Investors have learned over the past few years that the stock market can sometimes be an unreliable place to store assets. More investors are looking at alternative investment opportunities, such as gold, silver, and other precious metals.
Provident Metals is a precious metal retailer based out of Dallas, Texas, that launched in 2009. Serving clients in both the US and Canada, Provident Metals offers a wide selection of precious metals, such as gold and silver bullion, copper bullion, and gold and silver coins.
Our goal at Learn About Gold is to provide an objective assessment of precious metal investing opportunities. So today, we put together this Provident Metals review. We will talk about Provident Metals’ features, promotions, and pros and cons. We will then give our verdict on whether this precious metal retailer is worth checking out.
Provident Metals Review: Reputation, Promotional Offers, Fees
Below, we cover some of the most important details about Provident Metals investors should know.
What Does Provident Metals Offer?
Provident Metals is an online retailer that primarily sells precious metals such as gold and silver. Providence Metals provides a means for investors to invest fiat currency into precious metal investment vehicles, such as Gold IRAs, collectible coins, and numismatic coins. Investors can buy products directly through Provident Metals’ website and ship them to their homes.
Provident Metals works with private and sovereign mints around the world to provide the best coins and metals investments. Aside from their marketplace, Provident Metals has a portal where investors can sell metals. Investors can also open a precious metals IRA through their partner custodian Preferred Trust Company.
Overall, Provident Metals seeks to fill a hole in the traditional investments market by offering a unique selection of precious metal coins, bars, and collectibles. Currently, the company only offers shipping in the US and Canada, though it plans to launch international shipping in the near future.
Provident Metals Website
Provident Metals has a snappy and well-organized website that is easy to navigate and pleasing to the eye. From the main page, you can browse popular deals for the day and follow links to product listings for gold, silver, and other metal coins/collectibles.
The main portal on the website is the precious metal marketplace. You can browse various products and add them to your cart. Provident Metals lists the current lowest prices for goods as prices change every day.
Provident Metals has a large selection of precious metals and collectibles. From gold and silver bullion to specialty minted collectibles, the range of available options is impressive.
This Provident Metals review also details how to buy and sell your precious metals. Provident Metals provides a portal where you can sell your metal investments and strives to offer top prices for your coins and bars. They accept gold, silver, platinum, palladium, and other precious metal materials. You have to call first to lock in your payment, then ship your items to their main office.
Once they receive your metals, they will issue payment within three business days. Provident Metals can send your payment via ACH e-check, paper check, or wire transfer to a standard bank account. Provident Metals has a $1,000 minimum sale amount.
One of the most unique offers from Provident Metals is their precious metals IRA option. You can contact their partner Preferred Trust Company from the website to create and fund your account. Provident Metals’ IRA program is a straightforward way to diversify your retirement assets and hedge against inflation.
Gold marketplaces sometimes get a bad rep, mostly because there always seems to be some new gold scam going on. However, Provident Metals has an excellent reputation online and has an A rating from the Better Business Bureau, as well as a high ranking on Trustpilot.
Additionally, Provident Metals is an Associate Member Firm on the Certified Coin Exchange and is recognized by the American Numismatic Association as an authorized dealer. The bottom line is the company has an excellent reputation and is well-regarded for its transparency and reliability.
Provident Metals does not charge any fees to make an account, and they do not charge an extra fee for making orders. Prices are constantly fluctuating, but Provident offers discounts depending on the payment options. For example, you get a 4% cash discount if you pay via ACH/e-check and a 3% discount for paying with Bitcoin.
However, Provident Metals IRA option does carry typical fees associated with IRA, such as setup fees, annual fees, and storage fees. Provident Metals does not hold the metals themselves, so actual fees will depend on which custodian company you choose.
Lastly, Provident offers free shipping on orders of $199 or more. For orders under $199, they charge a flat $7.99 fee. Keep in mind that Provident Metals does not currently ship to areas outside the US or Canada.
Things Investors Like About Provident Metals
Investment platforms and marketplaces are a dime a dozen in the modern age. So, what makes Provident Metals stand out against its competitors?
Large Investment Selection
Gold and other precious metals have been a popular investment material and store of wealth for a long time. Traditional wisdom holds that gold is a useful hedge against fiat currency inflation because there is a finite quantity and no centralized authority controlling the supply. To that end, Provident Metals offers a massive selection of products for investors.
For example, customers can choose from traditional gold mint coins, metal bars, Canadian gold coins, silver eagles, platinum bars, and copper rounds. No matter what kinds of precious metals you want to buy, Provident Metals probably has a product for you.
In addition to currency hedging, many people invest in gold to safeguard retirement funds. Provident Metals IRA program lets you choose between approved gold, silver, platinum, or palladium investments for your IRA. Like a normal IRA, investments made through Provident Metals’ partner holding company are tax-deferred until you distribute the funds.
One of the best features of a Gold IRA is that you own the physical assets that store value. The value of ETFs that include holdings in gold and precious metals can fall to zero. With a physical Gold IRA, it is incredibly unlikely that you will ever lose your investment.
Provident Metals also has a large section dedicated to educational resources, such as pricing charts, investment guides, and other general investment information. You can subscribe to their newsletter for free to stay on top of industry trends and news. These resources are free to use, so anyone can check bullion prices and trends without making an account.
How to Open a Provident Metals Account
Creating a Provident Metals account is very easy. Simply provide your name, email, phone number, and password. Provident Metals will register your account, and then you can add payment methods. After that, you are free to shop for precious metals to your heart’s content.
If you want to open a Gold IRA account, you first need to contact Preferred Trust Company. A representative can help you create and fund a retirement account. After that, you can pick which metals to include in your portfolio, and the custodian will fund the transaction.
Provident Metals FAQ
Does Provident Metals allow returns?
Yes. You can cancel an order within five days and get your money back, provided your purchase is in the original packaging and unopened. It takes about one to three days to process returns.
What payment options does Provident Metals allow?
Provident Metals accepts a wide range of payment options, including:
- Bank wire
- Personal check
- Money orders
- Credit/debit card
Does Provident Metals insure purchase?
No. Once you receive your metals, it is your responsibility to store and protect them. If you lose your metals, Provident Metals will not insure you against any losses. We recommend taking steps to secure and protect your physical investments.
Does Provident Metals report transactions to the IRS?
Provident Metals only reports purchases greater than $10,000 to the IRS. You can call them for more details on their reporting procedures.
Provident Metals Review: Final Thoughts
Gold has long been a popular investment vehicle, and Provident Metals provides a comprehensive marketplace for selling precious metals. Along with JM Bullion, Provident Metals is probably one of the most well-regarded precious metal retailers in the business. Overall, we highly recommend using Provident Metals if you want to invest in gold, silver, and other precious metals.
Learn About Gold is your one-shop-stop for all your precious metal investing needs. If you would like to learn about gold investment opportunities or would like assistance in finding a gold custodian, contact us online! We are always excited to talk to customers about gold investing opportunities!
Intro for Gold IRA Page
Gold is one of the most exciting investment vehicles due to its unique properties and resistance to inflation. In the US, the IRS has strict regulations over what kinds of gold investments someone can have in an IRA and how they store them. Most of the time, investors need a gold custodian to have a Gold IRA.
With that in mind, we put together this guide on the best Gold IRA companies for your investments. These companies have excellent reputations in the industry and all provide a straightforward way for investors to purchase gold and other precious metals for investment.