With rapidly rising inflation rates, investors & retirees are looking to hedge their losses with precious metals.
In this article I break down two precious metal companies: 7k Metals & Augusta Precious Metals.
Both are options for potential investors, but your needs & standards will determine which is the better choice for you.
This guide reviews both companies and highlights the unique services offered by both.
Overview: 7k Metals
7k Metals is a Precious Metals brokerage company that was founded in 2016 & offers the sale of gold, silver, and platinum products.
It has a different business model than other precious metal brokers in the industry; they have a membership and recruitment model similar to an MLM (Multi-level Marketing company).
7k Metals does not sell precious metals directly to the public. Customers must be referred by an existing member, called an associate, and must become an associate themself.
7k Metals Products:
- Physical precious metals bought after joining their "MLM"
7k Metals has a points system for associates to earn reduced products if they refer a certain number of people that then purchase precious metals.
It also has a commission model for associates that refer a certain number of other members.
7k Metals’ model of membership and referrals has people divided.
Unlike a traditional precious metals IRA brokerage company, 7k Metals offers the ability to make money as an associate of the business.
7k Metals does not mention Precious Metals IRAs anywhere in their literature.
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Overview: Augusta Precious Metals
Augusta Precious Metals is a Precious Metals IRA & physical metal brokerage company that offers gold and silver products. Augusta has a decade of experience in the industry.
Augusta Precious Metals Products:
- Precious metal IRAs
- Physical gold & silver
It is well respected as a company with transparent and ethical practices, extensive educational resources, and exemplary life-long customer service.
Augusta specializes in Gold and Silver IRAs. It offers assistance in rolling over existing IRA accounts as well as customer support for the entire length of time that you have the IRA account.
It also offers direct sales of gold and silver products outside of IRA accounts, like physical bars & coins.
Augusta is very well-rated by the Better Business Bureau, TrustLink, and the Business Consumer Alliance.
They have excellent reviews from their current and former customers with an overall average satisfaction rating of 4.9 out of 5 stars.
Augusta Precious Metals & Goldco Comparison Chart
Header | Augusta Precious Metals | 7k Metals |
|---|---|---|
Company Founded | 2012 | 2016 |
Minimum Investment | $50,000 | The annual fees |
Avg Comprehensive Rating | 4.9 | 4.2 |
Precious Metals Available | Gold & silver | Physical gold, silver, & platinum |
Is Price Matching Available? | Yes | No |
Assistance with Current IRA Rollover? | Yes | No |
Average Delivery Time | 2 weeks | Unclear |
Customer Support Level | Life-long comprehensive and personalized support | Focused on making you an associate to sell memberships |
Buy-Back Program? | Yes | No |
Rollover Opportunities: Augusta Precious Metals
In many cases, investors that are interested in Precious Metals IRAs already have traditional IRAs or 401(k) accounts. Augusta Precious Metals offers assistance to their customers in rolling over existing IRA accounts into a Gold or Silver IRA account.
It helps customers with the paperwork necessary to complete the process of transferring either the entire account or a partial amount.
This assistance helps its customers to maintain a tax-advantaged account while diversifying their investments into physical assets.
Rollover Opportunities: 7k Metals
7k Metals does not offer assistance in rolling over existing IRA or 401(k) accounts. 7k Metals solely offers physical products once becoming a member of their MLM structure.
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Fees: Augusta Precious Metals
Augusta Precious Metals has a well-deserved reputation in the industry for its transparent and ethical business practices. They openly publish their fee structure and there are no hidden fees or surprises for its investors.
While gold and silver prices fluctuate as the market value changes, Augusta clearly states that it charges a 5% markup.
The minimum amount required for IRA and non-IRA purchases is one of the larger investments among precious metals IRA companies at $100,000 and $50,000 respectively.
Header | Augusta Precious Metals |
|---|---|
One-time account setup fee | $50 |
Annual custodial fee | $80 |
Annual depository storage fee | $100 |
Shipping and transit costs | Waived |
Minimum investment | $50,000 |
Cost of precious metals | Fluctuates according to market value |
Fees: 7k Metals
7k Metals does not publish a comprehensive list of its fees. Because customers must purchase an annual membership before they can purchase precious metals from 7k Metals, the total cost is unclear.
Members must also purchase a travel card through 7k. Both fees are charged annually.
While 7k Metals charges steep annual membership fees, they do offer low prices on their products by comparison.
There are also ways for members to earn free or reduced prices on products by referring others who purchase memberships and products through 7k by accruing points. They also pay commission to members based on how many referrals they make.
Auto-shipping of products is mandatory to maintain membership, so you are locked into ongoing purchases whether you want them or not.
Header | 7k Metals |
|---|---|
Basic membership cost | $249/year |
Basic travel card cost | $250/year |
Premium membership cost | $449/year |
Premium travel card cost | $500/year |
Choosing Between Augusta Precious Metals and 7k Metals
Augusta Precious Metals and 7k Metals are very different
7k Metals does not offer IRA accounts or IRA rollovers, nor can you just buy physical metals without joining their team.
7k requires an annual membership - their focus is not solely on the precious metals, but on recruiting new members.
Like other MLMs, there is the potential to make money through commissions, but as a retirement investment company, 7k Metals falls short.
Augusta Precious Metals is a Gold and Silver IRA broker.
Its focus is on customer service, streamlining the investment process, transparent business practices, and providing exceptional educational resources.
Augusta assists customers in every step of the process - from rolling over existing IRA and 401(k) accounts to purchasing the gold and silver products that best meet their needs.
Augusta is also unique in the industry in that they offer life-long customer service. Their industry experts are available to their customers for the entire length of time that they have the Gold IRA account.
Augusta Precious Metals is our choice for precious metal IRA investors. It is a well-respected leader in the industry.
It has years of experience and is highly rated by industry regulatory bodies. Augusta is committed to helping its customers meet their investment needs and is never pushy. It is the better choice.
#1 Augusta Precious Metals - Top Overall Pick
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No other company has 4 dedicated departments like Augusta does. They have a customer success agent, a legal team, an order desk, and an economic analytics team. The legal team will take care of more of your legal paperwork, too.
Looking for a professional, client success-driven company and your 1st year of investing with no fees?
With Augusta, you have found it.
