is a list of pros and cons that you should consider before signing up:
Pros
- Member of the Better Business Bureaus and has a good standing
- Dealer direct pricing allows them to offer precious metals at the lowest price possible
- 7k Metals offer a wide variety of precious metals and jewelry for you to choose from
- 7k Metals is partnered with a top private safe company to store all your precious metal collections securely
Cons
- 7K Metals has costly membership fees and you have to follow a point system to retain your membership
How to start in 7k Metals
Once you decide what type of membership you want, the next thing you have to do is set up your 7k Metals profile. Here, you will be filling out information like your email, address, profile picture, and more.
The next step is to set up your SoundMoney wallet, your AutoSaver (if you choose to enroll in the program), and your payment options. For these three areas, an association agreement will be necessary and you will have to sign that agreement.
If you are confused about how to go through the setup, 7k Metals has a Training Portal where you can watch videos about the setup process and how to use the different tools and data on the website.
7k Metals FAQs
Is 7k Metals a scam?
The process of having to pay a membership fee and recruiting new members has caused doubt towards the company. Yes, it is a pyramid scheme but 7k Metals review will tell you that it is a legit and reliable one. Since you are actually getting something in exchange for the fees that you pay to retain membership, this does not make 7k Metals a scam.
If you want to do away with the whole pyramid scheme but still want to purchase your precious metals from 7k Metals, this is still possible. All you have to do is purchase as a guest – although you will get lower rates as a 7k Metals member.
The fact that every detail of the whole compensation and recruiting plan is out in the open means that they are transparent. People who want to get involved know what they are getting into. All these elements does not make 7k Metals a scam.
Although it is not a scam, it may not be a feasible business plan in the long term. This is to say that you have to know a lot of wealthy people to purchase these products for you to earn points and money.
Overall, any 7k Metals review will tell you that 7K Metals is known to be an outstanding network marketing company.
What happens if I become an inactive 7k Metals member?
Since accumulating and maintaining points is a big deal for this MLM Company, you may be wondering what happens to your points when you become inactive. The activity status of a member is renewed every time they accumulate 15 points. The 15 points have to be earned personally so you cannot depend on your recruits for that. If you are not able to make 15 points in 45 days from your last activity, all your points will be expired. Aside from this, you will be given an inactive status for 36 days.
When your status is inactive, you will not be able to earn commissions. But you will still be able to purchase products, use your Sound Money wallet, and other services.
When you become active again, you will be able to retain the rank that you had before as long as the qualifications of being in that rank are met.
If a member I recruited is inactive, will it affect my rank?
The answer is yes. This is why you have to be selective when it comes to recruiting people to join you in 7k Metals. You need to reach a certain amount of points to maintain your rank and one inactive member can easily leave you with insufficient points.
This is why you have to make sure that your recruits are passionate about precious metals as an investment. This will ensure that they will be purchasing frequently and give you the points you need.
Can I pass my 7k Metals account to a family member?
Considering the amount of money that you may earn as a 7k member, you may want to be able to pass your account to a loved one in case something happens to you. The good news is that a 7k Metals account can be passed to a family or loved one and you can state this in your will. You can choose a family member to take over your account as long as there is written consent.
All they have to do is show the written consent and a copy of your will or death certificate to request a change of ownership for the account.
How do I cancel my 7k Metals account?
Unlike most pyramid schemes that will give you a hard time before you finally get out of their system, you can cancel your account with 7k Metals any time. All you have to do is contact the Member Support Department through e-mail at [email protected].
Is a pyramid scheme a scam?
Not all MLM companies or pyramid scheme are scams. There are genuine companies out there that do the MLM or pyramid scheme and they are legit and in good standing. What makes these companies thrive and be successful in pulling it off is to ensure that every member will be getting something real in return.
You can easily succeed being involved in such schemes – especially if you enroll when there are still fewer members. Joining in late at the game could lessen your chances of making a great profit through recruitment.
Why invest in precious metals?
It has been found that the value of precious metals remains stable even when the stock market is going through unexpected drops. This has caught the attention of investors and made them work on the potential of precious metals as an asset.
Today, gold and silver eagles are the most sought-after coins since they are guaranteed for their purity and weight. If you want to succeed in this form of investment, you should aim for gold and silver eagle coins since their premium is good investment protection in a volatile market.
Can I have my precious metals sent to me any time?
When you buy your gold and silver assets as a business opportunity, 7k Metals keeps them in a secured and insured vault for you. But you also have the option to have them sent to you any time. Once a request is made, 7k Metals will immediately retrieve your assets to have them physically shipped to you. Take note though that you will have to pay for the handling and shipping yourself.
Conclusion
Is 7k Metals a scam? The obvious answer is no.
7k Metals is a legit company of good standing with a strong management team. Being a member could be beneficial for those who invest in gold or silver since you can get them through 7k Metals at a lower price.
But since 7k Metals is a multi-level marketing company, you have to go through the pyramid scheme and maintain a point system to earn money and credits with them. Ideally, you need to have contacts who will be purchasing gold and silver from them often to get good compensation. This is something you should consider before you join 7k Metals.
If you do not have the time, energy, and contacts, it may be best to look somewhere else. Committing to a 7k membership will take a lot of effort on your part if you want to earn money through the company.
But if you think you have what it takes to succeed in an MLM venture and you are interested in precious metals as a business opportunity, it could be a lucrative move for you to join 7k Metals and take advantage of their services.