Boston Bullion is a precious metals dealer that serves the greater Boston area from a storefront in Cambridge, Massachusetts. In addition to the brick-and-mortar establishment, people can also make online purchases from anywhere in the US. But how does this small business stand up to the major national competitors?
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About Boston Bullion
Boston Bullion has been part of the precious metals industry for over 15 years, having first been founded in 2006. It is owned and operated by the proprietor, Ken Murphy. Ken Murphy was always fascinated by precious metals growing up, and he had a special interest in understanding the role that gold and silver played in the country's economy.
The more that Murphy learned about the history of precious metals, the more he wanted to own them. He believes that precious metals are a key part of securing your finances in today's modern world. Before opening his business, he would frequently tell his family and friends about the value of investing in precious metals.
Boston Bullion is not a kitschy gold dealer or a business focusing on rare collectibles. Instead, they provide investment grade bullion. If you want to seriously invest part of your portfolio into metals, this company has you covered.
According to the company website, the ultimate goal of Boston Bullion is to be more trustworthy and reputable than any of the competition. At the same time, they want to offer the best pricing and the widest selection of products.
While there are some online dealerships that can slightly edge out Boston Bullion in terms of pricing and inventory, the company's customer service is very impressive. They have received glowing reviews from their past customers, many of whom have been working with the company for years. The business is also a major establishment for the local neighborhood.
Selling Precious Metals
In addition to buying precious metals, you also have the opportunity to sell them. You can sell your collections to Boston Bullion even if you didn't originally buy them there. The company is willing to buy many different metals, and they list the items on their website.
One of the most unique features is the pricing table. With most online gold dealerships, you need to call to get a price quote. But the Boston Bullion website lists the exact formula for determining the quote price. Usually it involves the spot price minus a flat $20 or $30. This is both simpler and cheaper than a percentage-based fee.
For example, a Canadian Cougar can be sold for $20 less than the spot price per ounce. The same goes for a Canadian Wolf and many other coins. A few options have a percentage formula, like the Panda Gold. This goes for the spot price minus 1% of the total.
If you want to sell your items, you can check the formulas on the website. Use the current spot prices to get an estimated quote. If you're happy with the price, you can call the business and tell them what items you have. Local customers can also make an appointment to go into the storefront with their items.
For those who are planning to mail their precious metals, the steps are as follows:
Once the package is received, you will get a call. It is at this point that your price will be locked in. Your quote prior to sending the items is not a guarantee, since the spot price might fluctuate while the items are in transit.
Once you confirm the sale, a wire transfer or check will be sent to you in 5 or fewer business days.
Is Boston Bullion a Scam?
Boston Bullion is not a scam. The company has been in business for years and has an excellent reputation. Customers have left positive reviews of both the storefront and the online shopping experience. Though this is a small business, the owner is often praised for being knowledgeable and trustworthy.
On the Better Business Bureau website, Boston Bullion has an A+ alongside an accreditation. There are also nine customer reviews, all of which give the company 5 out of 5 stars. On Yelp, there are eight customer reviews of the storefront, all of which also give perfect marks. There are similarly perfect marks with six reviews on Facebook.
While the bulk of Boston Bullion's reputation does seem to be centered around their brick-and-mortar storefront, there are multiple online services available. And there haven't been any complaints about the online options. The only potential drawback is that some customers might want to work with a larger business that focuses exclusively on fulfillment shipping.
There are no complaints online to speak of, so let's take a look at some of the positive things that past customers have had to say.
One review from March of 2022 was from a customer who had purchased bullion from several other online dealers before. He called Boston Bullion to make an appointment to talk about an investment. The owner made time to see him that same day and was able to connect the client with some branded bars that had been unavailable everywhere else.
A week after making the first purchase, this client made another purchase. Once again, Boston Bullion was the only place that the client was able to find the specific bars they wanted. They were extremely happy with the discovery and intended to keep working with the dealership in the future.
Another review from May of 2021 was from someone who said that they'd never bought bullion before working with this company. The customer had trouble scheduling an appointment during normal business hours due to their long work days. So the owner accommodated them by meeting them outside business hours. That first meeting had happened over a decade ago, and the customer had kept working with the company ever since.
A review from March of 2021 was from yet another customer who said that she'd been working with Boston Bullion for years. Every time she made a purchase, she was happy with the results. Like several other customers, this was the first company she bought bullion from. Every sale had been handled with professionalism and respect.
This seems to be a common theme. Many customers have cited the owner Ken Murphy as the reason for their loyalty. They say that he is calm and respectful and honest. When a customer comes in without any knowledge of the precious metals industry, Ken Murphy will patiently educate them and help them determine what choices are right for them.
Pros & Cons of Boston Bullion
Boston Bullion is a small store with a big reputation. The business has inspired loyal customers on both the local and national level. Customers often praise the owner's expertise and honesty, and they say they'd be happy to do business again. There is very little negative feedback to be found anywhere.
Ultimately, we can recommend working with Boston Bullion. Just keep in mind that this is a small business with limited employees and inventory. Because of this, complicated orders might take longer to put together. Customers who want to buy certain complex items might benefit from larger dealers that exclusively deal in the online sphere.
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