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Boston Bullion is a Cambridge-based company that deals precious metals including gold, silver, palladium, and platinum. The company has a storefront that it uses to serve clientele in the Massachusetts area and surrounding states. If you live farther away, you can purchase precious metals through the website.
Precious metals dealers can range from excellent to scam artists. So where does Boston Bullion fall? Are their practices legitimate, and if so, how do they compare to the competition?
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About Boston Bullion
Boston Bullion is a precious metals dealer with a storefront in Massachusetts. The company is a small business that is mostly managed by the founder and owner. Customers say that they've had good experiences with him thanks to his integrity and honesty.
The company also has an online website that you can use to put together an order. The site shows all of the coins and bullion that's available to purchase through the dealership. Every day, the listed prices change based on the fluctuating market value of the metals.
Since the prices are listed on the website, you can easily compare them to their melt value and to the prices of competing dealers. Many other companies won't give you a quote until you call, which makes it more difficult to research the best competing prices.
Pricing is fair and doesn't have the same large markups that some dealerships use. Since there isn't a huge commission, you're more likely to see growth with these investments over time.
Purchasing Precious Metals Online
You can assemble your precious metals order by using an online shopping cart. But the website isn't set up with an eCommerce platform, and you have to call during business hours to place your order. So even though you can put your items together beforehand, the shopping "cart" is more like a shopping list.
Once your order is placed over the phone, the price is locked. You won't see an increase in the cost, even if the value of the precious metals goes up. At the same time, you agree to make the purchase even if the value drops after the price locks.
Payments can be made with these methods:
The company does not accept credit cards for checkout. If you send a physical check, the postmark date must be in the 48 hour period following confirmation of your order. You are expected to mail your payment within 24 hours of order placement.
If you order at least five ounces of gold, you will get free shipping. However, for any smaller purchase, you will need to pay a flat fee of 19.95 dollars. This is quite a bit more than many other online precious metals dealers charge, particularly if you're shipping to somewhere in the continental US.
Orders are shipped with registered priority mail, so you can receive them within just a few business days of shipping. Because the boxes come with full product insurance, you will need to sign for them. If no one is available to sign, the post office will attempt redelivery later.
The easiest way to pay is by using a bank wire transfer. In addition to skipping the snail mail, these orders ship within two days of the payment clearing. If you use any kind of check, the company is required to hold onto the metals for a minimum of ten business days before sending them.
General Company Setup and Policies
The company specializes in bullion, rather than numismatic rarities or other collectibles. There is a policy against returns. However, the company does note that as long as you call about any issues within the three day period after receiving your order, they will work to resolve the problem.
One of the most helpful aspects of the company is that it is extremely straightforward with regards to pricing. There aren't any additional shipping and handling or brokerage fees. All of that is rolled into the price quote that you get when you first lock in the sale.
If you purchase the bullion from outside of Massachusetts, you don't need to worry about taxes. For people in Massachusetts, the sales tax is waived as long as your order is higher than 1,000 dollars. There are no requirements that any of the checks or wire transfers be reported to the government.
The company also works diligently to keep pricing competitive. In addition to analyzing the global market value of precious metals, they also analyze the individual pricing of every coin and bar they sell. By using volume discounts with their distributors, they are able to sell the bullion at an extremely low markup without losing profits.
There is a fair amount of inventory on hand at the company. If you make a small order of coins, your purchase will likely be fulfilled from the storefront inventory. However, if you make a bulk purchase or buy bullion in large volumes, the company will source the bullion from one of their distributors.
This allows you to get access to the coins at the discounted rates, thanks to the company's wholesale discounts. You also don't have to worry about increased shipping overhead.
When you purchase gold coins with the company, you will typically get newly minted coins from the current year instead of historic rarities.
If you own any of the products listed on the website, you can sell them to the company, whether or not you originally purchased them there. The company will only accept coins in their original packaging or coins that meet their grading quality standards.
Most buy prices are quoted at 3 percent lower than the company's sale prices. They are very transparent about the formula they use to determine your quote on the website.
Is Boston Bullion a Scam?
Boston Bullion is not a scam. Though the company is better known for working with local clientele than online, they offer legitimate products and services. They are accredited with the Better Business Bureau and hold an A+ ranking, plus there are multiple positive customer reviews found online.
In particular, customers praise the company owner for being honest and dependable. He gives straightforward answers about pricing and is able to answer questions about precious metals. The Boston storefront is available for appointments to buy and sell, while people further away can place orders online.
Pros & Cons of Boston Bullion
Boston Bullion is a precious metals dealer that has a great reputation in the New England area. You can do business with them by visiting their storefront in Cambridge, Massachusetts or by placing an order online. Online orders will need to be confirmed by phone rather than checked out with an online shopping cart.
The company owner has been praised in customer reviews for being honest, dependable, and straightforward. He provides answers to questions and gives simple price quotes for both buying and selling. Customers report getting fair pricing when selling their precious metals.
It is important to note that Boston Bullion is a relatively small business, and it seems like the majority of its clientele is regional. There are other precious metals dealers that have larger teams and do most of their business online. If you're outside the New England area, you might prefer to work with one of these instead.
Although we do think that Boston Bullion is a solid company, we believe that there are better companies out there to make your investment with.
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