Texas Precious Metals is a company that's full of Texan pride. Though they serve the entire United States, much of their clientele is made up of Texans who visit their retail location.
But is this company everything that it seems to be? Are their practices legitimate? What do you need to know before you decide whether you should invest?
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About Texas Precious Metals
Texas Precious Metals operates as one of the biggest precious metals dealers in the entire nation, let alone the state of Texas. In addition to their robust online store, they have a brick-and-mortar retail location that people can visit in the town of Shiner.
Another impressive piece is the company's underground vault. This extremely secure vault doubles as a logistics center where the majority of the company's inventory is stored. It is also used to store client holdings on a temporary basis. When orders are packaged and shipped, the employees do so by working at the underground vault.
Texas Precious Metals was founded in 2011. Over more than a decade, they have processed over $500 million in transactions. The company has also had the distinction of being the top precious metal coin seller on Amazon every year since 2015. Multiple organizations have given the company awards for how quickly it has grown.
How to Buy Online
The process for making an online purchase from Texas Precious Metals is very simple. Unlike with many other precious metals companies, you can place an order using the online shopping cart. There's no need to call anyone on the phone to confirm or to get a price quote. You have an exact sense of how much everything costs throughout the shopping process.
Online orders can be placed at any time, so you don't need to wait for business hours. That will appeal to people who often do their shopping on weekends, holidays, or the middle of the night. If you want to place an order over the phone, you can do that on any weekday from 8 AM to 6 PM Central Time. Otherwise, you'll need to wait until the office is open again.
Whether you choose to order with an online shopping cart or through a phone call, you'll pay the exact same price. Texas Precious Metals has a policy against commissions. You won't speak to any commissioned salespeople, and you won't be subject to any high pressure sales tactics.
Reviews of the company do seem to indicate that this is true. Multiple people have noted that they felt respected and welcomed, and that the representatives they spoke to were able to answer questions to their satisfaction.
The company got rid of its order minimums in September of 2017, which means that you can purchase as much or as little as you'd like. Every staff member's job is to help you feel confident in your choices and to make the sale as simple as possible.
Using a Debit or Credit Card
You can pay for your items using a debit or credit card. Not every precious metals dealer allows this, but Texas Precious Metals does. Debit card purchases are often simpler and faster than writing a check or doing a bank wire transfer.
As soon as your card is charged, your order will be processed. Processing doesn't take very long. After this is done, the package should be shipped sometime over the next three business days. It is often sent out earlier than this.
Credit Card Holds
One slightly unique aspect of Texas Precious Metals is their credit card hold policy. You can make a purchase in cash at their retail store, or you can do a bank wire transfer. But if you choose to use one of these methods, the company does require that 5 percent of the purchase is held on your credit card.
As soon as the payment for the metals clears, the hold on the card is released. According to the company, this policy functions similarly to hotels that ask you to make a deposit to prove that you won't destroy the room. Similarly, a 5 percent hold on your credit card is necessary when you're selling the company a package.
According to the company, they place the hold in order to protect themselves against potential market losses if your payment fails to go through. Orders can't be cancelled once they're placed. If you do decide to cancel your order, you'll need to recoup the market losses and pay a flat fee of $350 as a penalty.
General Payment Policies
No matter which payment method you choose to use, the company will send you an email invoice that includes payment instructions. The price locks at the time that you place the order. Every order is considered final.
If you don't use your credit card to make the payment, you'll be required to arrange the wire transfer or bring the cash within a business day. In rare cases, customers might need an extension to get their funds together. When this is the case, you can email the company to explain the situation and ask for an extension.
Texas Precious Metals only ships items within the US. They take payments in USD only, and they will not ship to international locations.
As of 2013, the company has chosen not to accept checks as payment anymore. Even electronic checks are not acceptable. In addition, you can only pay $10,000 in cash annually. If you've spent this much in cash already, you'll need to use a credit card or bank wire transfer instead.
Once the company receives the payment, you'll be given a confirmation email as a receipt. There may be additional sales tax depending on the laws in your particular state.
Texas Precious Metals guarantees that if you see an item in stock, then that item is in the company's inventory. It can be shipped right away. You won't need to wait for them to outsource rare commodities from another third party. That's one of the benefits of being such a large company that you have your own underground vault system.
Most customers do not wait more than three business days for their items to be shipped after their payment clears. If there is a rare occasion in which the company cannot fulfill the order in their usual time frame, they will reach out and make efforts to correct the issue.
Every order comes with a tracking number, which you will get in your email inbox when the items ship. That way, you can know how close your items are to arriving. The packages should all ship with full insurance, which means you'll need to be available to sign for them when they arrive.
One of Texas Precious Metals's most competitive features is that all of their packages ship for free. No matter how big or small your order, you won't need to worry about handling the basic shipping costs.
Is Texas Precious Metals a Scam?
Texas Precious Metals is not a scam. This is a legitimate business that provides precious metals and other services to people all over the US. They are one of the largest and most reputable gold dealers in the state of Texas. In addition to all of this, they have excellent feedback from their customers.
There are dozens of glowing online reviews from people who say that they're extremely happy with their service. The items were shipped on time, the customer service was helpful, and there was overall good communication. People have also been happy with the available storage options.
Texas Precious Metals has been in the business for more than a decade, and their reputation has only become more solid over the years. They are a member of multiple organizations like the Industry Council for Tangible Assets.
The Better Business Bureau gives the company an A+ rating. There have been no complaints recorded in the past three years, although there have also not been any general reviews posted on the BBB website. The Business Consumer Alliance gives them a rating of AA, which isn't quite perfect but is close. Yelp reviews of the company's retail location are also positive, with a total of 4.5 out of 5 stars based on about 20 ratings.
Pros & Cons of Texas Precious Metals
Texas Precious Metals is a well-reviewed precious metals dealer that offers a host of services. In addition to serving the Texas community, they ship precious metals all over the US. If you're looking for a depository option in the Texas area, they have you covered. And their partner companies can help you with IRA services.
The only major drawback is that the company doesn't have its own in-house IRA team. If you're looking to open a precious metals IRA, it'll probably be easier for you to work with a dealer that specializes in these accounts. That way, you can have the process streamlined, so you don't even need to reach out to your custodian by yourself.
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