EBay Gold Sales Up Amid Stock Market Turmoil
- Posted on August 14, 2011 at 10:49am by
Madeleine Morgenstern
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SAN FRANCISCO (AP) — For gold sellers on eBay, the recent stock market turmoil has been a boon for business. Gold and silver sales on eBay had already been rising steadily over the past several years – so much so that eBay Inc. created a special area in May to make it easier for buyers to find sellers.
Now, activity on that part of the site, the Bullion Center, is intensifying as consumers unnerved by the economic uncertainty flock to gold in hopes it will be a stable investment.
“When people are coming down to the question, `Do they want to have cash in the bank or gold in their hands?‘ the answer is they’d rather have gold or silver,” said Jacob Chandler, CEO of Great Southern Coins, the largest seller of precious metals on eBay.
The stock market just ended one of its most volatile weeks in years, prompted in part by a downgrade in the nation’s credit rating and fears of another recession. The Dow Jones industrial average fell nearly 6 percent on Monday, its worst one-day drop since December 2008. Then the index rose Tuesday, fell Wednesday and rose Thursday and Friday to end the week 2 percent lower than a week ago.
Through most of last week, the average selling price increased for gold bullion – bars or coins stamped with their weight and level of purity.
According to the most recent data available from eBay, sales of 1-ounce gold American Eagle coins and 1-ounce gold Pamp Suisse bars rose steadily from Aug. 5 to Wednesday, before dipping slightly on Thursday.
On Aug. 5, when Standard & Poor‘s lowered the nation’s credit rating, American Eagle coins were selling for an average of $1,800 among eBay’s featured sellers. The average price of the coins, produced by the U.S. Mint, rose more than 8 percent to $1,952 on Wednesday, before dropping to $1,915 on Thursday.
The price for a 1-ounce gold American Eagle coin was $1,825 Sunday on eBay.
The Pamp Suisse brand of gold bars sold for an average of $1,787 on Aug. 5 and climbed nearly 8 percent to $1,927 by Wednesday. On Thursday, the bars dropped slightly to $1,890.
EBay advertisement for a Pamp Suisse gold bar Sunday.
Even before last week’s market turbulence, investors were cautious because economic signals in the U.S. and overseas pointed toward trouble.
The Dow index fell 6 percent in the week ending Aug. 6. That week, the number of gold buyers on eBay rose 11 percent compared with the year’s weekly average. The number of gold sellers rose 14 percent. EBay would not provide the total number of buyers and sellers.
“With all the turmoil in the markets, this is seen as a way to diversify,” said Anthony Delvecchio, eBay‘s vice president of business management and strategy for eBay’s North America business.
EBay, which is based in San Jose, Calif., does not impose minimum purchase amounts for bullion. Sellers offer gold both through auctions and “Buy It Now” fixed-price sales.
The increased popularity of gold on eBay echoes what’s happening in the broader gold market, where prices have spiked during the past two years.
Gold traded at about $900 per ounce in the summer of 2008, before the financial crisis unfolded that year. It passed $1,600 in late May and briefly rose above $1,800 for the first time on Wednesday before pulling back to $1,784. On Friday, gold fell to $1,740.60 per ounce, still nearly twice the summer 2008 prices.
Great Southern Coins has benefited from this uptick. Chandler said the company is selling more gold lately, and its silver sales remain strong, too. Chandler estimated his business has nearly quadrupled in the past 45 days, and he said it appeared to be up about five or six times during the past week, with most of this growth coming from sales on eBay.
Daniel Hirsch, a New York-based statistician who recently purchased more than a dozen gold coins on eBay from Great Southern Coins, said he started buying gold less than a year ago in an effort to expand his investment portfolio.
“It’s kind of a safe haven and a hedge against low interest rates,” he said.
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Comments (102)
chickenfried
Posted on August 14, 2011 at 12:33pmmmmm….gold
Report Post »mrmikejohnson
Posted on August 14, 2011 at 12:19pmWith the New York Times advocating for another round of porkulus, the price of gold figures to keep increasing.
