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Thread: Provident Metals part II

  1. #1
    Silver Member TomD's Avatar
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    Provident Metals part II

    Apparently Provident's parent company, Elemetal, was involved in gold smuggling and is in the process of bankruptcy. Whether or not this will affect Provident isn't now known. I really hope not. OPM, Ohio Precious Metals, is also affected.

    I just received an order from Provident, the process was normal as far as I could tell. I just placed another order, not big, just a few hundred bucks and I'm not at all worried. But if I were making a major buy from Provident using a significant portion of my savings, I would wait until things clarify.

    Good luck to Provident, they've become my favorite dealer.
    "Liberalism isn’t Western culture, but its corpse."-Richard Fernandez

    "A great civilization is not conquered from without until it has destroyed itself from within."

    nothing good ever came from the upper class paying the lowest class to terrorize the middle class

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    Senior Member AG & PB's Avatar
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    Thanks for the heads up. I really like the Provident guys too.
    Molon Labe Mother Fucker!

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    Administrator ancona's Avatar
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    NWT went under recently, Hans Tulving went under [again *sigh*], Bullion Direct, Yaffe Brothers and their Gold Exchange in Tampa went bankrupt as well, so be very wary if buying from them on-line from Gainesville Coins. I wouldn't risk ANY large purchases from them unless it was cash-and-carry directly from the store front in Lutz Florida.

    Bullion dealers make their money by marking up specialty coins and novelty bars. Selling straight bullion leaves them very little room to make spread. If the market moves between the time you make a large buy and when they have to ship, and the move is decidedly in your favor, and a lot of other orders happened to do the same, and if they happened to be light on inventory at the time, then it's them that has to eat that shit sandwich. Tulving got caught in a perfect shit storm just exactly like that. He was way to light on his float and got greedy. His supplier dried up when demand kicked up and he couldn't cover.

    I don't know what happened at NWT, but Bullion Direct was playing some kind of game with peoples bullion called Nucleo Exchange, where you sent in the money, and he supposedly vaulted it for you. You were supposed to be able to get it whenever you wanted, but when prices went jackrabbit, he got caught out and hammered.
    Mark Ancona
    "Deo adjuvante non timendum"

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    Silver Member TomD's Avatar
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    Quote Originally Posted by ancona View Post

    I don't know what happened at NWT
    NWTM had been kiting money for at least a decade. The way I found the "other site" was that in 2005 I was getting ready to do a buy of 100 oz silver bars and liked the NWTM stuff. Before I pulled the trigger I did a google search for them which led to a thread at GIM. The thread made it very plain that, though I would probably get my silver eventually, it would be months later after lies, missed promises and evasions from their "staff". Over the years I saw post after post all reporting the same pattern.

    By kiting, I mean using the money from later buys to purchase the product to satisfy earlier orders. Delayed deliveries and broken promises for product that should be in everyday stock is the last pattern on earth you want to see from a dealer of any description who is in possession of your money. I'm really surprised they lasted as long as they did but I guess they did because they had a really nice product. I've got a fair amount of NWTM stuff right now that I bought off the secondary market. No problem with their product but the business model sucked. Once you start kiting, it's just a matter of time.
    Last edited by TomD; 06-05-2017 at 08:49 PM.
    "Liberalism isn’t Western culture, but its corpse."-Richard Fernandez

    "A great civilization is not conquered from without until it has destroyed itself from within."

    nothing good ever came from the upper class paying the lowest class to terrorize the middle class

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    Silver Member TomD's Avatar
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    BTW: I did another Provident buy about 2 weeks ago, not big just a few hundred bucks, but it went off normally. I had my stuff around 5 days later.

    I wouldn't have any reservation buying from them with a credit card. As of now I've yet to hear of a complaint with Provident. Here's hoping the problem can be contained in the parent company.

    Not sure I'd send them a bank wire or check for several $10's of thousands right now but 50 oz of silver on a CC? Sure.

    Provident Prospector below. Ever seen a more determined looking donkey anywhere?

    Provident Prosperctor.jpg
    Last edited by TomD; 06-05-2017 at 09:25 PM.
    "Liberalism isn’t Western culture, but its corpse."-Richard Fernandez

    "A great civilization is not conquered from without until it has destroyed itself from within."

    nothing good ever came from the upper class paying the lowest class to terrorize the middle class

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    Senior Member thebreeze's Avatar
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    I sold some stuff for a late friend's widow to Provident a month ago. Two bags of 90% and 14 KR's and they deposited the funds 4 hours after signing the USPS receipt, which I thought was really fast. She had set up a fresh bank account just for that transfer.

    Myself I will only be selling as I don't have anyone to leave it to. We usually sell enough to pay the prop tax every year. Figure I can do that for another 40 years. Everything I have collected I did so in the late 90's, so my CA is very low.

    You don't get change by being polite, you have to offend people sometimes, or nothing will happen.

    People rather die with a lie than live with the truth when the truth means: "you've been fooled all of your life".

    The Breeze

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