Company Name: SchiffGold
Founded: October 2014
Main Office Location: New York, NY 10016
Owners: Peter Schiff
Better Business Bureau: No Record. Click Here to Read the BBB Report
BBB Rating: Not Rated (as of April 2016)
Business Consumer Alliance: No Record. Click Here to Visit the BCA Site
BCA Rating: Not Rated (as of April 2016)
Trustlink: No Record – Click Here to Visit the Trustlink site
Trustlink Star Rating: Not Rated (as of April 2016)
Yelp: No Reviews. Click Here to Visit Yelp
Yelp Rating: No reviews (as of April 2016)
RipOff Report: 0 reports as of April 2016. Click Here to Visit the Ripoff Report.
0 complaints at the BBB in last 3 years, as of April 2016.
- Company was formerly Euro Pacific Precious Metals. SchiffGold began operations in October, 2014.
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BBB: Rating of A+, 0 complaints
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Is a Silver IRA the Best Choice for Investing Your Retirement Savings?
Many investors who are interested in alternative assets are now exploring if a silver IRA can help them save for retirement. When it comes to precious metals, silver has long taken the second place to gold, but when silver prices reach lows, many investors think about picking it up while it’s cheap and holding it as a long-term investment asset. Once the US dollar starts weakening and the markets slow down, silver values might begin to rise again. If you are interested in short-term gains, you should not choose precious metals as an investment vehicle.
To invest in silver, you will have to set up what is called a ‘self-directed IRA’. Self-directed means that you have a wider range of choices as to what assets you will invest your IRA funds in. You must follow IRS guidelines regarding silver as an IRA investment so you won’t lose your tax benefits. Silver that is placed in a silver IRA must be fine silver and have a minimum purity of 0.999 and not be in the form of collectible coins. Under these guidelines, permissible silver assets include coins such as Silver American Eagles, Canadian Silver Maple Leafs and Mexican Silver Libertads as well as bullion bars that you can buy in 100 troy oz and 1000 troy oz amounts.
Another important thing to remember is that if you choose silver as an investment asset in your IRA, it cannot be in your physical possession. In other words, you cannot buy silver coins and then keep them in a safe in your home. They must be kept by your IRA custodian in a storage facility, and you will have to pay storage fees. When it comes to storage of your silver coins, you can choose between segregated or non-segregated storage. Segregated storage means that your silver holdings will be kept separate from those of other customers and you will have to pay a higher annual fee for this service. You will also have to pay a seller’s fee when you liquidate your silver assets.
If you are interested in silver as an investment asset, you will have to set up an IRA with a custodian who allows self-directed IRAs. You can then fund the IRA so that you can start buying silver with it or roll over some of the funds in your 401(k) or other IRA account to fund your new self-directed IRA. If you perform a roll over, however, you should make sure you carefully follow IRS rules or you risk losing your IRA tax benefits.
Once you have set up your IRA, you will have to buy the silver from a qualified dealer. You can find your own dealer by looking at the reviews on this site. All the top-tier dealers are rated and reviewed. Choose the dealer that looks most trustworthy and reputable to you. The dealer will charge you a commission for buying the metal, which ranges from as low as 1% to as high as 15% although you can negotiate these fees. You should be wary, however, of dealers who promote proof silver coin sets which have a mirror finish. Although these coins have the same silver content as in-circulation coins, they charge higher prices of as much as 15% to 30% more.
When does a silver IRA make sense? It makes sense if:
• You still have a long way to go before you retire. The price of silver will likely rise in US Dollar terms over the long-term as the Dollar continues to lose value. In the short-term, however, silver may experience severe price volatility and may experience shifts in value to the down side.
• You have a lot of money to invest in a self-directed IRA. Setting up one of these IRAs can cost you set-up fees, and if you invest less than $5,000, you risk seeing a big chunk eaten away by these expenses.
• You are interested in precious metals as part of your portfolio diversification strategy.
Silver and gold can serve as counter-balances to your paper assets. Over time, silver and other precious metals tend to move up in price as the US Dollar continues its long-term decline in purchasing power.