Acres of Gold is not a good deal.
I wrote a blog post about Acres of Gold last year about this new way of buying physical gold. The service automatically deducts money from your bank account until you reach a certain threshold and you purchase fractional gold bars like 2.5 grams, 5 grams and larger sizes. I wanted to like Acres of Gold. I liked the idea of being able to have a savings plan to buy gold automatically. But what I found was that Acres of Gold is not a good deal.
To clarify what I mean by Acres of gold is not a good deal.
Sure, having acres of gold would be amazing. You would be the richest person on the planet. But the service, Acres of Gold is not a good deal in my opinion because it doesn’t offer a very competitive retail, price point.
What they simply do not tell you.
No where on the website do they mention how much you will purchase gold at. So in other words, it’s never made clear at what price you are buying gold.
Dealer Premiums.
Everyone knows that when buying gold at the retail level, you pay a dealer premium. You usually pay a higher% of premium for the smaller fractional gold purchases. This premium is in addition to the current spot price of gold.
What is the spot price of gold?
The spot price of gold is the current market rate at which you can buy or sell an ounce of gold. This rate changes every day, and it fluctuates based on a variety of factors, including global demand, availability, and other economic factors.
My personal experience with Acres of Gold.
I signed up for Acres of Gold’s gradual purchase plan of buying gold, but after paying for several months, I paid far above what I needed to buy the said amount of gold on APMEX dot come or Golden State Mint. Even after Acres of Gold took a big% of my money, when I requested a refund, it was still enough left over to purchase gold through other reputable dealers online.
Bottom Line.
In conclusion, Acres of Gold isn’t a great deal for those who could otherwise save their money and buy gold online through dealers who list their prices daily. Acres of Gold does not offer enough transparency for their clients to ever know if they are getting a good deal at physical gold prices.
I would give you five dollars all day long if you gave me ten dollars every time. I am not saying the prices are double what other dealers are charging, but I found their dealer premiums to be much higher than the industry standard.
Save your money and buy gold for yourself; don’t use a middleman like Acres of Gold.
I use Golden State Mint or APMEX for buying my physical gold online.
Reasons to buy physical gold online:
1. You will get the best prices by comparing different dealers online.
2. You can control when you buy, so you don’t have to wait for Acres of Gold’s automated plan to purchase gold.
3. By buying your own physical gold through a reputable dealer, you will avoid any hidden fees or commissions that come. Everything is clearly shown in black and white at the time of purchase.
