Buying Gold Bullion Off Ebay?

[Si1]

thought this was a fascinating post on the main forum - what do people think of this method presumably for buying physical bullion, off ebay!?!??

... got an Amex Platinum card last month and blew the entire £7,500 limit on ebay in a month. (on shiny yellow stuff with 5% cashback on the card, 2% cashback on Linemypockets and 1% cashback from ebay so I'm not the typical cc junkie)

Edited July 27, 2009 by Si1

[Number79]

thought this was a fascinating post on the main forum - what do people think of this method presumably for buying physical bullion, off ebay!?!??

there are plenty of reputable dealers and sellers on feebay so not as surprising as you may think, always check the sellers feedback. Although, feebay generally seems more expensive than buying from one of the bullion houses so this may not have been the best deal but that isn't always true, I have bought much stuff under spot.

[Neverland]

there are plenty of reputable dealers and sellers on feebay so not as surprising as you may think, always check the sellers feedback. Although, feebay generally seems more expensive than buying from one of the bullion houses so this may not have been the best deal but that isn't always true, I have bought much stuff under spot.

If you'll buy gold off ebay I have some magic beans I might be willing to sell you

[tiggerthetiger]

E BAY example : 1967 SOUTH AFRICAN GOLD 1 OUNCE KRUGERRAND - BOXED £799.00 +£6.00 postage (cut and pasted tonight )

BAIRDS Krugerrand 1oz £ 630.50

take your pick

Edited July 27, 2009 by tiggerthetiger

[Number79]

If you'll buy gold off ebay I have some magic beans I might be willing to sell you

I'll pass, don't know how to weigh, measure or acid test magic beans

I will only buy from sellers with a long history of selling gold/silver and 100% feedback.

[Number79]

E BAY example : 1967 SOUTH AFRICAN GOLD 1 OUNCE KRUGERRAND - BOXED £799.00 +£6.00 postage (cut and pasted tonight )

BAIRDS Krugerrand 1oz £ 630.50

take your pick

I take it that was the listed price? If it was then I am sure it went unsold. Look through completed listings and you will see that as much sells below dealer prices. I have managed to get a lot of stuff at below spot. Feebay can be cheaper just as often as it is more expensive.

Wouldn't use bairds either, coininvest £621, hatton garden metals £614

[dr ray]

thought this was a fascinating post on the main forum - what do people think of this method presumably for buying physical bullion, off ebay!?!??

Since this was my post I feel I ought to reply.

I almost always buy sovereigns and half sovereigns and generally only bid at scrap price or bid a bit higher if I can combine postage.

The only disappointments I have had have been when I won a coin at such a low price that the seller refused to sell it to me.

Some of the coins have been poor quality - often ex mount but I have often paid less than scrap value for these.

Like I mentioned you can get various cashbacks and they are additional so this knocks £6-7 off the price of a sovereign

I can get sovereigns for £140 from my local dealer (last week). My local dealer sells for less than HGM /coininvest/ bairds/ or chards. Sometimes he sells for less than they are buying but I get them for less on ebay. Just because someone lists a Krug at £700 doesn't mean I pay that.

I win about 7% of the items I bid on. If it goes higher than that I cut my max bids because I am overpaying

What surprises me is why people sell on ebay. If I buy a sovereign for £140 and pay by credit card their fees are about £15.

They would be better off selling the coin for scrap. I often tell them that and offer to buy any more they have at scrap value. It works now and then. I bought 10 sovs off someone at £130 each a couple of weeks ago and they were almost uncirculated.

[Number79]

Since this was my post I feel I ought to reply.

I almost always buy sovereigns and half sovereigns and generally only bid at scrap price or bid a bit higher if I can combine postage.

The only disappointments I have had have been when I won a coin at such a low price that the seller refused to sell it to me.

Some of the coins have been poor quality - often ex mount but I have often paid less than scrap value for these.

Like I mentioned you can get various cashbacks and they are additional so this knocks £6-7 off the price of a sovereign

I can get sovereigns for £140 from my local dealer (last week). My local dealer sells for less than HGM /coininvest/ bairds/ or chards. Sometimes he sells for less than they are buying but I get them for less on ebay. Just because someone lists a Krug at £700 doesn't mean I pay that.

