Provident Metals Review

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Provident Metals Company provides an online platform where interested customers can buy and sell domestic as well as international coins, bullions, numismatic coins, IRAs, and many other precious metals investments.

However, the company’s shipping services are limited to the USA or the nation’s boxes for shipping to the military.

Provident Metals is a member of the Certified Coin Exchange. The CCE is one of the biggest associations and networking platforms for only the best numismatic dealers in the industry. Provident Metals currently has an A rating from the Better Business Bureau.

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Provident Metals Company Info

provident's homepage

Provident Metals was formed in 2019 and is located in Dallas, Texas. It sells and buys different precious metals that are produced from gold, palladium, copper, silver, and platinum.

Provident Metals has established a Knowledge Center for investors to assist prospective investors in making informed decisions.

The Knowledge Center's goal is to educate beginner investors and coin collectors on the best ways of collecting and investing in precious metal bars and coins.

In addition, they have an IRA plan to help collectors and investors set up self-directed IRAs that are allowed to hold physical precious metals and assist them to finance their IRAs. An individual’s investment in this plan is financed by Preferred Trust Company.

Provident Metals’ website is accessible to visitors any time of day or week and is the major link between investors and the company. Interested customers can communicate with the company by calling or emailing.

Why Should Investors Work with Provident Metals?

Provident Metals is committed to a strong code of customer service for its customers. From the time you contact the company for the first time until they ship the products to you, you will enjoy courteous, professional, and time-conscious customer service.

The company has extensive market experience and information to guarantee it offers an extensive selection and offers its customers the best prices.

In addition, the company provides customers with sufficient supplies to ensure the collected bullion and numismatic products are preserved properly.

Relying on an automated trading and communication system helps Provident Metals offer customers the best and most recent market prices.

It is a seamless platform that enables the company to achieve its goals without lowering the quality of its service and customer experience.

The firm also works with a robust and trustworthy shipping service to serve its customers better. The shipping service comes at an affordable rate; it is extremely safe thanks to the discreet labels and wraps used during the shipping process.

Provident Metals goes the extra step to protect customers’ personal information. All online purchases are protected by making the shopping cart secure and high-security encryption. For an added layer of protection, the company employs SSL certificates.

Provident Metals’ Services and Products

Provident Metals deals in a wide variety of precious metals such as gold, silver, copper, platinum, palladium, bars, and coins, as well as some numismatic items.

Examples of the company’s major products are:

  • US Mint Gold Coins
  • Perth Mint Gold Bars
  • Gold Bullion
  • Royal Canadian Mint Gold Bars
  • American Gold Eagles
  • Pre-33 Gold

The company’s most demanded products in 2022 are Egyptian Gods, Medieval Legends, Antique Egyptian Gods Horus Round Ultra High Relief, Egyptian Gods, Provident Prospector, Warrior Series, World of Dragons, and the Year of the Bull.

Provident Metals also provides other different services for investors. On the website, customers can learn about sales tax based on the states where they choose to ship their orders.

Provident also provides investment advice to prospective coin collectors and investors through the company’s Precious Metal Investor Knowledge Center.

The portfolio of services provided by the company includes an IRA program and live price charts for precious metal assets.

Provident Metals IRA Program

various different gold bars and gold coins

The company offers IRA services to interested customers. An IRA with Provident Metals enables the account owner to buy and hold physical precious metals while enjoying the particular tax advantages of a retirement account.

Currently, bullion investors are allowed to purchase precious metals from the company and hold them in a Roth IRA or a traditional IRA.

To provide the most effective IRA services, Provident Metals has collaborated with IRA custodians: American Estate & Trust Company and Sterling Trust Company.

IRA Approved Bullion

Most of the bullion Provident Metals sells is at least 99.9% pure, which is a vital prerequisite. However, only a limited number of rounds and coins can be owned through an IRA.

