Sales of gold up on eBay amid stock market turmoil
goingbroke
Posts: 1,410
SAN FRANCISCO (AP) -- For gold sellers on eBay, the recent stock market turmoil has been a boon for business.
Gold and silver sales on eBay had already been rising steadily over the past several years -- so much so that eBay Inc. created a special area in May to make it easier for buyers to find sellers.
Now, activity on that part of the site, the Bullion Center, is intensifying as consumers unnerved by the economic uncertainty flock to gold in hopes it will be a stable investment.
"When people are coming down to the question, `Do they want to have cash in the bank or gold in their hands?' the answer is they'd rather have gold or silver," said Jacob Chandler, CEO of Great Southern Coins, the largest seller of precious metals on eBay
The Pamp Suisse brand of gold bars sold for an average of $1,787 on Aug. 5 and climbed nearly 8 percent to $1,927 by Wednesday.
Gold and silver sales on eBay had already been rising steadily over the past several years -- so much so that eBay Inc. created a special area in May to make it easier for buyers to find sellers.
Now, activity on that part of the site, the Bullion Center, is intensifying as consumers unnerved by the economic uncertainty flock to gold in hopes it will be a stable investment.
"When people are coming down to the question, `Do they want to have cash in the bank or gold in their hands?' the answer is they'd rather have gold or silver," said Jacob Chandler, CEO of Great Southern Coins, the largest seller of precious metals on eBay
The Pamp Suisse brand of gold bars sold for an average of $1,787 on Aug. 5 and climbed nearly 8 percent to $1,927 by Wednesday.
Many successful BST transactions ajia
(x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
mariner67, and Mikes coins
(x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
mariner67, and Mikes coins
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Comments
Yogi Berra
<< <i>the premium over melt seems to have increased over the past few months that's for sure. >>
I helps to bid on less popular items.
AGE's certainly get bid up beyond reason. Yesterday I purchased three items (two $5 gold commemoratives and a 1/2 oz American Arts Medallion). I won each for 1% over spot. With ebay bucks factored in I got those items for 1% less than spot.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
<< <i>the premium over melt seems to have increased over the past few months that's for sure. >>
Interesting point here. It's almost like there are three markets for PM's. One is the spot market, one is the "premium market" and the last would be the numismatic market. Then again, the numismatic market can, and often does, drive the "premium market."
1) It's like everything is based off the spot market; total weight multiplied times spot price.
2) Then comes the "premium market," which for example, gold premiums are higher than "normal" because of the demand for gold. So not only does demand drive gold spot prices up, it drives up the "premium market" as well.
3) Then the numismatic market, such as coins, brands, etc.
I'm sure I'm not the first to observe such a thing. I'm just a newbie discovering new things!
<< <i>No wonder I can never win any gold coins on ebay. >>
im not sure i want to win any gold off ebay. jmo