Question on buying "Gold Bars" on Ebay

[Ricardo_NY1]

Question on buying "Gold Bars" on Ebay

Can anyone offer advice on the following? I was thinking of a way to buy some gold in bullion form and ran across these "Gold Bars' on Ebay. Looks very interesting. My question to anyone here who knows more than I do is........is this a good way to get gold at a small premium? Are there deals to be had? Or should I just stay away from this? Anyone ever purchased one of these things? I'm including a link to one auction.............. http://cgi.ebay.com/SUNSHINE-MINING-1-Gr-9999-GOLD-BAR_W0QQitemZ180082523087QQihZ008QQcategoryZ39484QQrdZ1QQcmdZViewItem?hash=item180082523087

Sorry it is long, I'm not sure how to shorten it.

 

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[buscadero]

Re: Question on buying "Gold Bars" on Ebay

Ricardo: Looking over the Ebay Ad & between the Present High Bid of $22 + 3.35 Shipping = $ $25.35!! At Todays Spot Price of $650.20

it comes out to $20.97 a gram! That means you would be paying roughly $4 something over Spot. Sounds awful high to me. I'm willing to bet

a local Coin Bullion Dealer could beat that. Plus $22 isn't the Final Selling Price either!

HH Joe

 

[Rich in Central PA]

Re: Question on buying "Gold Bars" on Ebay

Ricardo..........I never bought any gold or silver bars/bullion on Ebay. I don't know how much 1 gram of gold is in comparison to 1 ounce of gold so I would leave it up to you to do your homework and check what this particular item is worth.

There are much silver and gold bullion bought and sold on Ebay and almost 100% are legitimite. Personally I would feel alot more comfortable buying reputable bullion based on the manufacturer/makers marks. For example silver bullion made by Englehard. And there are others, but I don't know much about them. You will have to do your own homework.

I check this seller's other auctions and obviously he is selling alot of coins. He looks to be on the "up and up" . Check this seller's Ebay feedback and decide for yourself if he is legitimate..................Good luck................Rich

 

[LI Tom]

Re: Question on buying "Gold Bars" on Ebay

There are a number of large and trustworthy Firms that specialize in bullion,where you can get a 1 oz. Eagle or maple Leaf gold coin for a around $20 over spot.If you further info send me PM.

 

[SHERMANVILLE ILLINOIS]

Re: Question on buying "Gold Bars" on Ebay

R,

it all depends on how high you think gold
will go, and when.

Any price below your projection is a deal; keep
in mind any expenses in buying or selling that gold.

have a good un...............

 

[scotto]

Re: Question on buying "Gold Bars" on Ebay

I'd go to a good dealer, and you don't have to pay shipping then either. I saw some nice ones in Texarkana earlier this week, wish I had more $$$.

 

[Stormtrooper154]

Re: Question on buying "Gold Bars" on Ebay

I agree.....Go to a local dealer and pay him spot.  No reason to get stuck paying S/H on top of the price.  You local dealer will have some to buy...Maybe not in 1 Gm bars, but you will have to see what they have.  Just my .02 worth

 

[djui5]

Re: Question on buying "Gold Bars" on Ebay

$20 a gram is average...

Be careful buying gold on e-bay, a lot of it is fake.

 

[TreasureTales]

Re: Question on buying "Gold Bars" on Ebay

Specifically relating to the eBay example given, I'd check out the manufacturer of the gold bar. Sunshine Milling is the maker of that particular bar, so I'd check into them and try to determine if the gold content needs to be verified each time its sold.

Like many others have suggested, the local guy may be a better source. Ebay prices aren't always the best, especially when you add insurance and shipping costs. And I'd personally be more inclined to buy gold US coins than a private mint's issue. At least the coins are going to retain their face value and a good numismatic value, even if by some weird happenstance the price of gold plummets.

