Today we will take a look at 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? 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 / 5)
Important to mention (before we go into more details of this review)
We strongly recommend doing your research online before choosing a company to invest in. There are so many reviews online of clients being ripped off and scammed. So please investigate thoroughly and compare different alternatives before you make your decision.
One example: 99.9% of companies got “pushy” salespeople trying to stress you into acting fast.
Here is the thing, the #1 Recommended Gold & Silver IRA Dealer on our top-5 list got No-salesy representatives… So they won´t bother or terrorize you with phone calls.
You are a smart person, so I am sure that you understand the benefits of dealing with such a company instead, right?
+They got a couple more benefits you might appreciate as much as I do. You will understand yourself once you have visited the page (link) above.
==> See our Top-5 List of Precious Metals IRA Companies on this page <==
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 and sell to them if you already have metals you want to sell. The company also offers precious metals for you to store in an IRA account.
The products offered by the company are 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, Precious Metals 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 of the fees associated with setting up an IRA account with the (particular) company. However, I didn´t find any “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 other companies out there have very low yearly fees, AND some also waive the fees completely for your first 3-10 years or offer you a flat rate.
**See my #1 recommended Gold & Silver IRA solution on this page
Can you get the gold (and other metals) delivered to your home?
Yes, you can (as long as it is not within an IRA as you can not store IRA gold at home, it is simply not allowed). 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 not indicate 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, 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?
You can sell back to Provident Metals company with easy and precise steps.
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, we may 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 a whole other story, and that leads us to the following:
Provident Metals Reviews, Ratings & Complaints
BBB (Better Business Bureau)
Rating: NOT an accredited business click here for details (opens in new window)
Rating: (3.2 / 5) (out of 3676 reviews) click here for details (opens in new window)
Rating: (2.5 / 5) (out of 25 reviews) click here for reviews (opens in new window)
BCA (Business Consumer Alliance)
Rating: 5 complaints/reports click here for details (opens in new window)
Rating: (2.7 / 5) (from 45 reviews) click here for details (opens in new window)
The Red Flags:
The independent 3rd party consumer protection agency that I normally put the most weight on, due to the fact that only real customers can leave their review on a particular company is Trustpilot. There was a good amount of reviews to be found there (as you can see above) and the overall rating is a bit below average, not very impressive results.
The other consumer protection agency that I put weight on is BBB, and as you can see above Provident Metals is NOT an accredited business by the BBB…
There are some pretty serious complaints as well, most of them on shipping and hidden fees.
Below are two examples:
This particular complaint can be found on the Trustpilot website, see link above
This complaint is from the Yelp website, see link above
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 whether they got a live chat function. PM does not have this, which 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.
Provident Metals PROs & CONs
It is always good 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
- A good amount of reviews online
- Lack of experience (not many years in business according to the BBB website)
- NOT an accredited business by the BBB
- The website lacks support and some info, such as an exact 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 send an e-mail to firstname.lastname@example.org.
Final Words and Verdict on Provident Metals
Verdict: Not recommended
Overall rating: (3 / 5)
Ok, I think that sums up the whole overall picture of this company pretty well for now. This is a legit company.
What makes the score down (under the four 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). Also, the company is not accredited by the BBB.
So, an average of 3 out of 5 stars feels fair for now.
It can 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.
I Am 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 We Recommend?
If you are looking for a reputable gold IRA custodian besides any other company, you should check out Augusta Precious Metals.
They have close to ZERO complaints from their clients.
They are 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 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