Building your financial future can be challenging, especially when taking a look at your bank account only causes significant worry. However, many companies and dealers promise to make our lives easier. 7k Metals is one of them.
Many of us struggle to make money, even if we have a good salary or operate a business. Most challenges come from uncertainty. What should we do to improve our finances? It’s so difficult to find the right answer!
As a result, most of us have to deal with mounting debts, mortgage repayments, and taxes that turn our bank balance negative each month. The worst thing? It seems we’ll never be able to escape from this vicious circle.
Fortunately, there are many ways to improve our financial lives and build a better future, even under current economic conditions.
Many experts agree that a good way to establish a solid financial future is to have multiple income streams. Earning money from various sources can help us survive inflation and economic uncertainty. In addition, we must have enough savings.
However, even if we have multiple income streams and save part of the money we earn, we need something that provides protection against negative economic events. Once again, experts agree on one thing – a diversified portfolio is the best option.
Diversifying our portfolio by buying precious metals can help us protect our hard-earned money from inflation and economic uncertainty, as these assets are considered a “safe haven.”
However, there’s another question we need to answer – where can we buy precious metals to diversify our portfolios? This is where 7k Metals comes in.
Besides being a precious metals dealer, 7k Metals is a multi-level marketing company, also known as MLM, that allows us to earn passive income by selling these valuable assets.
Is it true? Can we make money with 7k Metals’ MLM program? What about our safety? If you want to know more about this dealer and find out if it’s a legit option, read on!
History Of 7k Metals Company
The first thing that caught my attention about 7k Metals is the MLM program. According to the information on its website, we can set up our own business to sell precious metals even if we aren’t experts.
However, it seemed too good to be true. This company claims that we don’t need to do all the work ourselves or spend hours learning the best strategies to attract potential clients.
If there’s no traffic, how could we sell precious metals to make money? Well, that was a big red flag, so I decided to look for more about the history of 7k Metals. This is what I found.
Roger Ball, Zach Davis, Richard Hansen, and Josh Anderson teamed up to launch a project that would change the world. That was their mission!
In 2016, these four industry leaders founded 7k Metals, hoping to help the average person improve their financial future.
This precious metal company, located in Idaho Falls, has offered reasonable prices to buy gold, silver, and other metals ever since, helping members establish a solid business to earn money.
Why precious metals? Is there a reason why the founders chose these assets? Well, there is. The company’s CEO and co-founders strongly believe that gold, silver, platinum, and palladium are powerful assets.
Besides adding value and diversifying our portfolio, these precious metals play a key role in our path to financial independence because they offer protection against inflation and other negative events.
Ball, Hansen, Davis, and Anderson built a business focused on precious metals to help people access these assets and enjoy all the benefits they offer.
As a result, 7k Metals promises to buy these items at the lowest prices from the world’s leading dealers and offer discounted rates for those who want to purchase precious metals and start their business.
At first glance, it looks like any other MLM company. Personally, I think there are a lot of buzzwords here. Many dealers attract thousands of people by using fancy terms like “financial freedom” or “financial independence.”
Also, most of us will be attracted to a company that offers a good opportunity to earn money, increase our savings, and help us build a better financial future.
Unfortunately, many MLM companies sell low-quality products at considerably high prices, even though they promise discounted rates. Also, they require us to bring more and more people to join the business – we all know what that is called (pyramid scheme), and it isn’t good.
However, I’ll be honest and fair. I won’t compare this dealer with other MLM companies but will do an unbiased review of this dealer based on my own experience.
7k Metals: Precious Metal Products
Since we know a bit more about the history behind 7K Metals, let’s explore this company’s offerings. What can we buy there?
This dealer offers five different types of products. These are:
Gold coins
Gold bars
Silver coins
Silver bars
Platinum coins
When I tried to buy some coins at 7k Metals, I found several options, including the Ancient Greece Alexander The Great gold coin, the Antiques St Helena Pegasus 1-oz silver coin, and the Australian Kookaburra 1/10-oz platinum coin. The Daydream Future 2-oz silver coin was another product on the list. Prices range from $130 to $300.
There was another option, the Real Heroes FireFighter 1-oz platinum coin, but it was quite more expensive.
If you aren’t interested in coins, you can also find jewelry, such as gold necklaces and silver earrings. However, their prices aren’t as low as expected.