I win about 7% of the items I bid on. If it goes higher than that I cut my max bids because I am overpaying

What surprises me is why people sell on ebay. If I buy a sovereign for £140 and pay by credit card their fees are about £15.

They would be better off selling the coin for scrap. I often tell them that and offer to buy any more they have at scrap value. It works now and then. I bought 10 sovs off someone at £130 each a couple of weeks ago and they were almost uncirculated.

maybe they don't expect you to pay with a cc but just a paypoo account.

cashback?

that sounds like a good local dealer, is he anywhere near reading?

FWIW - london mint office are doing an offer, £139 for a 2009 proof sov.

[dr ray]

maybe they don't expect you to pay with a cc but just a paypoo account.

cashback?

that sounds like a good local dealer, is he anywhere near reading?

FWIW - london mint office are doing an offer, £139 for a 2009 proof sov.

Yes you pay with PP but fund it from a credit card. Amex give 1.5% cashback but for the first 3 months give 5%. If you pay with PP its is easy to get your money back if there is a problem. I had a half sov sold to me as a sov so I opened a dispute and got £70 back. If I had paid by cheque I would never have got this back.

There are internet sites that give cashback if you click though them. I use linemypocket.co.uk but there are others. I gennerally save around £40 on car insurance and I get 2% on ebay. Look up cashback sites on MSE.

The dealer is not near you and hasn't always got coins so I have to call in every few days but he only cares about the bullion value so I have bought boxed proofs from him for the same as worn coins.

Oh yes I know about London Mint Office . When they were selling Geo V for £119 I made a deal with everyone at work that I would buy any coins they get at £140 ( this was when sovs were selling for 160 in February) I got loads and the quality is very good. I also managed to get a few myself by making slight variations to my address and they only caught on after I got 5 or 6. I think I was the sole reason they put the price up! I got a few of the 2000 and 2009 too and they were a bargain.

The folk at work put their profits towards a booze up so we were all very happy.

[Number79]

Yes you pay with PP but fund it from a credit card. Amex give 1.5% cashback but for the first 3 months give 5%. If you pay with PP its is easy to get your money back if there is a problem. I had a half sov sold to me as a sov so I opened a dispute and got £70 back. If I had paid by cheque I would never have got this back.

There are internet sites that give cashback if you click though them. I use linemypocket.co.uk but there are others. I gennerally save around £40 on car insurance and I get 2% on ebay. Look up cashback sites on MSE.

The dealer is not near you and hasn't always got coins so I have to call in every few days but he only cares about the bullion value so I have bought boxed proofs from him for the same as worn coins.

Oh yes I know about London Mint Office . When they were selling Geo V for £119 I made a deal with everyone at work that I would buy any coins they get at £140 ( this was when sovs were selling for 160 in February) I got loads and the quality is very good. I also managed to get a few myself by making slight variations to my address and they only caught on after I got 5 or 6. I think I was the sole reason they put the price up! I got a few of the 2000 and 2009 too and they were a bargain.

The folk at work put their profits towards a booze up so we were all very happy.

I said about the cc because it looked like there may have been a higher charge for cc payments, didn't think paypoo fees were getting to near 10% but then when you add on feebay's listing fee then final value fee I suppose it is about right.

should I bother looking through sites or is linemypocket giving the best return?

I only got 3 of the george v sovs just to test the water with the company, just as well reallysince they continued to send coins on approval, the mother in law and wifes gran were getting a bit annoyed

was it you that has had face to face dealings with hatton garden metals?

[Si1]

Since this was my post I feel I ought to reply.

yeah soz - I shoulda made more of a 'thankyou' for giving me the germ to start with - grateful for this too. Haven't the b*lls myself, or the cash, to invest this way, but tremendously interesting...

Edited July 28, 2009 by Si1

[dr ray]

I said about the cc because it looked like there may have been a higher charge for cc payments, didn't think paypoo fees were getting to near 10% but then when you add on feebay's listing fee then final value fee I suppose it is about right.

should I bother looking through sites or is linemypocket giving the best return?

I only got 3 of the george v sovs just to test the water with the company, just as well reallysince they continued to send coins on approval, the mother in law and wifes gran were getting a bit annoyed

was it you that has had face to face dealings with hatton garden metals?

No - I use HGM website to check on the coin and scrap value before bidding or haggling with my local supplier but I have never dealt face to face. I have accumulated a few sovereign mounts I will probably send them for scrap as they do seem to give the best price.

