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7k Metals is a precious metals firm that claims to offer lucrative deals to members. But they use a multi-level marketing scheme that gives people pause. Is it really worth investing your money?
The bottom line is: No. They are subject to the same pitfalls as every other tired old pyramid scheme, and they're not even in a marketable industry. If you want to buy precious metals, there are better dealers. If you want to join an MLM, there are better companies. It's a losing situation on every front.
Now, the company does have overwhelmingly positive customer reviews. That's because the customers can only make money if they convince you that 7k Metals is worth investing in. They're desperate to get their money back, so they'll tell you anything you want to hear.
It's impossible to take positive reviews of pyramid schemes seriously. When you invest in a pyramid scheme, you have to recruit other people to make your money back. You can't do that if you're posting about how terrible that company is on the BBB.
Let's take a deeper look at what 7k Metals is, what they offer, and what people are saying about them.
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About 7k Metals
7k Metals is a multi-level marketing company that deals precious metals and rare coins. They say that they give buyers access to deep discounts they won't find elsewhere. They claim that getting a membership will allow you to start a business in the precious metals industry.
They claim that if you work hard, you can make back the cost of your membership and then some.
They also don't publish any information about how many members they have, how much people are making, or who is at each level in the company. It's almost like they don't want you to know it's impossible to make a real living with their setup.
At least they're consistent. 7k Metals seems happiest when their customers don't know anything. Sales reps at all levels are confused about the differences between investments. They don't understand why precious metals investing is important, and they can't describe what different industry terms mean.
All they can do is repeat the same marketing jargon they've been told. What if they're asked questions? It doesn't matter. Instead of answering, just point the potential buyer to the signup process!
Theoretically, you should be able to make money by reselling the company products, even if you don't recruit other members. In practice, though, the company's products come with high commission rates and ridiculous markups. You'll be able to find the same product at half the price on the open market.
For obvious reasons, it's not exactly easy to sell a purchase like that at a profit.
So you're stuck recruiting other members. To do that, you pitch this grand opportunity to start a small business. You claim that there's a community of people who can help newcomers hit the ground running. You say that you're making tons of money, even if you aren't.
Here's the real deal. The vast majority of people who invest in MLMs never make their money back. But you feel like you have to keep trying, or else it's a lost cause. People will chase their money down the drain until they've wasted endless time and resources on something that'll never work.
The company has been accredited with the BBB since 2016. They have a lot of largely positive reviews, which is to be expected. Most MLMs have positive customer reviews because they rely on pulling in more people. But no one gets rich except the founders and a handful of lucky executives.
Amidst the glowing praise, however, there are quite a few scathing one-star reviews. The customer service and company policies described in these reviews are not worthy of investment. Several customers have also explicitly noted that the reply from the business was not satisfactory, with some even saying that the business lied about having resolved the issue.
Let's explore some specifics of the negatives.
The most recent negative review says that the person placed their order and then received their confirmation email. They then got a shipping confirmation - so far, so good. But then they found out that the company had actually cancelled the order.
When they reached out to ask the company reps why the order was cancelled, the agent said that the pricing wasn't correct. Apparently they decided to change the price that the buyer had locked in. The buyer felt this was a breach of trust, as they can't change the price in their own favor.
Because of this, the customer says they do not trust the company anymore. They believe that they have not been valued as a consumer and that the company's policies are not fair.
Another review stated that the customer was charged twice the cost of a basic membership upon signup. The company did not work with them to resolve the problem. This might be because of the Travel Savings Card, a mandatory investment that costs as much as the membership.
It's questionable what the Travel Savings Card actually does. Is it a perk? If so, why is it required? How does it help anyone do their job? From where we're sitting, it just looks like a way to sneakily double the membership fees without being transparent about what people are buying.
Pyramid Scheme Tactics
One review comes from someone who participated in the marketing aspect of the company. They said that their experience was that of a pyramid scheme. Their recruiter profited off of their work, but they were never able to make ends meet. Constant promises were broken. People lied about what they were doing.
According to this reviewer, the company also says that 99 percent of their members renew their membership annually. That can't possibly be true. A large percentage of people drop out after the first year because they aren't making enough money to cover the cost of joining.
