Monday, July 7, 2014
Forget The Gold Boiler Rooms That Advertise . Want to Buy or Sell Gold and Get Better Prices? Try Ebay
Want to Buy or Sell Gold and Get Better Prices? Try Ebay Buying and Selling Gold or Other Precious Metals Often Requires Finding a Broker Who Can Charge a Huge Mark Up or Take a Big Commission. I Recently Discovered Ebay Maybe a Great Alternative! Lex Loeb Contributor Network . Ebay maybe coming the world market for gold and other precious metals where one can easily convert gold to other currencies in almost any form at near spot prices per gram/ karat. I was surprised to find out that 1/20 gold filled jewelry had a market with loads of bidders paying near or even above spot prices for what used to be very hard to sell. Part of that is because of the extremely high gold prices at the time I looked. Scrap gold in computer parts was doing brisk business one by as well as species and coins etc. Ebay might even make gold into a day to day monitary currency alternative as nothing else can. One has to go to the ebay site and type in key words like "14K gold scrap" or "10K" or "24K" etc and see how gold is being marketed there and then figure out the cost per gram of offerings and bids and it does seem that bidders will pay more than spot on up gold market days than spot. You can't easily get results like that from a local broker-dealer who have quiet monopolies where you can even be offered as little as 20% the value of the gold per gram for "Scrap" . Some of these mail order scrap gold buyers were found to be doing just that which is a rather unfair business practice. If you have gold that you can precisely weigh and has an assay number stamped on it you should be able to get near or better than spot prices and from what I saw on ebay it is happening making ebay possibly the best place for small or even larger sellers to go and probably for buyers too. There are expenses to worry about like shipping costs that include registered mail fees and ebay commissions plus paypal commissions . I am an ebay seller and find those commissions reasonable considering the size of the market space they provide. I can't pay rent in any mall with the same number of people who come to eye what is in my display window! Ebay maybe becoming the largest private sale Gold and precious metals market in the world. Best of all one can use Ebay to avoid the high mark ups and commissions of broker dealers . Ebay is proving to be a formidable force as a market place and sales of gold and other precious metals works very well in an auction system. Gold is steadily rising in popularity and maybe too much so. At some point holders may be looking for a place to unload their positions at what might be unsustainable prices. Trusted brokers and dealers maybe guarantee they will buy it back at spot prices minus some fees but don't necessarily expect that to happen when prices fluctuate. Gold fever is here. You may want to sell but don't know how to or just fear you might end up getting too little money from a local dealer or a mail order dealer who offers no competitive offers or competition. You see the spot prices quoted in the financial news and find you can't approach those levels when you go to a dealer. Some of the people who offer to buy scrap gold by mail are reported to pay as little as 20% of what your gold might be worth. Ebay has everything from jewelry and coins to precious metal scrap and species listed and bid on. I visited the site and searched for "scrap gold" and found quite a lot of items listed with a lot of bidders driving up prices to levels that sometimes seem to exceed spot prices. That is because a number of objects for sale made of gold have added value as jewelry items that are not scrap. The scrap gold search was very revealing because there is a brisk market there for all things made of gold or gold alloys. Include were old computer chips with gold leads, pins , and old gold plated circuit boards. These were being bid on at prices that reflect the scrap value at or near par with spot prices. Ebay does charge broker dealer commissions and you will find you may also be responsible for postage costs which can include registered mail for small precious objects made of gold. Ebay also allows currency exchange. I actually sold some British pounds and Canadian dollars as "collectibles" at near face value in US dollar terms and the money came in on paypal in dollars. Ebay is becoming a currency market because one can deal in many currencies on paypal and not have to do any conversion oneself. You will find sellers all over the world with offerings on ebay USA so their conversion from US dollars can be automatic. Ebay may enable the return of gold as a monitary currency by the gram karat ratio for all types of gold and other precious metals which is something that could not be done so easily before in such a big open market place. It is especially useful now that gold prices are surging . When gold enters a price death spiral and you call your broker -dealer to sell beware they won't even answer the phone or they will be offering gold futures prices even lower than spot prices. That is why gold prices fall so hard when they do. With ebay they won't hang up the phone on you when you want to sell and everyone else does. Your gold may not sell for the prices you want but at least you can have it listed there as an option. At the moment I think both buyers and sellers and maybe dealers and brokers can do very well using ebay. One thing to beware of is seller ratings when dealing with sellers as a buyer on ebay.. The higher the rating the better and with gold maybe beware of newer sellers online without a record of sales. There is some danger even going into a shop of buying gold that is not what it is supposed to be. Pay attention to the photos on ebay and if unsure ask for more or email seller for more information. Most sellers on ebay are honest and ebay's rating system helps keep track of their activity. Go Ebay Go! .