Buying Gold from eBay?

[TheMagpie]

Hi TheSilverForum,

 

I've just been searching eBay and I've came across listings of gold bars which are bidding for around £450 for oz bars now I'm sure if they were fake people would not bid up to something of that price if the items were plated? Has anyone had any luck from buying gold and silver from eBay? Any replies are much appreciated.

 

Regards,

TheMagpie

[vicamy]

Those I reckon would be either minions or bidding for fun but not paying. 

[TheMagpie]

1 minute ago, vicamy said:

Those I reckon would be either minions or bidding for fun but not paying. 

Sorry am fairly new to the scene what do you mean by minions?

[vicamy]

3 minutes ago, TheMagpie said:

Sorry am fairly new to the scene what do you mean by minions?

‘Friends’ of the seller 😉. 

[TheMagpie]

1 minute ago, vicamy said:

‘Friends’ of the seller 😉. 

Ah thanks for confirming guess I will definitely stay clear!

 

[DarkChameleon]

Just now, TheMagpie said:

Ah thanks for confirming guess I will definitely stay clear!

 

Ebay can be good whennoffers are on but you might save a couple of quid, not massive numbers like that.

[DarkChameleon]

Your best bet is to be a prmium member and buy from here from someone with feedback...it might offer the best dezl comparred to ebay and coin shops.

[TheMagpie]

Just now, DarkChameleon said:

Your best bet is to be a prmium member and buy from here from someone with feedback...it might offer the best dezl comparred to ebay and coin shops.

Yeah your right there's just no point in taking the risk with amounts like that thanks for your reply

[DarkChameleon]

Just now, TheMagpie said:

Yeah your right there's just no point in taking the risk with amounts like that thanks for your reply

If it seems to good to be true it is...wed snap those puppies up in milliseconds if they were real.

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Btw, ex north east myself, then massachusetts then florida

 

[TheMagpie]

5 minutes ago, DarkChameleon said:

If it seems to good to be true it is...wed snap those puppies up in milliseconds if they were real.

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Added 0 minutes later...

Btw, ex north east myself, then massachusetts then florida

 

haha good to know maybe my name gives it away where about I am in the north east

[DarkChameleon]

2 minutes ago, TheMagpie said:

haha good to know maybe my name gives it away where about I am in the north east

Im a maggies fan too, tge club got called maggies from my great aunts pet magpie, would drink and smoke, got into the northern echo a long long time ago, would drink newc brown.

[TheMagpie]

1 minute ago, DarkChameleon said:

Im a maggies fan too, tge club got called maggies from my great aunts pet magpie, would drink and smoke, got into the northern echo a long long time ago, would drink newc brown.

If that is true that is some story, thanks for sharing!

[Pohaku]

If someone owns a one ounce bar of gold, they are aware of the fact that there is a market price for gold that goes up and down.

If someone has an eBay account, they are able to operate a computer and do rudimentary things on the web - including using Google to research the current price.

Therefore, if someone has a bar of gold AND an eBay account, they know that their bar of gold is worth about £1450.

The question "Is the one selling on eBay for £450 real or not?" is pretty much self-answering.

[HillWalkerDundee]

Ebay is barge pole territory when it comes to anything valuable. I bought magnets from there once to test the silver I had recently purchased, never again.

[Guest]

Not gold, but right now on eBay theres a seller offloading 2020 ASE's for £4.75 a piece, which is waaay under scrap value. Seller claims to be based in London however postage takes roughly 2 weeks. So i assume its comming from China.

Ive bought a few to determine if theyre fake (which they most likely are) Im not bothered because i know il get a refund from eBay, i want to prove they are fake and have them taken off the site because unfortunately they appear to have sold quite a few. 

As people have said, no one in their right mind would sell for less than scrap value, unless your trying to offload it fast. So i would maybe expect £25-50 under value for gold and £1-2 under value for silver. Anything more than that is a massive red flag in my opinion.

[DarkChameleon]

2 minutes ago, scotland210590 said:

Not gold, but right now on eBay theres a seller offloading 2020 ASE's for £4.75 a piece, which is waaay under scrap value. Seller claims to be based in London however postage takes roughly 2 weeks. So i assume its comming from China.

