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EBAY absolutely SUCKS for PM Buyers
silvereagle
Posts: 290 ✭
I just went on EBAY looking to buy a 1/4 or 1/2 ounce platinum eagle. I used the " lowest price+ shipping" function so that I could look at some of the cheaper ones without having to wade through the $7000 quarter eagles that I could easily buy elsewhere for $700. The absolute cheapest 1/4 Plat eagle is $440.22 and that is being sold by a well known online site. The cheapest one by an actual EBAY flipper is $450.00 and by the 4th or 5th listing they are asking for $500 +.
By the 2nd page they are asking $1250 all the way up to $3000 for a single 1/4 ounce platinum eagle. These coins can be purchased from APMEX for $375 upwards to $600. Now I realize that on EBAY you aren't getting"random year" coins. You know what year, grade if any, etc you are getting. But APMEX and several other reputable online dealers also have specific years available at a slightly higher price than their random year offers.
For example, right now APMEX has 2008 1/4 APE graded PCGS MS 70 for $513.77. The very same coin can be found on EBAY for $1250.00 buy it now. And he only wants another $14.99 for shipping. You would think he could cover shipping himself since he is looking for $750 more than APMEX for the same damn coin.
This is just one example but anything PM and I mean ANYTHING PM that is listed on EBAY can be found far far cheaper through a reputable online dealer.
I realize EBAY charges its flippers fees to Flip on its website. But the fees aren't anywhere near the absolute price gouging that goes on on EBAY. Theses EBAY flippers (if they are able to find an idiot to overpay for their items) are making a murderous killing. You guys should be worshipping EBAY, not condemning it. If anyone is getting a complete rooking on EBAY, it is the buyers, not the flippers.
By the 2nd page they are asking $1250 all the way up to $3000 for a single 1/4 ounce platinum eagle. These coins can be purchased from APMEX for $375 upwards to $600. Now I realize that on EBAY you aren't getting"random year" coins. You know what year, grade if any, etc you are getting. But APMEX and several other reputable online dealers also have specific years available at a slightly higher price than their random year offers.
For example, right now APMEX has 2008 1/4 APE graded PCGS MS 70 for $513.77. The very same coin can be found on EBAY for $1250.00 buy it now. And he only wants another $14.99 for shipping. You would think he could cover shipping himself since he is looking for $750 more than APMEX for the same damn coin.
This is just one example but anything PM and I mean ANYTHING PM that is listed on EBAY can be found far far cheaper through a reputable online dealer.
I realize EBAY charges its flippers fees to Flip on its website. But the fees aren't anywhere near the absolute price gouging that goes on on EBAY. Theses EBAY flippers (if they are able to find an idiot to overpay for their items) are making a murderous killing. You guys should be worshipping EBAY, not condemning it. If anyone is getting a complete rooking on EBAY, it is the buyers, not the flippers.
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The number of overpriced PM dealers in the world outnumbers the "reasonable premium" dealers by maybe 50:1.
<< <i>You think this problem is exclusive to eBay?
The number of overpriced PM dealers in the world outnumbers the "reasonable premium" dealers by maybe 50:1. >>
I have never seen anyone ask $2000 + for a 1/4 ounce platinum eagle anywhere other than EBAY. Although I don't doubt other sites have flippers trying to rip people off as well.
Not all bullion is the same
- Jim
<< <i>
Not all bullion is the same
Im pretty sure 2 separate quarter ounce platinum eagles dated 2008 and graded pcgs ms 70 are the same. Or at least close enough to the same that it is not warranted for one to be priced 250% higher than the other.
ATTEMPTED THEFT
Then again, maybe his COPY is just nicer than all the other copies, and therefore its actual worth his $1500 BUY it now price.
Damn you can buy the REAL coin from APMEX cheaper than the COPY on EBAY.
AND HE ONLY WANTS $50 SHIPPING.
Doctor: Don't do that.
<< <i>Patient: Doctor, it hurts when I do this (swings arm).
Doctor: Don't do that. >>
How did I know he would chime in.
So is that how you go about life. When you see someone committing blatant attempted theft you are just happy that you didn't fall victim. Who cares that someone else will fall victim. At least it wasn't you.
I love how when a online dealer accidentally posts multiple ASEs for $10 they get a reprieve from their mistake since it was an obvious mistake. And I agree they should not have to follow through. Its interesting how buyers cant rip off sellers, but its fair game for flippers to rip off their customers. After all, the customer should have known better. Seems in flipper world, its perfectly fine for them to rip you off, you should have known better. Sorry, but anyone who sells a COPY $50 BUFFALO for $1500 is a THIEF. Anyone who sells a 1/4 ounce APE for $2000 when the same exact coin can be bought in numerous places for $500 is a THIEF.
The "they should have known better" BS is a copout, and excuse. I will agree that anyone who buys this overpriced garbage, should have known better. But the person on the other side of the transaction is a thief just the same.
Without looking, it sounds like maybe you are pricing the bullion against the low mintage W mint marked versions. Can you post some links?
<< <i>Patient: Doctor, it hurts when I do this (swings arm).
