SchiffGold Review

Purchase Gold or Silver Bullion From SchiffGold

As a motto "discount prices, full service" and I'm committed to making our name - my name - synonymous with sound money... is on the front page of the SchiffGold website and quoted by the founder Peter Schiff. If you read this statement then your mind should be set at ease about any concerns over reputation or if the business is a scam. They are setting out to make sure understand their concerns are your investment in precious metals. By making this statement you should be completely satisfied and confident this company will be your best option for buying your physical precious metals. 

While they may be an option let's examine the company a little further to determine if they are the best option for you and your portfolio.

A six-time author, and former Podcast Host, Peter Schiff, Chairman of SchiffGold, Inc. has been touting the value of physical gold and the economy for the last 20+ years. He has a commitment to providing a good investment at a discounted price allowing investors to have and hold gold and silver in their portfolios, with the belief that holding gold has more value in time than holding cash in a savings account. 

Peter Schiff provides a Guarantee right on his website that says "SchiffGold guarantees the purity and authenticity of every product we sell. On top of that, we're committed to the following standards:"

• Competitive Prices
• Gold You Can Trust
• No High-Pressure Sales
• Personal Service

SchiffGold does not sell rare coins, collectible products, or numismatics as their belief is these are not favorable for their investor and are more reasonable for collectors. SchiffGold only sells gold and silver that Mr. Schiff himself would buy.

There may be some confusion with SchiffGold and Euro Pacific Precious Metals. As taken from the SchiffGold website prior to October 1, 2014, Peter Schiff business was known as Euro Pacific Precious Metals A Goldmoney (R) Company, and Publicly Traded under XAUMF ticker symbol. Since October of 2014, the business has been running under the SchiffGold name.

SchiffGold's Investment Philosophy

It is the belief of Peter Schiff and his company that the US Dollar has lost its value and will continue to loose value. When the government will start printing money when they are in a need such as the financial crisis of 2008 or when the country needs bailout like from the Covid shutdown the dollar is only getting devalued. 

Numerous discussions have been had that the dollar is worth less today than 25 or 50 years ago. We could buy more with our dollar in the past than we can today. The truth is that a dollar in 1971 is a dollar today. But, for the investor, a 1oz gold coin in 1971 is worth more today than it did in 1971. 

This theory is correct. No matter which direction the precious metals market is going at that moment in time, the truth is that over a long period of time the value of gold or silver has increased. 

Therefore it is the belief of Mr. Schiff that you should not hold your money in a savings account, you should, if you're looking for preserve your investment dollar, invest in gold as an insurance policy against the Euro or US Dollar decreasing in value over time. 

As a insurance policy Gold or Silver has been the most well-recognized form of money throughout history and per Mr. Schiff "should be the core of any well-balanced portfolio".

Large Selection of Precious Metals

The offerings for precious metals with SchiffGold are limited to the most common bullion products from the largest mints in the world. Their advisors provide gold and silver coin and bar options from industry-standard mints link American Eagles and Buffalos, Canadian Maple Leafs, Australian Kangaroos, and South African Krugerrands.

At SchiffGold their belief is they would rather provide you, the investor, with the best possible gold or silver available versus a large number of offerings with varying levels of value. Offering a more premium coin or bar provides the investor with a product that can be easily liquid as all coin dealers will recognize the product and be able to value it easily in the market. 

Current Offerings at SchiffGold Include:

What Other Products Does SchiffGold Carry?

Barter Bags - alternative to junk silver. Filled with 1/4oz and 1/2oz .999 pure silver rounds. These are from private mints around the United States. 

Junk Silver - pre-1964 US dimes, quarters, and half-dollars all contain 90% pure silver

Limited Edition Bullion - Canadian Gold Cougar and Canadian Gold Wolf. Both are limited editions and supplies are limited.

What Other Services Does SchiffGold Provide?

SchiffGold provides self-directed IRA services. You may be able to rollover a 401(k) or existing IRA to a gold IRA. Qualified rollover retirement plans include 401(k), 401(b), 403(b), 457, Thrift Savings Plan (TSP), and annuities. 

SchiffGold relationship has relationship with professional storage services across the world. When you purchase physical gold with your self-directed IRA you are unable to take possession of the physical gold or silver. Therefore, you would need to house your physical gold in vaults or professional storage facilities. Since SchiffGold already has relationships with some vaults access and storage is made simple and when you're ready to sell your precious metals the relationship with Transcontinental Depository Services, LLC make selling back easier.

Estate Sales can be intimidating and SchiffGold makes the process easy. SchiffGold evaluates estate items and will provide a quote to buy. 

Is SchiffGold a Credible Business?

Yes, SchiffGold is a true business that is operating out of New York. However, there are mixed reviews on the reputation of Peter Schiff and his current SchiffGold and Euro Pacific Precious Metals, and Euro Pacific Capital Companies. As noted previously SchiffGold started operations under the SchiffGold name in 2014 but before that Peter Schiff sold investments under the Euro Pacific Precious Metals name. 

According to the SchiffGold website Peter Schiff wrote a piece on the BBB and how he believes the service is not credible themselves and that for payment they will rate companies better. The BBB has an accreditation that any business can become a member. That membership has yearly dues to be accredited. However, the BBB reports that they will investigate any business whether they are accredited with the BBB or not. They also will help consumers with complaints that are filed against a business. These complaints are generally requested to be resolved and the results of the resolution is offered on the BBB website.

