as a buyer for all the protection they give me. Think about it, would a seller actually ship his bar of gold for just $5?
Posted 07/13/2009 10:40 pm
I was just looking into that swoopo deal. It's more of a lottery than an auction. if I understand this right, You buy bids in advance at 60 cents a pop! When a bid is placed on an item, the price goes up 2 cents, and shortens the length of the auction by a minimal length of time and the last bidder wins the right to purchase said item at the final price! That being said, let's look at the ounce bar of gold currently at $36.12. (divide by 2 cents...the amount price goes up with each bid= number of bids=1806 bids placed! Multiply by .60 (the cost of each bid) =$1083.60) So they already got $1083.60 for that gold and the auction isn't even over yet! Plus the winner has to pay the final price for that gold bar! Like I said it's more like a lottery....you're trying to be the last bidder when the so-called auction ends!
Edited by ratman4762
07/13/2009 11:21 pm
07/13/2009 11:21 pm