Doctor: Don't do that. >>
Caller: Police, there is a criminal shooting everyone in the street.
Police: Just stay inside. You will be safe. Anyone who accidentally happens into the street because they were unaware will be shoot. But it will be their own fault. They should have known better. So you see caller, the shooter is not a criminal at all. Those who get killed simply should have stayed out of the dang street.
<< <i>Are you comparing the "Same" 2008 Platinum coins?
Without looking, it sounds like maybe you are pricing the bullion against the low mintage W mint marked versions. Can you post some links? >>
Yes, they are the exact same. Neither are proof.
Great transactions with oih82w8, JasonGaming, Moose1913.
I found this one...but nothing more to compare to. apmex
<< <i>what an absolute crock. This is nothing short of THEFT.
ATTEMPTED THEFT
Then again, maybe his COPY is just nicer than all the other copies, and therefore its actual worth his $1500 BUY it now price.
Damn you can buy the REAL coin from APMEX cheaper than the COPY on EBAY.
AND HE ONLY WANTS $50 SHIPPING. >>
all replica bullion is also banned from ebay. this can be reported for removal.
<< <i>
<< <i>Patient: Doctor, it hurts when I do this (swings arm).
Doctor: Don't do that. >>
How did I know he would chime in.
So is that how you go about life. When you see someone committing blatant attempted theft you are just happy that you didn't fall victim. Who cares that someone else will fall victim. At least it wasn't you.
I love how when a online dealer accidentally posts multiple ASEs for $10 they get a reprieve from their mistake since it was an obvious mistake. And I agree they should not have to follow through. Its interesting how buyers cant rip off sellers, but its fair game for flippers to rip off their customers. After all, the customer should have known better. Seems in flipper world, its perfectly fine for them to rip you off, you should have known better. Sorry, but anyone who sells a COPY $50 BUFFALO for $1500 is a THIEF. Anyone who sells a 1/4 ounce APE for $2000 when the same exact coin can be bought in numerous places for $500 is a THIEF.
The "they should have known better" BS is a copout, and excuse. I will agree that anyone who buys this overpriced garbage, should have known better. But the person on the other side of the transaction is a thief just the same. >>
Wouldn't it be better if everyone agreed with you?
Yeah, I know the line....."snatched up a deal"
That is BS in my opinion.
And some talk about others ripping off the joe 6packs.
What hipocritical BS.
<< <i>I can't find hardly any 2008 $25 platinum on ebay period.
I found this one...but nothing more to compare to. apmex >>
Ok, I posted one from apmex...where's the rest of them...I need some help because I can't find the one's you're referring to, and I'm generally good at finding things but will concede I worked all day and feel very tired...that's my disclaimer...
Ok, I took out my contacts ad searched with my glasses. Can't find anything that resembles your post...where are they?
<< <i>You think this problem is exclusive to eBay?
The number of overpriced PM dealers in the world outnumbers the "reasonable premium" dealers by maybe 50:1. >>
Seen more over price in the last couple of years on the bay.... BIN offers so high it is a waste .. could rising ebay seller fees push these prices up ?
<< <i>Some of my best steals have come from eBay purchases. >>
Agree. Ya gotta sometimes take the initiative and negotiate your price. Many sellers looking only at active listings to get an idea of what they should ask. Few of them look at actual sold prices.
There are deals that pop on ebay for bullion but they disappear quickly. To the OP, keep in mind that non-storefront ebay/paypal fees work out to about 13%. A bullion coin that sells for less than 13% over spot on ebay actually nets the seller less than spot. Another reason there are so many overpriced listings is because of ebay's current free listings policy - a seller has nothing to lose asking moon money, eventually a fool might stumble across his listing. Supply and demand works on ebay just like it does everywhere else": If a seller really wants to make a sale he will price his product competitively. When he asks for moon money he is fishing.
<< <i>what an absolute crock. This is nothing short of THEFT.
ATTEMPTED THEFT >>
He actually has three identical listings, but they won't be there much longer.
It's like anything else, buy where you get the best price and best service.
Give Me Liberty or Give Me Debt
<< <i>I know of at least one very frequent poster on these boards whom I noticed bought a coin a few months ago on eBay and now lists it there in his store for several hundred dollars more now!
Yeah, I know the line....."snatched up a deal"
That is BS in my opinion.
And some talk about others ripping off the joe 6packs.
What hipocritical BS. >>
I lurk more then I post just due to this. Lots of pots calling the kettle black around here! Not all BUT some......
<< <i>$985 on EBAY, $595 on APMEX >>
Then buy from Apmex.
Give Me Liberty or Give Me Debt
<< <i>
<< <i>$985 on EBAY, $595 on APMEX >>
Then buy from Apmex. >>
Oh you can count on it. Casman asks for links, so I provided a couple.
<< <i>
<< <i>You think this problem is exclusive to eBay?
The number of overpriced PM dealers in the world outnumbers the "reasonable premium" dealers by maybe 50:1. >>
Seen more over price in the last couple of years on the bay.... BIN offers so high it is a waste .. could rising ebay seller fees push these prices up ? >>
Ebay listings are free now. Put anything up at any price and keep your fingers crossed. no loss but listing time.
