Silver Mint Club Review: $100-$250/yr recruitment
In the ‘About Us’ section of their website, Silver Mint Club state they
have been selling and collecting silver bullion, silver coins both raw and graded since 1998.
We have been selling online since 2003. In 2008 we became a wholesaler selling to many dealers across the country.
Despite these claims though, the company’s domain (“silvermintclub.com”) was only initially registered in May 2011. The domain registration was updated in July 2012, possibly indicating that is when the current owner acquired the domain from a previous owner.
There doesn’t appear to be any record of Silver Mint Club going back prior to 2011, let alone thirteen years.
Silver Mint Club also state that their company President is a “Jim Williams”, however no information exists on this person in connection with Silver Mint Club, other than on the company’s website itself.
Additionally the domain registration for the Silver Mint Club website is set to private, further throwing into question the legitimacy of the information provided by the company.
The Silver Mint Club website appears to be hosted on a private server, which also happens to house a series of dubious looking opportunities:
- Traffic-Cycler (“traffic-cycler.com”) – launched early 2009, members invest money under the guise of purchasing advertising and are paid out a ROI from newly invested money
- Bunch of Croc – some sort of forum site plastered with advertising for the admin’s various schemes
- History-Ads (“history-ads.com”) – launched early 2008, members invest money under the guise of purchasing advertising and earn a daily 0.5% ROI, paid out of newly invested money
- History-Coins (“history-coins.com”) – site ‘headquartered in Ohio‘ that sells silver and claims to have done so ‘both on and offline since 2003‘, company’s domain was only registered in 2007
These sites all seem to be linked to the same admin (“Jim Williams” or “James Williams”) and are often advertised and promoted together:
History-Coins doesn’t seem to be an income opportunity but obviously provides the silver coin basis for Silver Mint Club. As for the stories about being around for thirteen years, the bio provided by Jim Williams above clearly indicates otherwise.
Read on for a full review of the Silver Mint Club MLM business opportunity.
The Silver Mint Club Product Line
Silver Mint Club has no retailable products or services. Silver coins are offered to members however the sale of these coins is not tied into the company’s compensation plan, nor are members able to sell coins to retail customers.
The Silver Mint Club Compensation Plan
Silver Mint Club describe their business opportunity as follows:
When someone uses your referral link to register at the SilverMintClub they become your affiliate. If your affiliate purchases a subscription, you will earn a commission.
Membership subscriptions are annual with two levels available:
- Collector Subscription – paid 25% of all recruited Collector Subscription membership fees and 10% of all Investor Subscription membership fees
- Investor Subscription – paid 25% of all recruited Collector Subscription membership fees and 40% of all Investor Subscription membership fees
Joining Silver Mint Club
As above, membership to Silver Mint Club is as follows:
- Collector Subscription Membership – $100 annually
- Investor Subscription Membership – $250 annually
Note that there is also a $29.95 annual admin fee added onto both membership subscriptions.
Taken from the Silver Mint Club website:
If you are a subscribed member to the SilverMintClub and you refer someone who purchases a subscription, you will receive a commission from their subscription purchase.
With the silver side of Silver Mint Club completely detached from the compensation plan and all commissions paid out on the recruitment of new members and payment of membership fees, Silver Mint Club quite obviously fits the definition of a pyramid scheme.
Members are unable to earn commissions unless they pay for membership themselves,
In order to earn affiliate commissions, you must purchase one of our subscriptions.
and the more they pay in membership fees, the more they earn in commissions when signing up new members.
With an annual membership fee option those that join have a year to recuperate their membership fees however, as with all pyramid schemes, sooner or later the recruitment will dry up.
When this happens naturally those who joined last will find themselves unable to cover their membership fees and the business opportunity will slowly die out.
Bottom line? You’re looking at a $100/$250 a year recruitment driven pyramid scheme that has nothing to do with silver coins.