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Is Schiff Gold Legit or a Scam? (Updated for 2021)

By John Otis

May 13, 2021

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You've likely heard of Peter Schiff from one source or another, whether it's his "hot takes" on social media, criticism of the FED and governments, or his overall take on investing. He's quite the character and certainly doesn't hold back when it comes to his opinions.

However, what about his actual company that sells precious metals? Have customers had a great experience with them, or are there better alternatives out there? We cover that and more in this review.


Before we get into the details, here is a summary of Schiff Gold.

Overall Rating

2.5/5

First Glance

0 Trust Pilot, Yelp, BBB, or Google reviews

Not accredited by BBB

Reasonable prices and storage options


SchiffGold is a precious metals company that investors can use for improving their portfolios with silver and gold. They also have impressive storage options in high-security vaults to help keep your precious metals safe.

Peter Schiff founded SchiffGold in 2010. Before 2014, SchiffGold was called Euro Pacific Precious Metals. When he started it, Schiff’s goal was to give his customers regular access to bullion. They would also have the assurance that they were getting actual precious metals, rather than being scammed with fake ones. They would also pay a fair price for their metals, based on the weight and current market prices.

Peter has a reputation for being honest in his dealings while offering invaluable advice to numerous investors looking to help their portfolios with precious metals. This has saved many from potential ruin, as investing in precious metals gives your portfolio a lot more stability.

Unfortunately, there are many precious metals dealers who only want to take advantage of their customers. They figure they can exploit inexperience and charge unfair rates. SchiffGold prices are more than fair and show that you can succeed in the precious metals industry by being honest.

Management Team


Although Peter Schiff’s name is in the company title, SchiffGold has an excellent team of executives to help handle all the duties. There are two Executive Directors: Jonathan Sosnay and Matt Malleo, a Director of Technology: Fabian Gambino. Those three are also all Senior Precious Metals Specialists, as are River Allen and Joel Bauman. Finally, Valeria Alikakos is the Staff Accountant.

Products


SchiffGold is a complete precious metals company, offering everything you would imagine or hope it could. Whether you’re looking for precious metals or need to sell some, you’ll be in the right hands at SchiffGold. These are the primary services offered by SchiffGold.

1. Precious metals purchasing and sales

SchiffGold is a great place to go if this is your first time buying gold. They’ll give you lots of helpful information and guidance so you make the right choices. But if you already have gold that you want to sell, you should also contact SchiffGold. They’ll buy your precious metals, regardless of where you initially bought them from. They do tend to dissuade clients from numismatics since those can be much more difficult to liquidate compared to other types of bullion.

2. Precious metal IRAs

With SchiffGold, you can start a precious metals IRA. These are similar to traditional IRAs, but they center around things like gold and silver. You could also bring precious metals into your existing IRA, or roll your old IRA over into a new one. You could also have your 401(k) from work turned into a precious metals IRA. Just make sure you have the right financial advisors around, as you don’t want to get on the IRS’ bad side.

3. Safe Storage

If you own precious metals as part of an IRA, the IRS doesn’t want you keeping them at your home. This is for the best, as vault storage is the safest option possible for keeping your precious metals. SchiffGold works with professional vault companies domestic and international. Wherever you live in the world, they can make sure your precious metals are kept in a safe place.

4. Home Safes

While it’s best to keep your precious metals in a full-security vault facility, a home safe is an acceptable option if you want to keep them on your property. Discuss this with SchiffGold, and they’ll help you to find the right safe for your precious metals. Remember to keep this in a secure place as well.

5. Researching and Analyzing

Although precious metals have been around for eons practically, there are always new developments going on with them, especially with their value. SchiffGold has resources to help you stay keyed in to the world of precious metals. Follow their social media accounts so you can see real-time price updates, records of old commentaries, and FAQ answers.

Payment Methods


There are several acceptable forms of payment on SchiffGold. they also give you the latest prices for their precious metals. You will need to talk to a specialist to verify the purchase price. Once you touch base with them, you’ll receive an email listing the total cost and what all of the charges are.

You can pay for your SchiffGold purchase with a wire transfer, check, or BitPay, which is for bitcoin users. You cannot buy any SchiffGold products from their website currently. This means you’ll need to reach out to a SchiffGold employee to make a purchase or sale.

Reviews, Ratings, and Complaints


We couldn’t find a lot of reviews about SchiffGold. They do have a high-status reputation thanks to Peter Schiff. If he puts his name behind something, many people see it as a mark of quality. Their business practices, such as offering especially low rates on their precious metals, also puts them in a good light.

However, the lack of reviews are concerning to us. Learning about a company through what actual customers have to say is so important when making a big investment decision and Schiff Gold has 0 reviews on Google, BBB, and Trust Pilot. 


We could understand if there were a couple of dozen reviews for a company that's been in business 10 years, but zero? That doesn't make a lot of sense to us, especially when there are gold companies out there who have over 1000 5 star reviews within the same 10 year time frame. 


This doesn't mean they are a bad company, it's just hard for us to wrap our head around investing thousands of dollars when you can't find any reviews from actual customers. 

Pros and Cons


Pros

  • Prices are competitive
  • Buyback program
  • Storage options, including vaults and home safes

Cons

  • Zero reviews online from customers
  • Can't buy metals online
  • Process for rolling over an existing IRA into precious metals seems difficult

Should You Invest or Try Other Alternatives?


Peter Schiff has tons of videos describing why precious metals are a great investment, especially right now with the current economic climate. While precious metals can definitely do great things for your portfolio, there are companies better than SchiffGold for helping you acquire those metals.

Sure, their prices competitive, but there zero reviews from customers, which makes it almost impossible to give them an endorsement. If we see an increase in reviews, we’ll reconsider.

But you should also consider companies with more reviews, specifically ones that are largely positive. They should also charge fair rates and have a reputation for customer care.


There are 3 companies that stand out, far and above the rest. The number #1 option, Goldco, has over 1500 five-star ratings from real customers, and an overall great reputation. 


You can't go wrong with checking out any one of these three companies below. 


#1
  • Top overall choice
  • Excellent customer experience
  • Low early fees
  • A+ BBB rating
  • Free gold IRA rollover kit
#2
  • In business since 2003
  • Excellent reviews
  • 7,500 + satisfied customers 
  • Great educators
#3
  • Top customer service
  • Highly reviewed
  • Low early fees
  • Low investment minimums

Did you enjoy this review? Let us know if you have any further questions. Investing in precious metals is a great thing, and we want to help however we can.

To Your Success,

John


John Otis

About the author - John Otis

In the modern age of reckless government spending and central bank money printing, my sole objective is to help others protect their savings, retirement, livelihoods, and purchasing power from currency devaluation. Otis Gold has been featured in Financial Times, Yahoo Finance, Kitco News, Motley Fool, Seeking Alpha, and more. If you have any questions or comments, leave them below. Welcome!


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