Texas Precious Metals

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Texas Precious Metals
Private
IndustryPrecious metals
Founded2011 (2011)
HeadquartersShiner, Texas, United States
Area served
North America
Key people
Tarek Saab, President & Co-founder Jason Kaspar, Co-founder
ProductsGold coins and bars
Silver coins and bars
Revenue2013: $180.1M[1]
2014: $153.2M[2]
Websitewww.texmetals.com

Texas Precious Metals, based in Shiner, Texas, is one of the largest precious metals dealers in the United States.[3][4] The company reported annual revenues of $180.1 million in 2013[1] and $153.2 million in 2014.[2] The company is recognized as a market maker for United States Mint products and is an official distributor for the Perth Mint of Australia.[5][6] Texas Precious Metals also produces it own line of precious metals products through its division, Texas Mint.

History[edit]

In 2010, Texas Precious Metals originated as a joint venture project between Saab & Company Inc. and Kaspar Texas Traditions (KTT). The company maintained a business-to-business model serving the wholesale market, selling gold and silver bullion exclusively to coin shops and precious metals retailers.[7]

In May 2011, KTT purchased Texas Precious Metals outright from Saab & Company Inc., naming Tarek Saab as President of the new unit. Saab subsequently moved Texas Precious Metals into the consumer retail market.

In 2014, Texas A&M University recognized Texas Precious Metals as a member of the 2014 Aggie 100 honoring the fastest-growing companies in the world, owned or operated by Texas A&M University former students. Texas Precious Metals was ranked #1 with a compound annual growth rate of 372% from 2011 through 2013.[8]

In 2015, Inc. (magazine) recognized Texas Precious Metals as a member of the Inc. 500. Texas Precious Metals, the largest subsidiary of Kaspar Texas Traditions comprising 99.8% revenue, was ranked the #200 fastest growing private company in America with a 3-year growth rate of 2,095%.[9]

In 2016, Texas Precious Metals responded to Texas HB 483 with a proposed solution for the Texas Bullion Depository[10] but lost its bid to Lone Star Tangible Assets.[11]

Products[edit]

The company's signature product is the Texas Silver Round,[12] a premium one troy ounce .9999 percent silver round. The silver round is not legal tender though the silver content is comparable to government-issued coins.

The Texas Silver Round features the geographic outline of the State of Texas and the Texas Star on the obverse of the coin. The reverse design changes annually. The reverse design changed annually from 2013-2017. In its five-year history, the reverse of the silver round featured a cowboy, a longhorn, a white-tailed deer, a coyote, and a bobcat, to accompany the consistent obverse of the geographic outline of the state of Texas in the background and Texas’ iconic lone star in the foreground.

The 1 oz. Texas Silver Round is 39.6mm in diameter and 3.3mm thick, slightly smaller in diameter and thicker than the American Silver Eagle.

MINTAGES:
2013 Texas Silver Round (Cowboy Reverse): 540,000
2014 Texas Silver Round (Longhorn Reverse): 600,000
2015 Texas Silver Round (White tail Reverse): 400,000
2016 Texas Silver Round (Coyote Reverse): Undisclosed
2017 Texas Silver Round (Bobcat Reverse): Undisclosed

Through Kaspar Manufacturing, Texas Precious Metals produces “monster boxes” and “mini monster boxes” for silver rounds made of durable cold-rolled steel. A monster box is an industry standard shipping unit for silver containing 500 coins or rounds and is usually made of plastic composite. The mini monster box contains 250 silver rounds, or half a standard monster box.

Texas Mint[edit]

In 2017, Texas Precious Metals spun off the Texas Mint as its own division with the purpose of "expanding the product line and distributing these products to other national dealers". Using the Texas State Capitol as the theme for these products, the Texas Mint introduced one ounce gold rounds, one ounce silver bars, ten ounce silver bars, and one hundred ounce silver bars, in addition to the one ounce Texas Silver Round.

In September 2017, the company announced a partnership[13] with Amark Precious Metals (NASDAQ: AMRK), a publicly traded precious metals wholesaler, to manufacture and distribute Texas Mint products to dealers throughout the United States.

The Perth Mint Partnership[edit]

Houston-Perth "Sister Cities" coin

In 2014, Texas Precious Metals and the Perth Mint of Australia released the Houston-Perth "Sister Cities" coin, commemorating the strong ties between the cities' energy sectors.[14] The half-ounce, 99.9% pure silver coin features offshore and onshore oil rigs showcasing the cities' historic energy sectors. The coin also pays homage to the flags of Texas and Australia. The coin measures 32mm in diameter with a thickness of 2mm, and has a legal tender face value of AUD$0.50. The coins ship in tubes of 25 and sealed "monster boxes" of 500 coins.

Corporate identity[edit]

Texas Precious Metals owns the trademark for industry usage of the image of the state of Texas along with the slogan “Business the Texas Way.”[15][16]

Associations[edit]

Texas Precious Metals is a member of the Industry Council for Tangible Assets (ICTA),[17] the American Numismatic Association (ANA),[18] and the Certified Coin Exchange (CCE). The company is rated A+ with the Better Business Bureau.[19]

Founders[edit]

Tarek Saab, President and co-founder, was a finalist on Season 5 of NBC's television show, The Apprentice (U.S. season 5).

Jason Kaspar, co-founder, is also the Chief Investment Officer of Ark Fund Capital Management and the CEO of Kaspar Companies. Kaspar graduated Summa Cum Laude with a degree in Finance and Accounting from Texas A&M University.

References[edit]

  1. ^ a b "Texas Precious Metals Revenue Tops $180M in 2013". Texas Precious Metals.
  2. ^ a b "Texas Precious Metals Reports 2014 Gross Revenue of $153.2M". Texas Precious Metals.
  3. ^ "USA Today "Service makes precious metals start-up shine"". USA Today.
  4. ^ "UPS "The Gold Standard of Shipping"". UPS Logistics.
  5. ^ "Success story: Precious metals company grows revenue to $200 million". UPS Logistics.
  6. ^ "Perth Mint Coin Distributors - United States of America". The Perth Mint - Australia.
  7. ^ "Family Owned Kaspar Companies Keeps Spinning Steel Into Gold in Shiner". Shale Magazine.
  8. ^ "2014 Aggie 100 Companies" (PDF). Aggie 100.
  9. ^ "Texas Precious Metals - Kaspar Texas Traditions Ranked #200 in Inc 5000".
  10. ^ "Texas Tribune".
  11. ^ Andy Duehren, "Texas taps private vendor to manage first state-run gold depository in U.S.", The Texas Tribune, June 14, 2017
  12. ^ "Texas Silver Round". Texas Precious Metals.
  13. ^ "Texas Mint, a Division of Texas Precious Metals, Announces Manufacturing and Distribution Agreement with A-Mark Precious Metals", Marketwatch, September 12, 2017
  14. ^ "Press Release - Texas Precious Metals and The Perth Mint, Australia Partner on Energy-themed, Limited Edition 1/2 oz Silver Coin". Marketwatch.
  15. ^ "US Patent Office - Business the Texas Way". US Patent Office.
  16. ^ "US Patent and Trademark Database - Texas Logomark". US Patent Office.[not specific enough to verify]
  17. ^ "ITCA - Tarek Saab (Texas Precious Metals)". Industry Council for Tangible Assets.
  18. ^ "AMA Members - Texas Precious Metals". American Numismatic Association.
  19. ^ "BBB - Texas Precious Metals". Better Business Bureau (BBB).

External links[edit]