Someone told me they dont sort their sovereigns at HGM and he buys off them, takes out the good ones with collector value and sells the crap on ebay or to Chards for scrap value. I don't know if this is true but an interesting way to collect coins without the BIG mark up from specialist coin dealers.

The sellers have higher fees ( an extra 1.5 - 2% I think) if the buyer pays by CC but thats not really my problem and CC gives the buyer an extra level of security. Obviously I pay it off fully each month.

The cashback sites have different levels of payouts for different companies. eg I dont get cashback with Amazon with Linemypocket but I do with Mutualpoints. It gets a bit complicated and inertia keeps me with Linemypocket mostly but have a look at MoneySaving Expert and see what they recommend now. I have a Nectar account too but this seems very poor value compared to the others and doesnt pay out in cash.

I wouldn't let too much money accumulate with these companies as they seem to come and go - you can withdraw the cash once you have over £5. Some pay out in cash. Others transfer to paypal or pay in amazon vouchers

I have had a few uninvited coins sent from London Mint and there is a bowel loosening moment when you see a bill for £350 for an ordinary sovereign but they are good at taking them back post free and I scrawl "No more coins on Approval" on the invoice with the return and I have had no further problem.

They are a surprisingly reasonable company to deal with and the bad press they have had is not justified.

I think their back office is disorganised which leads to these mistakes but has also allowed me to exploit their weakness. Can't have it both ways!

If people are happy to pay £350 each for sovereigns why should the company not provide them? At least the coins are not completely worthless like some of the naff base metal coins Westminster Mint sell for silly prices

BTW The original post was a comment on how easy it still is to get credit. When I got home yesterday there was a replacement AMEX card I hadn't asked for with a credit limit of £17,000.00

I suppose they see someone who spends £7,500 on ebay in one month as a good prospect. They don't know it was spent on coins

They really deserve to get burnt but I suppose we will end up having to bail them out one way or another.

Edited July 28, 2009 by dr ray

[dr ray]

I forgot to mention about linemypocket.co.uk.

If you sign up and put my referer code in the box " R56660X " you and I will both get £5. You won't get the £5 if you leave this blank

Once you are signed up you can refer your own friends and both earn £5

Thanks in advance

Edited July 29, 2009 by dr ray

[Steve Smith]

E BAY example : 1967 SOUTH AFRICAN GOLD 1 OUNCE KRUGERRAND - BOXED £799.00 +£6.00 postage (cut and pasted tonight )

BAIRDS Krugerrand 1oz £ 630.50

take your pick

Sure there are some buy_it_now chancers, but conversley just bought 2 x 1/4 oz nuggets for 275 - they are 167 each at Bairds ATM.

[Avon]

Yes you pay with PP but fund it from a credit card. Amex give 1.5% cashback but for the first 3 months give 5%. If you pay with PP its is easy to get your money back if there is a problem. I had a half sov sold to me as a sov so I opened a dispute and got £70 back. If I had paid by cheque I would never have got this back.

There are internet sites that give cashback if you click though them. I use linemypocket.co.uk but there are others. I gennerally save around £40 on car insurance and I get 2% on ebay. Look up cashback sites on MSE.

The dealer is not near you and hasn't always got coins so I have to call in every few days but he only cares about the bullion value so I have bought boxed proofs from him for the same as worn coins.

Oh yes I know about London Mint Office . When they were selling Geo V for £119 I made a deal with everyone at work that I would buy any coins they get at £140 ( this was when sovs were selling for 160 in February) I got loads and the quality is very good. I also managed to get a few myself by making slight variations to my address and they only caught on after I got 5 or 6. I think I was the sole reason they put the price up! I got a few of the 2000 and 2009 too and they were a bargain.

The folk at work put their profits towards a booze up so we were all very happy.

That's crafty. Nice tip. I've seen their ads in the Sundays but was put off a bit by all the 'we send you further coins at 299 on approval' guff. Sounds a pain. Also, prefer Sovs in larger quantities otherwise you're always checking the mail in a paranoid fashion. I guess you + workmates just opted out of the 'subscription' then?

FWIW I find Coininvest fits the bill for buying (Goldline and Taxfreesoveriegns for info and gold prices). If you check every day you normally catch the Coininvest special offers. Krugers were under 600 the other weekend, which at the time was quite a good deal at 4% over spot for small numbers. I quite fancy some Britannias next but am waiting for a 550 GBP pullback in pog or sub 600 GBP Britannia, deal whichever comes sooner.

