Texas Precious Metals Review: Products, Fees & Security

September 15, 2022

texas precious metals logo

Texas Precious Metals Review Summary

Our Texas Precious Metals review will give you everything you need to know if you're considering doing business with the precious metals firm. We'll cover pros and cons, storage and fees, and how to open a gold IRA with Texas Precious Metals. Read on and see why we gave them 2.4 out of 5 stars.

Overall Rating: 
2.4/5 stars

Quality

Pricing

SUPPORT

Community

selection

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Key points from our review:

  • Small company, which will prioritize consumer relations
  • Massive number of transactions processed despite size
  • Accolades and recognitions from some of the biggest sovereign mints

Texas Precious Metal Company Info

Based on different sources, the company seems to employ as little as 12 people. We have some doubts as to the veracity of this figure. Since 2011, they have sold 300,000 ounces of gold, worth over half a billion.

Texas Precious Metals

They also mention operating an underground center with a vault separate to their online store. This center serves a wide variety of customers, from investors to retailers.

Even though the company is listed as having been in business since 2004, it only appeared to have taken off after 2011. Within a few years, they became a "minthold name" among sovereign mints, coming to account for nearly 8% of the Perth Mint's global gold sales in 2014. The U.S. Mint likes them, too, referring to them as a top American precious metals dealer. They are also on both the Industry Council for Tangible Assets (ICTA) and the American Numismatic Association (ANA).

Having initially started as a bullion wholesaler, they seem to have not only made the switch to individual customers but also launched an option to open a gold IRA through them. More on that in a bit.

Founders of Texas Precious Metals

There's not a lot of information on the company's background before they fully opened up shop. We know it's a joint project between Saab & Company Inc and Kaspar Texas Traditions (KTT). We'd wager that both Tarek Saab and Jason Kaspar have some experience running a company, and probably some in the precious metals sector, too.

By 2015, Texas Precious Metals was listed as the 200th fastest growing private company in the U.S. along with a host of other accolades. These suggest to us that Saab and Kaspar didn't open the company's doors before they knew their way around the gold market.

Texas Precious Metals Important Links  

Texas Precious Metals Website: 

Twitter:

YouTube: 

Texas Precious Metals  Address: 

959 N Us Highway 95 E

Shiner, TX 77984-5883

Pros and Cons 

Pros

  • Great product quality
  • A lot of experience just based on transaction volume
  • Not much in the way of negative feedback

Cons

  • Not much in the way of positive feedback, either
  • Not a lot of attention seems to be placed on precious metal IRAs
  • No platinum or palladium

Texas Precious Metals Custodians & Storage Fees

It's fairly disappointing, the company doesn't address the fees or the markup on the website from what we've gathered.

They mention working with any number of custodians, with Goldstar Trust Company, Preferred Trust Company and Kingdom Trust being among the listed ones.

It's fairly common for custodial and storage fees of gold and silver IRAs to range between $180 and $250 on an annual basis. But we can only speculate given the lack of more detailed info. Based on a brief overview of product prices, however, we'd say their pricing is competitive.

Texas Precious Metals Products and Services

Texas Precious Metals is among those bullion sellers that almost make you want to work for it if you'd like to open an IRA with them. Despite the brief and difficult-to-spot section on IRAs on their website assuring us the process is a breeze, we have our doubts.

texas precious metals products

There are no fees related to the IRA they're offering and information seems scarce in general. It's pretty clear that they're a bullion dealer who expanded into offering retirement investments more narrowly.

Their product offering is every bit as solid as you'd expect from a renowned precious metals dealer. While not the norm when it comes to bullion dealerships, those who specialize in precious metals within an IRA will often have a "Call for price" on every product. Not the case with Texas Precious Metals, they don't even tell you what you can expect in regards to condition and mintage. 

Gold

The gold inventory sets the stage for what looks to be smooth shopping. American Gold Eagle, Canadian Twin Maple Leafs, Krugerrands, Britannias and more. The most popular or readily available denominations with all gold coins seem to be the 1oz or the 1/10oz varieties.

Their products, both coins and gold bars, are listed with specific mintages and conditions. "Varied, our choice" seems to come up with a smaller premium, though premiums on all products are very appealing as mentioned.

They sell 1oz gold rounds from various mints that they choose themselves, we'd guess to better deal with inventory restrictions. Although bars seem to be confined to either the 1oz or 10oz weights, they are available from a number of top private mints, including Credit Suisse, Valcambi, Royal Canadian Mint, Perth Mint and more. 

Silver 

Despite the robust inventory of their gold selection, the silver bullion available to customers is even more varied, with nearly twice as many products available. Texas Precious Metals appears to take great pride in its partnership with the Perth Mint and its subsequent ability to provide rare and attractive bullion.

texas precious metals silver products

The company lists the Texas Silver Round as the product that would become a household name when it comes to U.S. bullion dealerships, with over 2.5 million pieces sold in the first five years. They also go to some lengths to explain their "mini-monster boxes", a half-sized version of the 500-coin issue that mints are known for.

Silver coins are as varied as you'd expect, covering all the most popular mintages and denominations and some you likely haven't heard of. Both Australian and British commemorative coins that Texas Precious Metals sells are quite rare and will undoubtedly find an easy way into the numismatist's inventory. Their silver coins are "Out of Stock" as well.

The bar selection is somewhat limited compared to coins and rounds, almost as if under the assumption that customers will prefer to gain exposure through those rather than bars. Still, there are a few bars mostly above 100 ounces. For silver investors looking for something lighter, the varied and flexible rounds offering will be there to supplement. 