Before particular bullion can be held in an IRA, it must pass a stringent evaluation criterion.  All gold bullion must legally be a minimum purity level of 99.9% to be held in an IRA.

However, American Gold Eagle coins are exempt from this rule and require a lower purity level of 91.5%. The gold bullion coins and bars must indicate a refiner's or an assayer hallmark to show their quality has been certified by NYMEX or COMEX.

Examples of gold products that can be held in an IRA are:

  • Great Britain Gold Sovereign Coin – King George
  • Somalia Elephant 1/4 oz Gold Coin
  • American Eagle 1/10 oz Gold Coin

Silver products require a minimum purity level of 99.9% to able to be approved for IRAs. Examples of silver products that can be held in an IRA are:

  • 1 oz Silver Bar
  • Silver Incuse Indian Round
  • 5 oz Italpreziosi Silver Cast Bar
  • 1 oz Silver Kookaburra
  • 1 oz Silver Proof Coin St. Helena Queen’s Virtues Truth

Palladium and platinum products are required to have a minimum purity level of 99.95% IRA approval.

Examples of palladium and platinum products that can be held in an IRA are:

  • 1 oz Platinum Coin British Tudor Beasts Lion of England
  • 1 oz Palladium Bar Any Mint, Varied Condition

Precious Metal IRA Definition

Individual Retirement Account (IRA) is a common way to save for retirement; a precious metals IRA is an IRA that holds physical precious metals such as silver, gold, and platinum rather than stocks, bonds, or other investment assets.

Products that are Allowed in an IRA

Investment products that are approved to be held in an IRA must attain a minimum purity level per IRS requirements. In addition, gold must attain an extra set of legal regulations to be approved for the IRA.

Examples of IRA-approved products are:

  • American Gold Buffaloes
  • American Gold Eagles
  • Canadian Gold Maple Leafs
  • 5 oz Silver Proof Coin British Tudor Beasts Lion of England

Simple Process to Create a Precious Metals IRA

If you are interested in setting up an IRA account, it is best if you contact one of the custodian companies recommended by Provident.

Then, you will be required to deposit money into the IRA and thereafter call Provident Metals to inform them of your intentions to invest in precious metals that are IRA-approved.

The phone call enables the customer to guarantee a price for the purchase transaction.

Selling Products to Provident Metals

Provident Metals is also in the business of buying precious metals from customers at reasonable prices. If you want to liquidate your holdings, please follow the steps below:

Seller makes a call to Provident Metals for free to set in a price for your transaction. Thereafter, the Provident will send a confirmation email showing transaction details such as the price, the packaging slip, and the process of completing the shipment.

The seller ships the products to Provident Metals. The products must be marked by the post office the following business day since the customer has received an email confirming the sale to Provident.

Provident Metals will process payment to the seller within four business days after receipt of the products.

The three-day space allows the company enough time to authenticate and verify the goods and process payment for the large number of product packages shipped to the company daily.

The Shipping Policy

Provident Metals shipping services are limited to the USA only.  All customer orders with a total value of $200 or higher are shipped for free. Orders with a total of less than $200 are charged a flat shipping fee of $8.

Shipping packages with a value of more than $999 require a signature for confirmation of the order and a signature to show receipt of the products. 

The shipping process starts once the customer has completed the payment. In addition, the customer receives a notification email when the shipping starts. 

All shipment orders are executed through UPS and USPS. USPS product shipments are shipped First Class or Priority, while the extra-large products can be shipped through UPS.

All products are insured fully when in transit.  Customers are not allowed to combine different shipment orders.  The safety of the shipments is guaranteed through discreet packaging and labeling that hides the content of the package.

What is a Self-Directed IRA?

A self-directed IRA (SDIRA) is quite similar to a traditional or Roth IRA. However, the greatest difference is that a self-directed IRA allows the owner to make investment decisions for themselves.

The account holder has the flexibility to select where to invest from a wide range of options beyond the traditional stocks, mutual funds, and bond markets.