Edited July 29, 2009 by Avon

[Number79]

Sure there are some buy_it_now chancers, but conversley just bought 2 x 1/4 oz nuggets for 275 - they are 167 each at Bairds ATM.

was that on the 24th?

so it was you was it? hope they have replica stamped on the back

nice buy

[dr ray]

That's crafty. Nice tip. I've seen their ads in the Sundays but was put off a bit by all the 'we send you further coins at 299 on approval' guff. Sounds a pain. Also, prefer Sovs in larger quantities otherwise you're always checking the mail in a paranoid fashion. I guess you + workmates just opted out of the 'subscription' then?

FWIW I find Coininvest fits the bill for buying (Goldline and Taxfreesoveriegns for info and gold prices). If you check every day you normally catch the Coininvest special offers. Krugers were under 600 the other weekend, which at the time was quite a good deal at 4% over spot for small numbers. I quite fancy some Britannias next but am waiting for a 550 GBP pullback in pog or sub 600 GBP Britannia, deal whichever comes sooner.

What is the quality of the coins at coininvest? Their prices are quite good atm and I am tempted to buy off them.

If I am going to buy a coin I want it to be of collector grade rather than scrap if there is no or minimal price differential.

At the moment gold coins are being valued almost exclusively on bullion value so it makes sense to get the best quality which are at least satisfying to look at and hopefully will have some collector value even if the POG should drop.

[Steve Smith]

was that on the 24th?

so it was you was it? hope they have replica stamped on the back

nice buy

Yes about then. Thanks for your concern! but they ring true and are correct size and weight. I was surprised that they didn't go to the 320-340 range - they usually shoot up in the final 1/2 hour of the auction. Seller is a little p1ssed I would think, or maybe they know something I don't.

[gotoutintime]

I take it that was the listed price? If it was then I am sure it went unsold. Look through completed listings and you will see that as much sells below dealer prices. I have managed to get a lot of stuff at below spot. Feebay can be cheaper just as often as it is more expensive.

Wouldn't use bairds either, coininvest £621, hatton garden metals £614

richyc,

I was looking at coininvest and Hatton Garden metals sites, there seemed to be a fair size difference on prices on some of their coins. This difference does work both ways and I also looked at Kilo bars.

Would the price difference on coins be to do with the condition/availablity?

Also when buying gold bullion in 1 Kilo bar format is it better to go for the UBS bars rather than whatever Hatton Garden Metals would sell from their site.

Thanks

[Number79]

richyc,

I was looking at coininvest and Hatton Garden metals sites, there seemed to be a fair size difference on prices on some of their coins. This difference does work both ways and I also looked at Kilo bars.

Would the price difference on coins be to do with the condition/availablity?

Also when buying gold bullion in 1 Kilo bar format is it better to go for the UBS bars rather than whatever Hatton Garden Metals would sell from their site.

Thanks

coininvest and hgm are generally quite close on price, atleast when compared to bairds and others but it is worth comparing them to get the best deal as they often alter in who is cheapest on the day.

hgm price their coins on the spread, they buy in below spot and sell as quickly as poss over spot for a percentage profit. Their prices do not reflect condition just the bullion. They often don't know what stock they have until the post has been opened mid morning. They don't grade or date coins just sell them so often you can get rarer dates etc for bullion price - is a lucky dip. (Only really do sovs and krugs)

Coininvest coins are priced in date ranges but again are not graded, they almost never have shield backs but do have a large stock so you can specify dates etc wanted. You have to explain requests clearly though as those answering calls are german. I ordered a number of victoria sovs, asked for earliest dates possible with a mixture of heads all pre 1900. I recieved a batch of coins all dated 1900, wasn't happy but that is the only time they have done it. (I am talking mostly about sovs and krugs which have been circulated, all other 2009 coins are unc)

Bars? I don't know, I wouldn't touch a kilo bar. Your resale avenues are limited to bullion houses who are likely to want the bar assayed (at cost) before purchasing. I should imagine that having been assayed it won't make much difference to them who made the bar. Not really my area so just assuming, why not give hgm a call and ask the procedure for selling them a 1kg bar and any price differences between manufacturer?

