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Provident Metals Dealer Rating

Discussion in 'PM Dealer Feedback' started by Scorpio, Mar 31, 2010.



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How do you rate this dealer?

  1. * One Star

    4 vote(s)
    2.3%
  2. ** Two Star

    9 vote(s)
    5.1%
  3. *** Three Star

    10 vote(s)
    5.6%
  4. **** Four Star

    32 vote(s)
    18.1%
  5. ***** Five Star

    122 vote(s)
    68.9%
  1. louky

    louky Silver Member Silver Miner

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    I did a quick search of this thread and didn't see anything. So I've recently discovered Provident offers military discount. They do not advertise it. Also, you have to call and place your order to receive. They do ask for proof, va card, earnings statement, etc and the discount you get is "best pricing" on every item regardless of quantity. So for example, if an items best price requires a 500 purchase quantity, you get that price even if you order only one piece. I thought this was really cool and haven't heard of other dealers offering it so I just wanted to share.
     
  2. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    Damn. That must have been top secret. I might have to give them a call about that. Thanks for the heads up louky.
     
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  3. louky

    louky Silver Member Silver Miner

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    I think it was. I found it on Reddit of all places. The president and CEO Joe Merrick responded to an inquiry about it. He must be pretty active online. Last Sunday I sent in a question to their general mailbox and Joe replied personally within an hour.

     
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  4. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    I'll give them a call before I buy again, louky. Great find by you, I will owe you big time if it comes through. I used to do ALL my purchases from Provident, but when those ebay deals started AMPEX + ebux could not be beat. Now the deals are gone, I will shift my buying to Provident again, esp. with this discount. They have a Rand Paul 1 TOZ silver coin now.
     
  5. Gstack

    Gstack New Member Seeker

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    QUESTION FOR EVERYONE: Does Provident actually buy metals from customers anymore? I just was on their site and wanted to print out their "buy" list and can't find it anymore. In fact, I can't find any information on their site indicating that they even do any buying from customers.
     
  6. jcz1

    jcz1 Silver Member Silver Miner

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    http://www.providentmetals.com/sell-to-us.html
     
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  7. Gstack

    Gstack New Member Seeker

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    Thank you! But how did you find that? Near the top, I see you start at the homepage, and then click "Sell Us Your Gold & Silver Coins & Bars" (which I still don't see anywhere on that page), and then go to Scrap Metals. But to get started, where on the homepage is the part about selling? I don't see it anywhere on there.
     
  8. jcz1

    jcz1 Silver Member Silver Miner

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    It's near the bottom of several of the drop-down menus (Bullion, Gold, Silver, etc)
     
  9. Gstack

    Gstack New Member Seeker

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    Well, I don't know what I'm doing wrong, but I just looked there and none of the drop-down menus indicated have anything about selling. Maybe it's my browser (Chrome), but I just don't see that option listed. They sure are good at hiding it!
     
  10. 97guns

    97guns Gold Member Gold Chaser

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  11. louky

    louky Silver Member Silver Miner

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    I didn't read the whole thing, but the gist was about mailing a check it looked like. I like provident, but their practices are a joke when dealing with paper checks. I would never do business with them again in that manner. Glad they offer E check now. Here's my experience from earlier in the thread:

     
  12. Usury

    Usury Gold Chaser Platinum Bling

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    I wouldn't get too awful worked up at this point. Sounds like the mint screwed them so they are trying to do whatever it takes to make it right for their customers, even if it costs them money. What else could you expect?
     
  13. SilverBuyer

    SilverBuyer Silver Member Silver Miner

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    Why is it a joke? If anything you can blame the banking system. They have to do it like they are to avoid getting scammed.

    Sure they could figure in a certain percentage of getting scammed and raise their pricing to factor that in, but then they'd no longer be the cheapest option.
     
  14. Cigarlover

    Cigarlover Gold Member Gold Chaser

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    Sounds like they take the money then order from the mint to fulfill orders. The mint said no mas and so they got caught in the middle playing middle man. No big deal IMO. They did say to call them to make it right so I am sure they will offer another 10 oz bar as a replacement.
     
  15. louky

    louky Silver Member Silver Miner

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    Please explain how they would be scammed 11 days AFTER a check clears. 11 full days of the money sitting in their account. That's 6 days longer than their policy to prevent the scams, which I understand. If you read, I said their "practices" not their policies.
     
