Overview
Provident metals is a recognized online retailer that deals in precious metals such as palladium, gold, platinum, copper, and silver. This business was founded in 2009 and currently operates out of Dallas, Texas. As of October 2019, this online business was acquired by JM Bullion. Their primary focus is on clients from North America; their shipping services cover the USA and Canada. Quite notably, the business has received dealer authorization from the American Numismatic Association. Certified Coin Exchange also recognizes them as one of their associate firms. The company has over the years grown to become a market leader in dealing with domestic and international bullion. Currently, the company has an impressive portfolio that has a diverse and versatile selection of precious metals and bullion. Provident supposedly prides itself on being able to offer a convenient and safe option for those looking to invest in precious metals.
In an innovative and pioneering bid, this online retailer recently began accepting payments through cryptocurrency. Adopting cryptocurrency has only added to their impressive and convenient array of payment options and methods. Provident also offers their clients products eligible for IRA and even have a ROTH-IRA, which is tax-free. These Individual retirement Accounts hold precious metals instead of paper assets. The fees for these IRAs are dependent on what custodian the account holder selects. In most cases, this online business is currently partnered with American Estate and Trust LLC, Entrust Group, and GoldStar Trust.
How it works
This company’s traders work intently to create an intuitive selection for clients to choose from. They do this by going after the best deals globally. The company works with various mints to create their bullion portfolio alongside rare merchandise like US coins. Provident tries to keep their prices affordable but competitive with each product they offer. This sentiment is further supported by a tailored ordering system that has been automated to keep costs low. Clients can securely place their orders online thanks to the relevant security measures, including top-notch SSL encryption. Their online purchasing platform has an SSL Certificate via Comodo.
This firm can make direct deliveries of your precious metals to your home. The recipients can feel at ease about their concerns as these metals are thoroughly insured. Depending on the subtotal on orders, the recipient may enjoy free shipping benefits. However, clients may not merge multiple orders. The firm only offers these services in North America; the USA and Canada, to be precise.
Packages that are above $750 will typically require signature confirmation to be availed to be received. Packages from this firm sent via UPS are usually dispatched on Express Mail, Priority, or First Class. The firm also tries, where possible, to send all orders above $2000 by UPS. The recipients then receive an email notification as soon as their package is shipped. For security reasons, orders are placed in mundane packaging meant to conceal the contents. The labeling is designed to be discrete to ensure its contents’ privacy and security.
Clients can also keep their metals with this firm, but only through a third party. Clients can also sell back metals to the firm given they meet the stipulated criteria, which is a minimum worth of $1000. The company accepts metals whether they were acquired from their inventory or not. Such sales are initiated by contacting Provident’s purchasing department and creating an account for selling. The seller will then ship the items to Provident and wait for their payment to be released.
Clients with questions regarding this service can talk to the firm’s customer support. This support team is reachable via email, mobile phone, and through their physical address, all present on the company’s website.
Prices
Currently, Provident’s prices are as follows:
• Gold retails at $1,738.16 per ounce, $55.88 per gram and $55,883.14 per kilo.
• Silver retails at $26.42 per ounce.
• Palladium retails at $2,389.13 per ounce
• Platinum retails at $1,194.35 per ounce
Their prices for coins allowed in IRA are:
• 1 oz. of 2014 American Gold Eagle at $1,325.80
• ¼ oz. of 2014 American Gold Eagle at $352.38
• 1/10 oz. of 2014 American Gold Eagle at $143.49
• 1 oz. of Random Date American Gold Eagle at $1,317.80
• ½ oz. of Random Date American Gold Eagle at $685.72
• ¼ oz. of Random Date American Gold Eagle at $348.42
• 1/10 oz. of Random Date American Gold at $140.32
• 1/20 oz. of 2014 Canadian Maple Leaf at $85.71
• 1 oz. of 2014 American Buffalo at $1,325.80
• 2014 Austrian Philharmonic at $1,320.80
Pros and Cons
Pros
• Provident offers a vast, diverse, and versatile array of products and services to its clients. This lineup includes their appealing and lucrative IRA products. Provident’s products include a ROTH-IRA that is tax-free, which account holders find very intriguing.
• Clients can sell back precious metals to Provident, even when they did not acquire their products from Provident.
• Shipping orders from this company are entirely and adequately insured.
• Provident accepts numerous payment methods, which is very convenient. They even accept cryptocurrencies such as Bitcoin, which has reflected well on their business.
• Clients can use Provident’s depository partners (third party) to store their precious metals with Provident.
• Regarding the order’s subtotal, clients may enjoy a free shipping service for their orders.
Cons
• This company has received many negative reviews and ratings from its clients and online communities.
• There have been numerous complaints about their shipping process, which seems to get orders mixed up and deliver the wrong products.
• The company’s support team can be challenging to reach, especially since their site does not support a live chat feature.
• The company has a limited shipping scope restricted to the USA and Canada. Clients outside these areas may have difficulties shipping their orders.
Verdict
Provident Metals is an established and recognized online retailer that has set up an elaborate system to ensure its clients receive good products and services. Their framework offers impeccable services, which include their appealing IRA products. Provident has done a lot to ensure seamless operation, including the automation and securing of their shipping and delivery systems.
Their proven track record further reinforces that this company is a legitimate dealer and precious metals company. They have been in operation for years and have a robust product inventory to support their prowess. This legitimacy is further strengthened by their positive rankings and approval ratings, reflecting the levels of customer satisfaction this firm gives its clients. Despite a few negative reviews and ratings, which can put the company’s business to question, there are equally positive reviews. However, it would be best if interested parties explored their options and alternatives in-depth while looking for a precious metal dealer.