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Schiff Gold, also operating under the name Euro Pacific, is a company run by Peter Schiff. Peter Schiff has had a long career in the financial and precious metals industries. He's written several successful books about different international markets and investment strategies. Many people go to his company because of his books.
But do the Schiff Gold methods actually work? What does the company offer? And can they compare to the competition?
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Schiff Gold provides some IRA services. If you want to roll over your retirement funds into precious metals, you can do that.
The company has a video series made up of three parts on the website. This series is meant to teach you about the benefits and drawbacks of different IRAs. It's a similar educational tool to the guides found on many other gold dealer websites.
There is limited information about the custodians that Schiff Gold works with.
Schiff Gold offers vault storage services through their partnership with a depository company. All of the accounts are fully segregated and allocated, meaning that you are the only person who ever has access to your items.
Schiff Gold works with Transcontinental Depository Services to provide secure storage. All accounts are doubly insured and go through regular audits to make sure that the contents match the account statements.
If you want to have your metals delivered to you, you can do that, provided they aren't being stored in an IRA. IRA metals must be kept in a licensed depository.
There are three main vault options. The one in the US is located in Las Vegas, Nevada. There are vaults in Singapore and Toronto, Canada as well. Singapore is a popular tax shelter that offers a high level of privacy for investors.
Is Schiff Gold a Scam?
There is no indication that Schiff Gold is a scam. But it's hard to find reviews from past customers online. There are no ratings or reviews with the Better Business Bureau, Trustlink, or Trustpilot. Operating under the name Euro Pacific Capital, Schiff Gold has an A+ rating with the BBB but no accreditation.
The A+ rating indicates that they have a good track record with their customers. There's really nothing for the BBB to critique, though, given that there are no complaints or reviews whatsoever. The company seems to have received the A+ by default, since it has no complaints and has been around for a while.
One Reddit post was from someone asking whether anybody else had ever worked with Schiff Gold, and what they thought of their experiences. Most people on the forum had never made any purchases with the company. There were several different reasons for this, with most people citing difficulty purchasing and getting price quotes.
Peter Schiff himself is an extremely opinionated person. Most of the Schiff Gold brand is based around his expertise and long career in the precious metals industry. He is a well-respected expert, but it's hard to say whether his company matches his energy.
Peter Schiff often uses social media, blogs, or articles on his business's website to discuss current events. He has published multiple columns and long pieces discussing the state of the precious metals industry. In addition, he has strong opinions about what constitutes a "scam" or not.
Railing Against the BBB
Peter Schiff's opinions on scam companies are slightly questionable. It's true that he's good at outlining how different scam outfits operate. But he also maintains that the Better Business Bureau itself is a scam organization. His opinion is that the BBB manipulates reviews and doesn't give honest overviews of the available competitors.
But it's worth noting that when Peter Schiff wrote this column about the BBB, the organization had given Euro Pacific an F rating. This was because Euro Pacific had never responded to a complaint that was filed. Peter Schiff was indignant about this because he did not believe it was fair to fail the business over one complaint, especially when there were other accredited companies with many more complaints.
However, this whole line of thought is based in a total misunderstanding of how the BBB system works.
The Better Business Bureau is a watchdog organization that serves a vital purpose in the US. They are the go-between for customers and businesses. If a customer has a problem with a business, they can take it to the BBB, where a complaint can be filed without actual litigation.
This is ideal for both the customer and the business. It allows both parties to avoid legal fees, and it smooths the process of finding a resolution.
The BBB gives companies ratings based on how they've responded to past customer complaints. If a company is well established and has no complaints, the default is an A+. If the company responds to and makes an effort to resolve any complaints filed against it, that A+ rating remains.
If the company frequently dissatisfies customers in their responses, that rating might drop to a C. Government actions can also make a rating drop lower. If the company refuses to respond to complaints at all, that will earn them an F.
The F rating indicates that the business does not want to use the BBB arbitration process. It is a warning signal for customers. That way, people know that if they have a problem with the business, they're unlikely to be able to resolve it.
Apparently Peter Schiff wasn't even aware that there was a complaint against his company, let alone caring enough to follow up on it. But this is odd. The BBB makes an effort to contact every business owner or manager and inform them when a complaint is lodged. This helps to improve the mediation process. If they have no contact details for the company, they will typically post an alert on the business page.
So Peter Schiff or another manager must have been contacted about this complaint at some point. Apparently they decided to disregard it. Disregarding consumer complaints is exactly what gets you an F rating with the BBB. The Euro Pacific rating was earned. Yes, even if there was "just one" complaint.
The post also shows a remarkable lack of care about the content of the complaint. Schiff focuses his attention on feeling victimized by the BBB, rather than on fixing the issue with the customer. That says a lot about the way he chooses to run a business.
Now that more than three years have passed since the complaint was filed, it has been dropped from the business record. Euro Pacific has a shiny A+ rating again. Maybe Peter Schiff's ire has ebbed thanks to that.
If only he worked harder on customer service and reconciliation, the company might not have so many terrible Yelp reviews.