As mentioned, 7k Metals promises to offer precious metals at reasonable prices to help people build their businesses and earn money. However, if you really want to do it, you have to find wealthy clients willing to pay a good sum for these assets.
Furthermore, the company claims that it’ll provide gold, silver, and platinum items to members, describing these assets as “powerful tools” to help them achieve financial freedom. Unfortunately, that sounds like an unsustainable plan in the long run.
I still have many questions about this MLM program. How can I attract people who are wealthy enough to buy coins valued at over $100 per unit? Is there a proven way to bring traffic to the collectibles business? How can I achieve that financial independence 7k Metals promises?
The lack of information made me wonder if this dealer was really reliable and if the MLM program could actually help the average person make money. However, there’s still a lot to know about this company.
What Are the 7k Metals Member Requirements?
As I mentioned, I’m not sure if an MLM program is a sustainable way to earn passive income. However, I promised that I’d give an unbiased opinion on 7k Metals, so let’s explore the requirements to join this company.
Fortunately, I was able to find information on the requirements to gain access to 7k Metals’ membership on its website. Honestly, they’re pretty common.
Overall, if I want to become a 7k Metals member, I must meet the following criteria:
Be of legal age in my country of residence
Have legal residence in the United States, United Kingdom, Canada, Australia, Mexico, Singapore, New Zealand, Ireland, or Australia
Be able to enter into a legal agreement with 7k Metals in my country of residence
Provide a valid social security number and federal tax ID (US-based employees)
Provide proof of residency and tax status (non-US residents)
Complete 7k Metal’s Independent Associate Application and Agreement
The company claims that it offers multiple benefits to members, including discounted prices for buying and selling precious metals. In other words, you’ll be able to purchase gold, silver, and platinum items at lower prices.
Also, you can earn weekly payments if you sell precious metals. That’s what this “MLM” business model is about.
How Much Is the Fee To Join 7k Metals?
According to the information I found on the 7k Metals website, the costs to become a member include a membership fee and a travel savings card fee. Here’s more information about this.
How Much Does the 7k Metals Membership Cost?
If I want to become a member, I have two options to sign up: the basic and the premium memberships.
Each person who wants to subscribe to the basic membership must pay a fee of around $249 per year. The fee for the premium membership is higher, averaging $449 per year.
After signing up for the membership, 7k Metals grants us access to the Buyer’s Certification Program. It offers the information we need about the business, from everything we should know about gold and silver or how to choose the right precious metals for us.
The company also says we’ll be able to learn about the type of buyer we are through this certification program, which could help us make better decisions about our investments.
How Much Should We Pay for the 7k Metals Travel Savings Card?
As mentioned, there’s a second fee we must pay – the travel savings card. Why do we need this?
To become a 7k Metals member, we have to pay a fee for a travel savings card that will give us travel deals. However, there isn’t enough information about this benefit on the company’s website.
These are the costs for the travel savings card depending on the membership we choose:
$250 for the basic membership
$500 for the premium membership
Can You Make Money With 7k Metals?
Well, we have finally come to one of the most important questions in this 7k Metals review. Can we really make money with this MLM business plan?
As mentioned, I don’t fully trust MLM businesses and I’ll put my opinions aside to make this review. However, I did notice something that really concerned me.
This company has a restricted point system that makes it more challenging for members to earn money with this business model.
Members only earn 25 points for each product sold. However, we need at least 500 weekly points to receive a payout.
After some research, I found out that I needed to sell 20 expensive products each week if I wanted to earn a paycheck, which is a lot!
While the information on the website doesn’t reveal this, the truth is that we won’t get a paycheck if we don’t earn 500 points each week.
Plus, this doesn’t end after filling out the 7k metals login form and selling a few products if we’re lucky. We have to bring more members to make money.
The individuals we bring into the company must sign up and bring in more people interested in becoming members, which would leave us stuck in a cycle where it’ll be quite difficult to make a profit.
Unfortunately, almost 50% of people who participate in MLM programs drop out in less than 12 months, and most do that within five years.
I tried to find information on whether 7k Metals’ current members are actually making money, but I couldn’t. There wasn’t a single success story. This doesn’t necessarily mean there’s no one making a profit by selling metal prices with this company, but it does suggest that something might be wrong, so we need to consider many other aspects to determine if it’s a safe bet.
