BBB Rating: A+
All financially savvy people know a worthy investment when they see one, and the latest one in town is gold. It's been a difficult financial year, with central banks printing trillions of dollars in the last year alone, and things don't appear to be improving anytime soon. But every cloud has a silver lining, and for this one, it is purchasing gold.
For many years, gold has served as an excellent inflation hedge. Since we are all aware of the current state of consumer price inflation which shows no signs of abating, it is a perfect time to buy gold. This precious metal safeguards people's savings. Not only that but gold is an excellent investment item to include in a well-balanced portfolio.
Gold, according to history, has some of the highest liquidity in the commodities markets and has, on average, increased in value over time. That said, if you're thinking about investing, now is the time. Many investors actually believe that now is one of the best periods in history to invest in gold. That being said, if you're interested in buying gold from Acre Gold, here's all you need to know:
Who Exactly is Acre Gold?
Unlike traditional methods like eBay, questionable pawnshops, and other auction platforms, Acre Gold endeavors to formalize the sale of gold. As such, though they are a relatively new company in the field, they want to introduce credence to the gold trade. To do this, they have a revolutionary Gold subscription strategy where their clientele can purchase gold for an affordable fee each month.
When a client's individual balance reaches the business price for 2.5 grams of bullion, the client receives discreet delivery of a high-quality 2.5-gram gold bar to their home. This system surpasses other systems in that it is more personal and straightforward. It also allows people who may not have a lump sum.
Unfortunately, even with their good intentions, the company seems suspicious. First, the only way to contact them is through their email, email@example.com, or their Facebook and Instagram pages. At the very least, every company should have at least one phone number on their website, yet Acre Gold does not.
For a company that wants to be seen as truthful, personal and hospitable, this for us, is a major red flag.
To top it off, the company is not accredited by the Better Business Bureau. In fact, BBB has issued a warning on the same and added that Acre Gold is a subscription-based company. Clients normally use layaway to hold a 2.5-gram bar of gold until the monthly subscription cost meets the seller's current value.
Understanding Spot Price
To understand how Acre Gold operates, we'll begin by explaining some important financial terms. Understanding that you can only buy gold in one way at Are Gold is vital. Before you buy such a gold bar, therefore, understand what spot price means. The spot price is the current market price at which a particular asset, such as gold, can be purchased or sold for immediate delivery.
Physical gold has been described as investment insurance by many. This means that the aim is to buy the material rather than the level of artistry found in gold bars. Gold should therefore be purchased at a retail price that is as near to the current market price as possible, unlike futuristic projections.
Understanding A Troy Ounce
The current price of gold is expressed in Troy ounces. Currently, 31.103 grams is equivalent to 1 troy ounce. Moreover, the 10K, 14K, 18K, and 24K, marking on gold objects indicates the amount of gold in an item. This is because pure gold is too delicate to work with, hence goldsmiths combine gold with other metals.
• 10K = 41.6% gold
• 14K = 58.3%
• 18K = 75%
• 24K = 99.9% gold
Spotting a Rip Off
Buying gold at retail is practically impossible because the customer is buying through an intermediary who is looking to make a profit. Even the finest gold retailers charge a 5% premium over the spot price, thanks to free shipping in the U.S. To get the real-time price of gold, however, websites like Kitco.com and GoldPrice.org will come in handy.
Price of Subscriptions
Acre Gold maintains a gold hoard regularly. But since the demand for gold has risen in recent months, the company has occasionally run out of supplies. As such, every 2.5-gram bar is labeled with a certain price. If retail prices have risen, the client benefits from a lower price. The gold plate will, however, not be delivered until the next payment has been received if the price has dropped. Although we aren't fans of this subscription model, here are the options available:
$30 & $50 Monthly Packages
If you are buying gold for the first time or are a gold pro, Acre Gold does have something to offer. It has established a flexible layaway program that enables clients to invest in gold intermittently. As such, a person who may not normally afford a gold bar can make monthly payments of $30 or $50 and eventually own one.
Once the account balance has reached the cost threshold set, a 2.5-gram gold bar is will be delivered discreetly to the doorstep.
$100 Per Month Package
Acre Gold, like most businesses, has reserved its best to the wealthiest clientele. Its most recent store is a 0.1607 ounce (five-gram) gold bar made with care from .999 pure gold. This bar guarantees that the market value will be preserved in perpetuity. With a monthly payment of $100 to them, one can truly own a gold bar that will stand against time.
