If you’re in the know in the investment world, you may know of Peter Schiff. Schiff is an opinionated investment broker and financial commentator who is known for causing an uproar by stating his opinions on the government and finances all over social media.
Because of these beliefs, Schiff decided to start his own precious metals brokerage to help consumers invest their money in the world of gold and silver. Originally founded in 2010 and known as Euro Pacific Precious Metals, Schiff Gold was rebranded in 2014.
With Peter Schiff behind it, is Schiff Gold worthy of your investments? Keep reading to find out.
Who is Schiff Gold?
As previously mentioned, Schiff Gold was founded by Peter Schiff who is a controversial and opinionated financial expert that never shies away from letting anyone know what he thinks about all things government and finance. He has decades of experience and even predicted the 2008 economic crash that put many people into financial trouble.
Schiff, like other financial advisors, feels that it is a good idea for investors to secure part of their retirement in alternative assets like precious metals. These goods behave inversely to inflation and tend to gain value when other volatile markets lose value.
While it is a smart choice, investing in precious metals can be intimidating, especially when you’re not sure who you can trust and when it is the best time to buy. Enter Peter Schiff and his expertise.
Schiff has a good reputation for his fair prices, his honesty, and his good advice. He even gets rave reviews from those investors he helped prior to 2008 who were saved from financial issues when the stock market crashed and they were prepared with the investments he recommended.
In addition to Schiff, Schiff Gold has two executive directors, Jonathan Sosnay and Matt Malleo, and Fabian Gambino, the director of technology, who all act as precious metals specialists. You will also find Joel Bauman, River Allen, and Valeria Alikakos, additional financial experts ready to help you with your investment needs.
Products and Services
Schiff Gold offers a variety of products, including bars, bullion, and coins in different metals. They do not offer numismatic coins because of a variety of reasons, including:
- The markup is significantly higher than the original value typically.
- Those selling these collectible coins are often paid on commission, which can make them pushy.
- Once purchased, it is often difficult to sell the coins for a profit.
Numismatic coins are great for collectors, but they are not the best to diversify your investment portfolio.
Instead, if you’re looking to diversify your retirement account, Schiff Gold sells the following:
- Limited edition bullion
- Barter metals
Prices are very competitive and Schiff Gold makes it easy to make your precious metals purchases.
When you’re ready to get started with Schiff Gold, you will only have four very easy steps to follow.
- Reach out to Schiff Gold – You can do this either through a chat on their website or you can give them a call. They will walk you through their background, the company, the benefits of investing, and they will ask you questions about your personal investment portfolio and your goals.
- Place an order – You will do this with your representative who will then send you an email with your order which will outline the total cost, insurance information, shipping information, and how to pay.
- Make your payment – Once you’ve received the email, you will then pay for your order. This will be with a check or wire transfer. Once your payment is received your order will be shipped. Remember that checks take time to clear and wire transfers will typically take 24 hours.
- Await shipment – The company handles all the shipping details, you just decide how you want it shipped to you. All shipments are insured by Lloyds of London, so there are no worries. Keep in mind that it will take 2-5 days to receive your order once it is shipped.
If you would prefer to pay with cryptocurrency, you can, but it is a little more complex of a process. The pros at Schiff Gold are prepared to help you with this, so no worries!
Also, if you’d like to store your precious metals with Schiff Gold in their vaults, you have that option for $150 annually. In addition, you can purchase IRA-approved precious metals and store these purchases in an IRA-approved facility.
Selling Precious Metals
Sometimes, if you have purchased precious metals from other sources, you can’t sell them to the current company you’re working with. Schiff Gold will purchase precious metals that you’ve purchased elsewhere, you just need to contact customer service to see if they’d be interested.
If they are, they will give you a quote and ask that you send in the products to them to examine them, or you can drop them off in person. Make sure you insure the items! Once they’ve looked them over and all is well, they will send you payment in the form of a check or wire transfer.
Schiff Gold Company Standards
Peter Schiff maintains that he wants to offer precious metals to investors at a reasonable price. He also wants to keep pricing low by following certain practices, which include:
- Draw customers in by Peter Schiff’s reputation and social media presence instead of spending money on advertising.
- Acquiring metals in bulk at discounted prices, which then allows them to sell the items to the customer closer to market value.
- Don’t sell products that are risky investments.
- Don’t use high-pressure sales tactics.
Schiff Gold is full of employees who are passionate about what they do and go above and beyond to help investors to get the most for their dollar in the easiest manner possible.
With all the positives, you may wonder if there are any negatives. I will say that there are, but you can judge for yourself if they are a deterrent or not.
First, there is a lack of online reviews for Schiff Gold. This makes it difficult to gauge customer experience.
Secondly, the Schiff Gold website doesn’t list prices but instead wants you to call their representatives to discuss pricing and purchases.
Both of these issues make it difficult to compare Schiff Gold to other dealers, which you will likely want to do to ensure that you’re getting the best products at the best prices.
Final Verdict on Schiff Gold
Schiff Gold banks on the reputation of Peter Schiff, which is a good one, to be honest. They are also experts in their field and can definitely give you the information and products that you need. The only negative against them is their lack of transparency. For such an important decision, this is something you definitely want in your precious metals dealer.
Schiff Gold is a reputable company and one I would say that you can consider for your investment needs as long as you keep in mind that they aren’t as open as other companies out there.