Texas Precious Metals Review: Legit or Scam? {2024 Upd}

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Last Updated: December 6, 2023

In the world of precious metals investing, Texas Precious Metals (TPM) has emerged as a prominent player.

With the increasing interest in tangible assets as a hedge against economic uncertainties, many investors are turning to companies like TPM for guidance and reliable service.

This article delves deep into what Texas Precious Metals offers, its reputation in the market, and whether it’s the right choice for your investment needs.

Texas Precious Metals Key Highlights

  • Reputable Source: TPM is known for its transparency, integrity, and commitment to customer service.
  • Diverse Product Range: From gold and silver to platinum, TPM offers a wide array of precious metals for investment.
  • Competitive Pricing: With transparent fees and competitive rates, TPM stands out in the market.

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What is Texas Precious Metals?

Texas Precious Metals is a subsidiary of Kaspar Companies, a fifth-generation family business with a rich history spanning over 124 years. Established in South Texas in 1898, Kaspar Companies has been a continuous presence in the region, making it a significant entity in the local economy. Here are some key points about Texas Precious Metals:

  • Historical Roots: TPM is backed by the legacy of Kaspar Companies, which has been in operation since the late 19th century. This long-standing history speaks volumes about the company’s resilience, adaptability, and commitment to its operations.
  • Significant Operations: Since its establishment in 2011 and up to 2022, TPM has processed client transactions worth more than $1.2 billion. This impressive figure includes over 100,000 orders shipped across all 50 states of the U.S. In terms of precious metals, this translates to over half a million ounces of gold and a staggering 17 million ounces of silver.
  • Recognitions: TPM’s growth and excellence have not gone unnoticed. In 2014, Texas A&M University recognized it as the No. 1 “fastest growing Aggie-owned or Aggie-led business in the world.” A year later, in 2015, Inc. Magazine named TPM the No. 200 Fastest Growing Private Company in America.
  • Texas Depository: In 2018, TPM expanded its services by launching the Texas Depository. This private storage facility caters to a wide range of clients, including individuals, IRA custodians, and large commercial institutions.
  • Signature Product – Texas Silver Round: TPM is closely associated with the Texas Silver Round. As of 2023, there are over 3 million Texas Silver Rounds in circulation. These rounds, along with other products like the 1 oz, 10 oz, and 100 oz silver bars, have made TPM’s Texas Mint brand a recognized name in the precious metals industry. The Texas Silver Round is known for its purity, affordability, and unique packaging.
  • Innovations: TPM introduced the “mini-monster box,” a cost-effective alternative to the traditional mint-issued monster box. This innovation, along with the changing designs on the reverse of the silver round, showcases TPM’s commitment to offering unique products to its customers.
  • Mission: At its core, Texas Precious Metals aims to provide unparalleled value to its customers. This is achieved through exceptional customer service, competitive pricing, superior product quality, and a hassle-free ordering process. Their motto, “Pure and simple ®,” encapsulates their straightforward and transparent approach to business.

Texas Precious Metals is not just a precious metals dealer; it’s an institution with deep roots, a commitment to excellence, and a focus on customer satisfaction.

Does Texas Precious Metals Have a Gold IRA?

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Yes, Texas Precious Metals offers the option for investors to invest in precious metals through a self-directed Individual Retirement Account (IRA).

Here’s a comprehensive breakdown of the process and what it entails:

