How Americans buy gold and precious metals on eBay

July 21, 2011

Looking to stock up on gold bullion as gold prices soar to all-time highs? Plenty of Americans are turning to eBay’s Gold and Silver outpost. The company says sales of gold bullion have increased more than 60 percent from 2007 through 2010.

Some notable facts about precious metals sales on eBay:

* The top three states for precious metals sold per capita are Alaska, Wyoming and Nevada.

* Almost half of the silver and gold buyers in the first quarter of 2011 never purchased these items on eBay before.

* There are two silver buyers for every gold buyer because silver is so much cheaper.

* Privately minted bars are purchased more frequently than the American Eagle, the bullion coin issued by the U.S. Mint.

What will you get for your money? On Thursday morning, you could buy a 2011 American Eagle silver coin from a top-rated seller for $48, including shipping. This represents a $8.40 (or 21 percent) premium over the spot price of $39.60, according to eBay. You could also purchase a 2011 American Eagle gold coin for $1740 — a $143.10 (or 9 percent) premium over the spot price of $1596.90.

Amid economic uncertainty, demand for precious metals continues to soar around the globe. Aside from the U.S., the gold bug is rampant in Iran and Asia. “Record high prices won’t scare away investors,” Shi Heqing, an analyst at Antaike, a state-backed metals consultancy based in Beijing, told Reuters. “Investors are likely to chase the rally and continue to buy gold because paper money feels increasingly worthless and they are worried about inflation.”

Click the image at the top right to see a groovy (“glittery?”) infographic provided by eBay that looks at trends in precious metals. (You may have to click it twice to get the expanded view.)

 

 

2 comments

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Posted by Empowering You » News about Silver Coins issue #1 | Report as abusive

eBay is an increasingly popular way to buy gold and silver. Personally I have purchased around 200 gold and silver coins on ebay over the past several years, I have always found the market to be very liquid and very closely follows the price of precious metal on the exchanges. Personally speaking, I have never had a problem with any gold or silver transaction made over the site.

Minimising the premium you pay is the key to doing it successfully. In times of extreme market activity, premiums can get pretty crazy and it is easy to get carried away and pay too much. Dicipline is key

Services such as http://bullionsupermarket.com can help with this as they track premiums on popular bullion coins and bars (mostly from eBay) and is free to use. It helps to see what is overpriced and what represents good value.

Posted by BullionStar | Report as abusive

Awesome article on buying gold, in New Zealand investors can purchase gold through our website: http://www.mygold.co.nz – buy gold and silver bullion today!

Posted by nz_invest | Report as abusive

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[…] How Americans buy gold and precious metals on eBay – Reuters.com Amid economic uncertainty, demand for precious metals continues to soar around the globe. Aside from the U.S., the gold bug is rampant in Iran and Asia. “Record high prices won’t scare away investors,” Shi Heqing, an analyst at Antaike, a state-backed metals consultancy based in Beijing, told Reuters. “Investors are likely to chase the rally and continue to buy gold because paper money feels increasingly worthless and they are worried about inflation.” […]

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[…] How Americans buy gold and precious metals on eBay | Reuters MoneyDescription : Looking to stock up on gold bullion as gold prices soar to all-time highs? Plenty of Americans are turning to eBay's Gold and Silver outpost.http://blogs.reuters.com/reute .. […]

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