The realm of precious metals investing is ever-growing with various companies offering opportunities for regular individuals to participate in the market.
Among these entities, 7k Metals has been a notable name, catching the interest of both novice and veteran investors alike.
This comprehensive review of 7k Metals will offer you an in-depth understanding of the company, its services, and everything you need to know before taking the plunge into precious metals investing.
What is 7k Metals?
7k Metals is a U.S.-based company that aims to provide every individual with the opportunity to invest in gold, silver, and other precious metals. The company was established in 2016 and has its headquarters in Idaho. It operates under a multi-level marketing (MLM) model, encouraging users not just to invest, but also to take part in their referral program to earn additional income.
7k Metals Products and Services
7k Metals takes pride in offering an extensive range of products and services, catering to both precious metals investors and numismatics enthusiasts. Their aim is to democratize the access and trade of precious metals, providing a platform where even regular individuals can venture into this form of investment.
Precious Metals Products
The company specializes in various forms of precious metals. These include:
- Gold and Silver Bullion: This is the most common form of investment in precious metals. Bullion usually comes in the form of bars or ingots, which are valued based on the purity and mass of the metal.
- Numismatic Coins: These are coins that are valued not just for their metal content, but also for their rarity, condition, and historical significance. 7k Metals offers a wide variety of numismatic coins from different eras and regions.
- Semi-Numismatic Coins: These coins strike a balance between bullion and numismatic coins. They carry a value for their precious metal content, but also hold a certain collectible value.
- Jewelry: 7k Metals also offers a selection of precious metals jewelry, appealing to those who want to enjoy their investment in a wearable form.
MLM Business Opportunity
Beyond just buying and selling precious metals, 7k Metals operates under a multi-level marketing (MLM) model. Members can earn income not only from their personal sales of products but also from sales made by individuals they have recruited into the company.
The MLM model employed by 7k Metals offers members the opportunity to build their own business within the company's framework. This involves promoting the company's products and services and recruiting new members to the team. In return, members receive various types of compensation, including commissions on sales and bonuses based on the performance of their recruited team.
Beyond their product offerings and the MLM opportunity, 7k Metals provides additional services designed to enhance the overall experience for their members. This includes their Autosave program, which enables automatic regular purchases of precious metals. The program is designed to help members effortlessly build their precious metals portfolio over time.
Their Sound Money Wallet is another innovative service offered. It allows members to store their wealth in the form of gold and silver, which can then be used for everyday transactions, just like any other currency.
Lastly, the company's travel card service provides members with exclusive discounts on travel-related services such as hotels, car rentals, and resorts. This unique perk serves as an additional benefit that enhances the value proposition of 7k Metals for its members.
In summary, 7k Metals goes beyond just being a precious metals dealer. With its product range, MLM business opportunity, and additional member services, it strives to provide a comprehensive platform for individuals interested in investing in precious metals.
Who Owns 7k Metals?
7k Metals is owned and operated by three co-founders: Roger Ball, Richard Hansen, and Zach Davis. These individuals bring with them extensive experience and expertise in the field of network marketing and business. They aim to make investing in precious metals accessible and profitable to all, leveraging their MLM model as a way to democratize the investing process.
Becoming a Member of 7k Metals
Membership with 7k Metals opens the door to a multitude of opportunities, from investing in precious metals to building a potential stream of income through their MLM business model. Here's a deeper look into how to become a member and the various benefits that come along with it.
How to Join
Joining 7k Metals is a straightforward process. The first step involves visiting their official website and clicking on the 'Join' button. Potential members are then prompted to select a membership level. Each level comes with its own cost and unique benefits:
- Standard Membership: This membership level offers access to basic features like competitive pricing on precious metals and eligibility to participate in the MLM model.
- Premium Membership: The premium membership comes with additional perks, including enhanced compensation plan benefits and exclusive access to certain products.
- Executive Membership: As the highest membership level, executive members enjoy all the benefits of lower tiers plus increased earnings potential and top priority on limited inventory items.
After selecting a membership level, you will be required to fill out a form with your personal information and make the appropriate payment for your chosen membership level. Once your payment is confirmed, you are officially a member of 7k Metals.
Once a member, you will enjoy a host of benefits based on your membership level. Here are some of the general benefits:
- Competitive Pricing: 7k Metals promises its members competitive pricing on a vast array of precious metals, helping you get the most value for your money.
