eBay or not

[TimeMushroom_]

Helping my dad sell gold and eBay came up as an option. Is gold bars sold on eBay good or should we steer clear? Any red flags we should know before listing?

 

[EllaMczee]

Helping my dad sell gold and eBay came up as an option. Is gold bars sold on eBay good or should we steer clear? Any red flags we should know before listing?

eBay can work, but you've got to be careful cos there are lots of scammers in the gold space now, only sell to buyers with actual solid feedback, use tracked/insured shipping, and expect fees to eat into profit

 

[TimeMushroom_]

eBay can work, but you've got to be careful cos there are lots of scammers in the gold space now, only sell to buyers with actual solid feedback, use tracked/insured shipping, and expect fees to eat into profit

Appreciate you pointing out the specific risks. The insured shipping is a great reminder and we will be careful about vetting buyers. When you mention the fees, is there a general percentage that a seller should expect to lose from the final value?

 

[master nater]

the biggest red flag is the 15-20% they will charge you to sell there. you had also better have proof that your bars are what you say they are. if they are found, or deemed to be, fraudulent, you will have to pay back all of the $$$ you got for them, through eBay's guarantee.

gold bars are easily sold on any local commerce site, such as craigslist or fakebook swap. OR HERE, if you can find a local buyer. the diffuculty with local sales, is security on the transaction.

 

[maxwellsilverhammer]

sell to you local coin shop, you will be much better off

 

[TimeMushroom_]

It's clear eBay has too many risks and fees. The local coin shop's good. What kind of percentage below the spot price should we expect a shop to offer?

 

[maxwellsilverhammer]

prices are high, lots of sellers out there, and fewer buyers, and the market is real volatile. expect to see lower buy backs. I just sold $500 face value of 90% to pay a credit card promo rate that is coming due and paid an 8% premium. in other words I got paid 8% under actual current melt value. The dealer made over $1000 premium on my sale, and he was the best of 4 that I checked with. I sold some of the lower grade coins I had and got a good many years ago when the price of silver was much lower. I hope this helps

 

[TimeMushroom_]

Thanks for sharing your recent sales experience and the specific numbers. Your example was for 90% silver coins and we'll be selling gold bars. Do you know if the buyback percentage for gold bullion is usually similar to that of silver?