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SchiffGold is a reputable precious metals dealer that offers a wide range of gold, silver, platinum, and palladium products for investment purposes. This review will provide an in-depth analysis of SchiffGold’s products, services and overall reputation within the industry.
Founded in 2010, SchiffGold is often described as a highly reputable precious metal dealer and it’s easy to see why.
With over a decade of existence, a fully-fledged advisory team, and headquarters in a prime corner of New York City, this gold IRA company seems to tick all the right boxes for most investors. Or does it? Our SchiffGold review explores the good and bad sides of this vendor.
But before we proceed, we’d like to shed light on the criteria we used to identify good precious metal IRA companies. One of them is that the company has to be trustworthy and of proven competence. We also check to ensure that the company is credible and that its fees are reasonable.
Through this approach, we compiled a list of some of the top-rated gold IRA companies that we happen to believe offer the best quality of services. Visit here to see our list of the best Gold IRA firms. Check to see if your favorite company made it to the list!
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SchiffGold is a full-service precious metals brokerage firm. The fact they are "full-service" means that they offer pretty much all the services you need to start investing in precious metals. Everything from advisory services and connectivity to IRAs to gold storage services is catered for under this firm.
Worth noting, however, is that the company initially traded under the name Euro-Pacific Metals until 2014 before officially acquiring its current name. Peter Schiff, the man behind SchiffGold is an American financial commentator and renowned stock broker.
Overall, SchiffGold stands out as a credible gold IRA company and has so far attracted numerous positive reviews on BBB. Its publications and insights have even been featured on leading media outlets among them Fox Business, Forbes, and The Wall Street Journal.
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The Products & Services Offered by SchiffGold
The company’s inventory comprises all the high-value coins you’d expect from a top-tier brokerage firm. We’re talking platinum, palladium, silver, and gold coins/bars. Almost all of their products are IRA-approved as they are produced by some of the world’s leading mints.
Some noteworthy gold products on offer include:
- American Eagle
- Canadian Maple Leaf
- American Buffalo
If you’re interested in silver, some of the awesome products available under the SchiffGold banner include:
- American Eagle
- Canadian Maple Leaf
- 1-Oz Silver Rounds
- Vienna Philharmonic
As for those interested in buying platinum coins, the American Eagle and Canadian Maple Leaf, (both IRA approved) are available. However, for Palladium they only have one coin type available and that is the 1-Oz Canadian Maple Leaf that was minted between 1988 and 2002 by the Royal Canadian mint.
Other than the sale of precious metals, SchiffGold offers the following services:
1. IRA Services
The company has a team of IRA experts who can help you set up an IRA account and conduct a rollover if you happen to need one. They are experts at this and are familiar with the latest IRS regulations meaning they can help you avoid costly penalties during your transfer.
This company handles all the paperwork for you helping you make wise purchases and remain on the right side of the law while at it.
2. Vault Storage Support
One requirement for setting up a precious metal IRA is that the precious metals one invests in must be stored by an independent, government-approved storage service provider. As a first-time investor, you might have challenges linking up with such service providers and that is where SchiffGold comes in.
With their many years of experience in this space, they have established networks with some of the top-rated storage service providers out there. That way, immediately after you make your purchase, your coins are automatically shipped to the next available storage vault effectively eliminating the risk of IRS penalties.
The company enables you to access segregated storage services from as low as $180 per year. And with storage locations in Las Vegas, Toronto, and Singapore, you have the freedom to choose a location that works best for you.
3. Home Storage Facilitation
Think about it this way – you have stashed your gold in a storage vault somewhere but then a crisis occurs and all systems break down. There's no way to access your stored gold because, well, the vaults have been raided by street gangs, and the criminal justice system as we know it doesn't exist. What do you do?
Well, for some, storing sizeable quantities of precious metals at home might be a good idea. It guarantees that come what may you'll be able to access your precious metals and use them to survive crises and calamities.
While most gold IRA companies totally shy off from offering this service to their clients, SchiffGold stands out by providing one of the most elaborate home storage facilitation services in the industry.
PS: This option only applies to the gold you purchase for your personal collection, not for IRA investment. Storing IRA gold at home attracts an early withdrawal fine of 10%. This applies to everyone below 59.5 years of age.
4. Research & Analysis
As we mentioned earlier in this SchiffGold review, Peter Schiff, the CEO himself, is a renowned financial commentator. For this reason, the company he runs is built around analysis and commentary. Ask any seasoned investor out there and they will tell you that comments and insights from experienced investors can go a long way in making you a better investor too.
This gold IRA company provides original commentaries in the form of newsletter posts, blog posts, and even videos.
Some of the key topics or disciplines covered in the SchiffGold commentaries include:
- Key Gold Headlines
- Exposing Gold Scams
- Interviews with Noteworthy Individuals
- Guest Commentaries to mention but a few.
- Retirement Planning
In addition to all the other goodies this company provides you with you get access to a handy retirement guide. Plus, you can always get in touch with their in-house team for assistance with retirement planning, particularly with regards to 401(k) rollovers and suchlike matters.
In a nutshell, you end up with a full suite that you can independently use to plan for your sunset years.
5. SchiffGold Fees
When working with a precious metal dealer you want them to be as transparent as possible. Unfortunately, we feel that SchiffGold is lagging behind on this front.
First off, they haven’t published any publicly available fee schedule meaning you have to contact their support for this kind of information. And as it turns out, their live-chat customer support team is not always available to answer your queries.
We believe that no dealer worth their salt would like to put their potential clients through such a hassle just to obtain basic information.
6. Storage Services
One thing that stands out about SchiffGold is that it only works with storage service providers that provide segregated storage services. As such, you won’t need to worry about the many downsides that come with shared storage services e.g., mishandling or mixing up of precious metals.
However, they only have one storage location in the US and that is in Las Vegas. Two other storage locations are also available in Toronto (Canada) and Singapore (Asia).
Perhaps one thing worth remarking about this company is that it offers one of the lowest storage prices in the industry starting from $180 per year.
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Why Choose SchiffGold?
I have been reviewing and comparing precious metal dealers for quite some time now meaning we know exactly how to tell right from wrong in this industry. Some of the positive things about this dealer include:
Is SchiffGold the Right Gold IRA Company for Me?
Services such as those provided by this company work best for those approaching retirement. After many years of hard work and saving the last thing you want is to lose your money to the silent thief that is inflation.
And so, by keeping part of your wealth in the form of tangible precious metals you get to achieve this objective and also diversify your investment portfolio.
Another thing, precious metal brokerage firms like SchiffGold can help you protect your wealth in the event of a global recession. Stats observed during the 2008/9 recession suggest that gold actually gained even when all other key sectors plummeted.
So, if you would like to protect your years of hard work from being wiped out by economic turmoil precious metal investments might be all you'll ever need.
Overall, SchiffGold is a reputable gold IRA company. They have been in this business since 2010 and seem to be getting most of the basics right. However, they still have room for improvement particularly with regard to their fees.
No one wants to deal with a company that doesn't spell out its fees in advance. That said, you can always obtain this information before buying from the company by asking their customer support representatives.
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