Disclaimer: Some or all of the companies listed here may provide us compensation. This is a part of how we maintain our free service for consumers. Compensation, along with hundreds of hours of in-depth research determines the results of our reviews.
There are tons of options available online when you want to purchase precious metals. But which have the best services? Which have the most transparent policies? And which have the best prices?
Perhaps even more importantly, how do you tell whether or not a gold dealership is a scam?
Texas Precious Metals is one of the most popular gold dealerships in the US. They have several thousand online reviews from past customers all over North America. Their services range from assistance with gold IRAs to personal investment options.
Is Texas Precious Metals legitimate? And if so, how does the company stand up to the competition? We've taken a look at everything they have to offer and then some.
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About Texas Precious Metals
Texas Precious Metals has been operating out of Shiner, Texas since 2011. The company employs just 12 people, and yet it manages to have more than 150 million dollars in revenue each year.
In addition to having a solid reputation with customers, the company is also part of several important organizations. These include:
Membership in these organizations indicates that the company has a high level of expertise. They understand the precious metals industry, the different aspects of numismatic collectibles, and the fluctuating prices of different coins. They also influence the investor market for precious metals.
If the organization credentials aren't enough to convince you, the company also has a physical headquarters. Most illegitimate companies don't have public employee names or headquarters where they can be traced.
When you go to the Texas Precious Metals website, you're shown a lot of important information. It's easy to navigate to what you want. You can look at educational resources, market offerings, and other services.
Products and Services
The majority of the company's products are gold and silver coins and bars. However, they also sometimes deal with platinum and palladium. Platinum and palladium assets tend to be limited, so they won't always be available through the online marketplace.
The company has several featured products as well. These might include specialized gold bars, collectible coins, or gift sets of sealed proofs.
Though Texas Precious Metals is not an IRA custodian by itself, the company does help people rollover their 401(k) or existing IRA funds to purchase precious metals. You will be able to choose your own custodian. If you're not sure where to start, the company will put you in contact with a variety of different options.
After choosing the custodian, you will need to fill out paperwork to create your self-directed IRA. Then you'll need to fund it. Upon doing this, you can lock in your pricing with Texas Precious Metals. Your custodian will wire the funds to the company, and then the metals will be shipped to your chosen depository.
This process is not as streamlined as some. With some gold IRA dealers, you never have to interact with your custodian at all. One company will do all the communicating for you, so you only have to interact with the dealer. It's sometimes easier to work with dealers that streamline the custodian process.
Whether you purchase metals for a gold IRA or you make a personal investment, you can use the company's storage options. There are two choices for precious metals storage.One is the Texas Precious Metals depository, located in Texas. The other is a storage option in the Cayman Islands, which is ideal for those who want their wealth preserved in a tax shelter.
When you're ready to liquidate your assets, Texas Precious Metals will purchase them. You can call the company during any weekday from 8 AM to 6 PM Central time. This will let you lock in your selling price. You'll need to give the company a credit card to do this.
The bullion must be shipped in 24 hours or less after the price is locked in. You're allowed to choose your own insurance and shipping options. That said, you can also make use of the company's door-to-door delivery and pickup options. UPS can come right to your door to get the package.
If you do have your package picked up at your house, you'll only need to pay for the shipping label. Shipping can be arranged for sales of over 1,000 dollars. The company will email the label, and you'll print it out to send the overnight shipment.
Is Texas Precious Metals a Scam?
Texas Precious Metals is not a scam. They have been serving customers in North America for years, and they have excellent ratings with organizations like the Better Business Bureau. We've been able to find several thousand reviews, most of which are overwhelmingly positive.
The company has commendable customer service options. It's also impressive how well they manage their large consumer base, considering they're a relatively small company with about a dozen employees.
If you're looking to invest precious metals in an IRA, there may be other companies that have a more streamlined process. But this is a solid option when you're investing for personal reasons. There's nothing wrong with the IRA options, either; there are simply other specialized companies that do better.
Third Party Ratings
Texas Precious Metals has relatively good reviews from online consumers. On the Better Business Bureau website, the company has been accredited and retains a rating of A+. They have also only had one complaint in the past three years.
On Gold Dealer Reviews, the company has a total rating of 5 out of 5 stars based on 132 consumer reviews. People praise the ease of use, friendly customer service, and convenient setup.
On Reseller Ratings, Texas Precious Metals has almost 3,500 reviews. Of these, the company has a total rating of 4.54 out of 5 stars, indicating that the majority of people had a positive experience with the company.
When any company has several thousand customer reviews, there are bound to be a few unhappy people. Analyzing the consumer complaints is the best way to see whether there are patterns of mismanagement. So in addition to looking at the overwhelmingly positive customer reviews, we've also examined some of the complaints.
One customer said that they were quoted an incorrect price for their purchase. When they asked for clarification, they were given vague answers and told that the company couldn't help them. The customer found these business practices to be untrustworthy.
The company responded to this complaint by saying that they were concerned about credit card fraud. If the customer was unable to provide credit card details over the phone, the spokesperson could not release sensitive information to them.
That seems reasonable enough.
Another review states that a customer had a delivery delayed for two weeks. In most cases, the shipments are sent out within a day of the wire transfer processing. This person had not gotten any tracking info even though they lived less than an hour away from the company.
The person stated that on their dashboard, it said that their payment had been received. But they still had no confirmation that the order had been shipped.
The company responded to say that the review was not justified. First, the customer had been given a notice about the delayed shipping because the item they ordered was out of stock. Second, the client's order had been delayed again because of the massive power outages in Texas.
The company added that even though they were contending with stock shortages and almost a week of power outages, they still sent the package out before the customer left the review.
These seem like exceptional circumstances. After all, in most cases, coins will not be out of stock due to high demand. And it's even less likely that the state of Texas will be without power for a week. Many other positive reviews say that their items shipped quickly and without issue upon receipt of their payment.
Another one-star review said that the person had paid 1,800 dollars for silver and still didn't have it after two weeks. As with the previous review, the company replied to say that the national weather emergency in Texas was a factor. They communicated with the client and sent out the packages as soon as possible.
Some of the company responses to these complaints are a little snippy. But that doesn't necessarily mean that the company has bad customer service. It's pretty clear that the employee writing the responses was exhausted after a week without power, and he was pretty annoyed that consumers weren't being more understanding.
We can relate to that. Most of the complaints we're seeing are related to extreme circumstances. The company has been praised much more often for its competitive pricing, quick shipping, and helpful customer service.
Pros & Cons of Texas Precious Metals
Texas Precious Metals is an extremely solid choice if you want to invest in small amounts of precious metals. They offer some services to help you roll over your funds from an existing IRA or other retirement account. You can also invest in your personal portfolio without any additional fees.
There are thousands of positive reviews from customers who praise the customer service, pricing, and quick shipping. Though there are a few negative reviews, most of these seem to be centered on the days that Texas was without power in February of 2021. These extreme circumstances are unlikely to be repeated.
The company is well-managed and has a great rapport with its clients. However, it doesn't have the most streamlined process for getting signed up with a precious metals IRA. If you want to invest in gold as part of your retirement, you might want to work with a more specialized broker.
Although we do think that Texas Precious Metals is a solid company (especially if making a larger investment), we believe that there are better companies out there to make your investment with.
Or you can get a free precious metals investment kit from our #1 recommended company right now!
Or, continue with Texas Precious Metals...