A strong BBB rating is A+

SchiffGold is not found on the Better Business Bureau's website. Neither was his other business name Euro Pacific Precious Metals. I was able to find Euro Pacific Capital listed as NR. NR stands for Not Rated.

TrustPilot and TrustLink are two business verification sources. These two online services are review services for consumers. You can find thousands of businesses listed on both of these service's websites.

I was unable to find SchiffGold on either of these two services. 

Google Business Profile:

I was able to find SchiffGold's Google Business Profile. The profile has 10 Google Reviews with a 4.2-star rating. The newest review was 1 year ago and the oldest was from over 4 years ago. 

7 of the 10 reviews are 5

Comments for these included; 

Emily McPhail - 2 years ago

"SchiffGold is Peter Schiff’s precious metals company. I talked with a precious metals expert who graciously answered all of my questions, and advised me on which products would best suit me. They also offer some of the cheapest prices for precious metals. Once I placed my order and they received my payment, I had my silver within 10 days. I highly recommend SchiffGold to all my friends and family who are interested in buying silver and gold."

Troy Rivers - a year ago

"Purchased and was charged for 1000oz bar of silver that turned out to be 13oz light. was told that this was a very common issue and that the bars are very unreliable when it comes to weight by both Peter’s sales agent and the valet in Las Vegas. So if we all know this then why not weigh the bar before we sell it? Because they sure weighed the bar before I sold it back to them after a quick price increase, very schiffty....

Had I tossed it under my bed and forgot about for a few yrs I would have never know it was 13oz light.

Can’t trust these guys

Deal locally and always verify the weight of anything you buy on your own scale. Sad it was a tarnished process for me.

Then Fedx lost the bar enroute to the vault I was told.

But I could not get paid for selling the bar till it was found. When the price went up while the search went on, the bar grew several thousand dollars more in value. Turned out it was at the vault in Las Vegas the whole time waiting to be processed and put in the vault. So when I was finally paid weeks late from when I asked to sell the bar was worth 2-3k more than I was given.

That’s Schiffty"

In concluding this section, I would like to note that SchiffGold is a precious metals dealer and they do exist and have been around, in the current name, since 2014. Therefore, they are a viable source to purchase your gold and silver coins or bars.

However, given my research, the lack of reviews and comments on this company is surprising. It is hard to believe that a larger precious metals dealer has had so few either positive or negative reviews posted. 

There are more reviews to be found for Euro Pacific Capital than SchiffGold. Many reviews reflect readers knowing of Peter Schiff and/or his father and they believe in the investment strategies. However, many reviews speak to the lack of appreciation from the initial IRA rollover invested in his funds. Please note that investing is not an exact science and each economist or financial planner only suggests investments they believe to be a good fit. If an advisor pushes you into an investment that you do not understand and you make a purchase and the investment flops then the investor is as much to blame as the advisor. Do your due diligence and if an investment has high return possibilities, then the risk is higher for failure. 

I would proceed cautiously when dealing with SchiffGold. Give them a try but consider a company like Augusta Precious Metals as they have a more open business platform to purchase your cash physical gold or silver or if you choose to roll over or start an IRA they are a very reputable company. 

Final Thoughts

When you hear about investments today you're typically taken to the fact the stock market has seen record gains over the past 5-10 years. Investors have been bullish on the stock market and cryptocurrencies for a few years, but in 2022 you're starting to see a change. The stock market has seen a significant fall in value as the impact of world events and inflation has been on the rise. Current workers and those recently retired who have not diversified their portfolios before 2022 may have seen their portfolios decrease in value. 

Going forward investors are starting to open their bullish minds to diversifying in assets that can counter the inflationary conditions we are currently experiencing. One such investment would be gold or silver. 

Precious metals are a way to hedge inflation. Truth be told that a $1 bill in your desk 10 years ago and that same $1 bill today is still only one dollar. But with inflation, your buying power has decreased. However, a gold coin in that desk drawer would be worth more today than 10 years ago. As of this writing, the price average for gold in 2012 was $1,668.86 and the average in 2022 is $1,854.77. 

Investing in precious metals is not a sure thing. There is a secondary market for physical gold and not every buyer will pay the same amount. There is a chance the value of precious metals will decrease, proof is from 2012 to 2019 gold took a huge hit in price. However, over the past 20 years, the price of gold rose by 498%. That is some good hold value and while unconfirmed the likelihood of gold increasing in value is expected as we are using more and more precious metals in our electronics and other industrial uses. 

Consider diversifying your portfolio to hedge inflation. But is gold and silver good options for your portfolio?

If you're holding liquid cash, gold might be a better choice. But to hold cash, you can walk out the door and buy an item immediately. To hold gold, you need to find a dealer or another person to sell the asset before being able to spend the money. We don't work in a world where gold is used as currency anymore, our world works in electronic dollars, cryptocurrency, and credit cards. 

Gold and silver precious metals are becoming significant players in the preservation of retirement accounts. SchiffGold is a viable choice to purchase your asset. Make sure you do your own research and make informed decisions. You can get more information on SchiffGold by checking out their website.