When the money reaches the value of the five-gram bar, Acre Gold dispatches your five-gram gold bullion to your doorstep. The process goes on and on until you have exhausted your funds. After a five-gram gold bar is purchased, any remaining funds will be used for your next five-gram gold bullion transaction.
Understanding Fees & Charges
There is a downside to this process. All fulfillment and shipping costs must be covered by the purchaser. There's also a $3.35 transaction fee and a $12 one-time membership cost per bullion. You will also be charged a $20 cancellation fee if you decide to close your account at any time.
Talk about charges!
Nevertheless, there's an upside as well. First, every gold bullion comes in a soft-touch, premium box with a display drawer and a tamper-proof assay card that certifies its authenticity. The packaging is ornate to protect the gold plate while also authenticating its origin.
Moreover, the gold is supplied in a protected and sealed assay packaging with an assayer's stamp. This stamp clearly identifying the bullion's authentication and weight, i.e. how much gold is contained, be it 2.5 grams, 0.0881 ounces, or 0.1607, or .9999 pure gold.
In addition to the purity and weight, all gold bullion is stamped with the Acre's insignia. The Acre Gold logo is usually shown on the other side for client viewing.
When Will I Take Possession of My Gold?
Acre Gold will send 2.5-gram bullion once you have paid five $50 payments unless the global gold supply is disrupted. Your package will be delivered to your front door. This means that if you start an account in January, you should receive your first gold shipment in May or June.
Customer Complaints, Reviews, and Ratings
According to various reports, Acre Gold's sales policy is not entirely genuine. The BBB grade also indicates a lot of room for improvement. For a company that was built on trust and credence, it's also questionable that so many people have complained about the company's assistance policy, particularly on websites like www.no-scam.com.
One disappointed client, for example, published a remark claiming that the entire Acre Gold procedure is a scam.
Why? — Because even though they had paid a monthly subscription, there was no information on the amount of money sent or how much gold this money can buy from Acre Gold. Some other investors also warned that business transactions with Acre Gold should be done with caution and care.
Are there any Other Red Flags?
By now, you're already expecting more disappointments, and it's quite disheartening considering the cause that led to the formation of the company. All in all, there are more red flags, as shown below:
1. It's Too Hard to Close an Account
Even after paying the $20 cancellation fee, we have reason to believe that closing an account with Acre Gold is hard. This is because of an unsettling complaint from one of their clients that was posted on the BBB website.
She claimed that she had tried closing her account four times without success. This was because of an unauthorized charge on their credit card. To make matters worse, she was unable to contact the company's customer service department via the email address provided.
2. The Support Team Isn't Up To Snuff
When a support team isn't reliable, how are clients supposed to get their questions answered?
Customer service begins with support personnel and we believe that part of the problem is that Acre Gold's customer support staff are difficult to reach. When we decided to submit a review, we emailed the company with a fictitious inquiry using the email address provided.
Although we received a response to our email question, it was not as thorough as we had hoped. The main source of our dissatisfaction was particularly the fact that the support team did not give the pricing per bullion whatsoever. According to them, it was committed due to the market's continual fluctuation in gold, yet this is one of their 'selling points'.
3. Account management is Uncoordinated
Due to the aforementioned point, we're even wondering what to add to this last point. Perhaps the worst part about it is their post on Facebook claiming that clients will receive regular updates on their account status via progress emails.
More so, they have a subscription link in their receipt email that takes clients to their site, where they can view transaction history and manage their accounts. They also add that customers who are unable to discover a progress email should check their spam email folder.
Is There A Referral Program Available?
Some folks wonder if the company has a referral scheme that actually works. Yes, they have a referral program that rewards customers for referring new subscribers. Unfortunately, we could not double-check this since affiliates have their own section on the website.
Advantages vs. Disadvantages
Should You Give It a Shot or Hard Pass?
Well, regrettably, we would not advocate for Acre Gold. How does a company manage to amass so many negative comments? Though there are a few positives here and there, it's quite alarming to have so many negative reviews.
After all, why go for such a company while you can get the same value for money with legit companies like Goldco? It has over a thousand 5-star reviews and not a single complaint yet has been here for years. Quite impressive, to say the least. If you'd like to give Acre Gold a shot, however, perform your due diligence before investing.
That said, we hope this review was beneficial not only in understanding who to invest with but the concept of the gold business. As such, if you'd like to allocate some of your savings to precious metals, we wish you all the best!
Hopefully, you enjoyed this review and now have a better sense of what the company is like. Precious metal investments can be an important sector to allocate capital to in your portfolio. While there are many choices available, we've had the best results with these three listed below.