  • Ease of Investment: Investing in precious metals with a self-directed IRA through TPM is straightforward. The company provides all the necessary resources and assistance to make the retirement planning process hassle-free for its customers.
  • Rollover Process:
    1. Selecting a Custodian: To create or rollover an IRA into precious metals, the first step is to choose a custodian. TPM can connect investors with well-established custodians, or investors can opt for a custodian of their choice.
    2. Funding and Purchasing: After selecting a custodian, investors need to fund their account. Once funded, they can lock in pricing terms with TPM. The custodian will then issue a bank wire payment to TPM, who will subsequently ship the precious metals to the chosen depository.
  • Understanding Custodians: An IRA is essentially a trust or custodial account set up in the U.S. for the benefit of the account holder or their beneficiaries. All IRAs must be held by a custodial entity, which is a designated financial institution responsible for administering the client’s securities. This includes account administration, financial transactions, tax support, and other related trust management services. The fees charged by custodians can vary based on the services required by the client.
  • Depository Details: A depository is a high-security private storage facility where the precious metals are stored. While custodians can technically own or manage a depository, it’s rare. In most cases, a third-party depository is used. TPM’s Texas Precious Metals Depository is an approved storage facility with several trust companies, including GoldStar Trust Company, Preferred Trust Company, and Kingdom Trust.
  • Purchasing Process: After choosing a custodian and funding the account, purchasing precious metals is similar to a regular transaction. Orders can be placed online or by phone. Since the funds are within the IRA, TPM contacts the custodian for payment. Once payment is received, the metals are shipped directly to the depository.
  • Self-Directed IRA Clarification: While the term “self-directed” might suggest that investors can take physical possession of their bullion, this is not the case. The Internal Revenue Code mandates that a custodian safeguard the IRA-held precious metals. A “self-directed” IRA simply allows the individual to direct the investment decisions.
  • Liquidation Process: If investors wish to liquidate their holdings, they can contact TPM’s trading desk to lock in a “sell” order. TPM will then provide instructions to the custodian, who arranges the shipment of the metals from the depository to TPM. Settlement is remitted via bank wire to the custodian within 24 business hours of receiving the metals.
  • IRA Custodians: TPM works regularly with several reputable custodians and provides references for investors. Rollover options with these custodians include Traditional IRA, Roth IRA, SIMPLE, SEP, individual, HSA, and Coverdell.

In summary, Texas Precious Metals facilitates the process for investors to invest in precious metals through a self-directed IRA, ensuring a seamless and transparent experience from start to finish.

Texas Precious Metals Products

texas precious metals products

Gold, a symbol of wealth and prosperity for millennia, continues to be a sought-after investment and collectible commodity. Texas Precious Metals offers a diverse range of gold products, from coins to bars, catering to both investors and collectors. Here’s a detailed look at their offerings:

Gold Coins

  1. 1/10 oz American Gold Eagle Coin (Any Year)
    • Price: ACH/Wire: $298.94 (1-49 units), $296.94 (50-99 units), $294.94 (100-499 units), $292.94 (500+ units)
    • Credit Card: $310.90 (1-49 units), $308.82 (50-99 units), $306.74 (100-499 units), $304.66 (500+ units)
    • Description: The American Gold Eagle Coin is an official gold bullion coin of the United States. It was authorized under the Gold Bullion Coin Act of 1985 and first released by the United States Mint in 1986. The Gold Eagle is offered in various denominations, including 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz.
  2. British Sovereigns – Random Year (0.2354 ozs)
    • Description: The British Gold Sovereign is the official gold coin of the United Kingdom. First minted in 1817 by the Royal Mint in London, it is one of the most famous bullion coins globally. Historically, the South African, Australian, and Canadian mints have produced these coins.
  3. South African Gold Krugerrand (Any Year)
    • Price: ACH/Wire: $2,059.41 (1-9 units), $2,054.41 (10-49 units), $2,049.41 (50+ units)
    • Description: The South African Gold Krugerrand Coin was first released by the South African Mint in 1967. It was designed to promote South African gold to international markets and enable private gold ownership for individuals.
  4. 2023 Texas Gold Round
    • Description: The exquisite 2023 Texas Gold Round pays homage to the iconic symbols of Texas and one of the state’s most revered landmarks — the Texas State Capitol.

