Provident Metals Review – A Quick Overview
Provident Metals is a relatively new precious metals company. They offer a large selection of gold, silver, platinum and other products. JM Bullion acquired this company in 2019. However, they were in a scandal and have received plenty of complaints for sending damaged products to clients. Some customers have complained about their high fees as well.
Pros:
- A+ rating on BBB
- Large selection of precious metals on offer
Cons:
- High shipping fees
- Many customers have alleged fraud
- Was involved in a scandal
- Relatively new in the industry
What is Provident Metals?
Provident Metals also called People’s Bullion Dealer has its headquartered in Dallas, Texas. The company was established in 2009 and offers a range of precious metal products, predominantly made from gold, silver, platinum, copper, and palladium. This was bought out by JM Bullion in 2019.
The company has established a Precious Metal Investor’s Knowledge Center with the aim of educating new coin collectors and investors on how to collect and invest in coins and bars made from these metals. Provident Metals has also introduced an IRA program for investors and collectors, where they can open a self-directed precious metals IRA, fund it, and buy metals. The Preferred Trust Company funds the investment for participants in this program.
People Behind Provident Metals:
Provident Metals has a team of experienced professionals who are passionate about precious metals and dedicated to providing exceptional customer service. Not much information is available about Provident Metals’ management staff on their website. It’s always important to check with the company directly for the latest updates on their management structure and staff.
Provident Metals Scandal: What Happened?
Provident Metals has faced criticism over the past few years, with numerous customer complaints and negative feedback on review sites. The most common issues include damaged items, counterfeit products, and shipping problems. Prospective customers have been dissatisfied with Provident’s handling of damaged goods and poor packaging.
One customer, for instance, received a scratched $2.50 PCGS MS 62 Indian Gold Eagle coin in a damaged slab, and Provident did not offer a solution. Another customer reported receiving scratched coins due to improper packaging. Fraud and missing orders have also been reported, with customers receiving counterfeits or not receiving their orders at all. In one instance, a customer received an empty box instead of 10 Silver Eagle coins and was unable to obtain a refund. Other customers reported canceled orders and ignored refund requests.
Delayed shipping and poor customer service are other frequent complaints. Provident has been criticized for taking too long to process and ship orders, with some customers waiting weeks for delivery. Shipping costs have also been deemed unreasonable by some. In addition, some customers have reported rude and unprofessional sales representatives and insufficient assistance when filing claims for missing items.
How to Invest in Provident Metals IRA?
Investing in a Provident Metals IRA is a straightforward process. Here are the steps you can follow:
- First, Set up a self-directed IRA account with the Preferred Trust Company, which is the custodian for Provident Metals IRA accounts.
- Next, you will need to fund your IRA. You can do this by transferring funds from an existing IRA, rolling over funds from a 401(k), or making a contribution.
- Once your IRA is funded, you can use the funds to purchase precious metals from Provident Metals. You can choose from a variety of gold, silver, platinum, copper, and palladium coins and bars.
- When you make a purchase, Provident Metals will ship the metals directly to the depository where your IRA is held. The metals will be stored in a secure, insured facility.
It’s important to note that investing in a self-directed IRA can be more complex than investing in a traditional IRA, and there may be additional fees associated with opening and maintaining a self-directed IRA. Additionally, it’s important to consult with a financial advisor or tax professional before making any investment decisions.
Provident Metals Products:
Provident Metals offers investors and collectors a wide range of precious metal products.
Here are some of the products available on their website:
- Gold coins: Provident Metals offers a variety of gold coins from around the world, including American Gold Eagles, Canadian Gold Maple Leafs, South African Krugerrands, and Australian Gold Kangaroos.
- Silver coins: Provident Metals offers a range of silver coins, including American Silver Eagles, Canadian Silver Maple Leafs, and British Silver Britannia.
- Platinum coins: Provident Metals offers platinum coins from around the world, including American Platinum Eagles, Canadian Platinum Maple Leafs, and Australian Platinum Koalas.
