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SchiffGold, formerly known as Euro Pacific Metals until 2014, is a reputable and comprehensive precious metal dealer.
With a wealth of experience in the industry, the company focuses on providing industry-standard coins and precious metals, along with complementary services such as physical gold IRAs and secure storage options.
While SchiffGold's range of services may be more specialized than some other precious metal dealers, its primary strength lies in its deep understanding and emphasis on the value of precious metals. As a result, the company has established itself as a prominent marketer of the most sought-after bullion worldwide.
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SchiffGold Background
Peter Schiff, a renowned economist, established the SchiffGold Company in 2010. With a background in foreign equities, currencies and gold, he was driven by his passion for the bullion market and the desire to provide brokerage services to clients interested in precious metals.
One of Peter Schiff's primary concerns was that clients often had difficulty deciding between low-priced products and high-quality options. Recognizing this bottleneck, he believed he had the ideal solution to assist clients in making informed investment choices.
Peter Schiff has proven himself a shrewd businessman and highly successful broker. He began his career as a stockbroker in the 1990s at Shearson Lehman Brothers.
After spending several years with the firm, he co-founded Euro Pacific Capital, initially based in Los Angeles, before relocating its headquarters to Connecticut. Today, the company has expanded its presence with offices in Florida (Boca Raton), Arizona (Scottsdale) and New York City (Newport Beach).
SchiffGold's investment strategy is focused on building long-term wealth for clients in the face of a declining dollar. The company emphasizes emerging markets and commodity-based investments, recognizing their potential for growth and stability.
SchiffGold Management
Peter Schiff, Chairman
Matt Malleo
Jonathan Sosnay
While Peter Schiff's name is prominently associated with SchiffGold, the company boasts a strong management team contributing to its success. Leading the team are two Executive Directors: Matt Malleo and Jonathan Sosnay. Sosnay and Malleo bring extensive expertise and experience in the precious metals industry.
In addition to their executive roles, they serve as Senior Precious Metals Specialists, ensuring their deep understanding of the market.
Fabian Gambino holds the position of Director of Technology, overseeing the technological aspects of SchiffGold's operations. With his expertise in leveraging technology for efficient and secure transactions, Gambino is crucial in enhancing the company's digital infrastructure.
River Allen and Joel Bauman, who also serve as Senior Precious Metals Specialists, complement the executive team. Their extensive industry knowledge and dedication to serving clients further strengthen SchiffGold's offerings.
Valeria Alikakos is the Staff Accountant responsible for managing financial records and ensuring compliance. Alikakos maintains accurate financial information and contributes to the company's overall financial stability.
SchiffGold Products
SchiffGold is a comprehensive precious metals company that offers a wide range of services to cater to various needs related to precious metals. Here are the primary services provided by SchiffGold:
Precious Metal IRAs
SchiffGold enables you to establish a precious metals IRA, which functions similarly to traditional IRAs but focuses on gold and silver investments.
They can help you set up a new precious metals IRA, incorporate precious metals into your existing IRA or facilitate the rollover of your old IRA or 401(k) into a precious metals IRA. It is essential to consult with knowledgeable financial advisors to ensure compliance with IRS regulations.
Precious Metals Purchasing and Sales
Whether you are a first-time buyer or looking to sell your precious metals, SchiffGold is a trusted destination. Their knowledgeable team provides valuable information and guidance to help you make informed choices when buying gold and other precious metals.
They also offer a buying service for those looking to sell their precious metals, irrespective of where they were initially purchased. However, they tend to discourage clients from numismatics due to their relatively lower liquidity than other bullion forms.
Home Safes Storage for Precious Metals
While professional vault facilities are the recommended storage option, SchiffGold can guide you in choosing an appropriate home safe for keeping your precious metals on your property. It is essential to maintain proper security measures to safeguard your assets.
Safe Storage of Metals
The IRS discourages storing them at home for individuals who own precious metals as part of their IRA.
SchiffGold works with professional vault companies domestically and internationally to provide secure storage options for your precious metals. Regardless of your location, they can assist in ensuring your precious metals are held in a safe and protected environment.
Researching and Analyzing
SchiffGold understands the dynamic nature of the precious metals market and offers resources to help you stay informed.
They provide real-time price updates, access to historical commentaries and frequently asked questions (FAQs) through their social media accounts. Utilizing these resources lets you stay abreast of developments in precious metals.