Report Post »Ghandi was a Republican
Posted on August 14, 2011 at 12:11pmHere’s the perspective,.. You can’t eat gold sure enough.. But you will be able to TRADE Gold/silver/copper as a medium for food while dollars offer no significant nutritional value.. However, if it ever gets that bad you will have absolutely nothing (for long) if you do not have plenty of bullets! Bullets will be worth more than gold, for he who has the bullets gets the Gold.
Report Post »kindling
Posted on August 14, 2011 at 12:18pmYes yes…..bullets and shotgun shells can never go wrong. I have lots and some I don’t have a gun to shoot because I will use them to barter.
Report Post »metalurgy
Posted on August 14, 2011 at 2:48pmMy brothers!
Lead.
The other precious metal. It‘s not what’s for dinner, but it will put dinner on your plate.
Report Post »BUDDY LITTLE
Posted on August 14, 2011 at 10:09pm@KINDLING ,You are right on target,most people will be out of ammo in a week! there will be a lot of empty guns being traded or left behind altogether.Most people have a box or two of whatever thats it?
Report Post »beckisnuts
Posted on August 15, 2011 at 10:43amJust don’t buy those over-priced old French gold coins from Goldline. They are a ripoff. Goldline sells them for much more than any other company. Don’t get conned by those people.
Report Post »WeDontNeedNoStinkingBadges
Posted on August 15, 2011 at 8:14pmUnlike GOLD, LEAD is self-replenishing (just think it through … it ain’t Rocket Science). ;-)
Report Post »kindling
Posted on August 14, 2011 at 12:04pmHow funny……they show pictures of Morgan silver dollars and say gold……no wonder our economy is in the shape it is.
Report Post »RoyHowell
Posted on August 14, 2011 at 2:57pmThe photo is of U.S. $20 Gold Liberty coins, also known as “Double Eagles”.
Report Post »Gypsy123
Posted on August 14, 2011 at 11:56amI think you can’t eat gold or silver. Wonder if Dents projection comes true and they all drop?
Report Post »I can’t afford those items so I am buying some food
kindling
Posted on August 14, 2011 at 12:10pmIf you have some gold and silver just keep it safe and start buying seeds of all kinds……some to grow in a garden and some to sprout. You can get a meal to keep you alive from sprouts. The gold and silver is for when the country starts to get back on its feet after all the lazy ones have died of hunger.
Report Post »geotico
Posted on August 14, 2011 at 12:16pmFor anyone looking to purchase gold and silver you can use http://www.goldshark.com a cost comparison shopping site for bullion. Going direct to the top dealers is much cheaper than buying thru ebay.
Thought I would share.
Report Post »metalurgy
Posted on August 14, 2011 at 12:45pm@ GYPSY123
If you can afford to buy food, you can afford to by gold and silver. I’m a single dad with two kids and I buy gold and silver every month. You can’t afford a 1 grain or 1gram bar of gold at a time? I had pre-Obama. After he was elected I rearranged my budget an comitted to buy silver and gold every month with every paycheck, even if a small amount. I also bought bigger purchases with my tax returns and the two months a year where you get three paychecks. I now have two months worth of my salary in a safe location and the beauty of this is I’ve only invested the equivelent of one months of pay out of pocket because of the price of gold and silver over doubling since this Commie and Chief was sworn into office.
Beans, Bandaids, Bullets and Bullion. In that order. (Water is included with “Beans”) When food or other supplies you need run out or you don’t have a job, you will need some form of money to pay your bills or buy essentials to survive.
I can liquidate all my metals in 48 hours at over spot price. My credit card companies take gold and silver for bill payment as do my bank loans. The college my son is attending this fall takes gold or silver as payment for tuition at spot price.
Thousands of resteraunts and businesses now take gold and silver as payment. Utah has recently made gold and silver legal tender for all business transactions and payment of taxes.
Zimbabwe markets won‘t sell you food unless it’s gold. Yes you can eat
Report Post »stanbeck
Posted on August 14, 2011 at 1:57pmGuns’ don’t forget guns.