  16. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    It is a fair point,

    If it is listed 'in stock' that means in their possession, not a middle man,

    that simple,

    otherwise it should be listed as 'pre-order' or some other such drivel

    It is disingenuous to state in stock when it really is not,
     
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  17. Usury

    Usury Gold Chaser Platinum Bling

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    Very true...but it also said that the problem was the result of an internal inventory discrepency (i.e., shrinkage or mis-counting inventory). So if my computer says I have ten in stock and I sell you ten but come up short one, is that reason to start thinking "Tulving"? I don't think so.....it seems to me that Provident either made an honest error or got screwed by an employee (and the mint) and so they are trying to make it right.

    If there's more to the story, I'm sure we'll start seeing multiple people pile on with similar stories to corroborate the problem, like what happened with Tulving and BD before the end. At this point though, I wouldn't fear ordering from them.

    I think it's also fair to look at the fact that this person ordered ONE BAR. If it had been a larger order, there's a much greater likelihood the inventory calculation would have prevented the order from being placed (or shown out of stock).
     
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  18. Usury

    Usury Gold Chaser Platinum Bling

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    Because neither Provident nor their bank (or any business and their bank for that matter) has any idea when a check clears on the other end and whether or not the other bank is in the process of rejecting it back. I've seen it happen and it can take a long time for a check to be kicked back--much longer than it actually "clears" on your end if you are legit. Unfortunately there's no way to know if you're legit or not. They've never advertised themselves as being the fastest shipper for check orders. I've also experienced longer delays on check orders, but other payment methods are shipped much quicker.
     
  19. Usury

    Usury Gold Chaser Platinum Bling

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    I disagree...you can blame scammers and thieves that try to scam merchants with bad checks. And as a business person, if I don't protect my company by implementing processes to ensure checks are legit, then I'll quickly be out of business. There's no amount of price increase that will cover it because in my experience, once scammers find a hole in your process, they'll keep exploiting the shit out of it until you're either out of business, plug the hole or they are arrested. And they'll tell all their scammer friends too so that you are targeted.
     
  20. louky

    louky Silver Member Silver Miner

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    Then why have a written policy of 5 days holding after the check clears? Shouldn't the policy just be 11-12 days holding time after a check clears? The fact is the 11-12 days has nothing to do with scam prevention and all to do with their practice of "floating" my money and playing middle man.
     
  21. Usury

    Usury Gold Chaser Platinum Bling

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    They don't....they have a written policy of waiting until 5 days after depositing a check to BE SURE that it cleared. THEN it goes into the confirmed payment queue and is shipped out as soon as they get to it (3-5 days in most cases). So a credit card order will typically be shipped in 3-5 days. But a check order will have mail delay waiting on check to show up in their PO box (3 days lets say), then they deposit it the next business day, then they wait 5 business days to be sure it cleared, then it goes into the shipping queue with cc orders and gets shipped in 3-5 days. So you are looking at 12-15 days to ship a check order. And those are business days.

    From their website:

    All personal, bill pay, or business checks are held a minimum of 5 business days. When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction. When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day you make your payment, and you will not receive your check back from your financial institution. Due to recent changes in privacy laws, banks cannot provide verification of funds, which has led to longer personal check processing times. Because of these changes, if there are insufficient funds in your account, we will not find out until the fifth business day. We therefore have to wait until the sixth business day to process orders paid by personal check. If this is unacceptable to you, please take advantage of electronic or bank wire payment options. Most banks offer bank wire processing through any branch location. See your local bank for further details on wiring procedures.
     
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  22. Usury

    Usury Gold Chaser Platinum Bling

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    FWIW, I've placed check orders with many other vendors before and they are ALL significantly slower to get from point of order to point of shipping when paying by check. Some may have different hold waiting periods than others and some may have faster shipping queues than others, but again all are slow.

    If I were Provident, I'd demand that the other website remove their article as it implies something other than what it appears really happened. Default? Really? And not only that, but default on "bars"......when the order was for only one bar.
     
  23. louky

    louky Silver Member Silver Miner

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    11 days after the money is gone from my account. Cleared. Then I email them and they immediately provide tracking and ship. I'm not counting mail transit days. 11 days after my account is debited. The next time it was twelve days. I didn't post the second time about it here. Email and ships immediately.
     