Accepted Payment Methods
SchiffGold offers various payment methods to facilitate purchases of their precious metals. While their products cannot be directly purchased from their website, you can contact a SchiffGold specialist to initiate the transaction. Here are the acceptable forms of payment and the process involved:
Shipping Partners and Duration
SchiffGold collaborates with reputable shipping and transportation companies to ensure the efficient delivery of their products. They work with these shipping partners:
When placing an order with SchiffGold, the processing time typically ranges from 1 to 2 days. Once the order is processed, the shipping duration is approximately 2 to 4 days. However, please note that these timeframes are approximate and can vary depending on various factors, including the shipping destination and unforeseen circumstances.
Orders settled through wire transfer tend to be cleared and shipped faster than charges paid via check. This is because wire transfers provide quicker verification and clearance of funds, expediting the shipping process.
SchiffGold also ships its products internationally, expanding its reach to customers interested in purchasing precious metals worldwide.
Ratings
SchiffGold's ratings and public perception are not extensively documented. However, the reputation of SchiffGold is intrinsically tied to the character and leadership of Peter Schiff.
As the driving force behind the company, Peter Schiff is known for his direct and honest approach to business, contributing to the company's perceived trustworthiness and professionalism within the industry.
While specific ratings and customer reviews may be limited, SchiffGold's industry reputation is influenced by Peter Schiff's prominence as an economist and his commitment to providing reliable precious metal services.
Peter Schiff has established himself as a well-known figure in the investment community, known for his insights and perspectives on the economy and precious metals.
The ethical standing of SchiffGold is rooted in the belief that Peter Schiff and his team adhere to high standards of integrity and transparency. This commitment to ethical business practices is essential to their overall reputation.
Advantages of SchiffGold
SchiffGold stands out among other precious metal dealers for several compelling reasons. Here are the notable advantages and benefits of working with SchiffGold:
Disadvantages of SchiffGold
SchiffGold, despite its unique market approach, may have some drawbacks that potential customers should consider. Here are the notable cons associated with SchiffGold:
Why Put Gold in Your IRA?
Including gold in an Individual Retirement Account (IRA) can offer several potential benefits and diversification opportunities.
Diversification
Adding gold to your IRA allows for greater diversification within your investment portfolio. Gold is known for its low correlation to traditional financial assets like stocks and bonds.
By including gold, you can reduce overall portfolio risk and increase the chances of achieving more stable returns.
Hedge Against Inflation
Gold has long been regarded as a hedge against inflation. When inflation erodes the value of fiat currencies, the price of gold often tends to rise.
Holding gold in your IRA can preserve your purchasing power and safeguard your retirement savings from the adverse effects of inflation.
Safe Haven Asset
Gold is often sought as a haven asset during economic uncertainty or market volatility. Its historical reputation as a store of value makes it an attractive option for investors looking to protect their wealth in times of crisis.
Including gold in your, IRA can provide a degree of stability and security to your retirement savings.
Currency Risk Mitigation
Gold is not tied to any specific currency, which makes it less susceptible to currency fluctuations and devaluations. Holding gold in your IRA can safeguard against potential currency risks, providing you with a reliable asset that retains value across different economic environments.
Potential Tax Advantages
Depending on your IRA type, including gold may have tax advantages. Traditional IRAs offer tax-deferred growth, meaning you won't owe taxes on appreciating your gold holdings until you withdraw.
On the other hand, Roth IRAs provide the opportunity for tax-free growth, allowing you to enjoy potential gains from gold without incurring taxes in the future.
Long-Term Wealth Preservation
Gold has demonstrated its ability to preserve wealth over the long term. Its limited supply and enduring value make it a potential safeguard against economic downturns, market crashes and geopolitical uncertainties. By including gold in your IRA, you can aim to protect and grow your retirement savings over time.
Potential Capital Appreciation
Gold has the potential for capital appreciation, meaning its value can increase over time. Historical data shows that gold prices have experienced significant growth in specific periods, offering investors the possibility of capital gains. By holding gold in your IRA, you can participate in the potential upside of the gold market.
Limited Counterparty Risk
Unlike financial assets tied to third-party obligations, gold is a physical asset that does not rely on the creditworthiness of any particular institution or government. By owning physical gold in your IRA, you minimize counterparty risk and maintain direct control over an asset with intrinsic value.
