- 28 Jul 2021
- Precious Metals
- Comments: 0
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When you choose to purchase precious metals online, you will find many different companies out there offering a large variety of items and services. Looking through the massive listings, it can become overwhelming to try and narrow down which company will give you the best bang for your buck. We decided to delve deeper into one such company to make an informed decision on our possible future purchases. Here is what we found out.
Texas Precious Metals began offering gold, silver, and platinum products to customers in May of 2011, although the mother company, Kaspar Texas Traditions LLC., has been around since 2004. To be in business for 16 years is, in our minds, the sign of a robust and reliable company. It appears to be privately owned, although we couldn't find total confirmation of this.
They also offer many more services, such as underground category 2 and 3 vaulting and short-term storage facilities for their clients at one of the three North American depository locations. The company places the customer's contents in individual vaults without commingling or sharing space with others. Lloyds of London insures all precious metal deposits, and the facility carries liability as well. It is audited yearly through a third-party processor out of San Antonio.
We put together a list to help clarify whether we should buy from them.
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Pros and Cons of Texas Precious Metals
Many people choose to roll their IRA or 401K into a gold-backed product, and they offer this service as well. It is a rather complicated process, but they walk you through it step by step. They have partner companies that handle the intricate process, working with them and the government to protect the legality of the transactions. They will store your investments in a depository of your choice. However, it must have the approval of the partner who is handling the process. Because it's a retirement portfolio, it is regulated heavily by the federal government.
If for some reason, you'd like to move your metals out of the country, they have a location in the Cayman Islands where they can be stored. This facility is called Strategic Wealth Preservation (SWP), and it has all the bells and whistles as their North American depository locations. It also includes the ability to store IRA rollover precious metals. Customers who prefer to internationalize their assets would benefit from using the SWP location. It is a class 3 vault with 100 percent allocation and segregation. They also have safe deposit boxes, and you can quickly check on your assets with a 24-hour notice. Texas Precious Metals can handle all the particulars.
Is Texas Precious Metals a Scam?
While researching online about the many precious metals dealers out there, we came across quite a few angry and irritated customers. They didn't hold back from speaking their minds, and we got a pretty good idea of what you DON'T want in a bullion dealer. With so many companies to choose from, we felt it was good to find out where this company would rate among the others.
We used a list of six essential criteria to ensure this company didn't fall into the scam bucket. However, there are probably more depending on the customer's individual needs or what's important to you. These are some of the talking points that are important to our decision-making.
Here are our results:
Is There an Actual Physical Location?
If you purchase precious metals from a company, wouldn't it be nice to travel to that store, walk inside and meet the people from whom you ordered? Try to get a feel for the place? Texas Precious Metals has a physical store in Shiner, Texas, right on route 95. All you have to do is give them a call to set up an appointment, and you'll be able to pick up your purchase there. Just be sure and call at least 24 hours beforehand. We find this to be a plus for the company.
Are They Forthcoming With Their Prices?
Their website has the current prices of all that they offer and all that is available. It also has a ticker bar that keeps up with the current global value of gold, silver, and platinum. Interestingly, they also have graphs of all three metals plus palladium, and you can see what the prices were from before 1992. The charts also have radio buttons to see what the Dow, S & P, US dollar, and more had been trading for historically.
What Payment Options Do They Offer?
They accept many different forms of payment, such as ACH if it's under $25,000, bank wire transfer, Visa, and Mastercard. You can also use cash but only at their physical location. These forms of payment depend on the amount of purchase as to which one is best to use. We found these payment policies to be comparable to other precious metal dealers.
What Are Previous Customers Saying?
Our research has determined that this company has an approximately 4.48/5 star rating with many more pleased customers than not. Some customers were frustrated that they could not write a bank check, which is a standard practice among precious metals dealers. They were also disturbed about shipments arriving later than expected. There were some customer service complaints, but overall, the majority of their clientele were pleased.
Does This Company Have Many Sales Under Its Belt?
According to their About Us page, they have sold half a billion dollars worth of products and services, have shipped 42,000 plus orders to 50 states, and hold the number one spot on Amazon for precious metals. In 2015, the financial magazine Inc. named it number 200 on the "fastest-growing private company in America" list. These are encouraging statistics.
Do They Make the Customer Aware of All the Risks Involved?
It looks like they left nothing out on their Policies and Procedures and Disclaimer pages. It states explicitly that "the purchase of coins and bullion items is highly speculative and involves substantial risk." They also contend that the value of your purchase will rise and fall in the market, so you should be prepared to hold your bullion for 3 to 5 years or even longer if you are looking for a big jump in value. Some people leap in headfirst without reading the fine print. Texas Precious Metals seems to want a purchaser to be aware of the risks and be prepared to take a responsible approach to their desire to purchase precious metals.
On a more serious note, Texas Precious Metals also declares that they follow all the legal processes required by the Federal Government regarding anti-money laundering; hence you can only purchase $10,000 worth of their products per year, per household if paying with cash. They have policies and procedures that they follow to stay current with the Financial Crimes Enforcement Network. They also adhere to the rules of the USA Patriot Act in regards to their acceptance of customers and cash to help fight terrorism.
After a thorough investigation, we have concluded that Texas Precious Metals is a reputable, stable company that will probably be around for a while. Through the many positive comments posted, not only on Amazon but on Reseller Ratings and other sites, we can only deduce that people are pleased to purchase from them, and quite a few repeatedly. Granted, you will have a random negative rating, whether from shipping or customer service, but overall it appears that this company backs up what they advertise.
Although we do think that Texas Precious Metals is a solid company, we believe that there are better companies out there to make your investment with.
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