Gold Bars

  1. 1 oz Asahi Gold Bar (In Assay)
    • Price: ACH/Wire: $2,079.66 (1-9 units), $2,074.66 (10-24 units), $2,069.66 (25+ units)
    • Description: 1-Ounce Asahi Gold Bars are popular and affordable options for investing in gold bullion products. Compared to coins, gold bars generally offer a lower acquisition cost.
  2. 1 oz Royal Canadian Mint Gold Bar
    • Price: ACH/Wire: $2,087.66 (1-9 units), $2,082.66 (10-24 units), $2,077.66 (25+ units)
    • Description: Each 1 oz. Royal Canadian Mint Gold Bar, made of .9999 fine gold, is engraved with a unique serial number, its weight in troy ounces, and a purity hallmark. It is sealed in tamper-evident assay packaging, with weight and purity guaranteed by the Royal Canadian Mint.
  3. 10 oz Gold Bar (Mint of Our Choice)
    • Price: ACH/Wire: $20,331.59 (1-2 units), $20,301.59 (3+ units)
    • Description: Ten-ounce gold bars are popular and affordable options for investing in gold bullion products. They offer a lower acquisition cost compared to coins.
  4. 10 oz Perth Mint Gold Bars
    • Price: ACH/Wire: $20,636.59 (1-2 units), $20,586.59 (3+ units)
    • Description: Recognized for their remarkable quality, the Perth Mint is the oldest currently operating mint facility in Australia. The 10-ounce Perth Mint Gold Bars are IRA approved with a gold purity of .9999 and are guaranteed by the Commonwealth Government of Australia.
  5. 1 Kilo Gold Bar (32.15 ozs – Mint of Our Choice)
    • Price: ACH/Wire: $64,804.83 (1-2 units), $64,740.53 (3+ units)
    • Description: 1 Kilo gold bars are a popular and affordable option for investing in gold bullion products. They offer a way to acquire large quantities of gold at lower premiums.

In conclusion, Texas Precious Metals provides a comprehensive range of gold products, ensuring quality, authenticity, and a seamless buying experience for their customers.

Silver Coins

Silver has been treasured for thousands of years for various reasons, including its scarcity, aesthetic appeal, and antimicrobial properties. In recent history, it has been valued for its superior catalytic substance and its ability to conduct thermal and electric energy. This makes silver a sought-after material in the electronics manufacturing, industrial, and healthcare industries.

Why Buy Silver?

  • Silver is often described more as an insurance policy than a dividend-producing investment. It serves as a store of wealth but doesn’t necessarily produce wealth.
  • Precious metals might be better classified as an alternate currency. If silver’s price rises, it doesn’t mean the owner is wealthier. Its value is measured in relation to other assets.
  • Silver’s demand continues to rise, making it an attractive option for investors. Precious metal purchases are IRA eligible and exempt from sales tax in some states, like Texas.

Factors to Consider When Deciding Between Silver and Gold:

  1. Risk tolerance
  2. Economic crisis hedge
  3. Supply-demand ratio
  4. Size and weight properties

Brief History of Silver:

  • Silver’s symbol on the periodic table is Ag, derived from the Latin word “argentum.”
  • Silver mining is believed to have originated around 3,000 BCE in Asia Minor.
  • The Spanish eight reales, or “piece of eight,” was the most common silver coin between the late-16th and late-19th centuries and circulated as international currency.

Where Silver Comes From: Mining

  • Much of the world’s silver is acquired as a by-product of extracting lead from galena mines.
  • Because silver in its natural state is combined with other minerals, nearly half of the silver mined today is obtained when processing other kinds of ore.

Difference Between Sovereign and Private Mints:

  • Both types of mints produce silver products with the same weight, form factor, and purity. However, products from sovereign mints might have varying premiums due to government bureaucracy and taxation.

World’s Best Mints:

  • Texas Precious Metals offers silver products from several of the world’s most reputable mints, including the United States Mint, the Australian Perth Mint, the Austrian Mint, and the Royal Canadian Mint. The Texas Mint has also become popular due to its purity and price.

Options for Buying Silver Bullion:

  1. Jewelry
  2. Bullion (coins, rounds, bars)
  3. Official Coins
  4. Rounds (Medallions)
  5. Junk Silver

Difference Between a “Round” and a “Coin”:

  • A round is a privately minted, non-legal tender medallion, while a coin is minted by a sovereign mint and has legal-tender face value.

Collectible Coins vs. Bullion Coins:

  • Collectible coins are valued for their rarity, artistry, or desirability, while bullion coins are valued for their metal content.

Texas Precious Metals Silver Rounds:

  • The “Texas Silver Round” is one of the most popular products associated with Texas Precious Metals. It offers a unique value proposition, being purer than a US Mint Silver Eagle and less expensive.

Safety of Buying Silver Online:

  • Texas Precious Metals ensures the purity and authenticity of all products. They test every product using various methods, including water density testing and X-ray fluorescence.

