Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation is how we fund our in-depth research. (read more)
Bear Lake Gold has created this Provident Metals Review to answer the typical questions potential investors ask before choosing a gold broker or gold IRA company.
In this review, we will answer all the questions we typically get asked by serious-minded investors when considering doing business with this company. We will also provide additional information about this company to help you determine whether investing in a gold IRA through Provident Metals is the best option.
As a vital part of our review process, we extend our research to interview essential individuals in each company we review personally. These people include owners, staff team members, the leadership team, directors, and customers who have bought from or sold to these precious metals companies.
When we reach out to these people, we ask them probing questions about the company. Their responses help us form our impartial opinion about these companies and how suitable, moral, ethical, and competitive they are in the precious metals market.
We intend to use the information in this review document to give answers to these basic investment questions;
We conducted our intense research, and after evaluating the details we got using our review methodology, we discovered the following about Provident Metals.
Read till the end of this review document to discover why we drew these conclusions.
However, we still have one question from our list of questions that remains unanswered, which is : "Which companies would we recommend as the best precious metal and gold IRA investment companies?"
Our principal aim at Bear Lake Gold goes beyond reviewing precious metal organizations. We also provide recommendations based on extensive research on the best gold and silver companies to buy precious metals from in the gold IRA investment market.
The Precious Metals IRA companies offering gold and silver we have selected as the best in the industry based on our extensive research are
We have documented the details we discovered about these companies that made us rank them so high in five separate review documents. These documents are available for download free of charge. Click the relevant links above and input your details; you will get the reviews quickly. The reviews are easy to understand, straightforward, and detailed, and will be worth your reading time.
Provident Metals, erroneously called Provident Gold most times by investors, is a precious metals bullion company that came into the industry in 2009. The company is a subsidiary of JM Bullion, aiming to provide clients with precious metals investment options and collections. In addition, the company helps customers set up their Self-directed Individual Retirement Accounts (SDIRA) via its three-step IRA program. The headquarters of Provident Metals is located in Dallas, Texas.
Provident Metals sells precious metals coins and bars in the following categories;
The company also sells copper and has a Precious Metals Knowledge Center. Its Precious Metals Knowledge Center aims to educate novice coin investors and collectors on how they can collect and invest in precious metal coins and bars.
Provident Metals offers IRAs via its three-step IRA program. The program allows investors to open their SDIRAs, fund them, and purchase precious metals to add to their IRAs. If you open your gold IRA through Provident Metals by participating in its SDIRA program, you can fund your investment through its IRA partner, Preferred Trust Company.
Customers can buy products from the company's website at any time of the day, and it serves as the primary interface between Provident Metals and its customers. You can also buy precious metals over the phone by directly contacting Provident Metal customer service representatives. They are always available to take phone calls from 8 a.m to 6 p.m central time, Monday through Friday.
When conducting our research our first call to Provident customer service started with a question, "Why should we invest in a gold IRA through Provident Metals?" Here is the agent's response: "As a company, we do our best to provide professional customer service. "We ensure that we respond promptly and courteously when responding to customers. Our interactions with customers remain polite from when they contact us until we ship their metals."
He told us that Provident Metal has adequate knowledge about the precious metals market, and it ensures that its catalog remains vast and updated. According to him, the company sells products to customers for the best prices.
When we asked one of the customer service reps through a separate phone call why we should invest in precious metals through Provident Metals, she said, "We do not just sell numismatic coins and bullion products. We also sell various supplies to allow collectors to preserve their precious metals. Hence, you can get all you need in one place for the best prices and in good condition."
She told us that Provident Metals employs an automated system to sell precious metals effectively for the market's lowest and current prices. She said, "The competitiveness of our prices does not influence us to alter the quality of our products, so you can be sure that you will get premium quality for the lowest prices in the market when you buy from us."
These two customer reps told us about the company's different services and highlighted why we should invest. However, the agents pointed out one central feature at the end of the conversations: Provident Metals is the best for precious metals investment.
According to them, the company's shipping service is efficient and reliable. It also ensures that its shipping rates are affordable, and customers can rest assured that their products are safe during transit. They told us that the company wraps and labels shipments discretely to keep them safe.