Report Post »metalurgy
Posted on August 14, 2011 at 2:56pmWow. You must really be poor if you can’t afford these prices.
http://coins.shop.ebay.com/Bars-/39484/i.html?_catref=1
I will pray for you…
Report Post »AMY
Posted on August 14, 2011 at 8:48pmJust posted above – e-bay has large dealers selling there and after reviewing http://www.goldshark.com, I see I have been paying at or below their lowest quotes plus I get 1% back for using credit card and free shipping. Just check out the seller before you buy.
Report Post »thegoldman
Posted on August 14, 2011 at 11:47amLooks nice feels better !
Report Post »PA PATRIOT
Posted on August 14, 2011 at 11:44amA much safer place to purchase metal
http://www.bulliondirect.com/nucleo/
Report Post »metalurgy
Posted on August 14, 2011 at 3:01pmebay is equally safe my friend. Dealers on ebay will refund if not satisfied. If they don’t deliver, then ebay reimuburses you with the Buyer Protection plan.
In my 2+ years of buying on ebay, Buyer Protection reimbursed me the full price of $75 on a seller who didn’t deliver the product. It’s failsafe.
Report Post »AMY
Posted on August 14, 2011 at 8:53pmI just received a rather large shipment from one of he bigger dealers on e-bay and it was short two silver coins. I e-mailed him and he sent them right to me. I have bought from big companies like Goldline and they were fine but I had to buy $5K or more for free shipping and the price was market – no complaints. Buying from e-bay and watching the timing of your bids can yield some relatively low prices. Could not be happier.
Report Post »metalurgy
Posted on August 14, 2011 at 10:59pm@ Amy,
Stop making me like you.
:-)
Report Post »Good advise this girl. Listen to her people.
AMY
Posted on August 15, 2011 at 8:40amLOL!
We are as prepared as we can be but living on ground zero there’s only so much you can do, except be ready to leave! If we’re hit by a nuke, oh well, we’ll be gone in the shock wave! But for financial collapse….we’re ready.
Report Post »tifosa
Posted on August 14, 2011 at 11:43amThere’s a fool born every minute and ebay knows it.
Report Post »Psychosis
Posted on August 14, 2011 at 11:57amits a pretty good bet you know nothing about investing , politics, or life in general
your a perfect mush brain
Report Post »metalurgy
Posted on August 14, 2011 at 3:14pmYes, fools don’t buy gold, but that doesn’t mean you have to like it.
Report Post »AMY
Posted on August 14, 2011 at 8:56pmThats what I as told 25 years ago when i wanted to buy rental properties….that’s foolish, a house of cards, etc. Yes…and I am living on the rental income now. Leave the gold where it is, I think here are plenty of us on here that will pick up your share.
Report Post »Carp_resident
Posted on August 14, 2011 at 11:31amI would and have bought gold and silver but I would never buy it on Ebay. If you are going to buy or sell use a company that is well known and trust worthy.
Report Post »Gary747
Posted on August 14, 2011 at 12:17pmI have had 100% success with eBay gold purchases over the years. I occasionally bought a coin and stuck it away. Average price I paid is $435. I making money. On eBay, I can also sell it in big or small lots at a better price than dealers offer (they have to make some profit).
The potential for an eBay crook is not zero, but my experience says “go for it”!
Report Post »sweathog1948
Posted on August 14, 2011 at 11:29amMy husband and I are in our 60′s and have never been good at saving money. In April we satarted buying silver. When we have enough coins in value we use the silver to buy gold. Since April we have been able to buy over $5000 in gold or silver.
My husband has been working since Feb. when this job is over if he is not able to get another job then we can not buy gold or silver. I am thankful we have been able to save $5000 so far, plus neither one of us will spend it.
Any one who buys gold or silver needs to realize that the value could drop, but in todays market I do not think you would lose much. They are expecting Gold to go to $2500 either this year or 2012 and a possiblely that silver could reach $700.