- Copper rounds: Provident Metals offers copper rounds with various designs, such as the Morgan Dollar and Buffalo Nickel.
- Palladium coins: Provident Metals offers palladium coins, including Canadian Palladium Maple Leafs and Australian Palladium Kangaroos.
- IRA eligible products: Provident Metals offers a selection of precious metal products that are eligible for inclusion in a self-directed precious metals IRA, including gold and silver coins and bars.
Provident Metals offers a range of gold, silver, platinum, and palladium bars, including popular sizes such as 1 oz, 10 oz, and 100 oz. In addition to these products, Provident Metals also offers a variety of accessories for storing and displaying precious metals, as well as numismatic coins for collectors. The selection of products is regularly updated, so it’s a good idea to check their website frequently for new offerings.
Provident Metals Fees and Charges:
Provident Metals offers competitive prices on their precious metal products, but there may be additional fees and charges associated with certain services or products.
Here are some fees and charges you may encounter when investing with Provident Metals:
- Shipping and Handling Fees: Provident Metals offers free shipping on orders over $199, but for orders below this amount, there is a flat-rate shipping fee of $9.95. There may be additional charges for expedited shipping.
- IRA Fees: If you choose to invest in a Provident Metals IRA, there will be fees associated with opening and maintaining the account and fees for storing the precious metals in a secure depository. These fees can vary depending on the custodian and depository used.
- Credit Card Fees: If you choose to pay for your order with a credit card, there may be additional fees associated with this payment method. Provident Metals offers a cash discount for payments made with a check, wire transfer, or Bitcoin.
- Bid/Ask Spread: When buying or selling precious metals, there may be a bid/ask spread, which is the difference between the price at which you can buy and sell the metal. This spread can vary depending on the market conditions and the type of metal being traded.
It’s important to carefully review all fees and charges associated with your investment before making any decisions. Provident Metals is transparent about its fees and charges and provides detailed information on its website. If you have any questions or concerns, you can contact their customer service team for assistance.
Provident Metals Reviews and Complaints:
In general, Provident Metals has received moderate ratings from various websites and organizations that offer reviews, ratings, and customer complaints about the company. Please see below for some of the ratings provided by different sources.
- Better Business Bureau (BBB): Provident Metals has A+ ratings with 4.72 stars out of 5 stars in their BBB account. A total of 130 customers reviewed them on Better Business Bureau. Many of the customers provided positive reviews towards the company and their service.
- Provident Metals has a rating of 3.3 out of 5 stars on Trustpilot, based on 3680 customer reviews. These reviews are a mixed bag of both positive and negative ratings. Some examples of both ratings are given below.
Positive Provident Metals Reviews:
According to Rick, he received his first shipment of silver Krugerrands this morning, and everything was packaged perfectly. The coins were in perfect condition, and the shipping was as promised. Rick expressed his satisfaction with the product and stated that he would definitely order from Provident Metals again.
According to Dmemme, Provident Metals is one of the best companies they have ever dealt with. They recently ordered a 1 KG silver bar, which was shipped for free and arrived quickly. Dmemme also received a tracking number the same day they placed their order. The package arrived discreetly and was well-packed, which shows the company’s professionalism.
Ron Zinke reported that he received his order of 10 5oz. bars and was satisfied with the products. However, he advised others to choose UPS for shipping as his order was shipped via USPS and was left in his mailbox located a mile away from his residence in the country. He also mentioned that Provident Metals falsely claimed that he had signed for the delivery when he did not.
Brent highly recommends this company for their excellent price point and transparency. Apart from selling bullion, the company also offers bullion jewelry. He notes that, unlike other companies that claim to follow spot prices, Provident Metals stays true to their claim of offering spot plus a small product fee for their bullion jewelry, which fluctuates with the price of Spot Gold. He gives the company 5 stars for its honesty and transparency.