The person said that the company representatives repeatedly pressured them to pitch the company to their family members, even though they didn't want to. They were strangely insistent on getting the customer's sister into the business. The recruiter was especially insistent, since they'd make more money if the person did as they asked.
In fact, apparently this person was told by a higher-up that it was their fault the higher-up didn't have enough money to feed their family. The company reps acted like it was the customer's responsibility to recruit as many new members as possible, and they said it was a personal attack when the person didn't want to.
Internal pressure wasn't the only issue with the company. There was another problem with the release of a rare coin. The company talked it up as a collectible investment that could become worth several thousand dollars in the future. But the actual coin was marked up far past its market value, and it would never gain significant value over time.
After all of this, the individual tried to leave the company. At that point, the reps became hostile. They said that the person had not returned their products fast enough, even though they offered to exchange the products or pay them off entirely.
Because they "hadn't been fast enough," the company renewed the annual membership, taking another chunk of money out of the person's wallet. But then they forced the customer out anyway because the person was asking too many questions and causing too much trouble.
The same customer pointed out that there is a lack of expertise or leadership at all levels of the company. People are not able to explain the difference between precious metals. They can't tell you what to invest in or how to analyze your risk. They don't know anything about the industry.
That happens for a reason. If people actually understood the precious metals industry, they wouldn't be able to repeat the same lying marketing language that the company peddles. They would realize that other precious metals dealers offer much cheaper products without any membership fees.
Apparently there were also problems with the travel card. The person was supposed to be able to travel to company events for free using the card. But upon arriving at the event, they were told that they'd need to foot the bill themselves because everyone running the event had decided not to come.
The customer was never given resources to learn about how metals are related to fiat currency. They also never learned about the precious metals they were selling. In fact, the company said that people shouldn't learn about precious metals, because they can just tell people what to buy.
7k Metals responded to this long review, saying that there were "unfortunate misunderstandings" without apologizing. They also stated that the customer's credit card was refunded.
According to the customer, the refund was a lie. They did not receive a refund, and they were predatorily charged extra for a membership. They stated that they would be in contact with their lawyers.
Other Pyramid Scheme Complaints
Another customer also criticized the pyramid scheme setup. While their review didn't have as many details about the actions of the company representatives, these are some notable points:
A third poor review stated that a customer lost money. They were one of the majority of people who don't make their money back with an MLM. In addition, they stated that the products can be found more cheaply through other dealers, and that their relationships with friends and family suffered because of their incessant marketing.
Poor Customer Service
One final poor review wasn't related to the MLM setup at all. Instead, the person said that they paid twice for an order of coins that never shipped. The order was only shipped once they contacted customer service. In addition, they were never given an explanation as to why the original order didn't ship.
Pyramid schemes are always a nightmare, and this one isn't even fun. It has none of the spark that makes MLMs successful, and there's virtually no way to make a living reselling the company products instead.
The most successful MLMs are ones related to beauty, health, and wellness. You can sell people anything under the premise that it'll help them lose weight or look younger. But precious metals are an established industry with easily-searchable prices. And the company's practices are indefensible.
When you buy products through this company, they are charged at significantly more than the market rate. How are you going to sell them for a profit when people can find the same thing much more cheaply with one search engine click? You can't. The only way to make money is to convince other people to join.
If you want to get involved in an MLM, that's fine. You'll probably lose money, and if you don't, you'll only make money by ruining other people's lives, but that's fine. Do whatever you want to do. Just don't do it with this company. Find a pyramid scheme with products you can actually sell.
Are you actually interested in investing in precious metals? You can work with a dealer that will give you honest price quotes, explain the value of different investments, and not charge you exorbitant membership costs. There's literally no reason to join a precious metals MLM when you can just buy precious metals for free.
You can even start your own precious metals small business if you want. But that, too, can be done by working with a reputable dealer. If you work with 7k Metals, the only people you'll be making money for are the executives. You'll have to hustle too hard to have a prayer of paying off the exorbitant entry fees.
Stay away from this company. It's a bad call.
We do not think that 7k Metals is a very good company, and we believe that there are much better companies out there to make your investment with.
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