How American Stockbroker Peter Schiff Got Rich

American stockbroker Peter Schiff is a bit of a conundrum. For years, he has been vocal throughout the financial world about his investing preferences—and his advice for other investors. 

With his wealth in the millions, it's only fair to wonder—how did Schiff get so rich? 

Originally from New Haven, Conn., Schiff's company Euro Pacific Capital Inc. was headquartered in his home state for years. However, his Twitter account pins him in Puerto Rico. 

In 2017, Schiff decided to officially move himself and his company to Puerto Rico to reduce his tax liability and make it easier to set up a New York Fed account. Tax officials in the U.S. launched an investigation into Schiff and his business, but nothing came of it. 

Schiff loves gold, and that might be an understatement. He has pushed investors to pump gold for years. His motive has been questioned numerous times, and potentially for good reason. Some suggest that his gold predictions are just plain wrong and that he maintains "blind consistency," which can be a red flag.

Following any one investor like scripture is bound to be troublesome, and Schiff isn't exempt from the equation. Being glued to gold has gotten some investors in trouble, especially considering the fact that stocks have historically outperformed gold by about 300 percent in the long term. In the short term, gold can be more lucrative, but timing is everything—and Schiff's predictions haven't always been correct. 

Bias is important to consider too. Schiff owns Schiff Gold, which is a precious metals dealer. 

Schiff mainly invests outside of the U.S. due to his fears of federal ties and inflation. This comes naturally, considering that his father Irwin Schiff was a federal resistance advocate (he was even jailed for tax evasion since he thought income taxes were illegal and unconstitutional).

Schiff's EuroPac International Value Fund (EPIVX) has produced a 21.28 percent return in the last 12 months. The fund is largely made up of gold stocks, so it isn't exactly diversified. It also includes other sectors like infrastructure and resources from a global perspective.  

Euro Pacific was reportedly managing $783 million in assets by 2017. With that in mind, Schiff's own net worth is somewhere around $70 million. 

Schiff tweeted a harsh response to cryptocurrency fanatic Elon Musk recently. The exchange showcased Schiff's own feelings toward bitcoin.

Despite his feelings toward bitcoin, Schiff seems to own cryptocurrency himself. In January, he admitted getting locked out of his Blockchain wallet because he mistook his PIN for his password.