Legacy and Inheritance
Gold held in an IRA can be passed on to beneficiaries as part of your estate planning. It provides a tangible and potentially valuable asset that can be inherited by your loved ones, offering a lasting legacy beyond your retirement.
Types of Precious Metals IRA Accounts
When it comes to including precious metals in an IRA, three primary types of IRA accounts allow for such investments:
#1. Traditional Precious Metals IRA
A traditional precious metals IRA is established using pre-tax dollars. Contributions made to this type of IRA are tax-deductible, meaning you can reduce your taxable income in the year of contribution.
Any growth or appreciation in the value of the precious metals within the IRA is tax-deferred until you start withdrawing during retirement. At that time, the withdrawals are subject to income tax.
#2. Roth Precious Metals IRA
A Roth precious metals IRA is funded with after-tax dollars, meaning contributions are made with money you've already paid taxes.
The benefit of a Roth IRA is that any growth or appreciation in the value of the precious metals within the account is tax-free, including qualified withdrawals during retirement. This can provide significant tax advantages, as you won't owe taxes on appreciating your precious metals holdings when you take distributions.
It's important to note that both Traditional and Roth precious metals IRAs have contribution limits set by the IRS. As of 2023, the annual contribution limit for traditional and Roth IRAs is $6,500 for individuals under 50, with an additional catch-up contribution of $1,000 for individuals aged 50 and older.
#3. SEP IRA (Simplified Employee Pension IRA)
A SEP IRA is a retirement plan for self-employed individuals and small business owners, including sole proprietors, partnerships and corporations. It allows employers to contribute to their employee's retirement savings, including their own.
Contributions to a SEP IRA are tax-deductible for the employer and the growth of the investments within the account is tax-deferred until withdrawal.
With a SEP IRA, the employer contributes funds to the employees' individual SEP IRAs based on a percentage of their compensation. A SEP IRA's contribution limit is higher than traditional and Roth IRAs. As of 2023, the maximum contribution limit for a SEP IRA is the lesser of 25% of the employee's compensation or $66,000.
What Are the IRS Rules for IRA-Eligible Precious Metals?
When investing in precious metals through an IRA, it's crucial to comply with IRS regulations to maintain the tax advantages associated with these accounts. Here are some key considerations:
❑ Qualified Precious Metals
The IRS has specific requirements for the types of precious metals that can be held in an IRA. These include gold, silver, platinum and palladium coins or bars that meet specific purity standards.
Examples of eligible coins include American Gold Eagles, American Silver Eagles, Canadian Maple Leafs and more. Working with a reputable IRA custodian or precious metals dealer who can guide you on the qualified products is essential.
❑ Custodian Services
Precious metals IRAs require a custodian to hold and administer the assets on your behalf. The custodian ensures compliance with IRS rules and regulations. It's essential to choose a reputable and experienced custodian who specializes in precious metals IRAs and can offer the necessary storage and reporting services.
❑ Storage Options
The IRS mandates that precious metals held in an IRA must be stored in an approved depository or storage facility. These facilities provide secure storage to protect physical assets.
There are typically two options for storage: segregated storage, where your precious metals are stored separately and individually identified and non-segregated storage, where your assets are stored alongside other investors' holdings. Both options have their pros and cons and the choice depends on your preferences and risk tolerance.
Final Thoughts
Peter Schiff has been a prominent advocate for precious metals as an investment, especially given the current economic climate. While investing in precious metals can offer various benefits to your portfolio, you must consider alternative companies that may better suit your needs when acquiring these metals.
Although SchiffGold offers competitive prices, the absence of customer reviews makes it challenging to provide an explicit endorsement. Customer feedback plays a crucial role in evaluating the credibility and reliability of a company.
If SchiffGold were to accumulate more customer reviews, it could enhance its reputation and reliability in the industry.
When selecting a precious metals dealer, it is advisable to consider companies with numerous reviews, particularly those that predominantly reflect positive experiences. Look for companies that offer fair rates and prioritize exceptional customer care.
The choice of the best company ultimately depends on your specific requirements as a customer. If you value the firmness and corporate approach advocated by SchiffGold, it may be a suitable option for you.
However, suppose you find their work philosophies restrictive to your pursuit of financial freedom. In that case, exploring alternative dealers that align more closely with your investment goals and values might be wise.
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