Are you interested in adding precious metals to your investment portfolio? Look no further than Provident Metals, a trusted online dealer of currency coins, domestic bullion, numismatic coins, and other investment-grade metals.
Based in the United States, this company is an Associate Member Firm of the Certified Coin Exchange, the premier dealer to another numismatic network. Provident Metals has also received high praise from the Better Business Bureau, with a current rating of A.
Therefore, don’t miss out on the chance to diversify your investments – read this Provident Metals review to learn more about all your precious metal needs.
Advisory! Prior to diving into this review, we’d like to stress that at Investors Circle, our mission is to protect your wealth. We know that our research reports may alter your investment decisions, so we want to be 100% sure you are investing your hard earned money with the right company!
With this in mind, we urge you to check out our list of the top five companies in this space (we found 1 that fits 99% of investors needs)
See if Provident Metals made our list this year, or continue with this review below to see if they are possibly the right company for your investment needs.
Provident Metals is an online dealer of precious metal products, including gold, silver, copper, platinum, and palladium. Based in Dallas, Texas, the company was founded in 2019 and has since established itself as a go-to resource for investors and collectors.
One of the standout features of Provident Metals today is the Precious Metal Investor’s Knowledge Center, where users can learn about collecting and investing in various metal products. The company also offers a self-directed IRA program through the Preferred Trust Company, allowing customers to fund and purchase metals as part of their retirement plan.
Regarding customer service, Provident Metals’ website is available for sales 24/7, and you can contact their team by phone or email during business hours. Overall, Provident Metals is reliable and trustworthy for investing in precious metals.
Why Invest in Precious Metals?
Many people invest in precious metals as a way to protect their wealth from inflation and economic turmoil. These investments are typically made for the long term, as precious metals do not offer immediate returns or interest payments. Instead, they provide stability and security for an investment portfolio.
While prices for precious metals can fluctuate, these changes are generally not drastic and may only be noticeable over a period of 10-20 years. By adding precious metals to your portfolio, you can strengthen your financial planning efforts and ensure a measure of protection against uncertain economic conditions.
Why Choose Provident Metals?
With a focus on excellent customer service and a wide range of high-quality products, including gold, silver, platinum, copper, and palladium, you can trust that you’ll get the best deals and support.
The company also offers a variety of supplies to help you collect and preserve your items, as well as educational resources, through their Precious Metal Investor’s Knowledge Center. Plus, for those looking to invest for retirement, Provident Metals offers a self-directed IRA program through the Preferred Trust Company.
In addition to its top-notch products and services, Provident Metals also has excellent and reliable shipping, with affordable rates and discreet packaging to ensure the safety of your items. It takes great measures to protect your personal information with secure shopping carts, state-of-the-art protection software, and ComodoCA SSL certificates.
Provident Metals Products and Services
Looking for a wide variety of precious metal products? Provident Metals has you covered with its extensive selection of numismatic items, bars, and coins made from gold, silver, copper bullion, platinum, and palladium. Among their offerings, you’ll find:
American Gold Eagles
European Gold Coins
Canadian Maple Gold Leaf Coins
PAMP Suisse Gold Bars
American Silver Eagles
Canadian Maple Silver Leaf Coins
5-Oz Silver Coins
Suppose you’re looking to add some of the most famous precious metal products of 2023 to your collection. In that case, Provident Metals has you covered with a wide selection of top series, including the Medieval Legends, Provident Lunar Series, Egyptian Gods, Warrior Series, Provident Prospector, Queen’s Beasts, World of Dragon, and Four Horsemen.
However, it’s not just about the products at Provident Metals – it also offers various services to help you make informed investment decisions.
On the company website, you’ll find helpful information on state sales tax rates and live price charts to stay up-to-date on market trends.
Does This Company Offer IRAs?
Provident Metals offer IRAs as part of its investment options. This offering can be an excellent option for investors who want to diversify their portfolio by investing in things like stocks, bonds, and mutual funds, while also taking advantage of tax benefits.
If you’re interested in bullion investment, you can purchase precious metals from this company and have them stored in either a Traditional or a Roth IRA. Provident Metals has teamed up with American Estate & Trust and the Sterling Trust Company as custodians for these accounts to ensure top-quality IRA services.
IRA-approved Bullion Products
While Provident Metals has a wide range of bullion options, only a select few are eligible for an Individual Retirement Account (IRA). These strict criteria are in place to ensure the quality and purity of the assets held in an IRA.