  24. louky

    louky Silver Member Silver Miner

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    My last two check orders from provident took 24 and 27 days from order to delivery according to the order/tracking history posted on their website. Those were Sunday orders with paper check mailed on Monday. In both instances the check was held nearly two weeks after being debited from my bank account. It was not until I emailed them inquiring about the delay tactics that they processed shipment. This was last Sept/Oct so no supply issues as with the RCM orders. I didn't buy from Provident again until June 2015 when I realized they finally had E check payment activated.

    *edit Last silvertowne paper check order on my doorstep in 8 days, last JM bullion paper check order on my door step in 14 days. lol at counting business days like the mail doesn't run on Saturday and even move physically on Sundays (just not delivered).
     
    Last edited: Aug 11, 2015
  25. goldielox1

    goldielox1 Silver Miner Seeker

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    Much ado about nothing. Some guy placed an order for one $150 bar, where the inventory had been miscounted and there was one fewer bar in stock than expected and the blogger is acting like Comex had a default. Ridiculous.

    Mistakes like this happen to stores all the time. I've gone to stores where the computer says they have my size in stock and then they look on the shelf and they're all sold. Granted it is a bullion company so inventory is much tighter but someone could have grabbed the wrong 10 oz bar on a previous order and left this one off by one and maybe the customer didn't notice so Provident never found out.

    The company is even willing to take a loss to make things right by him. I'm sure he can either ask to wait for the inventory to come in and get a refund of his shipping cost, or they would probably even "upgrade" him to 10 silver eagles or an even more expensive 10 oz bar.

    From the writeup on the site, it sounds like the kid decided to just get a refund instead "to punish them". I realize $150 is a lot to some people but really this is blown way out of proportion.

    FWIW, I've never had a problem with Provident. Per the comments here, they aren't the fastest out there, especially when paying via check, which I usually do, but have always have delivered to me.
     
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  26. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    I had a problem with "Slow Shipping" by Provident when using a check, I have posted here in this thread about it. Read their policy, it gives them all the leeway they want as to time when you pay by check. When you order, you agree to those terms. I keep this in mind when I consider ordering from them.
     
  27. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    Usury,

    Absolutely agree that a dealer has to cover himself every which way from Sunday on checks. No problem with that,

    But let's not discount the guy who buys 1 bar vs 10 or a 100. That guy may buy one, then another, then another and so on.

    as for inventory, we are talking about metals here not widgets, and a major online player

    they would have real time inventory systems, accurate as heck and cameras everywhere IMO

    so if they are well run, which they clearly have been, they would know their inventory to the last merc dime at any time,

    it would seem to be a easy programming step to have a item go to 'delayed' rather than 'in stock' the moment that inventory goes to zero.

    JMO, and I have ordered from them in the past with no issues of any type

    One of the ideas behind this whole sub forum was to help members and dealers. That maybe once in awhile we could help suppliers become even better than they already are.

    After all, we are talking the internet here, and a whole lot of fiat changes hands on nothing but a computer screen. So the elements of trust, perception, and security are paramount.
     
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  28. Cigarlover

    Cigarlover Gold Member Gold Chaser

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    I placed an order with them last Friday. Paid with money order and shipped the same day they received it. Tracking says it will be here on Saturday. Prices are good too. 5 stars from me.
     
  29. eyeball

    eyeball New Member

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    Is Provident still considered to be a reliable option for gold and silver purchases? Have there been any problems recently I noticed on some Pre 33 coins they were a lot less than the big A.....can anyone help

    Thx
     
  30. stAGgering

    stAGgering Silver Miner Seeker

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    Placed order with Provident Metals requested mint tubes if possible, along with a few singles and doubles.
    Ordered on kickback card with 6 months no interest blah blah.
    Chasing 2016 gift list completion and ballast.
    Items arrived very quickly for me as I do not patrol PO box, it was there.
    Packaging was bulletproof & silent even if launched or punted.
    Outer box 2"-3" larger than inner box, with ZERO empty spaces between.
    Tubes and flips separated and secured with wrap, cardboard, & tape.
    Discreet shipping address.

    Mint tube request was met and may be protocol?
    Who cares, I gotsesses 'em
    These are for the underlings a long time from now.

    The singles appear untouched as they went from flips to airtite.
    Canadian Bird of Prey series owl... whoops arse on previous three.
    This coin has DEPTH compared with previous, and I do not work for CDN mint. ha.
    I am surrounded by barred and horned owls- no coons or skunks for miles.
    Owls rock.