How to Buy Silver from Texas Precious Metals:

  • Orders can be placed online or by phone. Payments can be made through various methods, including credit card, bank wire, check, cash, or bank draft.

Silver coins offer a unique investment opportunity, with their value being influenced by various factors, including historical significance, purity, and global demand. Texas Precious Metals provides a range of silver products, ensuring quality and authenticity for their customers.

Silver Bars

Silver bars have been a popular choice for investors and collectors for centuries. Their appeal lies not just in their intrinsic value as a precious metal but also in their versatility, availability in various sizes, and the ease with which they can be stored and traded.

Why Buy Silver Bars?

  • Silver has been cherished for millennia for its ornamental purposes, scarcity, reflectivity, and aesthetic appeal. These qualities make it a favorite for jewelry, sculptures, and fine art objects.
  • The metal’s antimicrobial properties and resistance to corrosion have made it valuable in the pharmaceutical and healthcare sectors.
  • In modern times, silver’s role as a superior catalytic substance and conductor of thermal and electric energy has made it indispensable in electronics manufacturing, industrial applications, and healthcare products.
  • Silver serves more as an insurance policy than an investment. It’s a “dead” asset, meaning it stores wealth but doesn’t produce it. This makes precious metals like silver more akin to alternate currencies.
  • The decision to invest in silver or gold depends on one’s purpose and risk tolerance. While gold is popular among those seeking a portfolio or currency hedge, silver offers potentially higher returns for those with a speculative appetite.
  • Silver is also seen as a solution for trading or bartering in smaller quantities, especially in scenarios of systemic risk or major economic disruptions.

Origin of Silver:

  • Silver, represented by the symbol Ag on the periodic table, has been mined since around 3,000 BCE, with origins in Asia Minor.
  • The Americas, particularly Bolivia, Peru, and Mexico, became significant sources of silver following the arrival of European settlers in the 15th century.
  • Today, a significant portion of the world’s silver is obtained as a by-product of lead extraction from galena mines.

Options for Buying Silver Bullion:

  1. Bullion: Bars that are at least 99.9% pure silver.
  2. Official Coins: Government-minted silver coins.
  3. Medallions (Rounds): Non-legal tender silver pieces, which can be issued by governments or private mints, like the Texas Silver Round.

Silver Bar Sizes:

  • For those seeking the most silver for their money, 100-ounce and 10-ounce bars are popular choices. Texas Precious Metals offers bars from various mints, ensuring purity and authenticity.
  • The 1-ounce silver bar, like the 99.99% pure Texas Mint Silver Bar, is the most popular size, showcasing intricate details related to Texas’ history and culture.
  • Larger 1,000-ounce bars are available for institutional investors, though they might be less appealing for retail investors due to their size.

Safety of Buying Silver Bars Online:

  • Texas Precious Metals guarantees the authenticity and purity of every product. They test every item using methods like water density testing and X-ray fluorescence.
  • The company has a longstanding reputation, with affiliations to renowned mints worldwide and a history of processing billions in client transactions.
  • Every silver bar is engraved with its weight, purity, and a unique serial number, ensuring its authenticity.

How to Buy Silver Bars from Texas Precious Metals:

  • Orders can be placed online or by phone.
  • Payments can be made through various methods, including credit card, bank wire, check, cash, or ACH pull.
  • All orders are shipped free of charge, fully insured, with no minimum purchase requirement.

Silver bars offer a tangible and reliable form of wealth preservation, especially in uncertain economic times. Texas Precious Metals provides a range of silver products, ensuring quality, authenticity, and a seamless buying experience for their customers.

Platinum

Platinum, with its silvery-white hue and impressive density, is one of the rarest elements in the Earth’s crust. It’s renowned for its resistance to wear, tarnish, and corrosion, making it a sought-after metal for various applications, including jewelry and industrial uses. Texas Precious Metals offers a selection of platinum products for those interested in diversifying their investment portfolios or simply appreciating the beauty and rarity of this precious metal.

