Many people from all walks of life own a piece or two of gold jewelry or even some gold coins. However, as beautiful and sought-after as gold is, there's a lot more to it than that. Due to its unique characteristics, gold is often a difficult financial asset to define. And, the confusion can make it more difficult to fully understand for investors.
More and more these days, physical gold is proving unequivocally that it’s capable of withstanding everything from financial crises to inflation, political unrest, market collapses, and even the devastating financial effects of war much better than any paper currency (such as the dollar) or paper asset (like stocks and bonds).
Owning gold can be highly beneficial for investors (large & small), so we're delving deeper into a popular longstanding precious metals dealer, Texas Precious Metals, in this review.
Our review of Texas Precious Metals in short
Company name: Texas Precious Metals
BBB grade: A+
Summary: Our review of Texas Precious Metals finds that it is clearly a reputable precious metals company with a decent number of years under its belt on top of a century-old parent company backing it up. They're highly rated with next to no complaints against them. The company also has its own depository, the Texas Precious Metals Depository, that offers low rates and a wide range of other benefits.
Our rating: 4.5/5
Should you work with Texas Precious Metals in 2023?
We understand how difficult it is to choose a reliable precious metals company to work with. For that reason, we created a list of gold IRA dealers that we think are best to avoid. Click on the button below to make sure Texas Precious Metals isn’t one of them and discover our top 3 recommendations for this year.
Why Choose Texas Precious Metals?
Here’s a list of some of the many reasons for choosing TPM:
1. No Order Minimum- Whether you buy a small gift or make a large investment, there are absolutely no order size restrictions.
2. Fast Processing- Orders are usually shipped in less than three business days from when your payment clears. And, unlike some other precious metals companies, if TPM doesn’t have a particular product in stock, the company simply won’t sell it.
3. Limit Orders- Choosing your own buy price means that when the market has reached your desired price, TPM automatically executes your order.
4. IRA & 401(k) Rollovers- Investing in precious metals with a self-directed IRA is easier than you might think. And, TPM has the resources needed for making the process completely hassle-free.
5. Full Transparency- TPM proudly publishes its buy and sell prices online. And, they have no commissions, no gimmicks, and no salespeople. In addition, TPM never solicits its clients.
6. Free Shipping & Insurance- TPM offers free shipping on all precious metals orders. And, orders that exceed $1,000 are shipped via UPS Next Day Air.
7. Low Premiums- TPM’s premiums are consistently lower than benchmark industry premiums.
8. Credit/Debit Cards Accepted- TPM accepts Visa and MasterCard on all orders up to $10,000.
About Texas Precious Metals
Texas Precious Metals (TPM) was incorporated on 12/16/2004 and has two divisions, Texas Precious Metals Depository (TPMD), and Texas Mint, that are operating subsidiaries of Kaspar Companies Inc. (“KCI”). TPMD is a private facility and isn’t affiliated with any federal or state government.
KCI is a fifth-generation Texas business that’s family-owned and currently has more than 500 employees that are spread throughout eight locations in the state of Texas. Founded in 1898, KCI is actually one of the very oldest operating Texas companies on record.
KCI has continuously operated for 120+ years and they believe in improving people’s lives via the practice of being loyal stewards of the Earth’s God-given resources.
KCI's Family of Companies
KCI also owns a wide range of other companies, including:
- Bedrock Truck Beds
- Horizon Firearms
- Iota Outdoors
- Kaspar Manufacturing
- Kaspar Properties
- Kaspar Texas Traditions (TPM’s parent company)
- Texas Ammunition
- Stiller Actions
- And a number of smaller supporting entities.
A Fifth-Generation Family Business
With more than a century of experience, this is a company that’s extremely proud to be saying that its family of businesses has survived everything from one depression to two world wars, 20 recessions, 21 presidential administrations, oil embargoes, and steel shortages.
Starting with just one wire basket, it’s become a fifth-generation family business with its headquarters in Shiner, TX. Over the years, Kaspar Companies has been evolving and expanding into a diverse group of industries while still staying grounded in its founding principles of honest business practices and quality American workmanship.
So, the fact is that, although TPM hasn't been in business for a really long period of time, its parent company has. And, with a solid company like that behind them, how could TPM help but be the reliable trustworthy precious metals company that they are today?
At least, that's the way that we looked at it when researching TPM for our in-depth review.
About Texas Precious Metals Depository
TPMD offers long-term storage solutions for both IRA customers and individual investors. In addition, the facility maintains class two and class three equivalent vaults in its high-security Texas facility, which is both underground and fully insured by Lloyd’s of London. So, the many reasons why investors choose TPMD include:
- Fully Allocated & Segregated Storage
- Low Monthly Rates
- No Setup Fees
- No Withdrawal Fees
- No Outsourced Security
- 100 percent insured By Lloyd's Of London
Is Texas Precious Metals a scam?
Texas Precious Metals isn't a scam. Instead, it's actually a precious metals dealer that's both reputable and is currently also specializing in precious metals IRAs.
They're also a company that makes transferring funds from a current retirement account (401(k) or IRA) into your own precious metals IRA with absolutely no taxes or penalties extremely easy.
How is their customer support?
TPM’s customer supports appears to be excellent and comments include clients who say that they offer great service. Other reviewers have reported that the entire process had been clearly explained to them, it was really easy to follow and went according to plan. Many said that they would order from TPM again.
Have there been any complaints about Texas Precious Metals?