Provident Metals Complaints:
DMSpydee expressed disappointment with Provident and JM, urging others to boycott them. In their first order since the merger, they were sent the wrong item and then had their order held until the company received back their cheaper item. Customer service was unhelpful and slow to rectify the situation, and it took over a week to resolve the issue. DMSpydee recommends looking for other bullion dealers with similar prices and better service instead of wasting money with Provident or JM.
Andrew reports that his items have not yet arrived, despite it being almost three weeks since he placed the order. He contacted the company with the tracking number but was informed that he must wait 30 days before filing a claim. According to the tracking information, the package never left Provident Metals’ building. Despite making two phone calls to inquire about the situation, he was never called back. Provident Metals is now requesting that he file a claim with their insurance company, which would accuse the USPS of the loss. Laura told him that this kind of situation happens frequently.
RJ Boss Hodge claims that he ordered about $200 worth of silver from this company, but it never arrived. Provident Metals claimed that it was delivered, but Hodge’s mailbox requires a key, and they told him it was his problem that someone stole it. Even after being a customer for five years and referring others, Provident Metals refused to help. Hodge believes this is unacceptable and he discovered that others have had similar experiences. He will no longer do business with them and wishes luck to others who choose to do so.
3. Provident Metals have 2.5 stars out of 5 stars with 32 customer reviews on Yelp. Some examples are given below.
More Provident Metals Reviews:
Matt M. shares his positive experiences ordering from Provident and recommends their user-friendly website. Although their prices may not be the most competitive, he still considers them one of his top ten sellers for bullion. Additionally, he appreciates that they are located nearby in the DFW metroplex, as he lives in Oklahoma City. For those looking for the most competitive prices, he suggests trying BGASC or Pinehurst Coin Exchange.
G.R. says that while he had positive experiences with this company in the past. But his recent order was a complete disaster. They only sent me one-third of my order, and they didn’t provide any insurance. He had to fill out a lot of forms. But they still blamed him for the missing items, even though it was clearly their mistake. G.R. believes their behavior is unethical, and he plans to take legal action against them. He recommends avoiding this company at all costs.
- The company has 2.7 stars ratings out of 5 stars ratings on Sitejabbar. This rating is based on 44 customer reviews. Which are mostly negative, and only very few of them are positive. Many customers are not satisfied with their purchases. Common complaints include poor customer service and issues with next-day delivery. Among sites that sell coins, ProvidentMetals ranks 33rd.
Jason H. recently received an order from Provident, but unfortunately, one of the coins turned out to be a counterfeit. Specifically, the 1oz Britannia coin he received on January 15, 2020, was plated and worthless according to an acid test conducted by a local dealer. He is unsure of what will happen since the company is currently closed. This incident suggests a significant quality control failure or, in the worst-case scenario, fraudulent activity on the part of Provident.
Is Provident Metals Legit?
Yes, Provident Metals is a legitimate company that is based in Dallas, Texas, and has been in business since 2019. They are a reputable precious metals dealer that is known for offering a wide range of precious metal products at competitive prices, as well as providing exceptional customer service. Provident Metals also has an A+ rating with the Better Business Bureau (BBB). The company has been accredited by the organization since 2019.
However, the company has received numerous complaints for not delivering its products on time. Furthermore, there are many complaints alleging Provident is nothing but a scam.
These can be quite alarming for any investor.
You should only invest with credible and reputable companies.
Should You Invest with Provident Metals?
I don’t think you should invest with this company.
Why?
Because, they are clearly not the best. There are several companies with much better services, staff and products to offer you.
Provident Metals claims to be a reputable company that has been in business since 2019 and is known for providing high-quality precious metals at competitive prices, as well as offering exceptional customer service. They also have a Precious Metal Investor’s Knowledge Center and an IRA program for those interested in investing in precious metals.
However, the company doesn’t have a very positive reputation in the industry.
In fact, they were in a scandal becuase of their poor customer support. Moreover, they have recieved many complaints alleging they are engaging in fraud with their business practices.
When you’re investing in precious metals, you should look for a reputed service provider.
I recommend checking out my top gold IRA companies of 2023.
There, you can find the best gold IRA company of your state as well.