<< <i>
<< <i>
<< <i>You think this problem is exclusive to eBay?
The number of overpriced PM dealers in the world outnumbers the "reasonable premium" dealers by maybe 50:1. >>
Seen more over price in the last couple of years on the bay.... BIN offers so high it is a waste .. could rising ebay seller fees push these prices up ? >>
Ebay listings are free now. Put anything up at any price and keep your fingers crossed. no loss but listing time. >>
And you can press about three keys and list it again for free when it doesn't sell.
Give Me Liberty or Give Me Debt
Agree - best deals are in the AM.
Give Me Liberty or Give Me Debt
<< <i>EBAY absolutely SUCKS for PM Buyers >>
<< <i>Agree - best deals are in the AM.
Good one. Early bird gets the golden worm.
I sympathize and agree with the OP, but this is not a problem exclusive to bullion. Most other non-numismatic items I search usually have dreamers as sellers. Still, I do a lot of shopping on ebay for many things because there seems to always be a seller who does not have his head in the clouds. It boils down to how serious a seller wants to make a sale. Ya gotta just ignore the dreamers.
Give Me Liberty or Give Me Debt
<< <i>
<< <i>
<< <i>$985 on EBAY, $595 on APMEX >>
Then buy from Apmex. >>
Oh you can count on it. Casman asks for links, so I provided a couple. >>
Yes, so while there are wide spreads Ebay does have it's gems, here's the "same" coin, PCGS First Strike 70 sold on ebay for $510 w/free shipping.
Some people don't like to wait with auctions and simply buy whatever they want. Think of it this way, I bought some shoes, and didn't check post purchase to see if I could have bought them for less somewhere else, nor did I check the newspaper to see if they had ever went on sale or if there was a coupon, or to see which store sold them for the most.
The spreads for cars are even higher...but some people search across all dealerships and even other states for the best deals...And what is the solution??? I certainly would never advocate price controls for luxury items such as coins.
$510 PCGS FS MS70
$828 IDENTICAL AT APMEX
IDENTICAL
<< <i>$1458 EBAY
$828 IDENTICAL AT APMEX
IDENTICAL >>
Those are not the same coins at all.. Check the reverses. That burnished "W" Ebay $1458 coin is the lowest minted platium coin, all finishes, all denomations at 2,253. The other bullion coin has a mintage of 14,000.
<< <i>
<< <i>what an absolute crock. This is nothing short of THEFT.
ATTEMPTED THEFT
Then again, maybe his COPY is just nicer than all the other copies, and therefore its actual worth his $1500 BUY it now price.
Damn you can buy the REAL coin from APMEX cheaper than the COPY on EBAY.
AND HE ONLY WANTS $50 SHIPPING. >>
all replica bullion is also banned from ebay. this can be reported for removal. >>
just noticed these are from Australia.
I don't know if the listing requirements are different for different countries, but I've had no success asking eBay to remove replica bullion sold outside the USA.
<< <i>So is that how you go about life. When you see someone committing blatant attempted theft you are just happy that you didn't fall victim. >>
I'm not commenting on someone committing blatant attempted theft. I didn't even see that post, as I was writing my own at the time. I'm commenting on someone doing something they know is not going to provide the results desired and then complaining about it. How did I know you'd do that? Just a guess.
<< <i>$1295 at APMEX Text >>
1/2 oz proof platinum
<< <i>
<< <i>$1295 at APMEX Text >>
1/2 oz proof platinum >>
Better year
Here it is on Ebay for $100 less. 14 day return, free shipping and CC thru Paypal.
Text
<< <i>$1295 at APMEX Text >>
Actually only $1,199.00 with free shipping
<< <i>
<< <i>$1295 at APMEX Text >>
Actually only $1,199.00 with free shipping
$1175 now, with free shipping.
The Ebay seller appears to be motivated.
<< <i>$985 on EBAY, $595 on APMEX >>
Alrighty then.
Did you notice that one is the 2008-"W" while the other is just the bullion coin?
Just wondering..............
The name is LEE!
Wondercoin
<< <i>$1458 EBAY
$828 IDENTICAL AT APMEX
IDENTICAL >>
Except for the mint mark. Right?
Even the reverse are different.....................
The name is LEE!
<< <i>
Not all bullion is the same
Post of the week...in it's own subtle way. I'm afraid that the point ( if there was one) was not generally understood
<< <i>I sell plenty of Proof Platinum coins on ebay for what I believe to be fair prices (as well as on the BST board). For example, I have a 2000-W $100 Platinum on ebay right now in PCGS-PR70DCAM at $2,325 OBO. How overpriced can the coin be with even raw $100 proof platinum worth about $1,700/oz. or even more these days? I do see someone else asking $3,988 at the same time for this coin on ebay. But, there are plenty of "fair deals" on ebay if one looks hard enough. I spent a great deal of money on ebay in 2013 so I know the coins do show up there at fair prices.
Wondercoin >>
I think the OP has gotten himself all worked up over comparing apples to oranges since its obvious that, at this point, he cannot see the obvious differences in the coins he linking.
The name is LEE!