Disclaimer: We are reader supported. We may be compensated from the links in this post, if you use products or services based on our expert recommendations. Please read our Advertising Disclosure.
Provident Metals is a prominent online dealer specializing in domestic and international currency coins, numismatic coins, bullion, and other IRA and investment-grade metals.
The company exclusively ships to addresses within the United States and to U.S. military mailboxes.
Provident Metals is proud to be an Associate Member Firm on the Certified Coin Exchange, the largest dealer-to-dealer numismatic network globally. This affiliation underscores their credibility and commitment to providing high-quality products and services.
The Better Business Bureau has awarded Provident Metals an A rating, reflecting their dedication to customer satisfaction and business integrity.
But is Provident Metals the right investment for you? Continue reading to explore further.
Before we get started with this review:
We understand how difficult it is to pick a company that you can trust with your hard earned savings. That's why we create informative and useful information to give you as much knowledge as possible to make the right decision.
We created a list of our highest recommended investment companies, to make comparing and choosing the company best suited to your needs as easy as possible.
Look to see if Provident Metals was selected to our "highest recommendation" list this year!
Or...
Get a FREE Gold Investing Kit from our #1 recommendation, by clicking the button below:
Protect Your Wealth - Tax and Penalty Free!
And now back to the review.
Provident Metals Background
Provident Metals was founded in 2009. The company is based in Dallas, Texas. The company provides various precious metal products, most of which are made of gold, silver, platinum, copper, and palladium.
The company has also established a Precious Metal Investor’s Knowledge Center. The purpose of the Knowledge Center is to teach novice coin collectors and investors how to collect and invest in gold, silver, platinum, copper, and palladium coins and bars.
Also, the company has created an IRA program, where investors and collectors can open a self-directed precious metals IRA, fund their IRA, and purchase metals. If you participate in this program, your investment will be funded by the Preferred Trust Company.
The company’s website, www.providentmetals.com, is open to for sales 24 hours a day, but if you feel better placing orders over the phone customer service reps are available Monday through Friday, 8AM – 6PM Central time.
The website also serves as the main interface between the company and customers. You can also contact them via telephone and e-mail.
Why Choose Provident Metals?
Provident Metals strives to provide the best possible customer service. You will appreciate the professional, timely, and courteous nature of their customer service from the moment you contact them to the moment they ship to you.
The company is informed enough about the market to ensure that it provides a wide range of products and gives its customers the best deals.
The company also provides supplies to allow you to collect and preserve numismatic and bullion items in good condition.
By employing an automated system, Provident Metals can effectively offer the lowest and most current market prices. The company accomplishes this without compromising the quality of its products.
The company also has efficient and reliable shipping services. The shipping services are offered at affordable rates and you can be confident of safety because of discreet shipping labels and wrapping.
Provident Metals takes great measures to ensure the security of your personal information. For any given online purchase, there is a secure shopping cart and state-of-the-art encryption software.
For additional security, the company uses ComodoCA SSL certificates.
Products & Services
The company offers a considerable range of precious metal products, including gold, silver, platinum, copper, and palladium numismatic items, coins, and bars.
Some of the notable products include:
Some of the most popular product series of 2022 include Medieval Legends, Egyptian Gods, Provident Lunar Series, Provident Prospector, World of Dragon, Warrior Series, Queen’s Beasts, and Four Horsemen.
Apart from sales, Provident Metals also offers various services. The company’s website provides information regarding sales tax, depending on the state where you ship your order.
The company also offers investment guidance to potential investors and coin collectors via the Precious Metal Investor’s Knowledge Center. Other services include the IRA Program and live precious metal price charts.
Does Provident Metals Offer IRAs?
Yes, Provident Metals does provide IRA services. Having an IRA is popular with investors because it will allow you to invest in bonds, stocks, as well as mutual funds, without having to pay certain taxes.
At the moment, if you are a bullion investor, you can buy precious metals from Provident Metals and save them in either a Traditional IRA or a Roth IRA.
To offer the best possible IRA services, the company has partnered with two IRA custodian companies: Sterling Trust Company and American Estate & Trust Company.
Which Bullion Products are IRA Approved?
Even though many of the precious metal bullion offered by Provident Metals is 99.9% pure, only a few coins and rounds are IRA-eligible. There are strict criteria that are used to determine which forms of bullion may go into an IRA.
Presently, gold bullion products need to have a purity of at least 99.5% to be IRA eligible. Only the American Gold Eagle is an exception to this requirement, with a purity lower limit of 91.67%.
Gold bullion products must also have an assayer or refiner hallmark indicating that they have been approved by COMEX or NYMEX.
Some gold product investment options for IRA include:
Silver products need to have a purity of at least 99.9% to be IRA-eligible. Some silver product investment options for IRA include:
Both platinum and palladium products need to have a purity of at least 99.95% to be IRA-eligible. Some platinum and palladium product investment options for IRA include:
Precious Metals IRA F.A.Q.
What is a Precious Metal IRA?