  1. Australian Platinum Platypus (Perth Mint) (Any Year)
    • Price: ACH/Wire: $1,006.86 (1-9 units), $1,001.86 (10+ units)
    • Credit Card: $1,047.13 (1-9 units), $1,041.93 (10+ units)
    • Description: The Australian Platinum Platypus is a stunning 99.95% pure platinum bullion coin minted by the Perth Mint, the government mint of Australia. Each coin is carefully packaged in its own plastic holder, ensuring its pristine condition.
  2. Isle of Man Platinum Noble
    • Description: The Manx Noble is a unique platinum bullion coin that was minted by the Pobjoy Mint from 1983 to 1989. Its design and limited mintage period make it a collector’s item.
  3. 1 oz Valcambi Platinum Bar
    • Description: The 1-Ounce Valcambi Suisse Platinum Bar is a popular choice for those looking to invest in platinum bullion products. Compared to coins, platinum bars like this one offer a more affordable acquisition cost. These bars are a common solution for those aiming to acquire platinum without breaking the bank.
  4. Canadian Maple Leaf Platinum Coin (Any Year)
    • Price: ACH/Wire: $1,036.86 (1-9 units), $1,031.86 (10-19 units), $1,026.86 (20+ units)
    • Credit Card: $1,078.33 (1-9 units), $1,073.13 (10-19 units), $1,067.93 (20+ units)
    • Description: The Canadian Platinum Maple Leaf bullion coin was introduced by the Royal Canadian Mint in 1988, following the success of its gold counterpart, the Gold Maple Leaf. This coin is a testament to the craftsmanship and quality assurance of the Royal Canadian Mint.
  5. American Platinum Eagle Coin (Any Year)
    • Description: The American Platinum Eagle Coin marks the U.S. Mint’s foray into platinum coinage since 2008. The obverse design showcases former U.S. Mint Sculptor-Engraver John Mercanti’s “Portrait of Liberty,” while the reverse design, crafted by Mint Sculptor-Engraver Thomas D., adds to the coin’s allure.

Texas Precious Metals offers a diverse range of platinum products, catering to both investors and collectors. Each product is meticulously crafted, ensuring authenticity, purity, and aesthetic appeal.

Texas Precious Metals Fees

TPM prides itself on transparent pricing. While fees can vary based on the product and quantity, TPM ensures that all charges are upfront, with no hidden costs. This transparency is one of the reasons for its growing popularity among investors.

Texas Precious Metals Ratings and Reviews

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Texas Precious Metals (TPM) is a well-known precious metals dealer with a significant online presence. The company has garnered numerous reviews and ratings across various platforms. Here’s a summary of what some of the reviews and ratings say about TPM:

  1. Yelp:
    • Link
    • Review Highlight: “Great service. Entire process was clearly explained, easy to follow and went exactly according to plan. Will order from them again.”
  2. Better Business Bureau (BBB):
    • Link
    • Rating: A+
    • Review Highlight: A customer mentioned a rating of 3.5 stars out of 5, with the comment, “been well over a week and no product.” However, they immediately received an email in response.
  3. ResellerRatings:
    • Link
    • Rating: 4.85 stars (out of 5) from 3430 reviews.
    • Review Highlight: Customers have given overwhelmingly positive feedback, praising the company’s service, product quality, and overall experience.
  4. Trustpilot:
    • Link
    • Review Highlight: 1 person has already reviewed Texas Precious Metals and shared their positive experience.

Texas Precious Metals has received predominantly positive reviews across various platforms, highlighting its commitment to customer service, product quality, and overall reliability.

The company’s reputation in the precious metals industry is commendable, making it a trusted choice for many investors and collectors.

Texas Precious Metals Pros and Cons

Pros:

  1. Reputation: Texas Precious Metals has established a strong reputation in the industry, with numerous positive reviews and an A+ rating from the Better Business Bureau.
  2. Diverse Product Range: TPM offers a wide range of products, including gold, silver, and platinum coins and bars, catering to both investors and collectors.
  3. Transparency: The company provides clear pricing on its website, allowing customers to make informed decisions without hidden fees.
  4. Secure and Free Shipping: TPM offers free shipping on all orders, ensuring that products are delivered securely and promptly.
  5. Educational Resources: The company’s website features a variety of educational articles and resources, helping customers understand the precious metals market better.
  6. IRA Options: Texas Precious Metals provides options for gold IRA investments, allowing individuals to diversify their retirement portfolios.
  7. Quality Assurance: TPM guarantees the authenticity and purity of every product, with rigorous testing methods like water density testing and X-ray fluorescence.
  8. Customer Service: Many reviews highlight the company’s responsive and helpful customer service, ensuring a smooth buying experience.