- MLM Business Opportunity: Every member of 7k Metals is given the opportunity to participate in their MLM model, which allows for potential earning through direct selling and recruitment of new members.
- Autosave Program: This program allows members to automate the purchase of precious metals at regular intervals, making investing hassle-free and consistent.
- Exclusive Access to Products: Depending on your membership level, you may also get exclusive access to certain precious metals products, giving you an advantage over non-members or members of a lower tier.
- Sound Money Wallet: Members can take advantage of the Sound Money Wallet service to store their wealth in precious metals, providing a unique method for managing and spending your investment.
- Travel Discounts: Through the 7k Advantage program, members can enjoy discounts and deals on travel-related services.
Becoming a member of 7k Metals not only gives you access to a diverse selection of precious metals but also introduces you to an array of services and benefits designed to optimize your investing experience. However, as with all financial decisions, potential members should carefully consider their own financial circumstances and objectives before committing to a membership.
Is 7k Metals an MLM?
One of the critical aspects of 7k Metals that differentiates it from other precious metals dealers is its business model. The company operates under a Multi-Level Marketing (MLM) structure, which might be a fresh concept for some, especially those new to the investing world.
Is it a Pyramid Scheme?
7k Metals is not a pyramid scheme, although it's easy to understand why some might be confused. Pyramid schemes and MLMs can seem similar at first glance due to their hierarchical structure. Both models involve recruiting new participants and both reward members based on the activity of those below them in the structure. However, the key difference lies in the value proposition.
Pyramid schemes are illegal business models that focus solely on recruiting new members, often without a legitimate product or service. The money paid by new members is used to pay those who joined earlier, but without a real revenue stream, the scheme eventually collapses when recruitment slows down.
7k Metals, on the other hand, is a legitimate MLM company. The company offers real products - a wide array of precious metals - and services that create a solid foundation for their business. Members can generate income through selling these products, as well as through recruiting new members.
Is Their MLM Legit?
Yes, the MLM model employed by 7k Metals is entirely legitimate. It is a common business structure used by numerous reputable companies around the world.
Members of 7k Metals are rewarded not just for the sales they personally make, but also for the sales made by people they have recruited into the company, also known as their downline. It's a system that has the potential to provide passive income, but it requires effort and effective networking skills.
Potential Pitfalls of Joining an MLM
Although MLMs like 7k Metals offer an opportunity to earn money, they also come with their own set of potential pitfalls.
One of the most common issues faced by people who join MLMs is the difficulty of recruiting new members. The income potential in an MLM is often heavily tied to the ability to continually recruit new people. If you're not a natural salesperson or networker, this could be a significant hurdle.
Furthermore, members might also face competition from other members selling the same products. This can lead to market saturation and make it harder to sell products or recruit new members.
Lastly, as with all investments, there is a risk involved in buying the company's products for resale. Precious metals prices can be volatile and there are no guarantees of returns on your investment. It's crucial to understand these risks and be prepared for the potential of losses as well as gains.
It's essential to thoroughly research and understand the MLM business model before getting involved. Speak to existing members, read up on the company, and consider your own skills and capabilities before making a commitment. Remember, success in an MLM business requires hard work, dedication, and effective marketing and networking skills.
7k Metals Compensation Plan
The compensation plan for 7k Metals members is multifaceted and designed to reward active participation. It is an integral part of their MLM business model, encouraging members to sell products and recruit new members. Here's a detailed look into how the compensation plan works and how members can earn money:
How Members Earn Money
- Direct Sales: Members earn money from selling 7k Metals' products directly to customers. The earnings are the difference between the wholesale price and the retail price.
- Recruitment Commissions: Members also earn money through recruiting new members. When someone you recruit purchases a membership, you get a commission.
- Binary Commissions: The company uses a binary structure for their MLM model. This means that each member has a right and a left downline team. Every week, 7k Metals calculates the sales volume of your lesser performing team, and you receive a percentage of that as commission.
- Check Match Bonus: Members can also earn a Check Match Bonus, which is a percentage of the binary commissions earned by the members you directly recruited. The more people you recruit, the more check match bonuses you can earn.
- Rank Achievement Bonus: As members progress through the ranks, they are eligible for one-time rank achievement bonuses. These bonuses are additional incentives to promote growth within your downline teams.
