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Provident Metals is a popular gold and silver dealer that offers a wide range of precious metals for investment purposes. In addition to the traditional IRA metals, including gold, silver, platinum, and palladium coins, Provident also offers wheat pennies and copper rounds.
As you survey the options for investing in precious metals, Provident is likely a name that has come to your attention, and now you want to know if this is a company you can trust or should leave alone.
In this Provident Metals review, we want to be very clear on the facts we find, whether they are favorable or not. Does this company offer consistent customer satisfaction, or are they scammers? Keep reading to learn more.
Provident Metals was founded in 2019 to provide its customers with the gold, silver, platinum, and palladium bars, coins, and rounds they need for their investments. Although they promise outstanding customer service, we will delve further into customer reviews to determine if they deliver.
The company is headquartered in Dallas, Texas, and is an authorized member of the American Numismatic Association. Provident Metals is one of the few dealers that have begun accepting cryptocurrency for payment.
The founder of Provident Metals is Joe Merrick. Joe also serves as CEO of the company. Joe got his start working as a bus driver by day and a cab driver by night. He comes from humble beginnings and understands the need for fair prices and trustworthiness.
He decided to open Provident Metals for everyday people who wanted to create a better financial future for their families. From the beginning, Joe's goal has been to provide excellent service, fast shipping, and a better experience for all.
When we begin to research any company, we want to see positive reviews on our Google searches. Complaints can raise red flags. If there are too many negative reviews, we cannot recommend a company website, no matter what it promises. Let's see how Provident Metals stacks up.
Our first stop is consumer rating sites like the Better Business Bureau. At the time of this writing, Provident Metals has an A+ rating on the BBB and 4.73 stars out of 5.
We checked on Business Consumer Alliance and could not find a company profile. We did, however, find them on Trustpilot. Trustpilot has currently awarded the company with 2.7 stars out of five.
Unfortunately, we found a lot of negative reviews and customer complaints in our research. One customer stated he received a sealed empty box, and his shipment was not insured. He had no choice but to contact his financial institution and report the transaction as fraudulent.
Customers complain about slow service, receiving the wrong orders, and extra charges. Many people have complained that these issues began to arise after Provident Metals joined with a partner.
We have to remember that no company offers complete satisfaction to every customer. That would be an impossible feat to achieve. The following provides some pros and cons of buying international and domestic bullion from Provident Metals.
Pros
Cons
Based on our research, Provident Metals is a legit company. The company has a vast inventory and even offers BU coin options, but the hidden fees and unhappy customers concern us. Can Provident Metals deliver like other dealers with better ratings? We have our doubts.
We have already briefed you on some of the customer service complaints. It appears the claims department has been overrun with complaints over the last couple of years.
Customers often get ignored when they try to call or send an e-mail. Although they may offer great prices, Provident needs to put the same amount of work into overhauling its customer service team. When a company cannot even respond to an e-mail, there are great problems!
The customer service team once seemed prompt in handling issues. As problems grew, Provident customer service started providing lackluster service, at best.
As we have said, Provident offers a range of investment-grade metals and numismatic coins. If you want to invest in precious metal, you will likely find just about any you desire in Provident Metals products. The following are some of the offerings we discovered:
The precious metal selection is tops for Provident Metals, but who is their insurance underwriter? We ask because some customers have complained they send orders with only a shipping label and no insurance. Those who have tried to pursue a follow-up phone call to learn more have discovered their questions went unanswered.
Provident Metals offers precious metals IRA services through their partner, Preferred Trust Company. This custodian has a good reputation in the industry and is used by other gold dealers.
You do not have to choose their partnered custodian. When investing in precious metal products, you should research carefully before deciding on any custodian or depository.
Provident Metals does not offer secure gold storage backed by an insurance company. Unfortunately, we could not find any partnership with depositories on the company's website.
Most dealers present this information to potential customers, along with the physical address of the depository. Remember that you must store your self-directed IRA gold in a third-party depository.
According to the Provident Metals website, the company does offer a buyback program. If you are interested in selling your BU coin or other metals to Provident, you need to call 1-800-313-3315 to lock in your price.
Once your silver rounds and other items are received, the company promises to send a prompt payment from their North Dallas suburbs headquarters. There is no information on whether you will receive a direct deposit or a paper check.
Precious metal IRAs are self-directed IRAs that allow account holders to begin investing in precious metals like gold or silver. Gold, platinum, silver, and palladium are precious metals that typically hold value and act as hedges against inflation.
As concerns over the economy continue to rise, more and more people are investing in metals to diversify their investment portfolios. Experts recommend investing 5% to 10% of your IRA in precious metals.
A gold IRA works in much the same way as a traditional IRA, but you invest in physical silver, gold, platinum, and palladium instead of paper assets. The IRS has specific rules in place for investing in gold IRAs. The rules are:
Investing in a gold IRA allows investors to take advantage of tax benefits while contributing or distributing, depending on the IRA.
After reviewing our information on Provident claims, you may have more questions to decide. The following are some of the people's most common questions about the company and its services.
Provident Metals will deliver to your home or your chosen depository if you purchase silver rounds for a gold IRA. Make sure you give the correct address during the checkout process.
JM Bullion bought Provident Metals in 2019. Details about the acquisition have remained mostly quiet. Customer reviews started pouring in after the purchase, and most were unfavorable.
Provident Metals is not a good company to do business with because of its lack of customer service. When people start investing in precious metals, they want someone they can trust.
We began seeing red flags popping up when customer reviews stated the same things repeatedly. If you are investing thousands of dollars, you do not want to deal with a company that does not deliver. Imagine ordering over a thousand dollars worth of gold and never receiving a single coin.
The largest bullion dealer is Goldco. If you want to start investing in bullion, the largest and most customer-service-focused company has to be Goldco. Goldco is the best company we have found because they deliver on its promises and exceed customer expectations.
Provident Metals sells copper bullion at very reasonable prices. We found bullion available in sizes ranging from one ounce to five pounds. Not all gold dealers offer copper.
We take great pride in our gold reviews because we want to keep our readers informed. There are so many scam artists out there, and even legit companies may not be the best for your investment needs.
As we took a deep dive into Provident Metals' operations, we were shocked to see the changes. At first, it appeared that the company was keeping customers happy, but around the time the JM Bullion buyout occurred, things appeared to go downhill fast.
Although Provident Metals is a legit company with a vast inventory catalog, we cannot recommend them to our readers. We believe there are far better options for those who want to improve their financial outlooks for retirement.
The information provided in this website is intended solely for educational purposes and general informational use. It is not intended as, nor should it be considered, financial or investment advice. Investing in gold or any other financial asset carries inherent risks, and decisions regarding investments should not be made solely based on the information presented here.
We strongly recommend that you consult with a licensed and qualified financial advisor or investment professional before making any investment decisions. They can provide you with personalized guidance and take into account your individual financial situation and goals.
We do not assume any responsibility for the accuracy, completeness, or suitability of the information provided on this website for your specific circumstances. Any reliance you place on such information is strictly at your own risk.
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