IRA stands for Individual Retirement Account. A precious metal IRA is, therefore, an IRA that contains precious metals like gold, silver, and palladium, instead of bonds, stocks, or other funds.
What Products are IRA Eligible?
Products are IRA-eligible if they meet the minimum purity requirements of the precious metal. A precious metal like gold must meet additional regulatory requirements to be IRA-eligible. Some IRA-eligible products include:
How Do I Set Up A Precious Metals IRA?
You should reach out to one of Provident Metals’ partner custodian companies to set up an account.
You will then call Provident Metals as soon as you deposit funds into your IRA and informed the IRA custodian that you intend to acquire IRA-approved precious metal products. The call will allow you to lock in your price.
Sell to Provident Metals
Provident Metals can also buy precious metal products from you, and at competitive prices. To sell to the company, you will follow the following three steps:
The company will then send you an email confirmation that indicates your prices, a packing slip, and the procedure you will need to follow to complete the shipment.
The items will have to be post-marked by the next business day after you receive an email confirmation of your sale to the company.
This delay results from the high number of packages the company receives every day, as well as the need to verify and authenticate the shipment.
Provident Metals Shipping Policy
Currently, Provident Metals only ships to the United States. Shipping is free for any order with a sub-total of $199 or more. For orders with a sub-total lower than $199, there is a standard shipping rate is $7.99.
A package over $1,000 includes signature confirmation on order and requires a signature on receipt. Shipment is initiated only after payment is made. You will receive an email notification once the shipment is initiated.
All order shipments are carried out through UPS or USPS. For USPS shipments, packages are shipped Priority and First Class. An oversized package may be shipped via UPS.
All order shipments are fully insured. You cannot merge multiple orders. All shipments are secured by using discreet packaging that does not indicate the contents of a package.
Reviews, Ratings, and Complaints of Provident Metals
Overall, the reviews and ratings for Provident Metals are good. There are relatively few complaints about the company.
From the review site, SiteJabber, the company has a consumer rating of 2.71 out of 5 from 45 reviews. This suggests that most customers have had a bad experience dealing with the company.
Most of the complaints about the company relate to customer service and the company’s return policy.
From the review site, Trustpilot, Provident Metals has a consumer rating of 3.2 out of 5 from 3,676 reviews. 90% of the reviews label the company’s services as excellent, which implies that most customers are generally happy with the company.
Most of the complaints about the company relate to shipment delays, poor packaging of products, and package security.
"They send packages under $1000 without signature. USPS lost my package. Provident customer service started a claim for me and then closed the claim and refused to refund or replace. I then got a letter from USPS stating that they had indeed lost the package which I forwarded to Provident claims.
They said their insurance underwriter still denied the claim. Horrible company to deal with. They never offered any help or suggestions. It's like once they get your money they don't care. Beware if your package is lost or damaged they will help you at their own discretion."
- Scott M. on Trustpilot
"I ordered 20 silver coins from their "any mint, any condition" listing and they sent me 20 Sunshine mint silver rounds which are not minted coins as listed. After contacting them, they only told me to send a picture so they could make a notation???
I gave a 4 star review on the product listing but Provident will only show 5 star reviews praising the company and product. I can only see my review if I'm logged in. I've placed about 40 orders since 2013 but will probably not ever order again. Online bullion dealers are a dime a dozen now days."
- Travis L. of Grand Prairie, TX on Yelp
"Provident does a fine job and has a great selection. Unfortunately for me my last order was delivered to someone else who's never come forward and returned my package. This is not Provident's fault. Shame on the U.S Mail. I know things happen. Luckily I lost a NGC peace dollar and not gold. FYI."
- Steve S on BBB
Pros and Cons
Pros
Cons
Is Provident Metals a Scam?
Overall, the evidence points to Provident Metals being a legitimate precious metals dealer. Multiple reviews are praising the company for its wide range of products. They always seem to have what you are looking for.
Also, many people rate the company’s IRA program highly. However, it is difficult to ignore the multiple negative reviews and complaints about the company. This does not help the company’s reputation.
Summary
Provident Metals is a major online dealer in precious metal products. The company has its headquarters in Dallas, Texas.
The company website is open throughout, and you can make a purchase any time of the day, on any day. Different customers report varying opinions regarding the company.
Overall, the verdict of this review is that Provident Metals is a legitimate precious metals dealer, but there are much better options.
Provident Metals has a fair amount of concerning reviews by customers and therefor they do not earn our recommendation.
You don't want to invest with just any company in precious metals, you want to stick with the best, most trusted ones, like the ones we have reviewed on this website.
You can get a Free Gold Investors Guide from our top rated gold and precious metals company recommendation by clicking the link above or you can read our article of the top companies we reviewed this year:
>> CLICK HERE to read our list of the Top Gold Investing Companies. <<
Or, if you like what you have read about Provident Metals, you can go to their website below:
I started BMOGAM Viewpoints as a way to compile all my views on investing in one place. I own my home, have some real estate, and own a few stocks like most people, but what really drives my interest in investing is I have a strong love of precious metals, especially gold.