Cons:

  1. Limited Physical Presence: While TPM has a strong online presence, they have limited physical storefronts, which might be a concern for those who prefer in-person transactions.
  2. Product Availability: Like many precious metals dealers, TPM might occasionally face stock shortages, especially during periods of high demand.
  3. Price Fluctuations: The prices of precious metals can be volatile, and while TPM offers competitive rates, prices can change rapidly based on market conditions.
  4. Minimum Purchase Requirements: Some products or deals might have minimum purchase requirements, which could be a barrier for some investors.
  5. Return Policy: As with many precious metals dealers, once a purchase is confirmed, it might be challenging to cancel or return due to the volatile nature of metal prices.

While Texas Precious Metals offers numerous advantages, including a strong reputation, diverse product range, and excellent customer service, potential customers should be aware of certain limitations.

As always, it’s essential to conduct thorough research and consider personal investment goals before making a decision.

Is Texas Precious Metals Right for You? Tips to Help You Decide

Deciding on the right precious metals dealer can be a daunting task, especially with the plethora of options available in the market.

Texas Precious Metals is a reputable name in the industry, but is it the right choice for you?

Here are some tips to help you make an informed decision:

  1. Define Your Investment Goals:
    • Are you looking for short-term investments or long-term wealth preservation?
    • Do you want to diversify your portfolio with precious metals?
    • Are you interested in specific products, such as gold coins, silver bars, or platinum items?
  2. Research and Reviews:
    • Look for customer reviews on platforms like Trustpilot, Better Business Bureau, and other precious metal forums.
    • Pay attention to feedback regarding product quality, shipping, customer service, and overall experience.
  3. Product Range:
    • Check if TPM offers the specific products you’re interested in.
    • Consider the diversity of their product range. Do they offer both coins and bars? Are there options in gold, silver, and platinum?
  4. Pricing and Fees:
    • Compare TPM’s pricing with other dealers. Are their prices competitive?
    • Look for any hidden fees, such as shipping charges or service fees.
  5. Educational Resources:
    • Does TPM provide resources to educate its customers about precious metals investing?
    • A dealer that offers educational content can be beneficial, especially for beginners.
  6. Customer Service:
    • Consider the responsiveness and helpfulness of TPM’s customer service team.
    • Do they offer multiple channels of communication, such as phone, email, or live chat?
  7. Security and Authenticity:
    • Ensure that TPM guarantees the authenticity of its products.
    • Look for details about their testing methods and quality assurance processes.
  8. Shipping and Delivery:
    • Check TPM’s shipping policies. Do they offer free shipping? Is there insurance on shipments?
    • Consider the delivery timeframes and whether they align with your expectations.
  9. Return and Buyback Policies:
    • Understand TPM’s policies regarding returns, exchanges, and buybacks.
    • Some dealers might offer a buyback program, which can be beneficial if you decide to liquidate your investments.
  10. Physical Location:
  • If you prefer in-person transactions, check if TPM has a physical location near you.
  • Some investors find comfort in visiting a brick-and-mortar store and discussing their options face-to-face.
  1. IRA Options:

While Texas Precious Metals has many strengths, it’s crucial to align your investment goals with what the dealer offers. Take the time to research, compare, and consider your personal preferences before making a decision.

Remember, investing in precious metals is a significant decision, and it’s essential to choose a dealer that aligns with your objectives and offers a seamless and transparent experience.

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Summary

Texas Precious Metals stands out in the precious metals industry for its commitment to transparency, education, and customer service.

Whether you’re a novice or a seasoned investor, TPM offers a range of products and services to meet your needs.

Learn more and see their full line of products at the Texas Precious Metals website.

FAQs

  1. How does TPM ensure the authenticity of its products?
    • TPM sources its products from renowned mints and conducts rigorous quality checks.
  2. Can I visit a TPM physical location?
    • Yes, while TPM primarily operates online, they have a physical location in Texas for those wishing to visit.
  3. How does TPM handle shipping and storage?
    • TPM offers secure shipping options and also provides storage solutions for investors.