[Number79]

Yes about then. Thanks for your concern! but they ring true and are correct size and weight. I was surprised that they didn't go to the 320-340 range - they usually shoot up in the final 1/2 hour of the auction. Seller is a little p1ssed I would think, or maybe they know something I don't.

nice job

I was actually bidding against you, was waiting for the last few seconds to put in another bid when no one else would have had chance to up the bid but my laptop took too long and i got the 'bidding has ended for this item' message when it went through. :angry:

maybe bugs who buy on ebay should start a thread and let others know what is being bid on so that we don't push prices up by bidding against each other?

[Steve Smith]

nice job

I was actually bidding against you, was waiting for the last few seconds to put in another bid when no one else would have had chance to up the bid but my laptop took too long and i got the 'bidding has ended for this item' message when it went through. :angry:

maybe bugs who buy on ebay should start a thread and let others know what is being bid on so that we don't push prices up by bidding against each other?

I had a bid in at 305, so unless you were planning to go in at 310 then all you would have done is increased what I had to pay. I usually bid a little below the main dealers prices, taking postage into account. I never get tempted to bid again if outbid, but I guesss that others do as you see some mad prices paid on Ebay. Good prices come your way every now and then. Mind you it's not looking quite as good after performance in £ in the last couple of days.

Not quite sure if we could fix the market. I guess anyone here has a good idea of what the value aginst spot is so we would all be prepared to go to similar prices and there are other buyers in the big outside world.

I hope the seller does'nt read this!

[Number79]

I had a bid in at 305, so unless you were planning to go in at 310 then all you would have done is increased what I had to pay. I usually bid a little below the main dealers prices, taking postage into account. I never get tempted to bid again if outbid, but I guesss that others do as you see some mad prices paid on Ebay. Good prices come your way every now and then. Mind you it's not looking quite as good after performance in £ in the last couple of days.

Not quite sure if we could fix the market. I guess anyone here has a good idea of what the value aginst spot is so we would all be prepared to go to similar prices and there are other buyers in the big outside world.

I hope the seller does'nt read this!

I was going £303 so you would have taken them anyway. Makes me feel much better knowing that I would have been outbid regardless. Now I am not so gutted, glad you got a good deal.

[endgame]

coininvest and hgm are generally quite close on price, atleast when compared to bairds and others but it is worth comparing them to get the best deal as they often alter in who is cheapest on the day.

hgm price their coins on the spread, they buy in below spot and sell as quickly as poss over spot for a percentage profit. Their prices do not reflect condition just the bullion. They often don't know what stock they have until the post has been opened mid morning. They don't grade or date coins just sell them so often you can get rarer dates etc for bullion price - is a lucky dip. (Only really do sovs and krugs)

Coininvest coins are priced in date ranges but again are not graded, they almost never have shield backs but do have a large stock so you can specify dates etc wanted. You have to explain requests clearly though as those answering calls are german. I ordered a number of victoria sovs, asked for earliest dates possible with a mixture of heads all pre 1900. I recieved a batch of coins all dated 1900, wasn't happy but that is the only time they have done it. (I am talking mostly about sovs and krugs which have been circulated, all other 2009 coins are unc)

Bars? I don't know, I wouldn't touch a kilo bar. Your resale avenues are limited to bullion houses who are likely to want the bar assayed (at cost) before purchasing. I should imagine that having been assayed it won't make much difference to them who made the bar. Not really my area so just assuming, why not give hgm a call and ask the procedure for selling them a 1kg bar and any price differences between manufacturer?

coin invest direct (CID) would negotiate on price if there was a large quantity. Kilo bars are best sold where you purchased them from. ATS told me that they would accept any kilo bar without assaying as long as its one of the regular refiners bars that they recognise. I think CID is the best place to buy from.

[Number79]

coin invest direct (CID) would negotiate on price if there was a large quantity. Kilo bars are best sold where you purchased them from. ATS told me that they would accept any kilo bar without assaying as long as its one of the regular refiners bars that they recognise. I think CID is the best place to buy from.

CID will negotiate on coins in quantity but the price of a k bar is pretty much set in stone.

I believe that places will take back bars purchased from them without assaying them but don't know if this is guarenteed or over what period. 5 years down the line they may want to have a bar tested just in case, I don't know.

I agree that CID is the best place to buy.