It's important to note that while the compensation plan offers multiple ways to earn, a member's success largely depends on their individual efforts and abilities to sell and recruit effectively. Active participation is key, and your earnings will reflect your level of involvement and skill in direct selling and recruitment.
Additionally, it's also crucial to understand that investing in precious metals carries a level of risk. The market price of gold, silver, and other metals can fluctuate due to various factors. As such, while the potential for profit exists, so too does the potential for loss. Always perform your due diligence before diving into any investment, and consider seeking advice from a financial advisor.
In summary, 7k Metals offers a comprehensive compensation plan that provides various earning opportunities. It's a structure that rewards proactive members who are able to effectively sell products and recruit new members. However, as with any business opportunity, understanding the risks and rewards and aligning them with your personal goals and capabilities is essential.
BBB Rating, Customer Reviews and Complaints
Customer reviews and complaints provide valuable insights into the experiences of individuals who have interacted with a company, their products, and services. Reviews and complaints about 7k Metals are a mix of positive and negative sentiments, highlighting both the strengths and weaknesses of the company.
The Better Business Bureau (BBB) rating is a trusted resource that consumers turn to when researching the credibility and reliability of a business. The BBB rates companies based on a number of factors including complaints received from the public, how the company responds and resolves these issues, the company's transparency, and more.
At the time of publication, 7k Metals held an impressive A+ rating from the BBB, which is considered an excellent rating. This rating is an indication of the company's commitment to resolving customer complaints and maintaining transparent and ethical business practices.
However, it's important to note that while an BBB rating can be a helpful tool, it should not be the sole basis of your decision when considering doing business with a company. Be sure to conduct a thorough due diligence, which should include reading customer reviews and complaints, understanding the company's business model, and ensuring that their products, services, and business practices align with your personal and financial objectives.
As with any company or investment opportunity, changes can occur over time. Therefore, it's recommended that you check the most recent BBB rating and other updated information about 7k Metals.
Many customers appreciate 7k Metals for its wide array of precious metals products, competitive pricing, and the opportunity to invest in a tangible asset. The company's autosave program, which allows members to automate their purchases, is often lauded for its convenience and consistency. The MLM structure, too, has been praised by those who have successfully built their networks and have earned substantial returns.
Positive reviewers have often cited the excellent customer service provided by 7k Metals. Customers have reported that their queries and concerns are addressed promptly and efficiently, indicating a high level of commitment towards customer satisfaction.
Furthermore, the educational resources provided by 7k Metals have been noted as being particularly valuable. Customers appreciate the company's efforts to educate their members about the precious metals market and investing strategies.
On the flip side, there have been some complaints related to 7k Metals, mainly tied to the MLM aspect of the business. Some members have found it challenging to recruit new members, which is a crucial aspect of earning within the MLM model. As a result, they have struggled to make substantial income from the MLM structure.
There have also been complaints about the market saturation of 7k Metals' products, with some members finding it challenging to sell products due to high competition.
A few customers have also expressed dissatisfaction with the price of membership, arguing that the cost of entry is quite high, especially for individuals who are new to investing.
As with any investment or business opportunity, potential members should thoroughly research and review customer feedback before committing. Understanding the experiences of others can provide valuable insights and help you make an informed decision. It's also important to evaluate your own capabilities, resources, and financial goals to ensure that they align with what 7k Metals has to offer.
7k Metals Exclusive Membership Perks
7k Metals offers an array of exclusive perks to their members, aiming to enhance their precious metals investing experience and provide additional value. Here's a closer look at these unique membership benefits:
Members of 7k Metals gain access to the 7k Advantage program, a platform offering discounts on a wide range of travel and lifestyle products and services. This can include savings on hotels, rental cars, and even activities like dining and shopping. The Travel Card is an excellent bonus for members who travel frequently, potentially saving significant amounts on travel-related expenses.
The Autosave program is a unique feature that simplifies investing in precious metals. With this service, members can automate their purchase of gold or silver, deciding the amount and frequency that suits them. This takes away the need to continuously monitor the market or remember to make regular purchases, enabling members to consistently grow their precious metals portfolio in a hassle-free manner.
Sound Money Wallet
The Sound Money Wallet is a digital platform provided by 7k Metals that allows members to digitally manage their precious metals. It is designed as a convenient tool for buying, selling, or swapping gold and silver. Members can store their wealth in this wallet as precious metals and then easily convert them back into a selected currency when needed.
