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Provident Metals Dealer Rating

How do you rate this dealer?

  • * One Star

    Votes: 4 2.3%
  • ** Two Star

    Votes: 9 5.1%
  • *** Three Star

    Votes: 10 5.6%
  • **** Four Star

    Votes: 32 18.1%
  • ***** Five Star

    Votes: 122 68.9%

  • Total voters
    177

platinumdude

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http://about.ag/Elemetal/

Elemetal Refining: Now More Insolvent.

October 18, 2017 4:30PM EST
In April, 2017, Elemetal Refining announced that it was insolvent (using different words, of course). They said that they would make 5 payments of 20% each to the refining customers, on April 28, June 15, August 15, October 16, and December 15. I had mixed reports on whether or not the June payment had been made, but the June/August payments appear to have been mostly made. In total, "approximately" 60% has been paid down.
Elemetal recently told refining customers that they are "pleased to report that paydowns will continue, though at a reduced pace." I wonder who is pleased by a company reporting that they are having further financial difficulties? One customer reported receiving only a small fraction of what they were owed for the October payment. Elemetal further says that they are developing an updated payment plan, in which they hope to make additional payments within 20-30 days, and have a goal of paying customers in full.
 

97guns

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yikes, I have a 690oz sell order sitting on their desk since Monday and am waiting for payment, it’s usually been the next day after they receive the goods, keeping my fingers crossed and looking for another dealer to sell to, tried calling and calls to the buying dept. go right to voicemail
 

Usury

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I thought they spun off from Elemental and had private ownership now?
 

97guns

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finally got through to them, they had an issue with one of the items and had to down grade the quality because of milk spots, i think this will be my last sell order to them, not worth the risk with their insolvency issues


Thank you for posting this
 

goldielox1

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yikes, I have a 690oz sell order sitting on their desk since Monday and am waiting for payment, it’s usually been the next day after they receive the goods, keeping my fingers crossed and looking for another dealer to sell to, tried calling and calls to the buying dept. go right to voicemail
The refinery is separate from the dealer. At least that seems to be the belief. Haven't heard of any problems from the dealer side just the refinery side.
 

goldielox1

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Found it interesting that Provident Refining was purchased by investors that will use Dillon Gage to manage it. Dillon Gage's CEO is the former Provident Refining CEO. LOL. So basically it's all just a shell game and will be business as usual (except hopefully without the 3rd world environmental violations).
 

97guns

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Maybe so, I have signature required packages sent and USPS marks it as received by NTR but as far as I’m concerned with their insolvency issues, they are all 1 company
 

TomD

It blowed up, y'all
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I've bought modest amounts (a few hundred bucks) from them on a few occasions in the last couple of months. Everything was normal, no problems.. BTW: I'm convinced that Apmex goes through their ATB's and sells the culls as singles. Pretty much all the ATB's I've bought from them have been decidedly bad. Not so with Provident, they now have all my ATB business.

ATB Michigan
by Tom, on Flickr