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 Replies: 14 / Views: 2,802 |
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New Member
United States
5 Posts |
I had an idea and was wondering if anybody could give me some input on this. I was going to buy some gold in bulk (to get good prices on it) then say go and sell most because alot of people on places like ebay are buying over spot until I get my money back and keep the rest to hold onto for investment. After I saw the market rise today I ask is this a good idea? Will the gold market go bull? What do you think? |
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Pillar of the Community
United States
564 Posts |
You are doing an investment and all investments have risks. At the end of the day if you think you can make a proffit go for it. You really need to ask a question like that on an investment/stock forum because most members are not even close to experts in PM trends and the global eccomony.
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Pillar of the Community
United States
3670 Posts |
You should have bought before it took off IMO, but what are ya gonna do? It takes some kind of jump, to re-kindle interest for some I guess. I think a large buy of gold is a good idea at any price, esp when it is low obviously, but still a decent window if you have the money to invest.... I just tracked an American gold eagle 1 oz., and 1 10th oz. gold coins on ebay, and the 1 10th went for 198 free shipping, an the 1 oz un-circulated went for 1830, which is right at 115 over spot to the second. That is not exactly cheap IMO on the one oz., while happy to see 1 10s, still worth 200, as it wont be long at this pace until that jumps back to 225 an 250, esp with proofs.... Edited by Silverhawk74
10/25/2011 11:48 pm
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Pillar of the Community
United States
5832 Posts |
Don't forget fees on ebay! |
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Valued Member
United States
493 Posts |
It would be neat if we could do group buys through the community so little guys can catch a break instead of trying to feed off each other.
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Pillar of the Community
Canada
1502 Posts |
Careful of ebay + paypal + shipping fees. Larger, singular purchases also means that you are more prone to the effects of the volatile market. For investment purposes I would suggest spreading out your purchases. If trying to make a buck, one large purchase is still gambling with the market. Ideal situation would be to either have a source to buy at better than market prices or have enough cash floating around to reinvest should the market move down. Good luck! |
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Pillar of the Community
United States
3453 Posts |
And taxes, don't forget taxes.  |
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New Member
 United States
5 Posts |
Yes well I figure anything not sold I can hold on to but I may want to check again and see if I may prefer something a little less risky. Thanks guys!
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Pillar of the Community
United States
931 Posts |
It takes time to retail gold. By the time the auction is over it could be down $200. If you list it on site like Craig's List you draw all of the idiots out of their pens and they just waste your time trying to get you to send them the gold before their fake cashier's check clears.
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Valued Member
United States
302 Posts |
I think it is a good idea PROVIDED that you DON'T use OPM and you are willing and able to outlast any down markets.
If I had the money I would buy gold on every 10% drop in prices and once it turns around sell some on every 10% rise in prices. But to do that, you need deep pockets just in case gold decides to go down for months or years RIGHT AFTER YOU BUY YOUR FIRST GOLD INSTALLMENT.
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New Member
United States
1 Posts |
I've done a little of this with mostly silver, when the metal prices are in a stable period people will pay the normal premiums, when metal prices are on a fast rise then many buyers are slower to buy and the premiums start dropping, at least on the secondary market.
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Valued Member
United States
72 Posts |
If you do not need to hold the gold, you can invest in a gold index fund. Do a google search on iShares Gold Trust, ticker symbol IAU.
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Valued Member
United States
362 Posts |
Also remember... ebay fees, %9, payapl fee's 2.6%, and shipping Even though ebay is selling above spot, make sure that you put these costs into account before tossing them up on ebay |
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Rest in Peace
United States
9104 Posts |
 , christopher1215- There are all sorts of pros and cons, depending on your financial circumstances. What is "bulk"? Ten ounces? 100? 1000? You sound like you're thinking of doing some business as a gold dealer. Certainly can be done, but I wouldn't use mortgage money to buy my inventory. |
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Valued Member
United States
213 Posts |
I keep copious records of ebay sales. If you give free shipping when selling gold and silver, my experience is you will average the spot price of the day. If that has recently changed let me know. Then your ebay and Pay Pal fees plus the shipping costs will be about 14%+/-. So figure a round 15% overhead to be on the safe side. |
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Replies: 14 / Views: 2,802 |
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Posted 10/25/2011 11:46 pm