Currently, gold bullion products must have at least 99.5% purity to be considered for an IRA, with the American Gold Eagle being the exception at a purity of 91.67%. In addition to this purity requirement, gold bullion must also be hallmarked by an assayer or refiner and approved by NYMEX or COMEX. Some options for gold investments in an IRA include:
American Eagle Platinum Coins 1/10-1 ounce
Australian 1-ounce Platinum Koala Coins
Canadian 1-ounce Maple Leaf Platinum Coins
Silver rounds must meet specific purity requirements to be eligible for inclusion in an Individual Retirement Account (IRA). Specifically, silver products must have at least 99.9% purity. Some options for silver rounds in an IRA include:
Australian Philharmonic Silver Coins 1-ounce
Canadian 1-ounce Silver Maple Leaf Coins
American Silver Eagle Coins 1-ounce
Chinese 1-ounce Silver Panda Coins
Mexican Libertad Silver Coins 1-ounce
If you’re looking to include platinum or palladium in your Individual Retirement Account, you’ll need to make sure that the products you choose meet specific purity standards. Specifically, platinum and palladium products must have at least 99.95% purity to qualify for an IRA. Some options for platinum and palladium investments in an IRA include:
Russians Roubles Palladium Ballerina Coins 1 ounce
Canadian Maple Leaf Platinum Coins 1-ounce
American Eagle Platinum Coins 1/10-1 ounce
Australian 1-ounce Platinum Koala Coins
Canadian 1-ounce Maple Leaf Palladium Coins
Sell to Provident Metals
If you have precious metal products that you’re looking to sell, Provident Metals can be a great option. The company is happy to purchase these items from you at competitive prices. Here’s how it works:
Contact Provident Metals by phone to lock in your sale price. You’ll receive an email confirmation with the details of your sale and a packing label, and instructions for completing the shipment.
Once you have the email confirmation, you’ll need to ship the items to the company. They must be postmarked by the following business day after you accept the confirmation.
Once Provident Metals receives your items, it will process your payment in three business days. This timeline is necessary due to the many packages the firm gets daily and the need to authenticate and verify the shipment. Therefore, if you’re interested in selling your metal products, don’t hesitate to reach out to Provident Metals for more information.
At this time, Provident Metals can only ship orders within the US. Shipping is free for orders with a subtotal of $199 or more, and there is a normal shipping cost for orders under $7.99.
Orders over $1,000 require signature confirmation, and you must sign it upon delivery. You’ll receive an email notification when your order is on its way, and it will not process until payment the company receives the payment.
The firm can ship packages via UPS or USPS, with USPS shipments being sent via Priority or First Class mail. In some cases, particularly large packages may be sent via UPS.
All shipments are fully insured and securely packaged in discreet packaging that doesn’t reveal the contents. Furthermore, keep in mind that merging multiple orders into one shipment is impossible.
Ratings, Reviews, and Complaints
Provident Metals has received mostly positive reviews and ratings from customers. However, there have been a few complaints about the company’s services.
On SiteJabber, the firm has a customer rating of 2.71/5 based on 45 reviews, meaning that most consumers have had a negative experience with the company. The most common complaints have been about customer service and its return policy.
Furthermore, the firm has a rating of 3.2/5 on Trustpilot based on 3,676 reviews. While most of these reviews (90%) have described the company’s services as excellent, there have been some complaints about poor packaging of products, shipment delays, and package security.
Overall, it seems that most customers are satisfied with Provident Metals, but a few issues have caused some frustration.
Pros and Cons
Here are some potential pros and cons of using Provident Metals for your precious metal purchases:
Wide selection: Provident Metals has a wide range of precious metal products, including coins, rounds, bars, and collectibles.
Competitive prices: Provident claims to offer competitive prices on its products, making it a good option for those looking for value.
Convenient shopping options: Customers can shop online or over the phone, making it easy to purchase precious metals from anywhere.
Good customer service: Many customers report having positive experiences with the customer service team at Provident Metals.
Limited shipping locations: Provident Metals only ships to addresses within the United States, which may not be convenient for those living outside of the country.
Shipping issues: Some customers have reported problems with the shipping process, including delays, lost packages, and incorrect orders.
Unfavorable return policies: Several customers have reported dissatisfaction with the return policies at Provident Metals, including issues with getting refunds or exchanges.
It’s essential to carefully consider these pros and cons and any other relevant factors before deciding to use Provident Metals to purchase metals.
Is Provident Metals Legit?
