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Texas Precious Metals has a lot of things going for it and certainly ranks alongside the industry's leaders. Its own literature says that it is the largest PM dealer in the US based on the volume of metal sold.
However, there are dozens of competent players in the niche, so it's imperative for prospective investors to know the core facts about TPM. Review the following data, facts, and information before investing your hard-earned money in ANY precious metals dealer.
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About Texas Precious Metals
What are the basic facts any potential investor should know about TPM? First, the official name is Texas Precious Metals, and their website is located at www.texmetals.com. Based in Shiner, Texas, the firm is owned by Kaspar Texas Traditions. Interested investors can contact them through their site, by calling 361-594-3624 or by emailing a customer rep at tpm@texmetals.com.
Public information states that even though it's the largest PM (precious metal) dealer in the US, they only employ a dozen permanent workers. Founded in 2004, TPM did not go into full-scale operation until 2011, and soon after that, they hit a revenue mark in excess of $150 million. Unlike most of their competitors, they operate both online and in-person sales locations.
TPM has been listed by various publications as among the fastest-growing metals firms in the nation. The stated corporate goal is to deliver excellent customer service by offering simple product ordering, top-notch metals for sale, and low per-ounce premiums on what they sell. The official website is user-friendly and includes a vast amount of educational resources for first-time and experienced precious metals buyers and investors.
TPM is a preferred dealer for the Australian Perth Mint as well as the US Mint, which means they are trusted by two of the larger national government organizations. That connection lends a high degree of credibility to Texas Precious Metals.
Buyback Policy & Credit Card Payment
You can view TPM buyback prices on their site, but it's best to call them and describe the items you have for sale. They'll quote you a locked-in price and explain how to ship the items to them. As for credit card purchases, the limit is $10,000. If customers want to buy metals in excess of that amount, they must wire the money to TPM.
The company does not accept cashier's checks, so the best way to make a large purchase is to do a direct wire from your bank to TPM. Always speak with a customer service rep on the phone before wiring money, particularly if the amount is large and you have specific needs with respect to shipping or setting up a precious metals IRA.
The Products They Offer
TPM offers a few platinum rounds, but the vast bulk of their menu is gold and silver. The selection includes various types of coins as well as bars in both silver versions and gold. Their inventory is truly huge, which means there's rarely an "Out of stock" listing on their menu page. Some of the items are appropriate for self-directed IRAs, but not all of them are. What is okay for IRAs? The following is a short list:
Gold
Silver
Platinum
Shipping
One of TPM's central selling points is its free shipping policy. But, they even go a step above and beyond by offering USP next-day air on any orders above $1,000. Another point if the company's favor regarding shipping policies is that they only offer what is in their current inventory. They never outsource orders.
If TPM temporarily runs out of an item, they list it as "Out of stock" until it is replenished, which is usually within a few business days. For these reasons, any orders from their available inventory are shipped within 3 business days, and every buyer gets a live tracking number via an email message.
Note that shipment does not occur until payment is received, but with credit cards, it only takes a matter of a minute or so for the payment to clear. Every item that leaves the TPM location is insured against theft and other loss-inducing events.
Because TPM stores all its inventory at its main Texas location where the vaults are located, there's never a need for them to relocate metals from one place to another prior to shipping. This streamlined, one-location business model has served the company well throughout its history.
Why Precious Metals?
In the 2020s, precious metals sales are rapidly increasing as the economy worsens, inflation continues to reach record levels, and the employment situation is in bad shape. Investors, most of whom are working people with full-time jobs, want to know that they have a hedge against a worsening economy. Gold and other precious metals hold value for long periods of time quite well.
For centuries, consumers have sought gold as a safe haven investment to protect themselves against rising prices and declining values of paper-backed assets. Likewise, the gold IRA segment of the market is enjoying fast growth. Retirees, or people who are nearing retirement age, seek solidity and protection against decaying asset value.
While not everyone seeks to hold a 100% gold portfolio in their IRAs, many find it smart to maintain a portion of their total holdings in gold, silver, platinum, or palladium. In a volatile financial environment, like the early years of the 2020s, self-directed IRAs make sense for a number of reasons.
Storage
There is an international storage option for those who prefer one. It is located in Switzerland. However, the majority of buyers want US-based vaulting, and that is where TPM sets itself apart from others. They maintain an approved on-site vault, which means buyers don't have to pay additional fees to move metals to the secure location.
The TPM vault is suitable for short-term or long-term use by account holders who want standard security or need IRS-approved storage for self-directed IRAs. The TPM vault is rated as class 3 and class 2 and is completely underground. All metals in the vault are insured via a LL (Lloyd's of London) policy.
The vault is priced on the low end of the scale, which allows clients to enjoy zero withdrawal fees, very low per-month charges, no initial setup costs, and free insurance. Customer metals are also protected, via insurance, against things like theft, flooding, destructive fires, explosions, and many other natural and non-natural disasters. The security team is in-house, not hired out.
Plus, all customer metals are kept in segregated, sealed, private compartments at all times. Unlike many PM dealers, the TPM method of storage allows for NO mixing, comingling, or common-party storage of any kind, ever.
Opening an Account
Opening a standard metals account is simple. You can shop online and pay via a CC for orders up to $10k, as noted above. Or call them and do everything over the phone, which is actually the easiest and fastest technique. As soon as funds are verified, you'll be able to choose from the products offered, won't be on the hook for any shipping charge, and can get the metals stored at TPM's location or request that they be sent directly to your address.
Ratings & Reviews
Always check as many reviews as possible before sending funds to a company. Even if they're large and have been around for years, that's no guarantee they have decent customer service or are legit. However, TPM does very well in the review department.
On Yelp, they have a solid 5 out of 5 stars and an A+ rating on BBB (Better Business Bureau). The few complaints were minor and apparently resolved. On TrustPilot, they get a 3.7 rating. On social media and forum sites, some of which include non-verified comments, TPM receives universally excellent ratings, particularly for its no-shipping fees policy and low premiums on metals.
Pros & Cons of Texas Precious Metals
For a quick look at the strengths, weaknesses, and primary things to know about TPM, review the following brief list.
Pros
Cons
Self-Directed IRAs, aka "Gold IRAs"
Opening a small or large SDIRA ("Gold IRA) with TPM is a simple and streamlined process. Here are details about the steps:
General Opinion of TPM
Texas Precious Metals is a top dealer for customers who want to acquire gold and silver within or outside of self-directed IRAs. There are no minimum or maximum order sizes, and all their fees and charges are reasonable or on the low end of the spectrum.
While the company does not have a massive social media or internet presence like so many of its competitors, they do a solid job of offering a decent range of metal products at modest markups.
A couple of unique factors are that they have on-site storage and no shipping fees. Yet TPM is flexible enough to offer international storage to their customers.
It's hard to tell from their website how much of their business is IRA-focused and how much is direct-to-the-public metal sales. Either way, they've been around for almost two full decades as a licensed precious metals dealer.
Their official industry ratings are excellent and their customer service phone line is immediately responsive. Our team rates TPM as a much better-than-average company in the PM space.
Texas Precious Metals is a solid company and certainly not a scam. Nevertheless, we do not recommend them as one of our top companies, because we think there are better!
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