Texas Precious Metals Reports 2014 Gross Revenue of $153.2M
Company posts record gold coin sales, record Texas Silver Round sales, and increased market share
PREWEB (Shiner, TX): Texas Precious Metals (TPM) closed 2014 with revenue of $153.2M, down 15% year over year due to weaker demand in the precious metals market and lower commodities prices. The company sold 75,998 ounces of gold (up from 75,112 in 2014), and 2.55M ounces of silver (down from 2.86M ounces in 2013). Sales of the company's one ounce "Texas Silver Round” set a new annual record with sales of over 560,341 ounces.
Despite the downturn in the market, the company's market share continued to rise. Worldwide market share of US Mint gold eagle coins rose from 2.2% to 3.7%, while market share of US Mint silver eagle coins remained flat at 1.6%.
Texas Precious Metals continues to be a major growth vehicle for Australia's Perth Mint. TPM was responsible for 10.5% of Perth Mint's worldwide gold sales (up from 7.9% in 2013).
TPM is susceptible to investor demand and market conditions, and revenue is significantly influenced by precious metals spot prices. Revenue increased in the second half of 2014 ($78.4M, up from $74.9M in 1H14) as the fall and winter seasons are historically the strongest for precious metals sales. Forecasting remains difficult due to the unpredictability of the markets.
In December 2014, Texas Precious Metals introduced the new 2015 Texas Silver Round, the popular one troy ounce 99.99% pure silver round, the third release in the annual series. Texas Precious Metals has sold 1.1 million Texas Silver Rounds into circulation. The mintage for 2013 was 540,000, while the 2014 mintage was 600,000. One of the distinguishing features in the Texas Round series is the purity of each round. Where most silver coins are 99.9% pure, the Texas Silver Round is 99.99% pure, an added degree of purity resulting from a more stringent and complicated refining process. Only the Canadian Mint produces a coin of equal purity.
About Texas Precious Metals
Headquartered in Shiner, TX, Texas Precious Metals is one of the largest precious metals dealers in the United States, featuring a broad offering of gold, silver, and platinum coins and bars from the world's government mints. The company's website, texmetals.com, allows clients to place orders around the clock, or by phone during normal business hours. TPM is a member of the Industry Council for Tangible Assets (ICTA) and the American Numismatic Association (ANA). The company is rated A+ with the Better Business Bureau, and was named the #1 Fastest Growing Aggie-Owned Company in the world in 2014 by Texas A&M University.