While Provident Metals has received praise from many customers for its wide selection of precious metal products and its popular IRA program, there have also been some negative reviews and criticisms about the firm.
It’s important to consider these when evaluating the company’s legitimacy. However, the majority of evidence suggests that the company is a reputable precious metals dealer. It may be helpful to do additional research and consider multiple sources of information before deciding to use the company to buy assets.
Provident Customer Service
Provident Metals offers customer support via phone and email from Monday to Friday, 8am to 6pm CST. The company’s customer service staff is knowledgeable about gold bars and the markets and can answer questions or assist with existing orders.
Customers can reach out to the company through specialized email boxes dedicated to bullion and coin inquiries or order updates. Overall, Provident Metals is committed to providing excellent customer service to its clients.
However, some argue that Provident customer service started a claim for them and closed it without refunding or replacing the order. That’s why it’s important to consider with which companies you’re ordering BU coins.
The Bottom Line
Based on the information provided, Provident Metals appears to be a reputable and trustworthy company for those interested in investing in precious metals.
The company offers a wide range of products and services, including educational resources and a self-directed IRA program, and has received positive ratings from the Better Business Bureau.
While there have been some customer complaints, most reviews and ratings for Provident Metals are positive. However, it’s always important to do your research and carefully consider all factors before making any investment decisions.
Provident Metals FAQ
Welcome to our Provident Metals FAQ! If you’re considering adding precious metals to your Individual Retirement Account, you probably have many questions.
That’s where this FAQ comes in. Here, you’ll find answers to some of the most commonly asked questions about investing in precious metals through an IRA. Hopefully, this information will be helpful as you make your investment decisions.
What Is a Precious Metal IRA?
An Individual Retirement Account, or IRA, is an investment account that allows individuals to save for retirement. In a precious metal IRA, the assets held in the account are not traditional financial products such as stocks or bonds but rather physical precious metals such as gold, silver rounds, and palladium.
This retirement account option is an excellent way for investors to diversify their retirement portfolio and take advantage of these metals’ potential stability and value.
What Is the Minimum Order Size for Precious Metal Purchases at Provident Metals?
There is no minimum order size for purchases at Provident Metals. Customers can order as little or as much as they like.
Does Provident Metals Offer Financing Options for Precious Metal Purchases?
No, Provident Metals does not currently offer financing options for precious metal purchases. Customers must pay for their orders in full at the time of purchase.
Does Provident Metals Offer a Satisfaction Guarantee for Their Products?
Yes, Provident Metals offers a satisfaction guarantee for its products. If you are not completely satisfied with your purchase, you can return it for a full refund within five days of receiving the item.
What Are the Payment Options at Provident Metals?
The firm offers various payment options, including:
Does the Company Insure Purchases?
After receiving your precious metals, you must store them to protect them. Provident Metals does not provide insurance if your metals are lost, so securing and safeguarding your physical investments is essential. If you have concerns about the safety of your assets, it may be worth working with an additional insurance company or storage options.
Does the IRS Get Transaction Reports from Provident Metals?
The company follows IRS reporting guidelines and only reports purchases over $10,000 to the agency. If you have questions about their specific reporting procedures, you can contact the company for more information.
It’s important to note that you may be required to report purchases on your tax returns, even if they are not reported to the IRS by the company. Furthermore, it’s always a good idea to consult with a tax professional or refer to IRS guidelines to determine your tax obligations related to precious metal purchases.
What Products Are IRA-eligible?
To be considered for inclusion in an Individual Retirement Account (IRA), gold, silver, and platinum metal products must meet certain purity standards. The required purity level will vary depending on the specific metal. In addition to these purity requirements, some precious metals may have to meet additional regulatory requirements to qualify for an IRA. Examples of IRA-eligible products include:
American Gold Eagles
American Gold Buffaloes
Canadian Gold Maple Leafs
Australian Gold Philharmonics
American Silver Eagles
Canadian Silver Maple Leafs
How Do I Set up a Precious Metals IRA?
Suppose you’re interested in setting up an IRA with Provident Metals. In that case, the first step is to contact one of the company’s partner custodian precious metals companies to set up an account.
Once you’ve deposited funds into your IRA, you can then call Provident Metals and inform the IRA custodian of your intention to purchase IRA-approved precious metal products. This call will allow you to lock in your price.
Remember that you must follow certain procedures and meet specific requirements to set up and fund an IRA. Therefore, it’s a good idea to carefully review the relevant information and seek guidance from a financial professional if you have any questions or concerns.