TPM holds an A+ BBB Rating and has been accredited since 5/27/2011, having been in business for 18 years. The company has only had one complaint in the past three years and it’s been answered and closed.
It appears to have been a fairly minor issue and involved some sort of miscommunication. In addition, their BBB complaint response rate is 100 percent. TPM also has an AA rating on BCA and 100 percent of the feedbacks are five-star on Trustpilot.
Texas Precious Metals Pros & Cons
There are pros and cons in any business and that, of course, includes precious metals. Here are a few related to TPM:
- TPM works with preferred third-party custodians who provide their IRA services
- Reasonable markups
- Low fees and
- Good customer testimonies on Trustpilot and Yelp
- Not enough known about the company’s management team
- Only in the gold IRA industry since 2011
- Some of the coins end up being “Out of Stock”
There are numerous gold, silver, and platinum products available in the Texas Precious Metals inventory. And, there are many coins and bars available that are eligible for holding in a Precious Metals Individual Retirement Account (IRA), including:
- American Gold Buffalos
- American Gold Eagles
- American Platinum Eagles
- American Silver Eagles
- Australian Gold Kangaroos
- Austrian Gold Philharmonics
- Canadian Platinum Maple Leafs
- Canadian Silver Pronghorn Antelopes
- Canadian Silver Maple Leaves
- Gold Canadian Maple Leaves
- Silver Britannias.
Why Buy Gold?
First of all, gold has been the most popular defensive asset in the world for more than 5,000 years now. Why? Well, here are some of the main reasons to help you understand exactly what that is:
1. Market Fluctuations
Market-based assets, such as stocks and bonds, held in IRAs and 401(ks), can fluctuate in value. No one can guarantee that a particular asset will do well or continue to do well in the future.
Gold has historically hedged against the volatility of financial assets, which is why people turn to it to protect their purchasing power during times of uncertainty. And, gold just makes good sense in this situation.
2. Achieving True Diversification
Let’s take a good long look at the many benefits of diversifying via the addition of precious metals to your asset mix. Again and again, gold has shown that it’s not correlated with any mainstream financial assets such as stocks and bonds.
In fact, gold has a tendency to go up whenever the stock market is experiencing a correction.
3. Protecting Your Wealth and its Purchasing Power Against Inflation
An inverse correlation exists between precious metals' value and paper currency's value (and supply). When the dollar loses value during inflationary periods, gold prices increase.
By increasing the money supply, the Fed will increase households' purchasing power, which causes inflation and higher prices. This, in turn, tends to weaken the dollar’s purchasing power.
However, if you’ve been smart and invested some of your wealth in precious metals, you get the peace of mind that comes from knowing that the Fed simply can’t print gold and degrade those assets. And, gold's value outpaces inflation over a long period of time.
So, you can scale your purchasing power with gold, unlike many dollar-denominated assets and even the dollar itself.
4. Helping Defend Your Wealth Against Crises
The use of precious metals as a defensive asset is centuries old. There have been thousands of economies and currencies since the beginning of human history, but gold has outlasted them all.
Fast forward to today and physical gold has shown a solid record of appreciation during financial crises and recessions as investors start seeking the safety that comes with precious metals. And, during financial crises or recessions, such as in 2008, gold protected the purchasing power of those who acquired it within their IRA/401(k)s.
5. Out of Reach of Wall Street and the Banking System
Having an asset that you can physically hold is an often-overlooked advantage of owning physical precious metals. And, as technology advances, banks and other financial institutions may become less secure.
This means that mainstream assets, like bank savings accounts, are at a considerably higher risk of being hacked or otherwise compromised.
So, wouldn't it make sense to have a portion of your portfolio in real and tangible assets that cannot be accessed by banks? Furthermore, bank savings accounts' interest rates are outpaced by inflation, which means the money in a traditional savings account could lose purchasing power rather than gain it.
The Asset of Choice
So, to summarize the case for buying gold, consider the following info. Historically, gold has been a safe-haven asset, making it the asset of choice for anyone seeking financial stability. And, one smart man and savvy investor once said that if you do not own any gold, you definitely do not know history or economics.
So, in a nutshell here’s why acquiring gold today is such a smart move:
- Gold can offer true diversification
- Gold can protect against crises
- Gold can hedge against inflation
- Gold can protect against government deficits and debt
- Gold can protect against stock market crashes and corrections
- Even Central banks own gold.
Final Thoughts About Texas Precious Metals
Over the past two decades, TPM has grown to be one of the largest full-service precious metal dealers in the country. In fact, Inc Magazine named TPM the “Number 200 Fastest-Growing Private Company in America” in 2015.
The company isn’t just a precious metals bullion dealer, but it also assists clients with establishing Gold IRAs while also operating its own Class 2 vault. The company’s catalog contains a wide range of silver, gold, and platinum coins, and bars, plus a number of them are IRA-approved. There are also some numismatics that are currently available for avid collectors.
TPM’s preferred custodians are GoldStar Trust Company and Kingdom Trust Company. And, their secure vault storage is provided by TPM’s own domestic depository or their international option, which is located in the Cayman Islands and is called Strategic Wealth Preservation (SWP).
TPM offers an online Precious Metals Buyer’s Guide that’s quite comprehensive and can provide a wealth of information about precious metals investment. And, there’s also a handy “News, Updates, & Info” section on their site to keep you updated.
Would you rather invest in silver?
Our rating: 4,5/5