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Texas Precious Metals is an extremely popular option for people buying precious metals online. They ship to every state in the US, and they also have IRA services. You can also sell your metals to the company and make use of their storage services.
So are they a legitimate operation? And if they are legitimate, then how do they compare to their competition?
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About Texas Precious Metals
Texas Precious Metals is among the largest bullion dealers in the US. They also don't only operate online. You can also go to their retail location in Texas. They have a Class 2 logistics and vaulting center that can be used to store items for clients, store items for the company, and help with retail shipping and packing.
Texas Precious Metals has been part of the industry since 2011, meaning that they have over a decade of experience. They have processed over 500 million dollars in client purchases. That includes over 42,000 orders comprising over 300,000 ounces of gold and 10,000,000 ounces of silver.
Texas Precious Metals has also been the top number one seller of precious metals products on Amazon in the US every year since 2015. They have been recognized for being one of the fastest-growing businesses in Texas and in the precious metals industry.
Texas Precious Metals partnered with the Perth Mint in Australia in 2014. This official sovereign mint created a coin that could only be commercially distributed by Texas Precious Metals. It is a legal Australian coin worth $0.50.
This coin is a way of showing the partnership between the Houston and Perth sister cities. It shows onshore and offshore oil rigs, illustrating how both Houston and Perth have historic sources of energy. This coin also uses both the Australian and Texas flags to further illustrate the partnership.
The partnership showed that Texas Precious Metals is a credible and quickly-growing competitor. In fact, Texas Precious Metals made up almost 8% of the Perth Mint's total sales of gold in 2014.
Texas Silver Round
Another product that is associated chiefly with Texas Precious Metals is the Texas Silver Round. This can't be found anywhere else in the world. In the first few years after being introduced, this round went through explosive growth, until it became one of the most frequently purchased precious metals in the entire country.
Between 2013 and 2017, Texas Precious Metals released 2.5 million of these rounds into the US. These rounds instill a sense of Texas pride and have made the company a household name among precious metals dealers.
The silver round wasn't only popular because of its Texas pride. It also has a special value proposition. The metal is even purer than an American Eagle, but it's also less expensive on a retail level. As such, it makes more sense as a silver investment for people who don't need to purchase official US Mint items.
The round also comes packaged with a steel box. This sturdy packaging is able to protect the item against anything. Meanwhile, most coins from the US Mint are packaged with plastic.
Texas Precious Metals also invented the "mini monster box," becoming the first company to offer this item. It is a half of a traditional monster box, meaning that it has 250 ounces of silver rather than 500. This gives investors a chance to get the discounts of buying in bulk, without necessarily needing to buy 500 ounces of silver at once.
As the company transitioned into offering these rounds and coins in bulk, there was a natural progression toward the Texas Mint. This was the part of the company that was creating silver rounds with different images.
In 2018, the Texas Mint was given its own division. This allowed for more expansion and distribution of the product line. Since the mint was now able to create more items, they could be shipped to national dealers.
The expanded product line uses the State Capitol building in Texas as inspiration. Every product is consistent with this theme somehow. Some of the items that have been introduced include:
Mainly, these products are a great choice for anyone interested in purchasing silver bars rather than rounds.
There are two main storage options: the Texas Depository or the international storage option.
The Texas Depository was the first fully accredited depository to be created in the state of Texas. It is an extremely popular option for people from the Southwest to store their precious metals. All of the vaults are fully insured through Lloyd's of London, and there is total segregation of your materials.
You don't have to pay any fees for setup, withdrawal, or deposit. All you have to pay is an ongoing annual storage fee. The shipping jurisdiction is tax free, making it ideal for those who want to avoid high taxes in their home states.
This depository is compliant with all IRS security regulations for storing an IRA. As such, you can use it to hold your IRA precious metals if you want.
Texas Precious Metals has partnered with a new storage facility called SWP, or Strategic Wealth Preservation. This facility is located in the Cayman Islands, far outside the reach of any government entity. It is privately operated and independently owned.
The Cayman Islands are a close option for investors in North America who want to store their items offshore. In addition, SWP meets the IRS regulations to store your IRA precious metals.
All of the vaults are segregated and fully insured. You will keep legal ownership of your metals. If you want to visit and see your actual assets, you can do so as long as you give 24 hours notice of your arrival.
If you decide that you want to get started with making a purchase from Texas Precious Metals, you can go through the order process online. Online orders are available at all times. Orders can also be placed over the phone during business hours.
You get the same price whether you order over the phone or online. There aren't any commissions, and the company representatives don't use high pressure sales tactics. The staff want to help you choose the right items for you and efficiently ship them to your storage area of choice.
There are also no minimum requirements for making a purchase.
Once you confirm your order, your email will be sent an invoice. This will show all of the items and their prices. The information for payment will be at the bottom.
Every order is final, and prices are locked upon your purchase. If you pay with a credit or debit card, the payment will go through automatically. If you pay using a different method, you are required to do so within a business day.
If you need an extension on your payment for any reason, just call and explain the situation. The company tends to be very understanding. Sometimes it takes time to roll over funds or to get a large payment authorized by your bank.
The company does not accept cashier's checks or bank checks. However, they do still accept personal checks and electronic checks. Both of these payment methods have a relatively long processing time, though. When the payment is received, you will be sent an email confirmation as a receipt.
Is Texas Precious Metals a Scam?
Texas Precious Metals is certainly not a scam. This is one of the most popular bullion dealers in the United States. They have been part of the precious metals industry for multiple years. When you look them up, you can find thousands of satisfied customer reviews through multiple third party websites.
Texas Precious Metals is clearly well managed. Despite only having a dozen employees, they manage hundreds of purchases for thousands of customers. They have facilitated the exchange of millions upon millions worth of precious metals.
The only potential drawback is for people who want to invest in an IRA. While Texas Precious Metals does offer IRA services, there are competitors who may have a slightly more streamlined process. Still, the Texas Precious Metals approach is very good.
There are no red flags that point toward mismanagement or other issues. Overall, this just seems to be a very well-run company staffed by knowledgeable experts.
Pros & Cons of Texas Precious Metals
Texas Precious Metals is one of the most popular choices for people buying precious metals. They serve people all over the US and have an excellent reputation. Agencies like the BBB give them great marks, while customers themselves have repeatedly praised the customer service and pricing.
All in all, there are very few drawbacks to investing with Texas Precious Metals. The main one is that there are a few competitors who have a slight edge over them in terms of the IRA process. But other than that, we have no reason not to recommend them for your future bullion purchases.
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