Provident Metals Review: One of Today’s Best Precious Metals Bullion Dealers?

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Last Updated on: 9th May 2023, 11:30 pm

Provident Metals
Provident Metals - byLiam Hunt, April 1, 2011
4/ 5stars
on
Provident Metals
Review Summary :

Provident Metals is an excellent U.S.-based bullion dealer and gold IRA company established in 2009. It has a good selection of gold, silver, palladium, and platinum coins and bars at fair prices, even though their silver listings tend to be above most of their competitors' prices. For those investors interested, there are available copper bullion, rounds, and wheat pennies. They partner with Preferred Trust Company to provide vaulting and seamless IRA integration, which is an excellent service for retirement investors. Unfortunately, the company does not offer international shipping options.

Pros:

  • A+ rating from Better Business Bureau (Accredited)
  • Huge inventory of gold, silver, copper, and platinum metals
  • Texas-based brand with 13+ years in the industry
  • Highly competitive gold bullion prices (4.9% premium over spot)
  • IRA integration with Preferred Trust Company
  • Low order minimums ($299)
  • No additional fees when selling back

Cons:

  • Non-transparent about the management team
  • Only ships to the U.S.
  • High silver bullion premiums (+30% over spot)
Quick Facts about Provident Metals
Year Founded:2019
Company Headquarters:Dallas, Texas
Annual Fees:Variable
Supports 401(k)?:No
Supports Roth IRA?:No
Crypto Offered?:No
Assets Offered:Gold, Silver, Palladium, and Platinum
Offers Other Assets?:Copper
Custodian:Preferred Trust Company
Current Promotion:N/A
Supports Home Storage?:Yes, for collectible products
International Storage?:Yes
Segregated Storage?:Yes
Preferred Storage Location:Several locations
Preferred Storage Vault:Several options
Reviewed By:Liam H
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Provident Metals Company Info and Background

Sometimes erroneously referred to as “Provident Gold,” Provident Metals (www.providentmetals.com) is a relative newcomer in the precious metals bullion scene, focusing on providing customers with precious metals options for investment or collection to North American investors. It helps retirement-minded customers seamlessly set up a self-directed IRA through its three-step IRA program. The company is headquartered in Dallas, Texas, and was established in 2009.

The company’s precious metals inventory consists of gold, silver, platinum, and palladium coins and bars. Moreover, there are collectible and numismatic coin options for U.S. investors. Additionally, for those interested in copper as an investment, there are a variety of products that suit this investment need. 

Prudent Metals also has an emphasis on educating its customers, which we always love to see. Its website contains sections dedicated to price charts, a blog, FAQs, and a complete investing guide on precious metals.

In short, Provident Metals is a legit bullion dealer with a plethora of positive reviews. Although there are a handful of negative reviews you can find online, these are far and few between in relation to the countless “Excellent” or better reviews they have amassed over the years. If the price is right (and it often is, in our opinion), we recommend giving Provident Metals a shot.

Provident Metals Management Team

On the company's LinkedIn profile, the firm is listed as having between 51 and 200 employees. However, the firm is not transparent regarding who is at the helm. The company's official website does not list its founder or its executive personnel which, in our opinion, constitutes a slight drawback. Confident and honest companies are often the first to proudly showcase their team.

Nonetheless, we were able to dig up some names publicly associated with the company, at least as of July 2022. These include the following:

  • Drew Ulberg (Director, Retail Sales & Customer Service)
  • Franklin Wilson (Director, Human Resources)
  • Joshua Merrick (Creative Director)

Each of these positions is sourced from the company's Datanyze listing, which also specifies that the firm brings in about $11.7 million in annual revenue (without specifying whether this revenue is gross or net). According to other non-verified sources online, the Provident Metals founder is Joe Merrick.

Provident Metals Custodian and Storage

For custodial services, Provident Metals has a preferred relationship with the renowned Preferred Trust Company. Via this custodian, customers have a plethora of choices for vault storage including Brink's, IDS of Delaware, Loomis International, Delaware Depository, Amark Global Logistics, Strategic Wealth Preservation, and Idaho Armored Vaults.

