Real potential problems at Provident Metals
Provident Metals is part of the group that makes up Elemetal Metals, along with Elemental Mint, NTR and Ohio Precious Metals. Apparently there is a major problem taking place within Elemetal Metals that may very well bring down the entire group. For that reason and for the foreseeable future, I will not be listing any future sales posted by Provident Metals and would strongly advise anyone that might have decided to store their precious metals with them to withdraw any and everything you can as fast as you can before it's too late. Tens of Million have been lost in stored metal with Bullion Direct and Northwest Territorial Mint just to name a few of the largest online dealers in the past few years. You do not want to be next, better safe than sorry. This is not to say Provident Metals is going to be the next large dealer going out of business, but it doesn't look good at this point and it's better to beat the crowd to anything that can be removed while there is still metal to be removed if there is a problem. It's also far better to have someone try and take it back from you than to try and get something that turned to dust in a bankruptcy.
So far, I'm not aware of any problems at Provident Metals, however the group is very large and the problems seem to be much greater than the Provident Metals operation, so it could very well get swallowed up in a financial nightmare along with everyone's money and potential stored metal if it isn't properly segregated as was the case with Northwest Territorial Mint. A lot of the metal stored at NWTM was not specifically identified to an owner on a carton, so it became part of the company assets and not even tried to figure out who it might belong to or split it with those it should belong to. The Bankruptcy trustee just did a precious metals grab for his own purpose to keep the company in funds to do as he saw fit. If you have followed the Bullion Direct and NWTM bankruptcies you know what I mean when it comes to the stored metal. It didn't matter what the records showed, it only seemed to matter if someone's name was on a box of metal or not.
Doing business with Provident Metals at this time might very well be a gamble, you decide for yourself.
I've been a fan of Provident Metals for several years and have done a lot of business with them, more selling than buying.
That being said, the vast majority of all my Silver is in one ounce Northwest territorial Mint rounds, bought one to two decades before they went belly up.
You just never know what's going to bring down a bullion dealer as they will never tell you in advance.
NWTM was suppose to be running a Ponzi scheme back in the 1990's and if that was true they would never have lasted another 20 years.
Last edited by valerb; 8th April 2017 at 02:26.
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