The last customer care agent we asked the same question said, "Provident Metals does its best to ensure that the personal information of its customers is secure. It secures information by providing a secure shopping cart and cutting-edge encryption software for online purchases. For extra security, we use ComodoCA SSL certificates."
Provident Metals was founded in 2009, and the company's president is Joe Merrick.
Provident Metals is an online company that retails precious metals like gold, silver, platinum, and palladium. Aside from selling precious metals, Provident Metals also sells copper to interested investors. The company allows customers to invest their fiat currencies into gold and silver bullion investment vehicles like numismatic coins, collectible coins, and gold IRAs. Interested investors can purchase products from the company via its website and ship them to their desired locations.
Furthermore, you can buy IRA-eligible precious metals, coins, and bars from Provident Metals. Provident claims it works with sovereign and private mints globally to provide its customers with the best precious metal coins and bars.
Some of the products that you will find on the company's website for sale are;
Customers can also sell their metals to the company and open gold IRAs. Provident Metals partners with Preferred Trust Company for its IRA custodianship services.
In summary, the company wants to fill the gap in traditional investments, and it intends to do that by selling a unique selection of precious metal bars, coins, and collectibles. At the moment, Provident Metals ships to locations only within the US. However, it has plans to ship to more countries in the future.
Opening an account with Provident Metals is free, and it will not charge you any extra fee for making orders through its website. The spot prices of products on Provident Metals’ website always fluctuate because of the general costs of precious metals in the market.
According to the customer care agent we spoke to about prices, some payment options attract discounts. For instance, customers who pay for products via ACH/echeck get a cash discount of 4%, and when you pay using Bitcoin, you will get a discount of 3%.
The fees for opening an IRA through Provident Metals are the same as that of their partnered custodian. Hence, the custodianship, management, and storage fees you will pay depends on the storage company you choose and the Preferred Trust Company (PTC) management fee. PTC works with many storage companies; you can choose any of them to store your precious metals.
Provident Metals ships any order above $199 for free. Then, for orders below $199, customers will pay $9.95 for shipping. Remember that, at the moment, the company only ships to various locations within the United States.
Provident Metals has a vast selection of precious metal products for its interested investors, including copper. You can buy traditional gold mint coins, precious metal bars, Canadian gold coins, platinum and palladium bars, silver eagle, copper rounds, etc., from the company. Below are the product categories and the available products on the company’s website.
US Mint Gold
Royal Canadian Gold Mint
Perth Mint Gold
Other Gold Coins
Certified Gold Coins
America The Beautiful
40% Junk Silver
90% Junk Silver
Certified Silver Coins
Australian Silver Coins
Other Copper Bullion Products
The company sells some of the famous 2022 series, including the following;
Provident Metals is not a gold IRA company but sells various precious metal IRA products. The IRA-eligible products (you can hold in your gold IRA portfolio) must meet the strict IRS purity criteria. For instance, the gold bullion you can include in your IRA must have 99.5% purity. The only gold product exempted from this requirement is the American Gold Eagle. Its purity requirement is lower than others, 91.67%.
In addition, Provident Metals' IRA-eligible products come with an assayer or a refiner hallmark showing that they have the COMEX (The Commodity Exchange Inc) or NYMEX (New York Mercantile Exchange) approval.
Some of the products that are available in Provident Metals' gold IRA catalog are;
The IRS purity criterion for IRA-eligible Silver products is at least 99.9%. Some of the IRA-eligible silver products you will see on the company's website are;
The IRS purity criterion is at least 99.95% for platinum and palladium IRA-eligible products. Some of the IRA-eligible products available in Provident Metals inventory are;
You can access various educational resources on Provident Metals’ website, including investment guides, precious metal price charts, and other general investment info. Customers can also subscribe to the company's newsletter to get free updates on the trends and news in the industry. You don't need to open an account with Provident Metals to access free information. Hence, you can check market trends and bullion prices without having an account with the company.
Provident Metals offer storage services for its customers through Transcontinental Depository Service. It has also partnered with the renowned Preferred Trust Company for its IRA custodial services. In addition, Preferred Trust Company allows its customers to choose from a list of storage vaults for storing their metals. These storage vaults are;
Provident Metals also buys precious metals from people who want to sell, and according to the agent who spoke to us, they buy at very competitive prices. The agent told us that people who want to sell to the company could do so in three easy steps as described below.