 

[shootist]

Re: Question on buying "Gold Bars" on Ebay

I buy quite a bit of bullion off Ebay and have been doing so for the last few years. The only thing I would watch out for is the seller. If they have plenty of feedback I wouldnt sweat it. The thing about buying bullion,especially gold is that the smaller the amount you buy,the higher percentage of premium you will pay. As for going to a dealer and paying spot price good luck with that. Most every coin dealer charges at least 10% over spot even more on smaller amounts,this and you have to pay tax which is an additional 7% where I live. I wouldnt buy anything from China,that is where a lot of fake goods are manufactured and sold from. I like buying metals,I try and buy some every week if I can,usually silver. Even if I can only spend 15-20 bucks I spend it. Im not quite as likely to sell some coins to go down to taco bell the day before payday a I would be if I had the 15-20 bucks in my wallet or bank account,it really piles up fast too have a look... http://forum.treasurenet.com/index.php/topic,50807.0.html ...good luck with your investing and dont be afraid of Ebay but deal with good sellers....Shoot

 

[OldBillinUT]

Re: Question on buying "Gold Bars" on Ebay

Ricardo,

I have never obtained any bullion bars on ebay only older coins from US dealers. I did a lot of looking at online dealers and located one that fits the description of what the other posters mentioned. Before gold went up I bought bullion coins from them and never had a single problem. Their pricing was considerably less than our local dealers. If you would like to know more about them send me a PM.

OB

 

[Bassfish]

Re: Question on buying "Gold Bars" on Ebay

I buy quite a bit of bullion off Ebay and have been doing so for the last few years. The only thing I would watch out for is the seller. If they have plenty of feedback I wouldnt sweat it. The thing about buying bullion,especially gold is that the smaller the amount you buy,the higher percentage of premium you will pay. As for going to a dealer and paying spot price good luck with that. Most every coin dealer charges at least 10% over spot even more on smaller amounts,this and you have to pay tax which is an additional 7% where I live. I wouldnt buy anything from China,that is where a lot of fake goods are manufactured and sold from. I like buying metals,I try and buy some every week if I can,usually silver. Even if I can only spend 15-20 bucks I spend it. Im not quite as likely to sell some coins to go down to taco bell the day before payday a I would be if I had the 15-20 bucks in my wallet or bank account,it really piles up fast too have a look... http://forum.treasurenet.com/index.php/topic,50807.0.html ...good luck with your investing and dont be afraid of Ebay but deal with good sellers....Shoot

This is everything that I was going to type. Now I don't have to. Fractional amounts of bullion are going to carry a higher premium due to manufacturing cost amongst other things. It's easier to make a 1 ounce gold bar than it is to make 28 gram bars that total one ounce. Hence a higher premium. Also "spot price" represents contracts for ounces, not physical possesion of the bullion, although it is a great place to start when trying to decide how much to pay.

As for Ebay, I have bought and sold 100's of ounces of silver in the last couple years with no problems. Check feedback, and also check what the feedback was for. I'd hesitate to buy from someone with 300 positive feedbacks selling Beany Babies who has suddenly become a bullion dealer. Also pay attention to shipping. A lot of people charge spot for shipping and then run a "no reserve" auction. They skirt Ebay fees this way.

 

[didgmike]

Re: Question on buying "Gold Bars" on Ebay

www.goldismoney.info is THE forum to go to for all your bullion needs and answers.

Just some basic info, though.
precious metals are measured in TROY ounces 1 Troy oz.= 31.1 grams
the common measure for most other items is in AVOIRDUPOIS ounce 1 Ap. oz=28 grams

don't get ripped off by that conversion....some folks will try to rip off a newby that way.

but seriously though, go to that site and poke around..........you might just be entering a rabbit hole you might not come back from, though......fair warning.

as for small amounts of gold bullion, 1/20 oz coins are about the smallest amount you'd want to buy and are fairly readily available. but I'd highly advise against buying any bullion on ebay until you become a little more versed in the world of precious metals.
There definitely are deals to be had, but the outrageous prices and scams by far outnumber the good buys.

Didgmike