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Two reasons I like Ebay.

First: It is a source and like any sources there are good deals and not so good. Bid low and hope for the best.

Second: It's a great way to network. Yea, you might have to pay a high price on an item, but it can open doors for a steady supply of product.
I've done this on several purchases where I now buy on the side and pay less.
 
Maybe I'm missing something, or I'm not searching properly, but usually never see scrap on ebay selling for below melt value.

For example...this auction that just ended
http://cgi.ebay.com/48-7-Grams-of-10Kt-14Kt-Wearable-and-Scrap-Gold_W0QQitemZ200389063527QQcmdZViewItemQQptZLH_DefaultDomain_0?hash=item2ea81e7367&_trksid=p3286.c0.m14#ht_561wt_1110

This auction sold for $851.42 + $5.00 s/h
7.4g of 10k and 41.3g of 14k.
I would calculate this to be worth $843.91 at 100% of its melt value with gold at $1003.50

This auction:
http://cgi.ebay.com/SCRAP-14k-10k-JEWELRY-RING-PENDANT-CHARMS-EARRINS_W0QQitemZ220488369813QQcmdZViewItemQQptZLH_DefaultDomain_0?hash=item3356218695&_trksid=p3286.c0.m14#ht_602wt_1110

Went for $261 + $5 s/h. Calculated to be worth $274.....however there are some stones in the jewelry that are included in that weight.

http://cgi.ebay.com/14K-LOT-SCRAP-WEARABLE-GOLD_W0QQitemZ270463757315QQcmdZViewItemQQptZCoins_Bullion?hash=item3ef8e56c03&_trksid=p3286.c0.m14#ht_500wt_1125

Sold for $1135 ...worth $1107

I just can't see anything being sold for less than melt...there are too many people who are willing to bid things up past their melt value.

Plus the uncertainty of buying gold without being able to check it yourself....

CR2008 said:
LaurenceOs said:
Is it a waste of time or what?

There's always loads and loads of it on there and its always supprisingly cheap.
Click to expand...

I would not say so... a few times I was able to pay 50-60% melt on ebay... not to common though. 90%+ of auctions will be more 75% melt and to many even above melt for damaged solid gold jewelry... crazy. Either way IMHO, ebay is worth a look, it feels good to win an auction and pay 1/2 melt.
Click to expand...
 
There are also plenty of speculators who are prepared to gamble with the price of Gold.

If you listen to the background noise, there's plenty of push for $1200 - $1300 oz by the end of the year.

The guys paying over melt prices for their scrap are just gambling that the price will go up.
Even if it doesn't reach $1200, i can't see it falling by much from where it is now so they have a fairly
safe bet.

Given a choice, i know what i would rather have hidden under my floorboards!

Regards
Buzz
 
Fournines said:
I just can't see anything being sold for less than melt...there are too many people who are willing to bid things up past their melt value.
Click to expand...

If some is paying over spot for scrap gold, why not buy something nicer. I have been buying my wife some gold rings, and I pay just over or just under spot for the gold. Now it is not just scrap, but a nice ring too. Doesn't seem to work for earrings. They go much higher.

Tom
 
Hope it is OK to dredge up an old thread for my first post.

I have been doing this lately and it is the same as you describe; some items go for 100% or more of gold (when including shipping costs) but most are right at 95%. There is a buyer there that must be making 3,000 posts a month and is usually bidding 95% although sometimes wins at a lower rate. I can only guess this is a refiner just looking to get gold to fill the current demand. I usually bid up to 90% and have got a few items but in all my following it is rare for something to go below 90% and it is usually not much below that when it does. I have never seen anything go for 50-80% unless it was a suspect item but I do not track too many suspect items.
 
It's all a matter of $.
If you can make two or three percent in 30 days, it could be real profitable over time.

Mark
 
When you look at these auctions you see what they are made of (10k-14k gold). Others may see what they are made into (locket, ring, chain, etc.).

What some consider scrap others consider inventory for flea markets and antique shows. Collector value may often far exceed scrap value often by several times.

There are collectors out there for just about anything. :mrgreen:
 
ah.. 3 years ago in height of economic boom I was getting mostly 9kt gold watches and rings mostly in lots well below 50% spot. I still have quite few which I left for my sweet wife...
 
dogger brian said:
look out for spelling misprints this one went cheep if it was 9ct gold
http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&item=200390845583&category=97665
Click to expand...

Not checked the link. Was it a budgerigar?
 
LaurenceOs said:
Lol they were only a few quid guys, i wont lose any sleep :)

Since you're all chatting on here, does anyone wanna post me a link where i can actually buy Nitric acid?...... I'm still failing to find it, i've found some sites but they wont sell to private individuals.
Click to expand...

Ebay item number 250532594347 8)
 
Colster: Late as usual, but found your bit about purchasing Nitric Acid. I have purchased from Action Mining, but they drop - ship from California and the shipping and hazmat fee is horrendous. I now purchase my chemicals from Elemental Scientific in Wisconsin. Minimum order is $25.00, but their catalog is kind of nice. They are on-line. Phill
 
There is supposedly up to 10 or 15% "cashback" offered by searching for "nintendo wii" on ebay, getting offered a cashback link, then using that link to do a "buy it now" on whatever item you actually want to buy. On another board people are bragging about buying silver coins under spot price by using this method; it might well work for jewelry as well.
 

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