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Are you seeking a secure investment option? You’ve come to the right place if you’re exploring Provident Metals to protect your retirement savings. We offer valuable insights to guide you. Recognizing the importance of choosing a dependable investment company, we have thoroughly researched leading firms in the industry.
Through our detailed evaluation, we’ve assessed various factors to pinpoint companies that excel in customer service. We aim to help you compare and contrast the best options available, empowering you to make a well-informed decision that matches your investment objectives and needs.
In this review, we’ll highlight the distinctive features that make Provident Metals a reliable choice for investors aiming to safeguard and enhance their wealth.
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What Is Provident Metals?
Founded in 2009 and based in Dallas, Texas, Provident Metals offers various precious metal products, including gold, silver, platinum, copper, and palladium. They do more than sell metals; they provide valuable resources through their Precious Metal Investor’s Knowledge Center to educate newcomers on coin and bar collecting and investing.
Provident Metals features an IRA program, allowing investors to establish self-directed precious metals IRAs, fund them, and make purchases with funding managed by the Preferred Trust Company.
Their website, www.providentmetals.com, is accessible 24/7 for online orders. However, if you prefer personal interaction, their customer service team is ready to assist from Monday through Friday, 8 AM to 6 PM Central Time. Provident Metals ensures seamless communication with customers, whether online, by phone, or by email.
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Products & Services
Provident Metals offers an extensive range of precious metal products, including numismatic items, coins, and bars from gold, silver, platinum, copper, and palladium.
Highlighted products include:
- Gold Bullion
- Gold Coins
- Gold Bars
- American Gold Eagles
- Pre-33 Gold
- PAMP Suisse Gold Bars
- Canadian Maple Leaf Gold Coins
- European Gold Coins
- Silver Bullion
- Silver Coins
- Silver Bars
- American Silver Eagles
- Junk Silver
- Silver Dollars
- 5-Oz Silver Coins
- Canadian Maple Leaf Silver Coins
- Platinum Bullion
- Copper Bullion
- Palladium Bullion
Popular product series for 2022 include Medieval Legends, Egyptian Gods, Provident Lunar Series, Provident Prospector, World of Dragon, Warrior Series, Queen’s Beasts, and Four Horsemen.
Beyond sales, Provident Metals provides various services. Their website offers information on sales tax based on the state where orders are shipped.
The company also offers investment advice 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.
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Provident Metals IRAs
An IRA is favored by investors for its tax benefits on investments like bonds, stocks, and mutual funds.
For bullion investors, you can purchase precious metals from Provident Metals and store them in either a Traditional IRA or a Roth IRA. To deliver top-notch IRA services, the company partners with two IRA custodians: Sterling Trust Company and American Estate & Trust Company.
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Pros and Cons
Pros
- A+ rating from the Better Business Bureau (Accredited)
- Extensive selection of gold, silver, copper, and platinum metals
- Texas-based company with over 13 years of experience
- Highly competitive gold bullion prices (4.9% premium above spot)
- IRA integration with Preferred Trust Company
- Low order minimums ($299)
- No extra fees for selling back
Cons
- Lack of transparency regarding the management team
- Only ships within the U.S.
- High premiums on silver bullion (+30% above spot)
Provident Metals Products & Pricing
The Provident Metals catalog features a range of investment products, including IRA-eligible coins and bars, numismatic items, and collectible coins.
The inventory spans gold, silver, palladium, platinum, and even copper. Products include the Gold Canadian Maple Leaf, Silver American Eagle, American Gold Buffalo, Silver British Britannia, Platinum American Eagle, Palladium American Eagle, Palladium Canadian Maple Leaf, Platinum Canadian Maple Leaf, Gold Australian Kangaroo, and the Silver Austrian Philharmonic.
Provident coins and bars can vary in pricing. For example, at the time of writing, the company’s lowest-priced silver bullion ounce (SilverTowne Prospector) is $25.08, which is about +31% over the silver spot price of $19.13 per ounce as of July 11, 2022. For gold, the lowest-priced one-ounce bar is listed at $1,820.83, approximately +4.9% over the gold spot price of $1,736.
While Provident’s silver prices are significantly higher than the spot price and their competitors’ offerings, their gold prices are sometimes at market rate or even below. Provident Metals only ships within the USA, so international investors should look elsewhere.
For the latest information on Provident Metals’ gold, silver, copper, or platinum-group investments and their most recent prices, it’s recommended to consult the Provident Metals pricing catalog.
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Which Bullion Products Are IRA Approved?
While many precious metal bullions from Provident Metals are 99.9% pure, only select coins and rounds qualify for IRAs. Stringent criteria determine which bullion forms can be included in an IRA.
To be IRA-eligible, gold bullion products must be at least 99.5% pure. The American Gold Eagle is an exception to this rule, with a minimum purity of 91.67%.
Gold bullion products must also carry an assayer or refiner hallmark, showing approval by COMEX or NYMEX.
