There's no question in many investors minds that it's one of the best times in history to buy gold. Central banks have printed trillions of dollars within the last year alone, and it doesn't seem to be getting better any time soon.
We're already seeing inflation in consumer prices, with no end in sight. Since gold is a historical hedge against inflation, many people are looking to protect their savings with this shiny metal.
Since you're looking into Acre Gold, we want to give you all the information you need to consider before purchasing from this company. The bad, the good, and the ugly.
Here's a summary before we dive in.
2.73 star rating on BBB
Not accredited by BBB
17 BBB complaints within the last 12 months
Who is Acre Gold?
Acre Gold was established by a small team consisting of fintech veterans. The company was created to change the way gold is purchased. This can be by a pawnshop with a questionable reputation or auction sites similar to eBay. The company is headquartered in two places: Boise, ID, and Santa Monica, CA. Acre Gold is still a relatively new player in the gold industry.
Their idea is to provide consumers with the help they need for a more engaging and more straightforward experience while ensuring their gold investment is safe. The company has introduced a one-of-a-kind Gold subscription strategy. Clients can purchase gold for an affordable fee each month.
Once the individual balance of the clients reaches the company price for 2.5 grams of bullion, the client receives delivery of the finest quality 2.5-gram gold bar discretely and directly to their doorstep.
Customers can reach them through social media platforms such as Instagram and Facebook or by sending an email to email@example.com. We believe the fact they don't have a phone number on their official website is a red flag.
The Better Business Bureau issues a warning that accreditation has not been issued to Acre Gold. The BBB added the company is subscription-based. Clients must 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
We believe understanding there is only one means of purchasing gold through Acre Gold is essential. There are many other options available to buy this precious metal. Before buying a gold bar, we want you to understand the meaning of spot price.
The description of physical gold in numerous reviews is as investment insurance. This means the idea is to purchase the material as opposed to the craftsmanship level featured in gold bars. The purchase of gold should also be at a retail price as close to the current market price as possible.
What's A Troy Ounce?
Troy ounces are used for showing the current price of gold. One troy ounce is equal to 31.103 grams. If the marking on a gold product is 24K, 18K, 14K or 10K, this shows how much gold is in the item. Working with pure gold is impossible because the metal is too soft. For this reason, gold is mixed with other metals by goldsmiths.
• 24K = 99.9% gold
• 18K = 75%
• 14K = 58.3%
• 10K = 41.6% gold
How To Spot A Rip Off?
Purchasing gold at the retail price is nearly impossible since the customer is buying using an intermediary interested in making a profit.
The best gold retailers only place a five percent premium on the spot value with free shipping offered in the United States. The market price is shown in real-time for physical gold by websites such as Kitco.com and GoldPrice.org.
Acre Gold stockpiles physical gold on a regular basis. During the past year, the demand for gold has been increasing and the company has occasionally run out of stock.
A designated price tag is placed on every 2.5-gram bar. If retail pricing has increased, the client will receive a more favorable cost. If the price has decreased, the gold plate will not be delivered until after the next payment has been made. We're not a fan of this subscription model, but here are the options they have.
$30 & $50 Monthly Packages
If you are a bargain-hardened pro or purchasing gold for the first time, the company does have something to offer. Acre Gold has established a flexible layaway program enabling customers to make a monthly payment of $30 or $50. Once your account balance has reached the cost threshold set, a 2.5-gram gold bar will be delivered to your door.
$100 Per Month Package
Acre Gold is proud to offer wealthier clients the most recent store of value. This is a 0.1607 ounce or five-gram bar manufactured carefully using .999 fine gold. This bar promises the market value will be retained forever.
You pay them $100 per month. The money continues accumulating in your account until your balance is equal to the cost of a five-gram bar. After this, they ship five-gram gold bullion each time the accumulation in your account reaches the price threshold. Any remainder is credited to your next purchase of five-gram gold bullion.
Charges and Fees
There is a downside. The customer must cover all fulfillment and shipping fees. In addition, you pay a $3.35 processing fee and a one-time membership fee of $12 per bullion. If you ever make the decision to close your account, you will be charged a cancellation fee of $20.
