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Cornerstone Asset Metals is a bullion dealer that sells gold and silver to people all over the US. But there's not a lot of feedback online, and some of the feedback that does exist is concerning. In addition, there have been government actions taken against the business. So what exactly happened? And are they worth investing with?
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See if Cornerstone Asset Metals made our list this year, or continue with this review below to see if they are possibly the right company for your investment needs.
About Cornerstone Asset Metals
Cornerstone Asset Metals has been operating since 2009. It was founded by Terry Sacka. According to the company website, their main goal is to help connect investors with the precious metals products that are needed to protect their savings. They want to simplify the process of investing in bullion for retirement.
Terry Sacka is one of the biggest driving forces behind the company. He is a certified Asset Management Specialist, meaning that he has completed a special training program regarding asset management. He is also the host of a podcast that explores different aspects of investing, as well as the ways that investing is changing in today's modern world.
Terry Sacka additionally hosts a syndicated TV show called Wealth Transfer. If you aren't in the syndication block, you can find full episodes through Youtube. Throughout the show, Sacka discusses different aspects of the financial and political landscape, as well as how different economic factors affect your savings.
When you go to the Cornerstone Asset Metals website, you will find a variety of educational materials available. For example, you can have a free gold guide sent to you. This talks about the value of precious metals and how they function in today's economy. It also walks you through the very basics of opening a precious metals IRA.
The website has a lot of information about the different assets that are available through a retirement account. It also links to many of Terry Sacka's videos and articles regarding various economic situations. But there isn't a lot of information available regarding which products you can buy from the precious metals company.
If you want to make a purchase with the company, you're asked to follow these steps:
Is Cornerstone Asset Metals a Scam?
Cornerstone Asset Metals does not appear to be a scam. Their company website has a great deal of information about their services and products. There are some reviews online that indicate that the customers have received the services they paid for. However, customer reviews are few and far between, and some of them are very negative.
On the BBB website, there are no complaints, but there is one extremely negative review. Birdeye shows just three reviews, with two being positive and one being negative. It's difficult to find reviews of the company through other trusted third parties, though there are many posted on the company's own testimonials website page.
There is also no accreditation with the BBB. This indicates that the BBB either doesn't have enough information or doesn't believe enough in the company's reputation to note them as a legitimate business. But it doesn't mean that this isn't a real company.
In addition to the negative feedback, there has also been government action taken against the business.
Let's take a look at what past customers have to say, along with the government action.
Customer Complaints
The positive reviews on Birdeye no longer appear to be available through Google, which means that all of the feedback online is now negative.
The negative Google review gives 1 out of 5 stars. It is from a past customer who states that he has been disillusioned about the Cornerstone Asset Metals experience. Despite previously recommending the business to people, he said that he was now warning people away from it.
He said that he hadn't done enough research prior to investing in silver. When he bought silver through Cornerstone Asset Metals, they charged markups of about 18%. Then when he wanted to sell the items back, there was a markdown of about 4% from the spot price, which made the spread even further. He had no way of getting back his money.
He said that he was extremely disappointed in himself for not doing enough research beforehand, and that he was especially disappointed that he'd recommended the company to other people. His conclusion was that he would not be doing business with the company again, and that he'd be researching every company thoroughly in the future.
The negative BBB review is similar. The customer said that he was manipulated with Bible quotes and religious sayings, which made him feel like he could trust the employees. But he said that the sales pitches were sugary and dishonest, and that the company made an effort to sell him precious metals outside of his budget.
This review concluded by saying that he'd worked with Cornerstone for years. Every time he made a purchase, he was reassured that the price of silver might inflate to double its current holdings. But instead, the price of silver just kept going down.
Government Action
The other major issue with the company is the government action that was taken against them. This action was taken by Minnesota in July of 2021. Minnesota has unique laws when it comes to the selling of bullion. You cannot sell bullion in the state without receiving a license and filling out paperwork with the Department of Commerce.
Cornerstone Asset Metals entered into a Consent Order with the Minnesota DOC. There were allegations that gold bullion had been sold without the business previously filling out the correct paperwork for registration. There were additional allegations that when a request for information was sent to the company, the company did not provide complete information.
In response, Cornerstone Asset Metals agreed that they would pay $10,000 in civil fines. While that isn't the absolute highest penalty possible, it is pretty hefty. They also agreed to pay $225 for the cost of investigating, plus to stop violating any of the state statutes.
National bullion dealers often run into hot water when they don't do their due diligence with Minnesota. If they don't realize that they need to register, then they could end up breaking the law without knowing it. This is an action that points to ignorance rather than malice. But given that Cornerstone Asset Metals seems like a small company, the size of the civil penalty is significant.
Pros & Cons of Cornerstone Asset Metals
Pros
Cons
Final Thoughts
Ultimately, we cannot recommend Cornerstone Asset Metals. The company might be well established and have a solid history, but it has also garnered a lot of negative feedback. If there were more online reviews, the negative feedback wouldn't matter so much. But in the absence of positive reports, all we have is the negative to go by.
There are other companies that have a better established online presence. In addition to having similar resources and educational materials, they have great customer feedback. It's better to work with one of these companies than to risk having a negative experience with a small business that seems to have frustrated several people.
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We hope that we were able to help you determine where or where not to put your investment!