Never sell gold via Palpal

GAT

I know someone that sold two slabbed common date Saints and requested payment via money order only. When the deal was struck gold was at $700 and when shipped $725. When the purchaser received the coins gold had dipped almost $75. The purchaser begin complaining and demanded $75 back per coin. The seller told him to go fly a kite. If the payment had been via Paypal they would have sided with the purchaser. Moral to this story is, never sell gold via Paypal.

anoldgoat

Why?

MarineEAS1999

Do you think it would have gone the other way? I doubt it very much.

DennisH

I'd report the buyer for refusing to complete his end of the deal.

ewitte

Lol. Your paying for the coin not the gold. Plus your stuck with what you bid at.

segoja

That's why you lock in prices bacsed on Gold the day the deal is struck.

Done all the time. The seller needs to make sure the buyer knows that.

Most Saints in MS63 and under are contingent on Spot. Here I say seller beware so you don't get burned.

I sell bullion related material as a done deal. No returns, otehrwise, you'll take it in the shorts. Market goes up, no returns, market goes down, you get nailed.

CarlWohlforth

It is tough to sell gold at bullion prices in volatile markets. With low margins it is hard to stomach PayPal fees. With the volatility it waiting for a check to clear could induce buyers remorse if gold tanks.