Schwab Precious Metals Reviews & Complaints: Scam or Reputable?

Schwab Precious Metals
Google: N/a
BBB: 1.63/5 A+
Trustpilot: 1.5/5

Schwab Precious Metals is a precious metals investment company based in El Paso, Texas. The company offers a mutual fund that allows investors to gain exposure to precious metals without physical ownership. Managed by Morningstar, Inc., it provides access to accurate market data for informed investment decisions. The fund primarily invests in equity securities of companies engaged in the exploration, mining, or processing of gold and other precious metals and minerals. Schwab Precious Metals has an average rating of 1.6/5 on Focus on the User.

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Featured Reviews

Top Review

Featured
Isabelle
5 stars
USA

"I have been banking with Schwab for four years now, after moving to the US from the UK, as they were the easiest to open an account with, without a credit score. They..."

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Top Complaint

Featured
Wesley L.
1 star
USA

"Cannot recommend. Their 'back office' 'accidentally deleted' my account with all the funds in it and have YET to restore it. On top of that, their 'commission-free trading'..."

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What is Schwab Precious Metals?

Schwab Precious Metals operates a mutual fund focused on precious metals, established on August 15, 1984, with total assets amounting to $502.7 million. The fund seeks long-term capital appreciation and protection against inflation. It invests at least 80% of its assets in equity securities of domestic and foreign companies engaged in gold and other precious metals and minerals exploration, mining, or processing. These include companies involved with platinum, silver, and diamonds. The fund is non-diversified, meaning it may concentrate its investments in a smaller number of issuers than a diversified fund.

The Schwab Precious Metals Investment Fund is designed to provide investors with an opportunity to participate in the precious metals market. The inclusion of futures contracts for metals in the fund's strategy allows for trading and exposure to metal price movements without owning the physical assets. This approach offers a way to diversify portfolios and potentially increase net worth, particularly for investors looking to hedge against market volatility and inflation.

Schwab Precious Metals Ratings

Schwab Precious Metals Reputation

Focus on the User Review
Focus on the User
1.6/5 stars
308 reviews (Aggregated)
Google Reviews
Google Reviews
N/a stars
N/a reviews
BBB Reviews
BBB
1.63/5 stars A+
56 reviews
Trustpilot Reviews
Trustpilot
1.5/5 stars
252 reviews

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Schwab Precious Metals Reviews

Top Schwab Precious Metals Reviews

5 starsFeatured

"I have been banking with Schwab for four years now, after moving to the US from the UK, as they were the easiest to open an account with, without a credit score. They have been outstanding for me. I’ve had to call them more than a few times for things like international transfer questions, lost card, two cases of fraud - and every time the customer service was courteous, efficient and truly excellent at their job. I have also banked with Chase (a joint credit card with my husband), Monzo, NatWest (for years), and a bunch of others and Schwab is by far the most consistent and helpful. I have no affiliation but want to give credit where it’s due - I can't stress enough what a difference it makes to have customer service like then you call because there's an issue and you need often urgent help. Thank you Schwab and keep up the good service."

Trustpilot Reviews
Isabelle
USA
5 stars
5 starsFeatured

"Charles Schwab has always been polite, immediately available, responsive as a company whenever I needed answers. They also provide clear statements and access to information about stocks in their display of my investment (IRAs and Joint Accounts) pages. I trust them impliciitly to be objective about answers. They are easy and safe to use as a vehicle to hold your investments. I have been with them over ten years so I speak with authority about my experience with them."

Trustpilot Reviews
Lawrence M
USA
5 stars
5 starsFeatured

"Exceptional Service, low low fees, if any and access to trade."

BBB Review
Jeff M
USA
5 stars
5 starsFeatured

"I have been with Charles Schwab for some time and I have never had a problem with any of my accounts. I have a brokerage, Roth IRA, and checking account which is excellent for my banking and investment needs...everything under one roof. I'm perplexed by the negative reviews, but I hope these issues have been resolved for these clients. I love the fact that there are no fees for any of these accounts and I'm always able to get a hold of a service rep when needed. I highly recommend Charles Schwab for your broker and banking needs."

