6125 Luther Lane, #465
Dallas, TX 75225
We have been watching with trepidation as the stocks plummet. And yes, it has left many investors wondering about the best place to put their retirement funds.
In this Provident Metals review, I am going to highlight everything you need to know about the company. We will dig deeper in to who they are, what they offer and how they fit into your investment goals.
Who is Provident Metals?
Provident Metals is a Dallas, Texas-based online retailer of precious metals including gold, silver, copper and platinum.
Thus, it remains as one of the country’s top-rated bullion and precious metals dealers catering to investors in the US and Canada.
Since 2014, Provident Metals has been accepting cryptocurrencies such as Bitcoin, Litecoin and Dogecoin as forms of payment. This allows investors more options for purchasing precious metals and coins of their choice through a seamless and hassle-free transaction.
What Does Provident Metals Offer?
Provident Metals offers a wide selection of gold and silver bullion, bars, coins and rounds. They even offer junk silver and diamond for sale to investors looking to diversify their portfolios.
Their most popular silver round is the Buffalo Design, as well as the Engelhard Prospector, and the Saint Gaudens mint to name a few. They also have the Incuse Indian design and the Peace Dollar replica.
Aside from these designs, there are different ounces you can choose from per design. You may opt for the 1 ounce to 10-ounce weights, along with fractional and half-quarter.
Moreover, Provident Metals features its Zombucks series design. In fact, this series remains as the dealer’s most popular range of silver rounds.
As there are no newly-minted Zombucks coins today, the demand is quite high and the value has skyrocketed over the years.
If you are new to Provident Metals, they offer a starter pack to get you going. The Provident Starter Pack includes a burlap pouch with 10 pieces of 1 troy-ounce Prospector silver rounds at spot discount, which is applied upon adding the item to your cart.
Moreover, you can purchase several starter packs. However, the spot discount is only applicable to one pack. Still, not a bad deal if you are getting started and looking to receive free insurance and free shipping for your purchased items!
Provident Metals offers a selection of IRA products for investor-savvy individuals. Most importantly, they feature a tax-free ROTH IRA, which can benefit account holders.
As of 2020, for individuals 49 years of age and below, the maximum annual contribution is $6,000. As for investors 50 years and above, you can contribute up to $7000 for an individual account.
Lastly, Provident Metals features a range of buyback products.
What are the Costs & Fees?
The costs involved with setting up a precious metal IRA investment account depends on the custodian you work with. Provident Metals has partnered with Preferred Trust Company to provide custody and administration services for your self-directed IRA.
Precious Metals IRA
|Initial Setup Fees||Depends on Custodian|
|Annual Admin Fees||Depends on Custodian|
|Annual Storage Fees||Not Disclosed|
|Minimum Purchase Amount||Depends on Custodian|
|Preferred Depository||Not Disclosed|
|Preferred Custodian||Preferred Trust Company|
Rankings, Complaints & Customer Reviews
Provident Metals is a BBB-accredited business serving as an online-based precious metals broker. It was awarded an A- rating by the Better Business Bureau and has been able to maintain its solid standing since then.
The company has received some complaints, but according to the BBB, Provident Metals are capable of dealing with these issues in a timely and fair manner. This report was also backed by actual customer feedback and testimony.
On Trustpilot, Provident Metals has received a rating of 4.5 stars since the company established their profile in July 2015. Their customers provided feedback on their transparency and honesty in running their business.
What are the Pros & Cons?
Finding the perfect precious metals retailer can be an excruciating process. There are numerous aspects to consider including the product offerings, costs and fees, as well as their secure and timely delivery process.
Provident Metals continue to provide investors great satisfaction with the quality of products they offer, including their competitive rates and features. However, they lack experience when dealing with precious metals IRAs and rollovers.
- Editor Rating
- Rated 3.5 stars
- Very Good
- Provident Metals
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I’ve been a financial retirement planner for over 30 years and have been investing in gold, silver and other alternative investments since 2008. When I’m not spending time with my wife and 3 beautiful children, I am learning more about new emerging technologies such as the blockchain.