ebay now has a "bullion center" for precious metals auctions

[pmbug]

I was just logging in to post some feedback for a recent purchase and ebay had an ad front and center for their new bullion center. I suppose it doesn't really change anything about how ebay handles gold/silver auctions, but makes it a bit easier to browse for them:

http://www.ebay.com/gold-and-silver...vZip=&eBayTopRatedSeller=on&stn=Bullions&pg=1

 

[muzzled dogg]

This is probably a bad thing

 

[cubical]

ToO many fees on eBay to sell bullion

 

[angelatc]

As an eBay seller, I know people who sell PMs on eBay without a problem, but as long as Paypal is mandatory, I wouldn't touch them with a 10 foot pole.

On the other hand, it does sell for a premium there compared to what a dealer would give you.

 

[ILUVRP]

i have over 500 ebay buys/sells , i agree the seller takes a hit of about 5% , ebay + paypal , but as a buyer you have no fees , except shipping costs. buying junk 90% silver is cheaper than a coin dealer.

 

[pmbug]

I picked up a few Silver Eagles for slightly less than what my local coin shop was asking just the other day.

 

[Maximilian American]

Coin shops usually offer spot which means that you need to go long on your PM's in order to "profit". Ebay is similar to a spot price sell to a coin shop in regards to "profit" if you consider the ebay/paypal fees off the premium of the ebay sale...so my best advice would be to sell to your friends and other private customers to get the best deal for both sides.

 

[FlatIron]

For silver coins, do you guys usually buy above, below or at the current market price?

 

[vita3]

I got my first counterfeit peace dollar on ebay a couple of weeks ago, seller gave me full credit, but it was a pain in the ass.

Ebay has some nice variety of silver & gold, but you usually pay higher than from a local dealer.

 

[RileyE104]

I got my first counterfeit peace dollar on ebay a couple of weeks ago, seller gave me full credit, but it was a pain in the ass.

Ebay has some nice variety of silver & gold, but you usually pay higher than from a local dealer.

How did you know it was fake?

Also, pics please if you have any for the rest of us to view.

 

[cubical]

Vita, how did you discover it was a fake?

 

[angelatc]

i have over 500 ebay buys/sells , i agree the seller takes a hit of about 5% , ebay + paypal , but as a buyer you have no fees , except shipping costs. buying junk 90% silver is cheaper than a coin dealer.

Did you see their Fall Seller Update? Soon you have to have a mandatory return policy of at least 14 days with a guaranteed cash refund. So, buy all your bullion on eBay. If the market tanks, you can return it!

 

[ILUVRP]

I got my first counterfeit peace dollar on ebay a couple of weeks ago, seller gave me full credit, but it was a pain in the ass.

Ebay has some nice variety of silver & gold, but you usually pay higher than from a local dealer.

i have bought some silver chinese pandas that were fakes , exc copies but you can find a small error on them , also on real silver coins when you tap them together they will have a ringing sound. that is why i only buy 90% junk silver , dimes and quarters .

 

[Mogambo Guru]

I just checked it out and found a couple 1oz maples for just a few dollars over cost(with free shipping) if anyone is interested.. I suppose they have been listed for a few days and with the surge in price today now it ends up being a good deal...

If interested..
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=320727097901&_trksid=p2043183.m1253

BTW, i have no connection or association with this seller, just happened to check out the new bullion center and saw these.

 

[angelatc]

I just checked it out and found a couple 1oz maples for just a few dollars over cost(with free shipping) if anyone is interested.. I suppose they have been listed for a few days and with the surge in price today now it ends up being a good deal...

If interested..
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=320727097901&_trksid=p2043183.m1253

BTW, i have no connection or association with this seller, just happened to check out the new bullion center and saw these.

What's cost? I show gold at 1566 right now.

 

[vita3]

Honestly, the minute the coin was in my hand I sensed it might be a fake. I weighed it & it was 27.4 grams where as the peace $$ is supposed to be 26.73.

I then took it to a coin guy who has been in the business for 20+ years & he confirmed it was a fake.

& yes ILUVRP the coin did not have the usually sound of silver.

I think anybody getting into buying gold or silver should try & develop a relationship with someone who has been in the business for awhile. Too much baloney out there.

 

[cubical]

What was it made out of?

 

[vita3]

some kind of metal? not sure, it didn't attract to a magnet

 

[Mogambo Guru]

What's cost? I show gold at 1566 right now.

haha, sorry i meant at spot. I work in manufacturing/production and basically cost is the same thing as spot price.

When you buy PM's you pay a premium over "spot", but you always want to try and pay as close to "spot" as possible.
The ebay auction is for 2-1oz maples for $3150, or $1575 per ounce(with free shipping)... You would be hard pressed to find that close to "spot" anywhere else.

If anyone is looking to buy some gold, this is a good deal. Right now, apmex is asking $1633 + processing and shipping for comparison.

 

[xd9fan]

Ebay metal market is very big.....I believe its on its way to help silver find its true "price discovery"