BBB Review
Raymond J
USA
5 stars
Schwab Precious Metals Complaints

Worst Schwab Precious Metals Complaints

1 starFeatured

"Cannot recommend. Their 'back office' 'accidentally deleted' my account with all the funds in it and have YET to restore it. On top of that, their 'commission-free trading' is offset by poor broker execution. If you look at real-time professional market data, Schwab prices are always a few ticks higher. They prey on the unsophisticated consumer instead of tailoring to the professional trader. STAY AWAY."

Trustpilot Reviews
Nathan H
USA
1 star
1 starFeatured

"I have been trying to open an account for my daughter and it's been over a month since all paperwork has been submitted. I been told over and over again they have everything they need and you should get confirmation in two days. Has that happen yet? NO and no one can tell me why. They keep passing the buck and transferring me to one department to the next. No customer service what so ever! Save your time and your money for a company who actually values you as a customer!!"

Trustpilot Reviews
Dorie F
USA
1 star
1 starFeatured

"Charles Schwab has a system. If you trade in specific lots, the system will give you a loss when it should be a gain. I have contacted them multiple times and they have not fixed it.. Only one time. Did they correct their mistake out of I don't know how many times. Their system continues taking money from my account for wash sale purposes. I am starting to think this is deliberate."

BBB Review
Stephen H
USA
1 star
1 starFeatured

"I opened an account in my wife's name and transferred in 200k over the course of two days as they only allow transfers in or out of 100k per day no exceptions. I find this awful so I wanted to close the account and get my money back, once I called to close my account and transfer the money out they started asking for more identification, which I sent them, then they said I had to come in to get verified and then they locked out my account. They have been holding my money hostage all week long with no information provided at this point as to why. This company is a nightmare, go with vanguard or fidelity, I was wanting to try another brokerage service but what a mistake. Schwab is the jet blue of brokerage services, if you want them to treat you like you have the plague and hold your money without your consent then this company is for you otherwise look anywhere else."

BBB Review
Paul B
USA
1 star

Is Schwab Precious Metals a Scam?

Schwab Precious Metals is not a scam. It is a legitimate investment fund focusing on precious metals, managed by the reputable firm Morningstar, Inc. The fund's long history since its inception in 1984 and its management by a well-known entity add to its legitimacy. Despite a low rating on Focus on the User, it remains a legitimate option for precious metals investment.

Schwab Precious Metals Pros and Cons

Pros

  • Diversification: Investing in the fund offers portfolio diversification, reducing reliance on traditional equity and fixed-income securities.
  • Expert Management: The fund is managed by Morningstar, Inc., known for providing accurate market data and investment insights.

Cons

  • Limited Physical Ownership: The fund does not provide physical ownership of precious metals, which some investors might prefer.
  • Non-Diversified Fund: Being non-diversified, the fund may be more vulnerable to market changes in the precious metals sector.

Schwab Precious Metals Services and Products

Schwab Precious Metals offers a mutual fund that invests in the precious metals sector. Key services and products include:

  • Mutual Fund Investment: A fund focusing on companies in the precious metals industry, offering exposure to price movements of metals without physical ownership.
  • Market Data Access: Through its management by Morningstar, Inc., the fund provides investors with access to accurate and timely market data.

Schwab Precious Metals FAQ

Is Schwab Precious Metals a reputable company?

Yes, it is managed by Morningstar, Inc., indicating a level of reputability.

How long has Schwab Precious Metals been in business?

Since its inception on August 15, 1984.

How does Schwab Precious Metals work?

It operates a mutual fund investing in companies involved in the exploration, mining, or processing of precious metals.

Before Investing With Schwab Precious Metals

Consider obtaining . This guide can assist in making informed decisions about investing in precious metals, helping to maximize investment potential.

Schwab Precious Metals Homepage

Contact Schwab Precious Metals

For customer service and inquiries, Schwab Precious Metals' contact details and social media accounts are available in the section below.

  • Phone: 800-435-4000
  • Address: P.O. Box 982600. El Paso, TX 79998
  • Founded: 1984
  • Alternate Name: Schwab.com
  • Category: Precious Metals Investment Company
Schwab Precious Metals Address

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