    Completely effortless and enjoyable transaction start to finish.
    Very glad to experience such in a consumer glutted market.
    Dealers could easily be not as graceful. 2008/9 had many as such.

    For 10-18-15 Provident Metals was 5 stars without doubt.
     
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  31. Smokeymike

    Smokeymike New Member

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    Received my first order from Provident - took a LONG time.
     
  32. stAGgering

    stAGgering Silver Miner Seeker

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    Card, wired currency, check, paypal?

    L O N G or was it long?

    Difficult to comprehend with one word... for me at least.

    Please elaborate, we all wish to hear and see, any warning shots thanks.
     
  33. Smokeymike

    Smokeymike New Member

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    "Long" = personal check, 3 weeks+ to receive order. Check cashed and cleared my bank in 5 days. Then the wait....
     
  34. Usury

    Usury Gold Chaser Platinum Bling

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    Latest order: Black Friday special, mailed check same day, order arrived today...I think that's about 8 business days? Anyway less than two weeks all-in, including mail both ways. Can't beat that with a stick. Probably fastest check order I've ever had ANYWHERE. Of course I am a prior customer and ordered more than ONE bar also. And as usual, packaged EXTREMELY well.
     
  35. SongSungAU

    SongSungAU Midas Member Midas Member

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  36. Usury

    Usury Gold Chaser Platinum Bling

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    Song are you really that dense or do you run a competing business? It seems pretty obvious to me that anyone with any grasp of the English language and just a pinch of common sense could figure out this is a presale, even without the banner at the top. The 2nd sentence of the description says as much...
     
  37. SongSungAU

    SongSungAU Midas Member Midas Member

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    The 2nd sentence of the description as well as the Pre-Sale at the top have recently been added. Neither were there when I placed my order. It was a couple days after I order and after I had looked at other shops and seeing nobody else had them in stock except Provident Metals that I went back and looked on the Provident site. They had subsequently added the 2nd sentence of the description and the Pre-Sale purple icon.

    They added those things but they still haven't removed the:
    10ozkookC.jpg

    That's why I said their webmaster needs some help. In proofreading if nothing else.

    I'm sorry if you are the webmaster so go ahead and call me dense or whatever else floats your boat.

    The fact remains that they should have had the notices on their site from the get-go and they should remove the saying that "they're available now".
     
  38. Usury

    Usury Gold Chaser Platinum Bling

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    I see....well then if neither of those indicators were there before that's a completely different story and I apologize. I was going off your pic and written account which I interpreted as indicating that only the Pre-sale at the top had been added.

    I suspect it was an honest error--if you called I'm sure they'd agree to cancel your order at no cost if you like. Ironically I recently had the EXACT same thing happen to me on an Apmex order through ebay. They had the item listed as delayed on their website for direct sales, but forgot to update the ebay listing, which I was searching and relying on when I ordered through the ebay listing. They usually ship the ebay orders within a day or two, so after a week I called them to find out what was up and discovered the discrepency.

    I will disagree that the last sentence indicating that they are now available is really a problem now, given the other disclosures now in the listing. My contention/interpretation would be that they are now available [for ordering]. But that's all moot if no indicator was there originally.

    And given that Christmas is right around the corner, this could really throw a monkey-wrench in Santa's plans if the order is a gift, huh?

    EDIT: And I'd be doubtful that they have a "webmaster" responsible for doing ANY inventory updates online.
     
  39. SongSungAU

    SongSungAU Midas Member Midas Member

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    Oh, I agree it was an honest mistake. Provident Metals is a good place and I am a happy customer of multiple purchases.

    True, it won't arrive in time for Christmas but it will arrive at some point and that's the important part. I know I will get what I ordered and it will be in fine shape.

    No, I didn't think their webmaster had anything to do with inventory... he just throws up the text and pics. But when he goes back and updates with the info that these are pre-sale, I would think he would read over his previous text to make sure statements like "available now" get removed. It's just one of my many idiosyncrasies... it irks me when I see conflicting statements. It looks careless and it bugs me. But I can get over it in time. :s11:

    Merry Christmas to you and yours.
     
  40. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    On December 1, 2015, I spent some free bitcoin that I earned from the internet and made my 1st bitcoin order with Provident for three 1-oz Zombucks Saint. The process went smoothly and I am satisfied with my purchase. I plan to place another bitcoin order with Provident Metals once I earn enough free bitcoin from the faucets. :)
     

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