Provident Metals Products and Pricing

The Provident Metals catalog of investment products includes IRA-eligible coins and bars, numismatic, and collectible coins. Gold, silver, palladium, platinum, and even copper are all offered in the inventory. Some of the available products include the Gold Canadian Maple Leaf, Silver American Eagle, American Gold Buffalo, Silver British Britannia, American Gold Buffalo,  Platinum American Eagle,  Palladium American Eagle, Palladium Canadian Maple Leaf, and Platinum Canadian Maple Leaf, Gold Australian Kangaroo, and the Silver Austrian Philharmonic.

When it comes to pricing, Provident coins and bars are a little hit or miss. For instance, at the time of writing the company's lowest-price silver bullion ounce (SilverTowne Prospector) costs $25.08, which is about +31% over the silver spot price ($19.13 per ounce, as of July 11, 2022). Regarding gold, their lowest-price one-ounce bar is listed at $1,820.83, which is about +4.9% over the gold spot price ($1,736).

In summary, Provident's silver prices are significantly steeper than spot price and their competitor's listings, whereas their gold prices are market rate and in many cases even below market prices.

Note that currently, Provident Metals only ships to the USA. Therefore, international investors are better off searching elsewhere.

For more information about Provident Metals gold, silver, copper, or platinum-group investments, along with their most up to date prices, I recommend checking out the Provident Metals pricing catalog here.

Provident Metals Precious Metals IRA Info

CompanyProvident Metals
Annual CostVariable
Scaled or Flat Fees? Flat Fees
Partnered Storage Vault Numerous available options
Partnered Custodian Preferred Trust Company
Metals Available Gold, Silver, Platinum, Palladium, and Copper
Years in Business 13+ (2009)

Provident Metals Reviews, Ratings, and Complaints

Below we offer a diverse selection of reviews, ratings, and complaints pertaining to Provident Metals from trusted consumer reporting and rating agencies sites. Simply click on the links provided to study the reviews in greater detail.

  • BBB Rating: ⭐⭐⭐⭐⭐ (A+, Accredited) (Details)
  • BBB Complaints: 20 complaints closed in the last 3 years (Details)
  • SiteJabber: ⭐⭐⭐ (Details)
  • TrustPilot: ⭐⭐⭐ (Details)
  • RipOff Report: 5 Found Reports (Details)
  • Yelp: ⭐⭐⭐ (Details)
  • Facebook: ⭐⭐⭐⭐⭐, 28,000+ “Likes” (Details)

Provident Metals Contact Information

  • Address: 6125 Luther Ln # 465, Dallas, TX 75225-6202
  • Phone: (800) 313-3315
  • Email: help@providentmetals.com
  • Website: www.providentmetals.com

Do We Recommend Provident Metals?

Yes, we think that Provident Metals is a trustworthy company with enough time in the industry to have proven themselves. In this business, shady companies come and go every year, but this one is 13 years running strong with countless positive reviews floating around online. We regard this company as one of the best in the business for retirement investors, and they're certainly worth considering for adding bullion to your IRA or 401(k).

However, you should still do your homework. It is essential to carefully consider all the different precious metals companies available prior to making any purchases as part of your IRA investment strategy. In addition to its overall reputation, be mindful of a company’s bullion prices, policies, practices, and most importantly, storage fees for precious metals.

Provident Metals
Provident Metals - byLiam Hunt, April 1, 2011
4/ 5stars
on
Provident Metals
Review Summary :

Provident Metals is an excellent U.S.-based bullion dealer and gold IRA company established in 2009. It has a good selection of gold, silver, palladium, and platinum coins and bars at fair prices, even though their silver listings tend to be above most of their competitors' prices. For those investors interested, there are available copper bullion, rounds, and wheat pennies. They partner with Preferred Trust Company to provide vaulting and seamless IRA integration, which is an excellent service for retirement investors. Unfortunately, the company does not offer international shipping options.

Have you purchased products from Provident Metals? Leave a review!

Leave your rating

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Field is Required

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Liam Hunt
Liam Hunt

Liam Hunt, M.A., is a financial writer and analyst covering global finance, commodities, and millennial investing. His coverage has been featured in publications such as the New York Post, Forbes, and Barron's.

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FTC Disclosure: We are an independent blog that aims at providing useful information for retirement account owners interested in alternative assets like precious metals. However, our content does NOT constitute financial advice. Please speak to your financial advisor before making any investment decision. Also, the data quoted on this website represents past performance and does not guarantee future results.

 

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