Today we will take a look on Provident Metals for you. What is Provident Metals? A scam or a legit gold dealer? Will they be the right choice for you or are there better alternatives out there? These are some of the main questions this short review will focus on!
Company: Provident Metals
Owner: Joe Merrick
Price: Depends on your investment amount
Who is it for: precious metals investors
Overall rating: (3.9 / 5)
Important to mention before we go into more details of this review:
We always strongly recommend to do your research online before you choose a company to invest with. There are so many reviews online of clients being ripped of and scammed. So please investigate thoroughly before you make your decision.
With that being said, let´s continue with the review on Provident Metals!
What is Provident Metals about?
Provident Metals is a precious metals dealer that serves clients in both the U.S. and Canada.
The physical address of the company is: 15850 Dallas Parkway, Dallas, TX 75248
How does it work?
The company offers gold and other precious metals for you (the client) to buy but also to sell to them if you already got metals that you want to sell. The company also offers precious metals for you to store in an IRA account.
The products offered by the company is precious metals in the form of coins and bars of different kinds. It also offers you to put precious metals into an IRA account.
Yes, IRAs are offered by the company, it is one of their main services (like mentioned above). In this part of the review I normally provide a screenshot from the fees associated with setting up an IRA account with the (particular) company, however, I didn´t find and “fee table” on the PM website.
What I found though is this exact text about IRAs with Provident Metals:
What are the costs to open a precious metals IRA? The costs of the metals, setup fee, annual fee, and storage fee. The cost of the metals is as you see on ProvidentMetals.com. The fees for precious metals IRAs are all charged by the trust and custodial company. When deciding upon a custodian you should ask about set-up fees, annual fees, and storage fees. The fees will vary based on whom you choose as a custodian. The companies we have recommended are industry leaders, extremely affordable, and there are no hidden fees whatsoever.
Important to mention:
As you can see above there is not quite “clear” regarding the fees, it will depend on “what custodian you choose”
You need to know that there are other companies out there that first of all got very low yearly fees AND some also waive the fees completely for your first 1-3 years or offer you a flat rate.
***See my #1 recommended IRA solution on this page
Can you get the gold (and other metals) delivered to your home?
Yes, you can. Below is an exact excerpt from PMs website on this particular topic:
All orders are shipped fully insured.
Multiple orders cannot be combined.
All packages over $750 include signature confirmation and require a signature to be received. You can purchase signature confirmation on any other package for $3 at checkout.
All packages shipped via USPS will be shipped First Class, Priority or Express Mail.
All orders totaling $2,000 or more will be shipped UPS when possible.
You will be notified by email when your package(s) ships.
All packages are shipped securely in inconspicuous packaging and give no indication of contents. Boxes may or may not be addressed from “Provident.”
Some oversized packages may be shipped Federal Express or UPS.
Free shipping is based upon order subtotal.
Can you store your investment with the company?
Yes, you can. Or more correct through their third-party depository partners, as mentioned above it is not “written in stone” on exactly where and what fees are associated with storing with PM.
Can you sell back to the company?
Yes, you can.
It works in 3 steps:
Here are the criteria that need to be met before you can sell your precious metals to the company:
The minimum amount to sell to us is $1,000. Your entire purchase order needs to reach this minimum. If you do not see your items on our site, it is possible that we will still be able to make an offer. Please call in and speak with our purchasing department.
Can anybody in any country use the service?
No, their services are for citizens living in either the U.S. or Canada.
Is Provident Metals a scam?
So, is Provident Metals a scam? No, it is not a scam, it is a legit company of course. They would never have been in business for this long (founded: 2009). They also got a real physical address and a real owner.
However, are they your best alternative for your precious metals investments? That is another story, and, that leads us to the:
Online Reviews, Ratings, and Complaints
BBB (Better Business Bureau)
Overall rating: A
Review score: (4.7 / 5) (out of 99 reviews) click here for details (opens in new window)
Overall rating: (3.3 / 5) (out of 3672 reviews) click here for details (opens in new window)
Overall rating: N/A
Overall rating: (2.5 / 5) (out of 22 reviews) click here for reviews (opens in new window)
Overall rating: (2.6 / 5) (out of 2 reviews) click here for details (opens in new window)
Overall rating: 5 complaints / reports click here fore details (opens in new window)
Overall rating: N/A
Are there any Red Flags?
As you can see above there is both a good number of reviews on the company and the overall score is also above average. However, are there any red flags? Well, there are some pretty serious complaints, most of them on shipping and hidden fees.
Below are 2 examples:
Click here to read more reviews, ratings, and complaints on the Trustpilot website
Click here to read more complaints from the Yelp website
How´s the support?
One thing I always put a lot of weight on when it comes to the quality of a company’s support system is if they got a live chat function or not. PM does not have this and that is a minus (at least in my book).
They offer you a phone number, e-mail and a physical address for you to contact them with your questions and concerns.
Why You Should (Or Should NOT) Join Provident Metals?
It is always a good thing to compare a company’s pros against its cons to get a better overall picture. Below I have highlighted some clear points to make this job easier for you:
- Wide range of coins and bars
- Good amount of reviews online
- Lack of experience (only 2 years in business according to the BBB website)
- Website lacks in support and some info, for example, a clear number on what you will pay in yearly fees.
- There are some pretty serious complaints online
Do You Own or Represent Provident Metals?
If you are a representative, or associate of Provident Metals and have found something not to be correct in this review please, feel free to tell and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply send an e-mail to email@example.com
Final Words and Verdict on Provident Metals
Overall rating: (3.5 / 5)
Ok, I think that sums up the whole overall picture of this company pretty good for now. This is a legit company, absolutely.
What makes the score down (under the 4 limit) is the fact that the website lacks a bit of info (and support) and also because of the negative complaints that are visible for anyone to see online (see further up in the review).
So, for now, an average 3,5 out of 5 stars feels fair.
It can of course change to a higher or lower one in the future as the reviews on this website are getting updated as soon as some “news” on a company comes up.
You have made a smart choice reading this review as it is always recommended that you research and compare many different companies against each other before making an educated decision.
Am absolutely sure that you will find an IRA custodian that is right for you as you clearly understand this concept (you wouldn´t have read this far if you didn´t)
As always, the choice is up to you!
Which Company Do You Recommend?
If you are looking for a reputable gold IRA custodian besides any other company, you should check out GOLDCO.
GOLDCO (GC) have close to ZERO complaints from their clients.
Used by celebrities, respected by well-known publications, and agencies.
And A LOT more benefits!
I hope you found this short review on Provident Metals to be helpful and now you should have a better understanding of what it is and if it is something for you or not. If you have used any of its services please share your experience with us in the comment section below, as it can help others. Also, if you got any other questions on this review I will be more than happy to answer them below.
I wish you success!
Founder of: Gold Retired