Essentially, a self-directed IRA allows the account holder to divert their money themselves to nontraditional capital assets like real estate, physical precious metals, commodities, and several other alternatives.

Investors who want to regulate all operations of an IRA to leverage their skills in business, real estate, precious metals, and other non-conventional investments and earn a better return should start to consider setting up a self-directed IRA.

The Definition of Bullion

Bullion refers to the bulk silver or gold with a purity level of 99.9% that is melted and molded to form bars, ingots, or coins. The term "bullion" has been coined from the French word "bouillon," or "boiling" in English.

Bullion has been the most traditional form of investing in gold, which means investors have continually sought after the gold that is pure, refined, melted, and molded into bars.

Gold has a soft and malleable structure; its shape can be altered without breaking or being damaged. It can endure high levels of heat, chemicals, and pressure associated with the bullion-production process.

The process of bullion production involves complex processes of mining, extraction, refining, pouring, pressing, and striking that result in the production of high-value pure gold in the form of bars or ingots.

The Definition of Junk Silver

The term "junk silver" is a contradiction. Most of America’s coins that had been in circulation before 1965 were made from 90% silver.

Nowadays, they are called "junk silver" since their value is primarily dependent on their metal composition rather than their condition or collectability.

The term "junk" is used to imply they are not numismatic; however, junk silver coins still retain considerable value and have a place in an investor’s portfolio.

Since the government directed the withdrawal of these coins from the financial system, many Americans started collecting the older versions, and with time, the coins have become rarer and more valuable.

Individuals want to invest in silver can consider junk silver because:

  • The price of junk silver is a few points below the spot price of silver to reflect that investors are only investing in the metal itself
  • Junk silver is and has been accepted as legal tender, with a price equal to its face value
  • Even when you purchase junk silver bags or rolls, you can still trade, spend, or barter in smaller amounts of your choice because junk silver is available in smaller quantities

Provident Metals Company’s Review, Ratings, and Complaints

Generally, Provident Metals has positive reviews and ratings. In addition, the company has quite a small number of complaints. 

According to SiteJabber, a review site, Provident Metals has received 45 customer reviews, scoring a rating of 2.71 out of 5. This is an indication that the majority of the company’s customers have a negative opinion about the company.

Many of the customers have complained about the company’s customer service and return policy.

According to Trustpilot, another review site, Provident Metals has received 3,676 customer reviews, scoring a rating of 3.2 out of 5. About 90% of the customer reviews of the company are positive and indicate that the company's services are outstanding.

This shows the majority of the customers are satisfied with the company. Most customers who complained were against delays in shipping, poor product packaging, and the security of the package.

Pros and Cons

PROS

  • They offer reasonable prices
  • They deal in a wide selection of precious metals
  • The company has an ok IRA program.

CONS

  • They only ship to customers within the USA
  • They have received several concerns with their shipment processes
  • Their return policies are not the most user friendly

Is There a Scam Risk with Provident Metals?

No. All available information indicates that Provident Metals is a legal precious metals company. The company has received numerous positive reviews for its extensive product selection, which has benefited many different investors.

In addition, most customers have highly rated the company’s IRA plan.  Nonetheless, it is hard to overlook the several complaints and negative reviews the company has received, which do not benefit the company’s status in any way.

Conclusion

With its headquarters based in Dallas, Texas, Provident Metals has become one of the leading dealers of precious metals coins and bars.

The company’s website is accessible around the clock, and customers can invest in their products any day of the week.

We have gathered different opinions about the company. However, by all indications, Provident Metals appears to be a legal business in the precious metals industry.

We think that Provident Metals is an ok company to invest with, but we do not recommend them.

When considering a precious metals IRA, you only want to work with the best in the industry.  That is why we spent years researching every business in this industry and compiled a list of the best, most trusted companies to work with.

You can get a Free Gold Investors Guide from our top gold and precious metals company recommendation by clicking the link above or you can read our article of the top companies we reviewed this year:

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