What is SchiffGold?
SchiffGold is a precious metals dealer that specializes in buying and selling gold, silver, platinum, and palladium. The company was founded by Peter Schiff, a well-known economist, author, and financial commentator.
He is known for his advocacy of sound money and gold-based investing. The company is based in Manhattan, New York, and has been in business since 2010. Until October 1st, 2014, SchiffGold® was formerly known as Euro Pacific Precious Metals
SchiffGold offers a variety of products, including bullion bars and coins, as well as numismatic and collector coins.
The company also provides storage options for customers who wish to protect their precious metals investments in a secure facility. In addition to its retail operations, SchiffGold offers educational resources and investment advice to its customers.
People Behind SchiffGold:
SchiffGold is a precious metals investment company founded by Peter Schiff. He is an internationally recognized economist who specializes in foreign equity, currency, and gold markets.
The executive team at SchiffGold includes Matt Malleo, who serves as the executive director and senior precious metals specialist.
Another member Jonathan Sosnay, who is also an executive director and senior precious metals specialist. The company’s precious metals specialists include Fabian Gambino, Joel Bauman, and River Allen.
Together, these individuals have helped SchiffGold become a leader in the precious metals industry, offering customers an easy way to invest in gold, silver, platinum, and palladium at low prices.
Peter Schiff’s Involvement in Tax Evasion and Money Laundering
SchiffGold founder Peter Schiff, who claims to be a libertarian economist and money manager, runs a San Juan-based boutique online bank. Euro Pacific Bank found itself at the centre of an international investigation into whether it had performed adequate due diligence on its account holders in 2020.
The J5, an international group of tax authorities, investigated whether the bank had been used as an entry point for suspected tax evasion and money laundering.
Further, Bank regulators in Puerto Rico suspended Euro Pacific in late June, citing major bankruptcy risks.
Later, bank regulators admitted that the bank did have cash on hand. In that agreement, Peter agreed to return $66.7 million in deposits while selling several million dollars in gold from the bank to satisfy the shortfall in cash. He also agreed to pay $300,000 in fines, according to the settlement agreement.
How to Invest in SchiffGold IRA?
Investing in a SchiffGold IRA is a straightforward process. Here are the steps you can follow:
- Open a self-directed IRA account with a custodian that permits precious metals investments.
- Fund your IRA account by making a transfer or rollover from an existing retirement account.
- Choose the precious metals you want to include in your IRA. SchiffGold offers a wide range of IRA-approved gold, silver, platinum, and palladium products that you can choose from.
- Contact SchiffGold to place your order and provide the necessary information. Such as the name of your custodian, your IRA account number, and your shipping address.
- Once your order is confirmed, SchiffGold will ship your precious metals directly to your IRA custodian, who will then add them to your IRA account.
However, I don’t recommend opening an IRA with them. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer of your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
SchiffGold Products:
The company offers an extensive range of precious metals. They include gold, silver, palladium, and platinum coins, as well as gold and silver bars.
Also, a considerable number of these products are IRA-eligible. Among the available gold options are the Gold American Buffalo, Gold Austrian Philharmonic, Gold American Eagle, and Gold Canadian Maple Leaf.
Meanwhile, the Silver American Eagle, Silver Austrian Philharmonic, and Silver Canadian Maple Leaf are just a few of the silver options.
As for platinum, clients can choose between the Platinum American Eagle and Platinum Canadian Maple Leaf. Finally, investors interested in palladium can opt for the Palladium Canadian Maple Leaf.
SchiffGold Fees and Charges:
SchiffGold claims to offer up-to-date precious metal prices, but the exact buying price will be determined at the time of purchase with the help of one of their specialists. After contacting a specialist, you will receive an email with all the details of the purchase. Such as the buying price, shipping, and insurance.
SchiffGold accepts payment through various methods, including bank wire transfers and checks. They also allow payment with bitcoins via BitPay. However, they do not have an online purchasing option available at this time.
SchiffGold utilizes one of the following shipping and transportation companies for its deliveries:
- The United States Postal Service (USPS)
- The United Parcel Service (UPS) Shipping Company
- FedEx Corporation
Typically, it takes 1 to 2 business days to process an order, and shipping generally takes around 2 to 4 days. SchiffGold also offers international shipping for its products. It is worth noting that orders paid for via wire transfer are cleared and shipped faster than those paid via check.
Sadly, the company doesn’t share any information about its fees on its website. This can be quite disheartening for most investors as it increases the risk of “hidden fees”.
SchiffGold Reviews and Complaints:
Schiff Gold has no reviews on Google, BBB, BCA, or Trust Pilot sites. The fact that Schiff Gold has no reviews on prominent review websites like Google, BBB, BCA, or Trust Pilot can be seen as a double-edged sword.
On one hand, it could mean that there are no negative reviews, complaints, or scandals associated with the company.
However, it also means that potential investors might have limited information on the quality of the company’s services, customer support, or products, and therefore may be hesitant to invest with them.
It is important to note that the lack of reviews on these sites does not necessarily mean that Schiff Gold is not a reputable company, as there are other factors to consider when deciding to invest with a precious metals dealer. Such as the company’s history, transparency, and reputation in the industry.
Is SchiffGold Legit? Should You Invest with SchiffGold?
No.
This gold dealer might have a renowned owner but it has too many flaws. Moreover, there are plenty of other companies with better specialization, prices and services in the gold IRA industry.
SchiffGold appears to be a legitimate precious metals dealer and IRA custodian.
However, the business has not any ratings or reviews on BBB (Better Business Bureau) or any other review sites.
Furthermore, the company doesn’t disclose its fee-related information on its website. This increases the risk of you paying “hidden fees”. Also, they have higher markups than the industry standard probably because of their celebrity leadership.
Pros:
- Over a decade of experience
- Operated by Peter Schiff, a prominent economist
Cons:
- No BBB accreditation
- Higher markups and rates than others
- No reviews on Trustpilot
- Shipping time is slower than expected
- No option to buy metals online
While it’s true that the company is led by well-known investor and economist Peter Schiff, it has plenty of red flags you cannot ignore.
When choosing a precious metals dealer, you should always go with a reputed and reliable provider. To learn about the most reputed gold IRA companies, I recommend checking out my list of top gold IRA providers.
There, you can also find the best precious metals company in your state.
Have you dealt with SchiffGold? Let us know your experience in the comments!