Report Post »country_hick
Posted on August 14, 2011 at 11:48amI wouldn’t buy gold myself but I am looking at it from an economic collapse story line. You should be buying what is called ‘junk silver’ coins, dimes, quarters, maybe half dollars. They are 90% silver and will be “usable”. A dime may buy a couple of loaves of bread. A dollar a tank of gas. What will you do with an ounce of gold?
Report Post »saranda
Posted on August 14, 2011 at 11:51amJust make sure you take some profits off the table occassionally. Gold, like any commodity, can and will correct. $850 in Jan. 1980 to under $400 in Aug 1981. Lots of people lost their savings.
Report Post »Invest with caution no matter how good things feel today in gold.
INTHEBEGININGGOD
Posted on August 14, 2011 at 12:05pmcountry jack. The 20 year old guy behind the countier at the local convience store and gas station, do you really think that he’ll give you $ 50.00 towards a tank of gas and say THANK YOOOUUU for that silver dollar.
Report Post »kindling
Posted on August 14, 2011 at 12:15pmThe value of gold and silver never changes……it is the dollar that changes. You can buy the same thing with a ounce of gold you could 200 years ago. That is why you can never go wrong keeping some of your wealth in gold. But gold will not feed you so keep seeds and dried food too. It would not hurt to store some things to barter with like clothing and shoes.
Report Post »country_hick
Posted on August 14, 2011 at 12:38pmINTHEBEGININGGOD – You are assuming that someone would be using a dollar in silver at the local gas station. I assume a SHTF scenerio where there is no local gas station. Pessimism on my part? Gods I hope so. What was it someone said? Hope for the best but plan for the worst?
Report Post »AMY
Posted on August 14, 2011 at 9:03pmThere was a gas station in California that had a sign out saying he would take $.20 in silver dimes (2 pre-1964 dimes) for each tank of gas. At the melt value of silver that was equal to about $6 a gallon. Its already happened and Ipresume it will again. Junk silver is good just stay away from anything after 1964 and NO WAR NICKELS. They were only 35% silver and some sellers throw them in with the 90% silver and you get ripped off – or just pay accordingly. Check out http://www.coinflation.com for the melt values of each coin.
Report Post »metalurgy
Posted on August 14, 2011 at 11:19pm@ Country Hick
I own gold in 1 gram and 1/10th ounce American Eagles (that’s a $5 gold piece for you new commers). You can buy gold Maple Leafs and Philharmonics in as small as 1/20th ozt coins. All legal tender.
What would I do with a 1ozt Gold Coin? Buy what ever the hell I want. At the grocery store, I‘d certainly jump to the head of the food line over your worthless paper FRN’s after the dollar collapse. I’d probably split it into 1/4′s with my axe, and buy a couple months worth of food or what ever I feel like.
This is why I buy the small stuff. Easier to buy stuff. American Eagles/Maples/Philharmonics/Kangaroos/Pandas etc can be bought in 1, 1/2, 1/4, 1/10 ounce coins and they are all legal tender. Stop making lame excuses about 1ozt coins. You will be able to use it for trade with anybody on anything you need. It has been this way since before Jesus and always will be. Hell the Bible wouldn’t have made such a big deal out of “just weights and measures” if not for gold and silver. People need gold and silver for jewelry/wedding rings/ and a multitude of industrial and medical purposes too many to mention in this space.
Report Post »PA PATRIOT
Posted on August 14, 2011 at 11:24amThis joker joined the BLAZE today and has posted the same information in 6 different stories.
Report Post »Report the posts to the BLAZE
MODEL82A1
Posted on August 14, 2011 at 11:23amGold is in a bubble now just like real estate and tech stocks were in the recent past. Lots of gullible people are going to lose their shirts. And they deserve to.
Report Post »PA PATRIOT
Posted on August 14, 2011 at 11:30amModel, =Checked out the 82A1
SWEET. I want one more than gold.
Report Post »“30.06 is a bad day,…. 50 cal is a nightmare!”
