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Texas Precious Metals is a Texas-based company that sells precious metals. They have been in the industry for over 15 years, and they've garnered a positive customer reputation both online and offline. But are they really everything they seem? Should you invest your money with them?
We've researched the company to see what they have to offer, as well as whether you can trust those glowing customer reviews. Overall, this is a solid precious metals firm with an excellent focus on customer service. But some of their practices leave something to be desired.
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About Texas Precious Metals
Texas Precious Metals has been in business for 16 years and has been accredited with the Better Business Bureau for a decade. Though the company only has a dozen employees, it generates over 150 million dollars annually through its precious metals transactions.
Customer feedback about the firm has been largely positive. Though there aren't any reviews written on the BBB website, you can find trusted reviews through other third parties. There are several hundred people who all attest that they had a good experience working with Texas Precious Metals.
One thing that makes Texas Precious Metals reputable is the company's membership with different official organizations. They are part of the Industry Council for Tangible Assets, the American Numismatic Association, and the Certified Coin Exchange. Only reputable and knowledgeable companies are admitted into these organizations.
The company employs experts who are knowledgeable about collectibles, precious metals, and fluctuations in the market. They can educate potential investors about the risks and benefits of making an investment.
On top of all of these credentials, there is a physical headquarters for the company. There is also clearly published information about who is in charge and who works there. With illegitimate companies, it's difficult to find information about the employees or the location.
The website for Texas Precious Metals is well-designed. You can easily find what you're looking for without being distracted by clutter. The site is where you can find the current market offerings, company services, real time prices, and a wealth of educational resources.
Available Products
Texas Precious Metals exclusively deals in precious metals. The majority of their inventory is made up of gold and silver items. With that said, there are sometimes palladium and platinum products available. These are limited in quantity, so there's no guarantee you'll find any when you go to the online market.
In addition to selling basic gold and silver, Texas Precious Metals has featured products. Some of these include proof gift sets, rare collectible coins, or gold bars with special stamps. Most of the special products will not be eligible for use in an IRA.
Texas Precious Metals doesn't specialize exclusively in IRAs, but they do have some IRA services. Their goal is to help people fund a precious metals IRA using their existing retirement funds. They'll walk you through the paperwork process and put you in touch with a custodian.
Some precious metals IRA companies handle communication with the custodian for you. Since Texas Precious Metals doesn't, the process can be a little more arduous than it needs to be.
Once you've connected with your custodian, created your account, and transferred the funds into it, you can place an order with the company. The price will be locked in as soon as you finalize the purchase. Then the funds will be wired, and the company will ship the metals.
Storage
There are several storage options available, whether you work with an IRA or with a personal investment. Precious metals IRAs must be stored in an approved facility, while personal investments can be stored anywhere you want.
Texas Precious Metals offers two different storage options. One of the depositories belongs to the company itself. It is located in Texas, making it a great option for people who want their metals stored in the southwest region of the United States.
Another depository is located in the Cayman Islands. This tax shelter is ideal for people who want to store their metals somewhere that requires little reporting to government institutions.
Many other companies have multiple depository options both inside and outside the US. The fact that there's only one local depository is a potential drawback when you're considering your options.
Buying Back
One hesitation that people have when investing in precious metals is the thought of liquidation. In order to get the market price for your metals, you need to have a buyer. Finding a buyer who's willing to pay market price can be difficult, especially if you need to liquidate the assets quickly.
Texas Precious Metals offers a buyback guarantee to take care of this issue. All you have to do is give them a call during their business hours. The representative on the phone will give you a price quote. Once you agree, that price is locked in.
To lock your price, you'll have to give the representative your credit card information.
After agreeing upon the price, you must have the metals shipped within 24 hours. You can either have the company pick the package up at your door, or you can ship and insure it yourself. The company will pay for the shipping of any order greater than 1,000 dollars.
Third Party Reviews
The company has good reviews from third parties. As mentioned, they maintain an A+ rating with the BBB and have been accredited for over a decade. There has only been one complaint filed within three years, which was resolved.
The website Gold Dealer Reviews shows positive customer feedback. Consumers have mentioned that the company is very easy to use, makes setup easy, and has friendly customer service.
You can find the most reviews on Reseller Ratings, where more than 3,000 people have shared their experience. These reviews are largely positive as well, with the company having an average of more than 4.5 stars.
Complaints
Complaints about Texas Precious Metals are few and far between. In all cases, when a customer has had an issue, the company has responded to explain the situation and try to resolve the problem.
One complaint was from a customer who said that they received the wrong price quote. The company responded to say that they were unable to help over the phone because they needed to make sure there wasn't any credit card fraud going on.
Another customer complained that their delivery was delayed for no reason, and that the company hadn't communicated. The company responded to say that there was no justification for the review, as they had made every effort to reach out. The delay had occurred because the item that was ordered was out of stock.
Is Texas Precious Metals a Scam?
Texas Precious Metals is not a scam. The company has been accredited with the BBB since 2011 and has more than 15 years of experience. They also maintain an A+ rating with the BBB, with very few complaints.
There are overwhelmingly positive customer reviews across third party platforms. When customers have had complaints, the company has done its best to resolve the issues. There are also no complaints that occur regularly enough to indicate a managerial or customer service issue.
Now, whether this is the best company to invest with is a different story. Texas Precious Metals might be good for some customers' needs, but not everyone's. For example, if you're making a small purchase for personal reasons, it's hard to beat the pricing. But if you want to open a gold IRA, the company's process might be a hassle.
It's best to research the companies out there before deciding on the one that's best for you. But you can be sure that Texas Precious Metals is legitimate and well-established in the industry.
Pros & Cons of Texas Precious Metals
Pros
Cons
Final Thoughts
Texas Precious Metals is a well-established player in the precious metals industry. They have an extremely good rating with the Better Business Bureau, and they have not received many complaints. Customers on other third party sites indicate that they're pleased by the company's products and services.
This company offers competitive pricing for those who want to make small precious metals purchases. They also have some IRA services. However, their IRA options aren't as streamlined as competitors in the industry, and they might not be able to compete with the competition's pricing.
All in all, this is a legitimate company that is managed well. But if you're interested in opening a precious metals IRA, you want the best of the best. It's better to seek a more specialized company in this case.
Overall, we believe that there is a better option when it comes to your investment.
The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit Texas Precious Metals below!