It's very difficult to find reviews of Schiff Gold or Euro Pacific online. As mentioned, the company lacks reviews on sites like the BBB and Trustpilot. But there is one website where people have left their thoughts: Yelp.
Unfortunately, the Yelp outcomes don't look good. The company has an overall customer rating of 2.4 stars based on 28 reviews, indicating that more than half of the consumers had a negative experience.
Interestingly, almost all of the reviewers with a positive experience say they worked with David instead of Peter. Apparently David is very easy to work with, and he has a high level of integrity.
Several of the people leaving reviews don't appear to have visited the business in person. There are some that criticize Peter Schiff's political views and commentary. One of the reviews was upset about Schiff's criticism of the wardrobe of the Ukranian president. Another said that Schiff's attitude was extremely offputting, and that he had no evidence to back up any of his claims.
But more seriously, many of the negative reviews come from people who have used Peter Schiff's services.
One review came from someone who listens frequently to Peter Schiff's podcasts. This customer believed that Peter Schiff was right about how the US dollar was being debased. In order to protect their wealth, the customer put 125,000 dollars equally across all five of the funds in Euro Pacific.
It turned out that Peter Schiff was wrong about the devaluation of the dollar. Rather than protecting their money, this person had lost $15,000. They were disappointed because they felt that they would never recoup the loss. They no longer wanted to work with Peter Schiff's company, but if they sold their assets, then they would truly cement their loss.
They also pointed out that Peter Schiff had been wrong about Bitcoin. When he predicted that it would fail, the market actually surged.
Ongoing Account Statements
One former customer left a negative review four years after leaving the company. The review wasn't related to the factors that caused her to leave. But she said that Peter Schiff's market philosophy seemed too inflexible to conform to the realities of the market. Therefore, she believed that he couldn't give the advice or the services that she needed.
Once she'd concluded this, she made an effort to close her account. She withdrew all of her funds from Euro Pacific. When she logs into her account, she can see that there's no money in it. But even though she's tried to close her account, she keeps receiving statements.
The statements all say the same thing: that there is a zero balance. The customer says she's tried everything to officially close the account. She's spoken to people on the phone and submitted certified letters. Four years of these efforts, and she hasn't yet stopped receiving the statements.
One review in 2019 came from someone who had invested a great deal of wealth into Euro Pacific. This was right before the markets went through their historic boom. Most investment portfolios saw some gains during this time period. But the conservative investment layout created by Peter Schiff didn't see any growth.
There were absolutely zero net gains, and the customer lost money on some of her investments. All of the money was invested into private energy companies, but no dividends ever paid out.
The customer also said that there were more fees than you'd find with other companies, and that many of them were hidden. For example, there was a 2% closing fee that she hadn't been made aware of. She said that the company's communication was bad overall, and that Peter Schiff would continually create new false optimism.
Her conclusion was that the company runs on a lot of theory, but they don't have the substance to back it up. She also believed that Peter Schiff had sold out by moving to Puerto Rico for his retirement. At the end of her experience, she believed that international stocks were a waste of an investment. For people who are still interested in international stocks, she cautioned that you should work with someone other than Peter Schiff.
One customer said that she reached out to the Schiff Gold team because she had read several of Peter Schiff's books. She believed that he really had the expertise to make solid plans for the future. But even though Peter Schiff seemed knowledgeable on paper, his strategy caused the customer to lose 1/3rd of her money.
She said that it would have been better to keep her savings in the bank with zero interest. But, she added, Schiff's books had made her afraid that the banking system in the US was unstable. So she invested into gold, European mutual funds, and Asian mutual funds. All three of these markets crashed soon after.
The customer said that her one-on-one consultant never bothered to work with her. He ignored her for seven years. Whenever she tried to talk to him about how she worried these investments would fail, he tried to convince her to invest more.
She finally got fed up, called, and said that she wanted to take her investments elsewhere. Her consultant belittled her and told her that he hadn't had any trouble making money.
Like some of the other complainants, she also noted that the fees are high and confusing. She said that the company charges more fees than other investment companies she's worked with.
Pros & Cons of Schiff Gold
Schiff Gold is a company that runs entirely on its founder's reputation. Peter Schiff is a man with strong opinions and no hesitation to voice them. He has written many opinions on different current events, and he has published several successful books about the economy. His expertise is mainly in precious metals, international markets, and foreign currency.
Unfortunately, one man's reputation can only take you so far. Especially when that same man complains about the BBB, refuses to acknowledge customer complaints, and doesn't seem to care about his clients at all. He appears more concerned with looking bad than with actually solving the issues in his company.
Even this could be excused if Peter Schiff's economic theories were some kind of miracle. But they aren't. He has a rigid view of economics that is unable to adapt to our changing modern world. He refuses to adjust his ideas based on people's unique circumstances.
His portfolios also just... don't work. Many customers have left reviews detailing how much money they lost by following his plans. Some of them lost over a third of their life savings. Some said that they'd put up with the company for years in the hopes of eventually gaining some ground, but finally cut their losses.
We don't recommend investing with Schiff Gold. If you want investment advice, there are other options with more successful methods. If you're looking to purchase precious metals, there are plenty of gold dealers that actually do have excellent customer satisfaction ratings.
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