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In today's competitive market, selecting the right precious metals company can be a challenging task for investors.
The fear of potential scams is a legitimate concern, as distinguishing between credible and fraudulent companies is not always straightforward.
The precious metals industry has unfortunately seen its share of scam incidents. In this article, we will review Texas Precious Metals, providing clarity on its legitimacy and offerings.
This guide aims to address your questions about the company, its range of precious metals products, services, and how it stands in comparison to other industry players.
Join us as we explore these aspects in detail.
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Company Background Information
Company Name: Texas Precious Metals
Owner: Kaspar Texas Traditions
Website: www.texmetals.com
Address: 959 Hwy 95N, Shiner, TX 77984
Contact: 361.594.3624
Email: [email protected]
Texas Precious Metals was established in 2011. Since its inception, the company has become the largest precious metals dealer in the US. Based in Shiner, Texas.
The American Precious Metals dealer is a member of the American Numismatic Association (ANA), Certified Coin Exchange (CCE), and Industry Council for Tangible Assets (ICTA).
As of 2014, the company’s annual revenue stood at $153.3M with just about 12 employees. Since its establishment in 2011, the company has processed more than half a billion dollars in clients' transactions.
The company operates both an online and a retail location in Texas.
In 2014 Texas A&M University recognized the company as the number one fastest growing Aggie-led or Aggie-owned business globally. Inc Magazine in 2015 ranked it position 200 fastest-growing American Private Company.
TPM’s mission is to provide value to clients through superior products, low premiums, easy ordering, and fanatical customer service.
The company's website is an excellent platform as it has a lot of helpful information, making it easy for customers to navigate through and gain insight into the company.
Texas Precious Metals Products and Services
The company offers bars and coins of mainly gold and silver. It also offers platinum and palladium. The company has a vast inventory of precious metals. Many precious metals bars and coins are eligible for precious metals IRAs.
Here is a list of some of the company's IRA-eligible metal products.
Gold Products
Silver Products
Platinum Products
Are Precious Metals a Good Investment?
Many people ask whether precious metals are a safe investment to consider especially compared to other options. Gold, silver, and other precious are more of an insurance policy than an investment.
Investments are meant to be income-generating, but this is not the case with investing in precious metals. Gold and other precious metals are considered dead assets. This is to say that they are not producers of income but a store of wealth.
Gold investment becomes interesting when its price compared to others assets is low. If gold maintains its nominal value but other classes of assets crash by 50%, the investor's purchasing power has increased by two.
In this case, even though the gold price on paper has not increased in dollar terms because gold is relational.
Other reasons why precious metals are considered a good investment include:
Does Texas Precious Metals Offer IRAs?
Texas Precious Metals offer its customers IRA rollover services. The self-directed IRAs make it easy to invest in precious metals.
The company has a team of professionals who have devoted their time and talent to help customers plan their investment needs and make the process easy.
Creating a self-directed IRA with TPM is made easy and hassle-free with the following simple steps.
The company’s staff are always available and ready to help clients create their self-directed IRA every step of the way.
Texas Precious Metals rollover options include:
Storage Options
After buying your metals, the next important step is finding secure storage for your bullion. Texas Precious Metals Depository is a long-term storage solution for IRA customers and individual investors.
The company runs a fully rated underground class 2 and 3 vaulting and logistics center fully insured by Lloyd's of London.
The high-security vaults are used for long-term company storage, short-term client storage, and retail shipping and packaging services. The company's depository is a good and affordable storage option because of the following:
1. Low monthly rates
2. No withdrawal fees
3. No set up costs with a straightforward 3 step setup process
4. 100% insured by Lloyd’s of London- The insurance policy covers the total value of the metal and adjusts to the prevailing market conditions.
It also covers all forms of destruction, including internal and external theft, destruction by fire, flood, and other natural disasters.
5. No outsourced security
6. Fully segregated storage- Storage of the precious metals is private, individually sealed, and fully segregated with no chance of being commingled or allocated.
