Sunday, May 17, 2009

Review of New Gold MLM: YOUnique Wealth

From time to time, we add new company information pages to our site. We just added the latest on a gold MLM named Joseph Wealth Systems which is "transitioning" its name and image to become YOUnique Wealth with the help of "The Secret" guru, Bob Proctor.

At the same time, for the first time, we are going out on a limb by adding a new feature, our "Editorial Opinion." People have consistently asked for my opinion on companies that they were looking at. I have, until now, only given an opinion in private conversations to people who had already purchased and read my report/course: "MLM the Whole Truth." So this is our first experiment on offering a public opinion on a company.

And . . . we are indeed out on a limb a little on this one as I don't have the same opinion as Rod Cook or Bob Proctor, while I respect each of their contributions to our industry.

You can see my comments here on the YOUnique Wealth MLM.

Look for the "Editorial Opinion: Show me the Pros & Cons" link.

If you like the idea, hate the idea, like the opinion, hate the opinion, agree or disagree, leave me a comment!

I appreciate all feedback.

15 comments:

  1. YOUnique Wealth is going to have a real uphill battle. Do the math here: $140/month minimum for autoship, $110/month for their "system". That's a minimum of $250/month just for qualification in their comp plan. OUCH!

    That is brutal! I really would hope all the best for them, but this new comp plan is utter suicide.

    Like Lou said, the fact that they're charging such a high price for their "system" is really alarming. Many states and provinces are going to be keeping YW under huge scrutiny because of their anti-pyramid laws.

    The sounds of those shotguns in the distance is that of YW "shooting themselves in the foot".

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  2. My comment is on the product itself, NOT on the MLM model or the pay plan.

    It's my opinion that a great many people are going to be disappointed in YouNique Wealth's product should they ever decide to liquidate those gold "shekels" back to currency.

    To understand this, one must understand the basics of gold ownership.

    Gold, for investment purposes, is manufactured in two forms: coins or bars. Most of the gold ownership in the world is in the form of coins because of their portability and liquidity.

    But, a third reason most gold ownership is in coins-- the one that YouNique cannot offer -- is because a government minted coin is a standardized measure of weight and purity upon which current and future owners can rely for value. In other words, if you own $10,000 in U.S. Eagle coins, or South African Krugerrand, or Canadian Maple Leaf coins.....then you can easily transfer these into cash because they are STANDARDIZED coins.

    But, if your gold holdings are in bars in non-standardized coins (such as the "shekels" being sold by YouNique)....then any dealer who would bother to take the coins would most likely hold the coins for several weeks for chemical testing, weighing and verification.

    For that reason alone, if I wanted to buy 5 ounces of gold tomorrow....I would buy that gold in a coin form that is easily recognized and standardized. Not in the form of a coin that no one has ever heard of or dealt in.

    I'll reserve my further comments on YouNique until I take the time to look at their pay plan. But, regardless of Rod Cook's "endorsement", the fact remains that MOST gold programs are not shut down because of problems in their pay plan.

    Most gold programs bite the dust because it's just a matter of time before the SEC catches some distributor telling people that they should buy the coins now before they go up in value. And -- poof -- just like that, the SEC swoops in and shuts the whole thing down for securities violations. (Not for being a pyramid scheme).

    My advice: if you're looking to buy gold as an investment or asset protection, skip the MLM gold programs and just go deal with a reputable dealer. You'll probably get a better price.

    And if you're looking for a home business, there are plenty of other businesses that won't run afoul of the SEC.

    Tony Rush
    http://www.tonyrush.com

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  3. Lou, thank you for sharing your opinion on this company. I understand the hesitancy to share publicly your opinion on MLM companies but I believe it would be a service to the public if you shared the pros and cons (as you did for this post) as it would give the rest of us who are not familiar with the various MLM companies but doing our research on them to decide on which company would be a good fit.

    Please continue to share the pros and cons on the various companies. As more and more people look to direct selling businesses, we need someone to help us find the best companies to join. Thanks again for your valuable service.

    Sandi

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  4. Thanks for the excellent comment, Tony. One of my questions about the "shekels" was indeed about the ease of selling them. You answered that, and the potential SEC problem very well.

