Review: 7k Metals
I have been interested in precious metals and coin collecting for some years. Investment advisers will tell you how important it is to diversify your investment portfolio. As we’ve seen lately, having all your assets in the stock market is a very bad idea (I can’t even look at my portfolio) and with the rise of mortgage rates and the increase in home prices, real estate investments are certainly more difficult than they were just last year.
So with that in mind, I started looking into precious metals and coins as a way to obtain “hard money.” The company I decided to go with was 7k Metals. First of all, they hold an A+ rating with the Better Business Bureau and are a Numismatic Guaranty Corporation authorized dealer.
First of all, the site itself is modern and uncluttered, and very easy to navigate. One of the advantages, if you want to shop as a guest,
you may; there is no requirement to sign up as a member, you can go straight to the products. For new collectors or for those that would like a refresher on precious metals there is collectors’ training.
If you do decide to become a member, there are three different membership packages, with benefits that increase as the yearly membership fee increases, but there are four options: Standard $199 per year, Premium $499 per year, and two restricted memberships for $99 or $180 per year. The benefits included in each package are clearly defined.
Security was very important to me and because all purchases are conducted online, I wanted to ensure all transactions were secure and that linking my bank account for purchases was safe, or if I chose to convert coins back to cash would be easy and secure. 7k Metals uses Plaid to connect to bank accounts for all financial transactions, this is the same platform that Venmo uses, so I know it’s secure as I have used Venmo for years.
In looking at the product, they emphasize that the collectible coins, gold or silver are M70 quality, Mint State 70, the perfect coin, and are of slightly higher quality than Proof 70, the quality most people are familiar with.
In terms of product selection, there are four auto-saver packages, that include bills, silver collectible coins as well as gold collectible coins. You must be a member to participate in this program. I signed up for the silver state animal coins, the fee is $139 per month and one MS70 coin is sent to me every month. And, as promised, they are perfect and beautiful. My shipments have always arrived on time, well packaged, and never damaged. I have also received a couple of free silver dollars. You may opt-out of the monthly auto-saver or switch to a different collectible at any time.
I have not had to contact customer service for any reason, but they did call me to ensure I received my first shipment and to ask if I had questions or concerns.
Pros:
- The product is of the highest quality, dealer direct prices
- Reputable company
- Good for new collectors
- Flexible purchasing options
- In addition to bullion and coins, they do offer gold and silver jewelry with gemstones and lab-created gemstones
- I found the website user-friendly
- For members, there are a number of additional benefits: a health plans, numerous discounts on the everyday types of expenses, best prices on travel
- In addition to precious metal sales and coins, 7k Metals is a multi-level sales organization. Where members are encouraged to build teams to enlist others that in turn enlist others, etc., etc., with the advantage (not a promise) of earning a lucrative income. But you are not obliged to participate if you do not want to.
- Commissions are good and if members work hard to recruit, very lucrative
- Special limited rare collectible coin drops
Cons:
- Membership fees may be a turnoff, but can be ignored completely if you don’t care to join
- (Double-edged sword) In addition to precious metal sales and coins, 7k Metals is a multi-level sales organization. Where members are encouraged to build teams to sell to others that sell to others, etc., etc., with the advantage (not a promise) of earning a lucrative income. But you are not obliged to participate if you do not want to.
- Only silver and gold products, no platinum, palladium, or rhodium
- Other online precious metal companies have a broader selection (sometimes overwhelming!)
- Jewelry designs are dated (just my opinion)
Conclusion
I am very satisfied with my membership, and so happy when my monthly shipment arrives. It’s a great way to save, and as silver and gold have done over the last 5,000 years, the coins will only gain in value.
If you want to diversify your holdings and especially if you like what you see and you would like to promote 7k Metals, take some time to look at the details, it’s a great company that is appealing to more and more people in today’s economy!
I am an affiliate, take a look: Click Here
Francesca de Granville, G.G., F.G.A.