Platinum 

In a not-so-strange turn of events, they have a platinum section that is entirely empty, with categories being removed from the products.

texas metals platinum products

We wouldn't mind them leaving the product details in since they simply slap an "Out of Stock" on their gold or silver. This way, one can't really know what to expect in regards to platinum when the inventory does get refilled.

How To Open a Texas Precious Metals Gold IRA (Step By Step)

The bare-bones outline of how to open an IRA with the company gives you an idea of what one can expect here: The process is as follows:

  1.  After talking to a Texas Precious Metals representative, they'll put you in touch with one or more custodians
  2. These custodians will work on rolling over or transferring assets from your existing or inactive employed-sponsored plans and IRAs
  3. Once liquidated, the funds from these will be sent to your new account
  4. From there, you can buy precious metals of the tangible assets variety
  5. The bullion purchased is stored and insured in the Texas Precious Metals Depository

Texas Precious Metals Reviews and Ratings Around the Globe

The ratings for this company are mostly absent, for unclear reasons. The A+ rating that the Better Business Bureau has given them appears to be as close to feedback as we can get.

No reviews on the BBB, the Business Consumer Alliance, or ConsumerAffairs.

TrustPilot gives them a 3.7/5-star rating based on 1 review, yet the only available review gives them 5 stars and praises the company. Ghost reviewer?

The only complaint they have is one on the BBB, where there was some back and forth between the customer and the company. Based on what we're seeing, it seems both parties were somewhat in the wrong. Overall, not much to suggest doing business with Texas Precious metals is a bad idea. But is it a good one?

Best Alternatives of Texas Precious Metals

There's a ton of great alternatives to Texas Precious Metals, and in this section we'll cover our favorite and why we think they're the best for gold IRAs.

Why Augusta Precious Metals is our preferred choice

Augusta leaves competitors looking wanting in several ways. One we bring up frequently is their almost unparalleled focus on gold and silver IRAs. We've reviewed countless precious metals companies who ventured further and further from their bottom line, with rare coins giving way to survival packs. In the case of Texas Precious Metals, they also sell ammunition.

augusta logo
  • Highest rated, most trusted gold IRA company
  • Best education and customer service
  • A+ BBB rating and 5/5 Trust Link Rating
  • We gave Augusta Precious Metals 5/5 Stars

Although we won't say that a lack of narrow focus makes them less pleasant to deal with, there is to be said about a company that is all retirement investments all the way. From the moment you reach out to Augusta, you know your retirement account is the company's priority.

It also helps that they have a fairly transparent company profile and some endorsements that don't precisely harm their brand. In the case of Texas Precious Metals, online seminars on strategic wealth preservation are replaced with smoother inventory choices.

Another thing that makes Augusta stand in a favorable light here is the feedback. We find it pretty strange that, despite being in business for a similar length of time, Augusta has over a thousand reviews on consumer watchdogs whereas Texas Precious Metals has two.

In the case of Augusta, they've also managed to avoid any and all negative reviews through a complete focus on customer satisfaction. The result is a company feedback profile that would instill confidence even if your cousin was a Texas Precious Metals employee and vouched for them.

Texas Precious Metals FAQs

Do they accept Credit/Debit card?

Though credit and debit cards are popular payment options on the website, it seems that these are only available for purchases under $10,000.

Does Texas Precious Metals let you choose your own price?

Not really. Some companies offer a "price match guarantee" where they'll offer to match the prices of any competitor that has the product listed as lower. This tends to translate to reality less strictly than the customers would like, and we haven't found much to suggest Texas Precious metals facilitates this to begin with. With prices clearly listed and sporting competitive premiums, perhaps it isn't necessary.

Do they have a free shipping option available?

They offer free and immediate shipping on all orders. Furthermore, all orders over $1,000 ship through UPS Next Day and are insured.

Does Texas Precious Metals offer a Gold IRA?

There is surprisingly little info available surrounding Texas Precious Metals IRAs, including how they might differ from one another. We do know that they offer some form of a gold IRA, which will translate to an inclusive self-directed retirement account. But, for more details, you'll have to reach out to the company.

Final Thoughts - Is Texas Precious Metals Legit?

Texas Precious Metals Review

Texas Precious Metals is yet another bullion dealer with an exceedingly minimalistic approach. This can be viewed as good or bad. In general, you don't want a feeling that your retirement account is being rushed or that it's an afterthought. 

Given the amount of bullion that the company processes and their general interest in physical precious metals, it's hard to avoid this feeling entirely. There are other strange intricacies about the company, such as no reviews. Some negative feedback isn't uncommon once the company branches out more into precious metals dealerships and away from being "retirement account" vendors. It is quite uncommon to not have any reviews for such a company, however, especially when they've been in business for more than a decade. 

The lack of a company profile extends to its structure, and we'd be fine seeing a little more of their day-to-day. They reveal several points of interest, though, such as having a proprietary facility for bullion processing and storage. While we haven't been able to fully confirm it, they also do not appear to rely entirely on the Texas Precious Metals Depository but also have their own graded vaults which are available to customers on an as-needed basis.

We tend to bring up the importance of being specialists in the field a lot, and ones with a consumer-oriented approach. With Texas Precious Metals starting out as a wholesaler, it's not hard to get the vibe that retirement investors, especially those opening a gold IRA, won't get any special perks here.

Their inventory isn't one to be overlooked even though it gets depleted often. We'd say this company is a strong contender in the precious metals industry just based on that, along with the various accolades they've received.

augusta logo
  • Highest rated, most trusted gold IRA company
  • Best education and customer service
  • A+ BBB rating and 5/5 Trust Link Rating
  • We gave Augusta Precious Metals 5/5 Stars

About the author 

Sam Rexford