Texas Precious Metals is one of the most successful and fast-growing precious metals dealers in the US. They provide a range of services to customers online and in their retail store. But being a large and fast-growing business doesn't always mean being the best business. Are their practices legitimate? And how do they stand up to the competition?
Here's what you should know about the company's services and reputation before you decide whether to invest.
About Texas Precious Metals
The TPM retail location is found in Shiner, Texas. But that's not the only location that they operate out of. Their vaulting and logistics center is located underground and is used to store company inventory, short-term client holdings, and packaging for retail items.
It's this center where items are typically packaged and shipped. The company was first established in 2011, and it has processed more than $500,000,000 in precious metals transactions since then. There have been over 42,000 orders to every state in the US.
The stunning statistics don't end there. They have shipped and sold more than 300,000 ounces of gold, otherwise known as more than 9 metric tons. At one point, they were given the designation of one of the top 200 fastest-growing companies.
The Perth Mint in Australia created a silver coin in 2014 that was made to be distributed through Texas Precious Metals alone. This was a way of honoring the partnership between them. Both the Australian and Texas flags are featured on the coins.
Part of the reason that the partnership was so important was because Texas Precious Metals made up nearly one-tenth of the Perth Mint's total gold sales.
You can also find the Texas Silver Round through Texas Precious Metals, which has become among the most popular silver products in the country.
The company has also created products that are meant to connect investors to precious metals in unique ways. For example, they introduced a "mini monster box." Unlike the traditional mint boxes with 500 ounces of silver, this box had 250 ounces, making it a popular choice for investors with more limited funds.
Since the company's original silver products became so popular, they chose to create the Texas Mint as an official subsidiary in 2018. Prior to this, the company had just been a part of Texas Precious Metals. The official designation allowed the company to create many more silver products, most of which celebrated Texas.
It is possible to hold part of your retirement funds in precious metals. These are an alternative asset that must be held in a self-directed IRA. You must also comply with strict IRS guidelines regarding the products you choose and the place that the items are stored.
Texas Precious Metals is one of several precious metals IRA companies that helps customers with their retirement planning. The company partners with a few different custodians. The best one for you will vary depending on your needs.
Most of the account setup and funding process is handled by your custodian, rather than by Texas Precious Metals themselves. There are other companies that have in-house IRA teams who communicate with your custodian and walk you through all the paperwork themselves. If you want that specifically, Texas Precious Metals might not be the best company for you.
The company most commonly works with Kingdom Trust Company and GoldStar Trust Company. They have their own depository, which complies with all IRS regulations for IRA storage. It's pretty rare for a company to operate its own depository, so that's definitely a point in Texas Precious Metals's favor.
The Texas Depository is a subsidiary of Texas Precious Metals. It is one of the only fully accredited depositories in the state of Texas, making it ideal for people who want to store their precious metals in the region.
There are a variety of potential advantages to storing your items with the Texas Depository. In addition to the prime location, the depository also boasts these qualities:
All of those things will appeal to people who want their items to be kept as safe and protected as possible. The security, auditing, and insurance measures ensure that you can be recouped for the loss of your metals if anything unthinkable happens. And all of this is done with a reasonable, low fee structure.
Selling Precious Metals
Not only can you purchase a variety of gold and silver products from Texas Precious Metals, but you can also sell your own precious metals. The process is extremely straightforward, and many customers have said that they were quoted fair prices without any hassle.
You also don't need to visit the retail location. All you have to do is call during the company's business hours to tell them about the items you have. You'll be given a price quote over the phone. Once you agree, the price will be "locked in." This means that you'll get the same payout, even if the price of the metals drops.
You do need to send out the bullion within 24 hours of getting your price locked in. It's possible for you to insure and ship the product yourself, but you can also schedule to have UPS pick your package up at your door for extra convenience.
If you choose to have a UPS pickup, all you have to pay for is the label. If you're making a sale of at least $1,000, you can ask the company to arrange the shipping for you. They'll send you a label to print so your items can be shipped overnight. Your pickup will be the day after your price is locked in.
If you have a collection of coins or bullion that are listed on the Texas Precious Metals website, you can go to each of the individual product pages to find the published buyback price. This will allow you to compare other potential offers from other companies before you even make a phone call.
The company asks that you not include any precious metals references on the packaging. Every package should be double boxed so that it's safe if the outer box is damaged.
Is Texas Precious Metals a Scam?
Texas Precious Metals is not a scam. In fact, this company has largely excellent reviews across a number of different third party platforms. It holds a rating of 5 out of 5 stars based on more than 100 reviews on Gold Dealer Reviews, along with a 4.5 rating on Yelp with more than 20 reviews. It seems like both their brick-and-mortar locations and their online storefront function very well.
Pros & Cons of Texas Precious Metals
Texas Precious Metals is a company that has garnered an excellent customer reputation both online and offline. They have been accredited with the Better Business Bureau for more than a decade, and they've received well over a hundred 5 star reviews on websites like Gold Dealer Reviews.
The company has a large range of services available. For example, they have partnered with a few different custodians to provide IRA services. You can also purchase a variety of gold and silver for your personal portfolio. In addition, they have a sale program in which people can sell their precious metals.
One thing to be aware of, though, is that the company doesn't always have a full inventory stocked. When you browse the online listings, you'll often find that products are out of stock. They do have an option to browse by in stock items only if you want.
Their IRA services also might not be quite as streamlined as some of the competition. While it's good that they give you multiple custodians to choose from, you might want to work with a precious metals IRA company that can walk you easily through all of the paperwork.