ROADTOZION
Posted on August 14, 2011 at 11:45amUnbelievable. Paper money is a bubble, not gold. Learn Austrian economic theory before commenting.
Report Post »sweathog1948
Posted on August 14, 2011 at 11:53amThere is always that possiblity that Gold will take a dive. For the last 10 years Gold has continued to go up. There are always corrections when gold drops and levels off. Even in those times you are still able to keep the majority of the cost of gold or silver you bought.
The world economy is so different than it was 5 years ago. With the government printing more and more money the value of the green backs drop greatly, which brings with it a possible hyper inflation. Gold durning those times goes up. Gold has never been worth nothing as paer money has.
So much of Europe and other countries are treading water and it could go eithier way. Unemployment in the U.S. is not 9% it is in double diget unemployment. The world is global and when one country goes under it starts a dominno efect on the other countries. It could be severe or it might be only a lightly drop in other countries. Right now the guys like billionares are investing in three things. The Swiss Frank, Japan’s Yen, and Gold.
A few months ago Billionare George Soros sold off a Ton of Gold. If he sold that much gold makes one wonder how much gold he has.
Report Post »sweathog1948
Posted on August 14, 2011 at 12:02pmI do not believe gold is in a bubble, as the housing market was. People world wide did not buy into our real estate bubble, but people wolrd wide are buying gold. For a long time gold is what backed most countries money. When they went off the gold standard it was only a matter of time before the economy would drop, because there was no value behind there curruncy.
Report Post »metalurgy
Posted on August 14, 2011 at 3:10pmPeople like yourself have been saying gold is in a bubble for the past 10 years.
Fail.
Until the dollars created equals gold supply, that aint going to happen guaranteed for the next 3 years minimum. The only way gold decreases is when you see the national debt actually decreasing. Until that time, gold continues it’s 10 (now eleven) year climb.
Gold performance has even creamed Birkshire Hathaway by an order of magnitude. Warren Buffet has taken a severe beating since Obama and he still votes DFL, suports Obama and wants to rais taxes on the middle class. This ass will drive his own company into bankruptcy. I take joy in watchin BRK.A ticker slow decent into hell.
Report Post »progressiveslayer
Posted on August 14, 2011 at 7:22pmhahahahaha gold is a bubble,wrong answer gold is low now this is nothing and gold will sky rocket.
Report Post »What will you buy with your fiat currency? ALL currencies collapse at some point in time while gold holds it’s value.
PA PATRIOT
Posted on August 14, 2011 at 11:16amWow Really,
Report Post »Were you on vacation in Antartica last week?
WAKE UP
Secret Squirrel
Posted on August 14, 2011 at 11:26am.
News Flash!
Gold is up everywhere!
Alert the media…….oh, you are the media.
Report Post »Gr8ful1jim
Posted on August 14, 2011 at 11:15amThere is not a better way to buy it IMHO. You dictate the price you are willing to spend. I have made countless good deals on silver at below market prices.
Report Post »SamIamTwo
Posted on August 14, 2011 at 11:15amURL redirect…no telling what or where you end up at. alturl.com/ncsfk
Report Post »forthepeople
Posted on August 14, 2011 at 11:13amOOKSPAY ; you clearly do not know what your talking about ! and never used it either or you would never say that . Ebay is safer than most local merchants because of the Ebay Community and Feedback . If you scam Ebay member ‘ Out You ’ to everyone, unlike the local guy that could get away with dirty dealing for years . See I can not go put a sign on a shop ‘ this guy is a crook ’, it would be torn down ( by the crook ) and he would probably sue me . Now on Ebay its right there for everyone to see forever . I have purchased my last 3 cars, gold , silver, electronics, home products, vitamins, and food at a savings. Now there are morons whom have gotten ripped off on ebay, but they like ‘ marks ’ would do badly anywhere they shopped . Try it you will like it !
Report Post »kindling
Posted on August 14, 2011 at 12:11pmWho you callin Spook?
Report Post »SamIamTwo
Posted on August 14, 2011 at 11:10amSPAM ALERT….the link is not grappenny.com…prob a virus link.