Some gold investment options for IRAs include:
- 1/10-1 ounce American Eagle Platinum Coins
- 1-ounce Canadian Maple Leaf Platinum Coins
- 1 ounce Australian Platinum Koala Coins
Silver products need a minimum purity of 99.9% to be IRA-eligible. Some silver investment options for IRAs include:
- 1 ounce American Silver Eagle Coins
- 1 ounce Canadian Silver Maple Leaf Coins
- 1-ounce Australian Philharmonic Silver Coins
- 1 ounce Chinese Silver Panda Coins
- 1 ounce Mexican Libertad Silver Coins
Platinum and palladium products must be at least 99.95% pure to qualify for an IRA. Some platinum and palladium investment options for IRAs include:
- 1/10-1 ounce American Eagle Platinum Coins
- 1-ounce Canadian Maple Leaf Platinum Coins
- 1 ounce Australian Platinum Koala Coins
- 1 ounce Canadian Maple Leaf Palladium Coins
- 1-ounce Russian roubles Palladium Ballerina Coins
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Sell to Provident Metals
Provident Metals also purchases precious metal products from you at competitive prices. To sell to the company, follow these three steps:
- Call Provident Metals toll-free to lock in your price. You will receive an email confirmation with your prices, a packing slip, and instructions on completing your shipment.
- Ship the items to Provident Metals. The items must be postmarked by the next business day after you receive the email confirmation of your sale to the company.
- Provident Metals will issue your payment within three business days of receiving the items. This delay is due to the high volume of packages the company receives daily and the time needed to verify and authenticate each shipment.
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Provident Metals Shipping Policy
Currently, Provident Metals only ships within the United States. Shipping is free for any order totaling $199 or more. For orders less than $199, a standard shipping rate of $7.99 applies.
Signature confirmation is included for packages over $1,000, requiring a signature upon receipt. Shipping begins only after payment is confirmed. You will receive an email notification once the shipment is started.
All orders are shipped via UPS or USPS. For USPS, packages are sent in priority and first class. Oversized packages may be shipped via UPS.
Every shipment is fully insured. Merging multiple orders isn’t allowed. All shipments use discreet packaging that does not reveal the contents of the package.
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Provident Metals Reviews From Real Users – How Legit Is It?
Let’s face it; only some are completely satisfied with every business they interact with. As a smart consumer, you understand the importance of looking for warning signs before making significant decisions, such as investing in precious metals. So, what do the reviews of Provident Metals reveal?
Provident Metals holds a 3.3-star rating on Trustpilot, with 90% of customers expressing satisfaction with their service.
Alternatives to Provident Metals
Augusta Precious Metals – Best Precious Metal IRA Company Overall
Augusta Precious Metals, a leading gold IRA company, boasts over 45 years of experience offering investment products like silver and gold bullion. They emphasize transparency by providing detailed expense breakdowns and hosting one-on-one client web panels. While they do not impose transaction fees, price spreads exist for physical metals.
Despite a higher minimum investment, Augusta’s strong reputation, refund policy, and secure storage facilities affirm its reliability in the industry. However, a limited metal selection and high minimum investment are drawbacks, though their customer service is highly praised.
>> Secure Your Future With Augusta Precious Metals >>
American Hartford Gold – Best Precious Metals IRA Company for Small Investments
American Hartford Gold is a well-regarded gold IRA company known for its sound track record and high customer satisfaction. They offer services including precious metal IRAs, gold and silver IRA rollovers, and direct purchases of gold and silver bars/coins. They provide versatile investment options with a $5,000 minimum for direct purchases and $10,000 for gold IRA rollovers.
They collaborate with Equity Trust as a custodian and secure storage through renowned firms like Brinks and Delaware Depository. American Hartford Gold ensures continuous support with dedicated account representatives and provides a free guide to aid investors in making knowledgeable decisions.
>> Secure Your Future With American Hartford Gold >>
Oxford Gold – Best for Educational Resources
Oxford Gold Group, a key player specializing in retirement planning with precious metals IRAs, offers expert advice and a broad range of services, including buying physical gold, setting up Gold IRAs, and diversifying with silver, gold, platinum, and palladium.
They focus on client education and secure storage through trusted facilities like Brinks Depository and Delaware Depository. Despite their enigmatic ownership, Oxford Gold Group strives to be a beacon for those aiming for a prosperous and diversified retirement.
>> Secure Your Future With Oxford Gold Group >>
Provident Metals Review – Frequently Asked Questions
What is a Precious Metal IRA?
An IRA, or Individual Retirement Account, can include precious metals like gold, silver, and palladium, instead of traditional investments such as bonds, stocks, or other funds.
What Products Are IRA Eligible?
Products qualify for an IRA if they meet the minimum purity standards for the precious metal. For gold, additional regulatory requirements must be met for IRA eligibility. Some products eligible for an IRA include:
- American Gold Eagles
- American Gold Buffaloes
- Canadian Gold Maple Leafs
- Australian Gold Philharmonics
- American Silver Eagles
- Canadian Silver Maple Leafs
How Do I Set Up a Precious Metals IRA?
Contact one of Provident Metals’ partner custodian companies to establish an account. Then, once you deposit funds into your IRA, call Provident Metals and inform the IRA custodian that you wish to purchase IRA-approved precious metal products. This call will enable you to lock in your price.
Final Thoughts
Provident Metals is a prominent online dealer of precious metal products based in Dallas, Texas. Their website operates continuously and allows purchases at any time. Customer opinions about the company vary.
In conclusion, this review finds Provident Metals a legitimate precious metals dealer, though better options are available.
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