Ive bought a few to determine if theyre fake (which they most likely are) Im not bothered because i know il get a refund from eBay, i want to prove they are fake and have them taken off the site because unfortunately they appear to have sold quite a few. 

As people have said, no one in their right mind would sell for less than scrap value, unless your trying to offload it fast. So i would maybe expect £25-50 under value for gold and £1-2 under value for silver. Anything more than that is a massive red flag in my opinion.

Too good a deal and the dealers would hoover them all up instantly.

[Guest]

Indeed ^^

The seller also keeps changing availability to *only 5 left* to increase the FOMO aswell. 

Its a shame because there will be people out there who think they have just bought some super low price silver eagles. Most likely just getting into precious metals and got stung by fakes on their first purchase...

[Airhead]

Many of these eBay sellers follow the old saying that “Its easy taking money from the greedy”. I was following a particular auction, more out of curiosity than anything else and an obviously fake 1oz gold bar (about five listing all had the same serial number) was sold for about £550. You have to feel for the winner of the auction, perhaps it will be the catalyst of common sense.

[TheMagpie]

4 minutes ago, Airhead said:

Many of these eBay sellers follow the old saying that “Its easy taking money from the greedy”. I was following a particular auction, more out of curiosity than anything else and an obviously fake 1oz gold bar (about five listing all had the same serial number) was sold for about £550. You have to feel for the winner of the auction, perhaps it will be the catalyst of common sense.

Yeah totally agree it's not so common sense

[Dragonnumis]

1 hour ago, scotland210590 said:

Ive bought a few to determine if theyre fake (which they most likely are) Im not bothered because i know il get a refund from eBay, i want to prove they are fake and have them taken off the site because unfortunately they appear to have sold quite a few. 

Well done to you for doing this. It’s so frustrating that people on ebay get away with this type of thing. Will you post an update on the outcome ? 👍

[TheMagpie]

Just now, Dragonnumis said:

Well done to you for doing this. It’s so frustrating that people on ebay get away with this type of thing. Will you post an update on the outcome ? 👍

Yeah I'm definitely in for this if it wasn't for the forum I think I would have wasted a lot of my money on the eBay

[Guest]

37 minutes ago, Dragonnumis said:

Well done to you for doing this. It’s so frustrating that people on ebay get away with this type of thing. Will you post an update on the outcome ? 👍

Yeah il post up my findings. 

I only committed to it because i have real silver eagles that i can take reference from, ive got scales, vernier calipers and a neodymium magnet so i should be able to determine if they are counterfeit.

Il possibly contact the police aswell as its not just fake silver, its counterfeit money, which is highly illegal...

[TheMagpie]

8 minutes ago, scotland210590 said:

Yeah il post up my findings. 

I only committed to it because i have real silver eagles that i can take reference from, ive got scales, vernier calipers and a neodymium magnet so i should be able to determine if they are counterfeit.

Il possibly contact the police aswell as its not just fake silver, its counterfeit money, which is highly illegal...

Great stuff need more people like you in the world let us all know the findings!

[Chorlton]

A brief search on the internet brings up fake gold sovereigns for the equivalent of £2 each. Most buying them on eBay have no idea what they are buying so even if selling 50% with no issues the profit margins would be huge. This is why seasoned purchasers rarely if ever buy gold off eBay or have the experience & equipment necessary to confirm their purchase is not counterfeit. For many the extra premium of buying from recognised dealers is a better value proposition.

[silenceissilver]

22 hours ago, scotland210590 said:

Indeed ^^

The seller also keeps changing availability to *only 5 left* to increase the FOMO aswell. 

Its a shame because there will be people out there who think they have just bought some super low price silver eagles. Most likely just getting into precious metals and got stung by fakes on their first purchase...

If  you are that stupid, it's your own fault and you deserve losing your money. What worries me more it that such a fake bar or coin then enters into the ciruclation of PMs and might be sold at market prices - so the next buyer might not even have the chance to figure out it's a fake as easily as the first buyer.