Every gold bullion is packaged in a soft-touch, premium box, including a display drawer and an assay card in tamper, certifying authenticity. The packaging is elaborate for the protection of the gold plate in addition to certifying the origin.
Every bullion contains five grams of .9999 fine gold or 0.1607 ounces or 0.0881 ounces or 2.5 grams. The bullion is delivered in a protective and sealed assay package, clearly indicating the authentication and weight of the bullion through an assayer's stamp.
In addition, all gold bullion receives a stamp of the Acre's logo in addition to the purity and weight. The reverse side once again displays the Acre's logo for viewing by the client.
When Do I Receive My Gold?
Unless the worldwide gold supplies are interrupted, 2.5-gram bullion is delivered by Acre Gold once you have made five payments of $50 each. You will receive delivery on your doorstep. This means if your account is opened in January, your first gold shipment should be received in May or June.
Reviews, Ratings, and Complaints
According to many reviews, the sales policy of Acre Gold is not quite transparent. The BBB rating leaves a lot to be desired. The support policy of the company has received a lot of complaints, especially on sites including www.no-scam.com.
One client was highly disgruntled and left a comment stating the entire Acre Gold process is a scam. Even though a subscription is paid each month, there is no data provided by the online gold retailer regarding the amount of money already sent or how much gold this money can buy. Other reviews recommend conducting business with this company with due diligence and at your discretion.
Here is what some customers are saying on Better Business Bureau.
Some Other Red Flags
1. Account Too Difficult To Close
We looked at the BBB website and saw a particularly disturbing complaint from a customer that attempted to close their account four separate times due to an unauthorized charge on their credit card. The client was unable to reach the company's support team using the email address specified. This comment led us to believe closing an account with Acre Gold can be difficult even after the $20 fee for cancellation has been paid.
2. Clumsy Account Management
We seriously reconsider what to include in this post due to the above comment. We believe these complaints directly contradict the Acra Gold Facebook post stating customers will receive regular updates regarding their account status through progress emails.
In the receipt email, Acre Gold has included a link titled Manage Subscription. This takes customers to the client portal to monitor transaction history and manage your account. For any customers unable to locate a progress email, they recommend to check your spam email folder.
3. Support Team is Lackluster
We believe part of the problem is the customer service representatives working for Acre Gold are difficult to reach. When we decided to write a review, we used the email listed to contact the company with a fake query.
Despite receiving a response to our email inquiry, it was not as detailed as we expected. Our main frustration is the price per bullion was not revealed by the support team. The company stated this was omitted due to the constant fluctuation of gold on the market.
Do They Have A Referral Program?
Some people call in question whether or not the company offers a working referral program. According to some reviews, Acre Gold offers a referral program offering clients incentives for referring new subscribers.
We were unable to cross-check our information through the company's official website. One of the website sections is dedicated to affiliates. Unfortunately, the details provided simply offer encouragement for future partners to send in referrals and become affiliates.
Pros and Cons
Should You Invest or Try Other Alternatives?
Considering Acre Gold is such a young gold dealer, we find it strange that the company has often accumulated many often contradictory and controversial comments and reviews. If you look at the official website, you will see many positive reviews you can read. The comments are far from favorable.
Even though some customers seem satisfied, we would not personally purchase from this company. This is because we are concerned there are so few overall reviews and positive reviews. You will have to make a final decision, but we strongly recommend performing due diligence before investing.
When we look at a gold company, the first thing we research is how many reviews they have and what the overall rating of those reviews are. We also take into consideration the amount of complaints.
There are a few companies out there that have hundreds of 5 star reviews and have only a handful of complaints.
The 3 companies below meet that criteria, and the most impressive company, Goldco, has over 1000 5 star reviews with zero complaints within the last few years! That's almost unheard of.
With so many customers speaking favorably of these 3 companies, you can't go wrong at least checking them out.
We hope this guide was able to help you understand gold investing more and what your options are. You can click "visit site" below and get a free gold investing guide to further learn what these companies are about, and what they offer.