Hi! You are reading this ‘Is Boston Bullion A Scam?’ article of mine.
For years, the precious metals industry is gaining better and better perceptions from clients. Thus, this ‘Is Boston Bullion A Scam?’ article will help you understand if this bullion dealer is a great company.
As mentioned, the precious metals industry is attracting a lot of clients left and right. In a sense, this is slowly becoming a niche area for savvy investors. Furthermore, precious metals can be used in self-directed IRAs.
With all these reasons, Boston Bullion aims to provide valuable service to their customers. But, is it really a legitimate company? If so, how does it compare to other reputable companies such as Augusta Precious Metals?
Surely, you have your own questions and reservations about this firm. That is why, this ‘Is Boston Bullion A Scam?’ will prove to be useful towards your future endeavors. Also, we will be featuring some of their coveted products and services.
Without further ado, let us start this ‘Is Boston Bullion A Scam?’ article!
Boston Bullion Review Quick Summary
Name: Boston Bullion
Founder: Kenneth Murphy
Account minimum: Not available
Promotion: Buyback availability
What is Boston Bullion?
As a start, Boston Bullion is a Massachusetts-based bullion dealer that started in 2006. Since then, they have provided quality to their customers with regards to precious metals. Admirably, the store continues to transact even though that it is relatively small.
For starters, you can purchase directly from their physical store. Although, if you are unable to physically go there, you can still conduct business through online means. Worth mentioning, customers admire the store’s integrity and trustworthiness.
Unfortunately, gold investments are becoming a thing globally. Although, American citizens are finding it hard to see the potential of investments on metals. That is why, Boston Bullion aims to promote investment-grade bullions.
Frankly speaking, Boston Bullion believes at the intrinsic value of these metals. Additionally, these are great hedges against inflation and other economic turmoil. Personally, reading this article will help you understand the advantages of this industry.
Going back, Boston Bullion also acknowledges the cons of this industry. However, this company is pretty transparent about it. ‘We will always truthfully tell our customers our thoughts and insights about the industry’, the owner says.
At this point, you might be wondering already about their products and services. As such, do read the coming sections about it.
Another thing, this is a great opportunity to advertise Augusta Precious Metals, a trustworthy and outstanding business that provides self-directed IRAs. They work very hard to maintain top-notch service for gold IRAs.
Products and Services Offered
To cite, Boston Bullion boasts a wide selection of quality bullion items. Specifically, they have a lot of gold and silver items. On top of that, they have little offerings for platinum and palladium.
Moreover, when you visit their website, you will be amazed at how straightforward and intuitive it is. In my book, companies and firms that prioritize their online platform’s practicability gets a plus.
Sadly, Boston Bullion is not an IRA custodian. They are working with Madison Trust Company. Perhaps, this is a service that is already under planning and we might be able to experience this. But for now, this is something that is lacking in their arsenal of services.
It must be said, however, that they have no indications or separate category for IRA-eligible products. As such, any rookie investor will find a hard time narrowing down their choices if they have an IRA.
Nevertheless, they have items that are usually sold in the market. Plus, they have offerings for famous coins that are used for investments. Under this is a list of the items you’ll expect to find in their website.
- American Gold Eagle
- Gold Maple Leaf
- American Buffalo
- Austrian Philharmonic Gold
- Assorted Coins
- Fractional Gold Coins
- Gold Bars
- Silver Bars
- Silver Bullets
- Platinum and Palladium Bullion
- Junk Coins
On the upcoming sections, we will be also tackling about their buyback policy.
Prices and Fees
Up next, Boston Bullion is a company that has a good level of transparency. Specifically, this is one of their areas that I like the most. Although spot prices varies everyday, the change is indicated at the end of the day.
In comparison, this type of transparency is also practiced by big companies on the industry. What’s more, customers are speaking highly on their business ethics and how competitive their prices are.
For their prices, these differs based on the product’s fineness, brand, and type. For example, low-grade quality coins such as junk and bullets are within the hundred dollar range. Whereas, investment grade coins such as American Eagle and Maple Leaf are tagged in thousands.
To cite, they have brokerage and shipping fees. Here are the corresponding fees that are incurred per package.
- More than $150,000 – 1%
- $50,001 to $149,000 – 2%
- Less than $50,000 – 3%
- Less than $5,000 - $19.95 shipment fee
- More than $5,000 – free shipment
How Does It Work?
For direct purchases, you can either (1) go to their physical store or (2) purchase from their online platform. The only drawback with the latter is that you need to call them to confirm your purchase.
Next, they can purchase metals you’ve bought from them. First, you need to call them to let them know you are selling to them. Afterwards, they will send you a packing slip.
After delivering your items to their store, you will be compensated fairly through check or wire transfer. You can visit their page for their present rates.
Now, we will tackle their IRA service. As previously mentioned, they are working with Madison Trust Company. If you have existing accounts or 401(k), you can rollover them. Afterwards, they will establish an IRC LLC (Limited Liability Company).
In simpler terms, this LLC will serve as your own investing platform. Do remember, this is under IRA regulations and policies. Opening of a checking account comes next. And lastly, you can now fund your account and start investing.
Customer Ratings and Reviews
- Better Business Bureau – A+ rating, accredited since 2006
- Yelp – 5 out of 5 ratings based on 8 reviews
- Google Reviews – 4.5 out of 5 based on 61 reviews
As per the list above, Boston Bullion has excellent reviews. Although, a couple more from other organizations wouldn't hurt.
Pros and Cons
- Excellent inventory of products
- Competitive pricing
- High degree of price transparency
- Trustworthy and honest
- Availability of buyback program
- Relatively cheaper fees
- Online transactions takes a lot of effort
- Lacks IRA expertise
- Other metals such as platinum and palladium are not given enough attention
Is Boston Bullion Worth It?
To conclude, this ‘Is Boston Bullion A Scam?’ article clearly states that this company is not a scam! On top of that, most customers enjoy the straightforward and honest way they conduct business.
Still, as a bullion dealer, there are a lot of things that they need to do. For example, they still lack the expertise with regards to IRA. Additionally, some of their products receive little to no attention.
Consequently, they need to improve their perception of their online platform. True, it is already commendable. But, clients find it tedious to call them just to confirm their purchase. Perhaps, they can introduce account creation to facilitate business more fluidly.
In my honest opinion, Boston Bullion is more than capable of meeting your metal needs. Albeit needing a few tweaks here and there, this firm is a solid choice.
Although, a better alternative is always available. If you want to skip to a reputable firm, take a look at my review about Augusta Precious Metals.
As always, you have my gratitude and appreciation for taking the time to read this ‘Is Boston Bullion A Scam?’ article. Your comments and suggestions are duly noted! Do leave them at the appropriate section below.