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Smart Silver Buying on eBay

Commodities / Gold and Silver 2011 Jul 15, 2011 - 03:00 AM GMT

By: Dr_Jeff_Lewis

Commodities

Silver accumulators have to start somewhere.  Ten years ago, a silver buyer might have used his landline phone to call a small coin shop for a quote on silver bullion.  If the buyer were lucky, he or she might have access to a wholesaler, who could sell them small amounts of bullion with minimal markup.  Today, the silver buyers are going straight to eBay, but the online auction site can be both a blessing and a curse.


Making the most of eBay

Silver accumulators can buy on eBay, but there are a few unique twists and turns to silver bullion auctions on the site:

  1. Feedback matters – eBay has a feedback system in place to ensure a smooth buying and selling process, but it’s not perfect.  Always examine the feedback score for recent feedback.  Typically, scammers will sell several small items for less than $10 before opening up to much larger silver transactions of $1,000 or more.  Keep safety first; you’re best to avoid these users.
  2. Timing – Buying from an auction site like eBay requires timing.  Small stackers will find that silver sells for the lowest premium late at night and early in the morning.  On weekends, a surge in shopping traffic means bids rise considerably.
  3. Grab a discount – eBay Bucks are a great way to get a discount on your bullion.  As an eBay Bucks member, you can receive 2% back on each purchase, enabling you to bid more, but pay less.  You should, however, note one oddity about eBay Bucks, which makes up the fourth precaution on this list.  Combine this with a rewards credit card for an additional 1-2% of cash back bonuses plus payment protection should the deal go sour.
  4. Bucks redemption – The first week of the month is when accounts are updated to reflect accumulated Bucks balances.  During the first few days, those who have completed several large purchases have piles of free money, and they’re not afraid to spend it!  Avoid the auction site through the first week of the month as eBay silver shoppers are keen on using their Bucks as soon as they can.
  5. Patience – eBay buyers should be patient.  You have to be willing to lose auctions to win, as there is very little sense in bidding heavily over spot just to win an auction.  If you’re not a patient person, eBay isn’t for you.  Accumulate elsewhere from a vendor that won’t make you compete toe-to-toe for each ounce of bullion.

It’s easy to get caught up in the macroeconomic studies that can detract from the fun of silver accumulation.  At the root of any investment you should find enjoyment, and the hunt for silver rounds on eBay can provide just that.  The millions of coin collectors and bullion buyers around the world probably didn’t buy their first round for profits, but rather for the joy of the hunt.  Having fun with silver accumulation is just as important as making money because if you don’t enjoy it, you’ll likely sell out early.

By Dr. Jeff Lewis

    Dr. Jeffrey Lewis, in addition to running a busy medical practice, is the editor of Silver-Coin-Investor.com and Hard-Money-Newsletter-Review.com

    Copyright © 2011 Dr. Jeff Lewis- All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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