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  5. Good luck with this mlm business.

    I notice you have a link in the side bar to the Attraction Marketers Manifesto. Everyone should check that out, it's quality information.

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  6. While I agree with a lot of what Tony has to say, one thing you can rest assured with regarding YOUnique Wealth medallions is that they are minted by Argor-Heraeus, which is the Rolls Royce of refineries. Each medallion comes with a certificate from Argor-Heraeus.

    The non-standard shekel unit should not be an issue at the coin shop because the certificate show the refinery and the weight in grams and grams are a standard weight. (I think it is on the coin also, but can't read the tiny print!)

    What is truly 'unique' about these medallions is that they are PRIVATELY minted. Whereas Tony talks of the standardization of government issued coins, YOUnique medallions are privately minted and NOT coins. Why is this a good thing? Because you truly own them. You are only ever the bearer of government issued coins!

    Regarding the SEC issue and other coin programs, I am aware that a previous program closed down primarily because they could not keep supply of the coins. This was because the US Mint controlled supply of the coins they were selling and the MLM had no control of this supply. This is not the case with YOUnique, being they have top relations with a top mint and the medallions are privately minted and YOUnique even privately sources the gold to make their medallions.

    On the business side of YOUnique, unlike 99% of the MLMs out there, you only need to purchase a qualifying product to qualify for commissions in any given month, they do not make you jump through group volume hoops in order to qualify; this aspect is most refreshing. They also have added other business qualifying products, that start at $179, since Tony wrote his comment.

    Customers are of course encouraged and the last I checked YOUnique's customer price on a Quarter shekel was comparable to 1/10th ounce coins on ebay.

    Lou, by all means give us your opinions! (FYI the link to your opinion on YOUnique Wealth is broken; you forgot the hyphen!)

    Cyndi McKenna
    EarnMoneySaveGold.com

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  7. Great post.Yes,Gold owership is in coins,thanks for great reading,we buy Gold in a recession.we pass this to our Ira clients.

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  8. thank you Cyndi for your explaination on Tony's statement. It has helped me make a informed decision because with so many opinions out there its hard to get to the truth:) thank you.

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  9. YOUnique Wealth is certainly a great Company, still very new with a lot of homework to do but it wont take much longer until it will become on of the leading MLM Companies worldwide. If you know the Law of Gender says. Every seed has a gestation or incubation period but the goals will manifest when the time is right. You cannot find a more honest and excellent leadership in the Businessworld as you have with YOUnique Wealth. To your success!

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  10. Yes i think that the major issues here is the resell of the 'Shelkels' they could be difficult to sell on the open markets where they could be taken as fake. No I would rather pay extra and have the correct standards and as for the 'bearer' frightner this could be said for all gold.If there is a confiscation ( which I doubt)
    then it would apply to all gold. 25% of people handed in their gold in the 1930's

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  11. Cyndi, I understand you have a vested interest in promoting these "shekels". But the fact remains that they are a privately minted, non-standardized form of gold.

    Take one of those "medallions" into any coin shop and you won't find a buyer. Why? Because a.) they don't recognize it and b.) they have no way of authenticating how much gold is actually in the coin.

    Contrast that with a government-minted coin like a Gold Eagle or a Silver Eagle: take it into any coin dealer and they will buy it from you because they know instantly what it is.

    Non-standardized, privately minted coins are no better than unmarked bullion bars. Just recently there was a story of several million dollars worth of "non-standardized gold" in the UK that turned out to be worthless because it wasn't actually gold. JP Morgan and Deutsche Bank were both victims of the fraud.

    Simply put: the safest gold and silver to buy is that which is in recognizable, government-minted form. Because the coins' appearance and weight are more difficult to counterfeit, it's far more likely that a dealer will actually give you the value of the coin.

    So, from my point of logic, the fact that these "medallions" are privately minted is a liability...not a selling point.

    It will be interesting to see how long Younique stays in business and whether or not there are buyers for these coins outside of people who are involved in the business.

    Time will tell. It always does.