By first calling the company, you can inform them about your intentions to sell and lock in your prices. When you have done that, you will receive a confirmation email showing your locked-in prices, a packing slip, and the process you need to follow to finalize the shipment.
The products must be postmarked 24 hours after receiving the confirmation email for your sale to Provident Metals.
Once the metals arrive at the company, it will issue your payments within one to three business days.
When we queried the “up to three-days” period the agent we spoke with told us that the three-day delay was because the company receives many packages every day, and it needed to verify and authenticate all the shipments before issuing payments.
The company only ships to locations within the United States. It offers free shipping for orders worth at least $199 and charges $9.95 for orders below $199.
For an online purchase worth more than $1,000, you will get signature confirmation on the order, and you will need to sign for the package when you receive it. The company will only ship your orders after you have made payments. Then it will send you an email notification immediately after it initiates your shipment.
Provident Metals ships all its orders via USPS or UPS. The shipments through USPS are shipped as Priority and First Class. Then it ships oversized packages through UPS.
You cannot ship multiple orders as one, and the company fully insures all its shipments. The agent also told us that Provident Metals discretely secures all its shipments by packaging orders and not indicating what is in the package.
BBB records 20 customer complaints closed in the last three years
No Reviews Were Found
No Reviews Were Found
No Reviews Were Found
No Reviews Were Found
4.7 out of 5 stars
This Facebook rating was based on 320 reviews
4.7 out of 5 stars
This Trustpilot rating was based on 3,678 review
Provident Metals do not have any promotions currently running (August 2023) For a fantastic promotional offer, open your gold IRA through Goldco. You will get $10,000 WORTH OF FREE SILVER when you qualify for a rollover.
To end this Provident Metals review, Bear Lake Gold will give its final opinion about this precious metal company. Based on what we learned from evaluating the details about this company, it is not a scam company. It has been in the industry for 14 years and has offered gold and silver purchases and IRA services to thousands of customers in the US.
Apart from its silver listings, the company has a beautiful selection of precious metals at fair prices. Its silver listing prices are above that of many of its competitors. Interested investors can also buy copper rounds, bullion, and wheat pennies from the company.
Provident Metals offers seamless gold IRA integration and vaulting service through Preferred Trust Company.
Although Provident is not a horrible company, we do not recommend it as a company through which you can invest in a gold IRA because of its numerous negative reviews and complaints on trusted consumer rating websites. These complaints show that they need to deliver outstanding customer service consistently, and perhaps today they are yet to achieve the consistency that would allow us to rank them on our top ten providers list.
We always advise investing in gold IRAs or buying precious metals from companies with thousands of positive reviews and 5-star ratings, like Augusta Precious Metals, Goldco, American Hartford Gold, Birch Gold Group, and Noble Gold Investments.
These firms have excellent qualities that have made us rate them as the top five online bullion dealers in the industry. Many customers are drawn to and stay with them because of their fantastic prices, excellent customer service, and AMAZING INVESTMENT BONUSES.
To learn more about these companies, please click the links in the ‘Our Recommended Alternatives to Provident Metals’ section below to download their free and complete investment kits.
Our #1 Precious Metals & Gold IRA Company - Best Overall
Our #2 Recommendation - Best For Promotions
Our #3 Gold & Silver Company -Great Prices and Great Customer Service
At Bearlakegold, we invest our resources and energy into researching the companies in the industry that are best for opening a gold IRA. We evaluate companies to show our readers how suitable and ethical they are for doing business.
Based on our evaluations of Provident Metals, it is a good company but not the best for your gold IRA investments. The company has had terrible reviews over the years, and that is not a good option if you want to have a seamless gold IRA investment journey. The best gold companies to invest in a gold IRA through are:
• Augusta Precious Metals
• American Hartford Gold
• Birch Gold Group
• Noble Gold Investments
Click on the links in the previous sections to discover why they are the best in the industry.
Yes you can perform a 401k to gold IRA rollover see this page for more details