Has Anyone Sold Silver to Provident Metals?

$ilver$urfer · Apr 5, 2011

If so, can you please share your experience/process? They seem to have the best buy prices I have seen in extensive research as I am planning on selling a bunch of my silver soon. Local dealers around here are paying 25x to 26x and $4.50 for 40%ers, this company is way better - buy prices are here:

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

Thank You!!!

$ilver$urfer :hello:

FreedomUIC · Apr 6, 2011

I have not sold to them yet. I have however, purchased a boat load of silver and gold from them. Neil is the person to speak
to, nice, courteous and very knowledgable.

blkcwbyhat · Apr 6, 2011

I just looked at the site,and have a stupid question...They buy an ASE for 2.10 over spot,yet any other 1 oz round is .10 over spot? A jim matthey 1 oz isn't as good?

Generic_Lad · Apr 6, 2011

blkcwbyhat said:
I just looked at the site,and have a stupid question...They buy an ASE for 2.10 over spot,yet any other 1 oz round is .10 over spot? A jim matthey 1 oz isn't as good?

American Silver Eagles, American Gold Eagles, Silver Britannias, and most other legal tender bullion coins (with the exception of Maple Leafs which sell for very close to spot) are always sold at a premium. If I recall correctly, the US mint sells American Silver Eagles to dealers for spot price + $2 per coin, so that cost gets passed to customers. Bullion coins which are legal tender have dual collectability, people who buy them for their silver content, and people who buy them for the coin itself. On the other hand, generic rounds and bars sell for spot plus a cent or two if dealers buy in enough bulk. Silver Eagles have a lot of demand, and a lot of collectors, so the demand is also greater than generic bars/rounds.

blkcwbyhat · Apr 6, 2011

I see now....I assumed they were buying it for scrap,not resell. THX!

JT10 · Apr 7, 2011

I have not sold to them, but I have been looking at selling some of my 40%ers and they offer a much better price than my coin shop as well. I remember someone from this forum recommended them in a post several months ago - that is how I heard of them.