International Storage
The company also partnered with other external storage vaults to give its clients more storage options. Texas Precious Metals partnered with Strategic Wealth Preservation (SWP), a storage facility in the Cayman Islands.
The new purpose-built precious metals depository is considered one of the world's safest and premier storage facilities for precious metals. The precious metal storage facility is independently owned and privately operated.
It allows North American Investors to internationalize their tangible assets as it is the best and closest offshore storage option. SWP is an approved storage facility for precious metals self-directed IRAs.
SWP is an excellent international storage option for the following reasons:
Storing with Strategic Wealth Preservation offers investors peace of mind as it is a no-risk storage option.
Can You Sell to the Company?
Texas Precious Metals offers customers the buy-back option to sell their holdings back to the company. The company publishes the buy-back price on each product page, and they all buy what they did not sell.
The selling process is straightforward.
The company offers door-to-door pick-up and delivery, but customers can also select their shipping and insurance provider. For the company’s shipping services, customers will have to pay a particular cost for sales above $1,000.
The company then emails the client for overnight shipment and delivery made the next day.
Shipping Options
TPM operates on a label 'if we don't have it, we don't sell it,' unlike most dealers who advertise what they do not have. This is to say that the company only sells what is available in their stock, and therefore immediate shipment is guaranteed.
Within three working days of receipt of payment, the company ships the order. If the company misses this window that rarely happens, an amendment is quickly done.
Customers receive an email with a tracking number to track the shipment once it is shipped. All packages in transit are fully insured, and in case of theft or destruction, the company has to file a claim and release a new package to the customer.
Texas Precious Metals Reviews
It is highly recommended to look at some customer reviews and online ratings about a company before choosing to partner with them. A company can be significant with billions of dollars in annual revenue but still have discouraging reviews.
Here are some reviews about Texas Precious Metals by different review websites.
Yelp - 5/5 out of 19 reviews
BBB - A+ rating (5/5) out of 2 reviews.
Customers have reviewed the company, and several reviews reveal customer satisfaction. Most customers have recommended the company and even a five-star review.
However, there have been few instances of dissatisfied clients. A client complained about the company getting hold of his credit card and making unauthorized charges; he even warned against trusting the company and went ahead to give them one star.
We are not sure the company settled things with this client.
Partnership with Goldstar Trust
Goldstar Trust Company announced adding Texas Precious Metals Depository to the storage options for its customers. As one of the largest custodians of precious metals self-directed IRAs, TPM decided to partner with the company for custodial services.
The partnership between the two companies will offer more turnkey services to the clients of both companies.
This is to say, Goldstar Trust Company customers now have an added storage option to their list, which is safe, affordable, and thoroughly segregated.
The Texas Precious Metals depository has 2 and 3 class highly-secured underground vaults fully insured by Lloyd's of London.
The TPMD will offer a good storage option for Goldstar Trust customers, which is highly segregated and individually sealed with no chances of commingling with other investors' holdings.
On the other hand, TPM's customers will enjoy Goldstar Trust Company's trusted and legit custodial services.
Conclusion
Texas Precious Metals has great but few customer reviews. The company is pretty new, and this explains the few reviews.
Compared to its competitors, the company falls behind because of the few reviews and lack of reviews on other customer review websites like Trustlink and Trustpilot.
The company received various recognitions from various institutions, including Texas A&M University in 2014 and Inc Magazine in 2015 as the fastest-growing precious metals dealer.
Coupled with the 4/5 overall rating, it is evident that Texas Precious Metals is an acceptable precious metals dealer.
Texas Precious Metals is half way decent company, but we do not recommend them. They are not a scam, but they aren't the best choice for gold investments and certainly not IRA's, like other companies we have written about on this website.
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I started BMOGAM Viewpoints as a way to compile all my views on investing in one place. I own my home, have some real estate, and own a few stocks like most people, but what really drives my interest in investing is I have a strong love of precious metals, especially gold.