How Their Auto-Ship Program Works
The Auto-Ship program is another convenient service for members who wish to grow their precious metals collection consistently. By enrolling in this program, members will have a specific product shipped to them regularly, either monthly or quarterly. This allows members to steadily accumulate precious metals without the need for continuous, manual purchasing.
In summary, these exclusive membership perks provided by 7k Metals are designed to enhance the member's experience, offering convenience, potential savings, and unique ways to manage and accumulate wealth in the form of precious metals. However, each member's needs and preferences may vary, so it's important to understand and consider how these perks align with your own financial goals and lifestyle.
7k Metals Pros and Cons
Just like any other company, 7k Metals has its share of strengths and weaknesses. Here's a comprehensive look at the pros and cons of becoming a member of 7k Metals:
- Wide Array of Products: 7k Metals offers a wide range of precious metals products, allowing investors to diversify their portfolio. They offer gold, silver, platinum, and palladium in various forms such as coins, bars, and bullion.
- Competitive Pricing: The company prides itself on offering competitive pricing on precious metals, enabling members to get value for their money.
- Exclusive Membership Perks: As discussed previously, the exclusive perks offered to members add significant value. These include the Autosave program, Sound Money Wallet, 7k Advantage travel card, and Auto-Ship program.
- MLM Opportunity: The MLM business model provides members with the opportunity to earn passive income through recruiting new members and selling products.
- Educational Resources: 7k Metals provides valuable educational resources that help members make informed decisions about their investments.
- MLM Structure: While the MLM model can be a pro for some, it can also be a con for others. It requires effort, networking skills, and the ability to sell products and recruit new members, which may not be everyone's forte.
- Potential Market Saturation: With many members selling the same products, there's a potential for market saturation. This can make it more challenging to sell products or recruit new members.
- Cost of Entry: The cost of membership could be considered high, especially for individuals who are new to investing.
- Risk of Precious Metals Investing: Investing in precious metals carries inherent risks. Prices can be volatile, and there's the potential for loss as well as gain.
In summary, while 7k Metals has several appealing aspects, there are also potential drawbacks to consider. As with any investment opportunity, it's important to perform thorough research, understand the pros and cons, and evaluate the company's offerings in light of your personal financial goals and circumstances. Always ensure you are making informed decisions that align with your investment strategy and risk tolerance.
Other Factors to Consider Before Joining 7k Metals
Before deciding to become a member of 7k Metals, it is important to take a holistic view and consider a variety of factors. Here are some additional points to evaluate:
Understanding the Precious Metals Market
A fundamental understanding of the precious metals market is crucial if you intend to invest or sell these products. Familiarize yourself with market trends, pricing, and the factors that influence the value of precious metals. Although 7k Metals provides educational resources, independent learning can also be beneficial.
Your Investment Strategy
Consider how investing in precious metals aligns with your overall investment strategy. Precious metals can be a valuable component of a diversified portfolio, but it's important to understand your risk tolerance and investment objectives.
Your Selling and Networking Skills
As 7k Metals operates under an MLM structure, your success will heavily depend on your ability to sell products and recruit new members. If you are not comfortable with direct sales or networking, this aspect of the business could pose a challenge.
Consider the financial commitment required to join 7k Metals. This includes the cost of the membership, the price of the products, and any additional expenses that may arise. It's important to ensure that this investment aligns with your budget and financial goals.
Understand the time commitment involved in actively participating in the MLM structure. Selling products and recruiting new members require time and effort.
Legal and Ethical Considerations
Lastly, it's crucial to evaluate the company in terms of legal and ethical considerations. This includes checking for any legal issues or controversies associated with the company, as well as understanding their ethical stance, especially in areas such as sourcing of their precious metals.
Deciding to join 7k Metals is a decision that requires careful thought and analysis. It's important to consider the pros and cons, understand the commitment required, and evaluate how well the opportunity aligns with your financial goals and capabilities.
Remember that, while precious metals can offer a valuable investment opportunity, they are not without risk. As with any investment, it's important to do your homework, understand the market, and consider seeking advice from a financial advisor.
Whether you are looking for an investment opportunity, a chance to earn through an MLM structure, or simply to diversify your portfolio with precious metals, 7k Metals presents a unique proposition. As long as you've done your due diligence and are prepared for the commitments, 7k Metals can offer a multifaceted approach to investing in precious metals.