How Does 7k Metals Compensation Plan Work?
There’s another thing I forgot to mention but is also important – 7k Metals has a binary compensation plan. What does it mean?
As mentioned, as a member, I can earn money by inviting other people to join the company. The more people sign up, the bigger my paycheck will be.
However, we should have a referral on each side, as this is what a “binary” compensation plan requires.
Many people are drawn to these compensation plans and truly believe they’ll work for them. I won’t judge them because they might be right. Each person is unique, so we can make money in different ways.
I personally believe that a binary compensation plan won’t work for me or any other member. The main problem is the point-based system.
Like the MLM business model, this compensation plan grants money depending on how many people we bring to the company.
Each member gets 25 points for each coin purchased with automatic delivery. Additionally, associates can earn 100 points for new members that sign up.
We’re also eligible for a $500 weekly paycheck each time our right or left referral earns 500 points in a week. However, we must accumulate those points each week to earn that amount.
If we want to increase our weekly earnings, we must also help our referrals bring new people and invite them to sign up.
When each referral brings new people on each side (left and right), we move up to the copper rank and are eligible for a higher paycheck, unlocking the opportunity to earn $1,000 weekly.
7k Metals has several categories to rank a member based on their performance. However, as mentioned, we can achieve them by bringing in more people and helping our referrals bring in more associates.
These are the different ranks for the 7k Metals membership program and the maximum weekly paycheck members can earn:
Associate Member – $500
Copper Member – $1000
Bronze Member – $2000
Silver Member – $3500
Gold Member – $7000
Executive Gold Member – $10,000
Presidential Gold Member – $12,500
There’s another drawback here. These points are reset every week, so you only have seven days to earn the necessary points to achieve the rank.
In addition, you must meet other requirements or milestones to be eligible for each rank payout, including getting 25 points each month, having a 5% match bonus, and signing two new members who earn 25 points each month.
Do you remember the fees you have to pay to become a member? Unfortunately, you’ll lose that money if you don’t earn the minimum number of points, as you won’t be eligible to earn $500, which would cover membership and travel savings card costs.
Sadly, most MLM members lose money in the long run, as this business model often requires high membership fees and many referrals. Therefore, you won’t be making money online as it promises unless you spend a lot and bring in many new members, which is what we know as a pyramid scheme.
What Is 7k Metals Good For?
If you’re interested in buying precious metals, including gold and silver coins, you’ve probably heard of 7k Metals. However, I don’t think this is the best dealer to purchase these assets.
First, 7k Metals focuses on multi-level and network marketing to enable members to sell gold, silver, and other precious metals for a profit. However, even if you manage to sell a few products, you’ll unlikely get money.
This happens because a network marketing company often allows members to earn money only if they bring more people.
As I mentioned, I was really interested in learning about 7k Metals, so I did extensive research to know all the details and determine if this company was legit. Based on my results, I know we must recruit at least 100 people a month to earn some money.
That means we have to convince at least five people a day for five days a week to join 7k Metals. It’s too much work!
Also, I know that MLM business models that work like a pyramid scheme always end up damaging our relationships with our loved ones. I’m not willing to negotiate that.
However, many people are really social and can recruit enough people to earn a decent paycheck. Therefore, if you believe you have convincing power and are willing to work hard to bring more and more people into this business, you may be able to meet the requirements to get the weekly payments.
If we consider the statistics, the chances of making money by selling precious metals through 7k Metals’ MLM business model are quite low.
While this program can help us develop an entrepreneurial mind, other options are better to build a solid passive income stream.
7k Metals Lawsuit
Even precious metals dealers we used to consider reputable and trustworthy have faced legal issues for their unlawful practices.
However, after hours and hours searching for information on 7k Metals, I couldn’t find any lawsuit or legal action against this company or its founders. This is good news!
This industry often witnesses many legal issues, but that doesn’t seem to be the case with 7k Metals. However, we must pay close attention to the founders’ backgrounds.
The industry leaders behind 7k Metals claim they have over 100 years of combined experience, but is that true? I found interesting information about it.
All of the co-founders are network marketing experts and have similar interests. Zack Davis, for example, has extensive experience running MLM businesses.