    Tony Rush

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  12. Dear Tony,

    Unfortunately you have been brainwashed by society and you are not familiar with the fact that anything issued by the government can be confiscated. All one needs to know about the shekel is if it pure gold and it is. Check out the current dollar and read up on it's history. Do you know that the government confiscated all the public gold in the early 1900's? You may change your mind once you study the country's history of money and gold!

    I feel that you should share ALL aspects of a particular mlm or company before you give advice because people will be mis informed and tend to make decisions based on whart they read.

    Have a wonderful day!

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  13. I don't usually bother responding to people who won't bother to sign their name but, you seem to making an assumption about me that I'd like to clarify.

    You said, "Unfortunately you have been brainwashed by society and you are not familiar with the fact that anything issued by the government can be confiscated."

    REPLY: Actually, you're probably more correct to say that anything can be confiscated by the government, PERIOD, whether they "issue" it or not. For instance, the gov't doesn't make the land but they can certain confiscate it.

    You said, "All one needs to know about the shekel is if it pure gold and it is."

    REPLY: Exactly. Except 98% of the coin dealers in the country do NOT know if it is real gold. Thus, the problem in their willingness to accept it.

    Don't take my word for it. Do you own one of these "shekels"? Take it down to any coin dealer and ask them if they recognize it or want to buy it.

    You said, "Check out the current dollar and read up on it's history."

    REPLY: I'm well aware. It's why I started buying gold and silver several years ago.

    You said, "Do you know that the government confiscated all the public gold in the early 1900's?"

    REPLY: Yes, it was in 1933. One correction, though: it wasn't technically a "confiscation". A confiscation is when something is taken from you with no exchange of value. The goverment DID pay people for their gold; they simply made it illegal for them to keep it. It was a forced sale penalized by fines, but not technically a confiscation.

    Bottom line, I believe buying gold and silver IS a smart idea. I buy bullion for investment purposes and I buy numismatics for collecting. But, I'd never buy a so-called "shekel" that's been privately minted. Sorry.

    Tony

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  14. Tony,

    Thanks for responding. I dont personally own a shekel, but a close friend does, and when he received it immediately went down to a dealer and was actually offered money for it. I also have sold gold coins as well as other gold in the past. They didn't care if it said shekel or flintsone they simply did a gold test to prove that it is gold and paid me according to the weight, and gave me the money for it. If the government does confiscate their own gold they will be able to trace what they issued not anything bought from a privately owned company. Look at the infiltration of "we buy your gold" commercials and shops popping up over the counrty, they don't care what type of gold it is as long as it is gold.

    Thanks

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  15. Michelle,

    Is your friend a dealer with Younique? Or just a customer?

    Michelle said, "I also have sold gold coins as well as other gold in the past. They didn't care if it said shekel or flintsone they simply did a gold test to prove that it is gold and paid me according to the weight, and gave me the money for it."

    REPLY: Exactly. Government-minted coins don't generally require a gold test. If a coin looks right and weighs what it should, they'll generally buy it on the spot. Weight is the hardest thing for a counterfeiter to fake. Which is why coins are more easily bought/sold than bars, ingots or privately minted medallions.


    Michelle said, "If the government does confiscate their own gold they will be able to trace what they issued not anything bought from a privately owned company."

    REPLY: I don't understand your point.

    Michelle said, "Look at the infiltration of "we buy your gold" commercials and shops popping up over the counrty, they don't care what type of gold it is as long as it is gold."

    REPLY: Good point. Then again, they're buying scrap gold at bulk prices. And, I can tell you from years in the jewelry business, there are TONS of necklaces, rings, etc. that are stamped 14k or 18k which are nothing but fakes.

    Buying scrap gold or doing "gold parties" is another business I wouldn't want to be in.

    Anyone interested in knowing "what kind of gold or silver to buy" should pick up a copy of Michael Kosares' "ABCs of Gold Investing" or "Guide To Investing In Gold & Silver" by Michael Maloney.

    Neither one covers numismatics in any great degree. But both of them spend a fair amount of time explaining why government-minted coins are preferably to bars, ingots or unknown medallions.

    Tony

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