Come on BLAZE other folks have filters for these sort of folks. Ban this person…
Report Post »WILLIAM E.
Posted on August 14, 2011 at 11:09amAs long as Bernanke prints money Gold & silver have one direction to go. UP !!
Report Post »Libby Tarian
Posted on August 14, 2011 at 11:03amJust ask the people in Zimbabwe, Mugabwe crashed the currency. It cost them 1 billion of their dollars for 3 eggs. I see a lot of Mugabwe in this administration.
Report Post »Now they use gold to buy things in Zimbabwe. The paper money is used as wall paper on the huts.
WILLIAM E.
Posted on August 14, 2011 at 11:25amA friend sent me 5- 1 million Zimbabwe bills last November for my birthday. All 5 were worth just over $0.01. Believe in 1980 they would have been worth over $3,750,000.00 american dollars. I checked it out when I recd. & printing like Bernanke is doing got them their. What sticks in my mind is how fast it happend. Apprx. 2 years I believe.
Report Post »YepImaConservative
Posted on August 14, 2011 at 11:01amLol, everything I’ve ever gotten delivered by UPS was in bits and pieces. good luck with that Dell laptop.
Report Post »Ookspay
Posted on August 14, 2011 at 11:00amBuying Gold on Ebay is like buying meat out of the back of a truck, good luck!
Report Post »2smart
Posted on August 14, 2011 at 12:12pm@ookspay, I would trust Ebay before I would trust you. Ebay has a very good reputation. You’re reputation is that you have a computer and an opinion. Anybody can have a computer and opinions are like armpits, everybody has one and most stink! When I had a problem from an Ebay transaction they took care of me and it wasn’t from the back of a truck. What kind of reputation can you advertise? Propaganda backed up with nothing!
Report Post »sooner12
Posted on August 14, 2011 at 11:00am@82NAIRBORNE……Agreed. Thank you.
Report Post »supertas
Posted on August 14, 2011 at 10:59amIf I was your boss, I’d kick your $%#@#$ a$$, now go away.
Report Post »Ironmaan
Posted on August 14, 2011 at 10:58amHmmm, now that the general public is getting involved I wonder is gold is begining to peak?
Report Post »hauschild
Posted on August 14, 2011 at 11:24amHow can gold have “peaked” if demand hasn’t been reached yet?
Who knows how quickly it will rise, but it HAS to continue to rise because the stock market is a farce that is puppet-teered by Big Ben – it currently has no basis in economic reality. With every QE[n], how can the dollar’s value NOT decline?
Many people say to leave your money in the market because it will come back – it always does. But, if so, when? And for how long? I think we’re in a new era – everything is different. More Americans think Marxism is the new capitalism. Many young people have no work ethic. Many business owners aren’t necessarily all about profits any longer. It’s just a really weird time, in my opinion.
If every variable in the equation was close to being equal to those of the late 1970′s, then I’d have no problem riding it out. However, times are WAY different and the average American is WAY different. There are too many things going against conventional wisdom now.
Report Post »Ghandi was a Republican
Posted on August 14, 2011 at 11:27amNo! Gold will not hit any peak until the progs are turned back. It may bounce around on it’s way to 2500 then 5000 and the sky is the limit. It isn’t that Gold value is increasing so much as the devaluation of currency and the fear of ever more devaluation means more dollars to purchase the same amount of Gold/silver/corn/wheat etc.. It is just difficult to trade bushels of corn and wheat in any transportable, stabile fashion. But they are the same thing when you get right down to it..
Report Post »Only a return to “the full faith and credit” of the U.S. Government according TO THE PEOPLE can force what one may refer to as ‘a correction’ on the dollar/paper/ink vs any other exchange/trade purchasing mechanism. This means vanquishing the policies and those that practice the policies of destruction, devaluation and instability. In laymen’s terms: Remove Satan (Soros) and his minions (my hies 666 of them) from the U.S. Government!
82dAirborne
Posted on August 14, 2011 at 10:54amTake your ads somewhere else.
Report Post »