While this isn’t necessarily a bad thing, it does mean that these men really know how to convince people to join a program. Personally, I think we have to be careful not to fall into their traps.
How Much Does 7k Metals Cost?
While most MLM businesses offer low-quality products at high prices, 7K Metals’ rates are reasonable.
The costs for the products depend on the precious metals you want to buy. Prices also vary depending on their weight.
Gold coins are among the most expensive items, reaching $2,000 or more. Contrastingly, silver coins can range from as little as $20 up to about $230.
Silver bars are also cheap compared to other products. Gold and platinum bars have higher prices, exceeding $150 and $950, respectively.
However, precious metal prices often fluctuate. Therefore, these costs may vary depending on when you check the product pricing.
Discovering the AutoSave Program for 7k Metals Coin of the Month
As mentioned, 7K Metals sells individual items, such as gold coins and silver bars. However, there’s another thing that members can get.
This company also offers the AutoSave program, giving subscribers the 7k Metals Coin of the Month.
Each month, a 7k Metals representative analyzes sales and does market research to select the coin of the month. After that, they send it to subscribers.
Honestly, I think this is a great benefit, especially if you have a collectible coin collection.
Are you wondering: “How much does the 7k Metals coin of the month cost?” I also found the answer.
$105 for the 1-oz Silver Eagle coin
$135 for a variety coin
$309 for a 1/10th-oz gold coin
These prices can vary depending on the buyer, so you might get a higher offer elsewhere.
While you won’t become a millionaire overnight with a 7k metals coin of the month, these assets can be a great addition to your collection or portfolio.
The Sound Money Wallet
After becoming a member, you’ll get access to the Sound Money Wallet. It’ll help you buy 7K Metals products through your mobile phone. You only need an app!
This is a great benefit in terms of convenience. However, you must be careful about who you trust to care for and store your precious metals.
Fortunately, you can transfer the coins from your Sound Money Wallet to yourself or someone else through the app. Shipping, handling, and insurance charges may apply.
Is 7k Metals A Pyramid Scheme?
While 7k Metals says people can buy precious metals without becoming a member, I couldn’t.
After exploring the website for a while, I tried to add a product to my cart and purchase it. However, I got redirected to the 7k Metals login page.
This page only had two checkout options – “returning” and “new” members. Unfortunately, this makes this MLM business model fishy.
However, if you’re like me, you’re likely wondering if it’s a pyramid scheme. As I explained above, many things suggest it is. It’s hard to trust a company that doesn’t allow guests to purchase precious metals.
If selling precious metals is supposed to be members’ main goal, why can’t people do it? This small “mistake” shows that 7k Metals is actually interested in selling memberships. Unfortunately, that means its MLM program is a pyramid scheme, in my opinion.
While 7k Metals sells decent products at reasonable prices that members can purchase, technically, the company is legit. However, you cannot buy precious metals if you don’t sign up and must bring more people to make money. That is a big red flag and indicates that it’s actually a pyramid scheme.
Complaints and Reviews
Interestingly, 7k Metals has received an A+ rating from the Better Business Bureau (BBB). However, when I checked the complaint section on the company’s page, I found a lot of negative reviews.
Most complaints have to do with membership auto-renewal, as 7k Metals continues to charge members even after they cancel their subscriptions.
In addition, many have complained about the 7k Metals refund policy, saying that the company has refused to handle requests.
FAQs on 7k Metals Review
Is 7k Metals Legit?
Technically, 7k Metals is legit. As mentioned, members can purchase products. Also, it has an A+ rating, according to the BBB, and I didn’t find lawsuits against this company.
However, I think its MLM business model won’t help the average person make money.
Is 7k a Legit Company?
While I think the company’s operations are fishy and its MLM business model works like a pyramid scheme, 7k Metals is legit.
How Much Does 7k Metals Pay?
Payouts vary depending on members’ sales and according to the compensation system, which is based on points. However, they start from $500 per week for the first level in the rank.
What Is the Alternative to 7k Metals?
Many precious metal companies offer high-quality products at good prices and are legit. If you want to choose a reliable one, you should consider different aspects, such as its catalog, rates, reputation, reviews from previous customers, and others.
How Much Does It Cost to Join 7k Metals?
Since we have to pay two fees, we need at least $500 to join 7k Metals.
About Tim Schmidt
Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started IRA Investing to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.
