Prices paid on ebay

[Anonymous]

Evaluating prices on ebay, I must be making a calculation mistake or something. These auctions were for scrap jewelry or dental gold, I based the spot value at $935/oz, here are auctions that have closed since Friday:

Sold $$$ Value$$$
$2,125.00 $1,956.50
$2,157.00 $2,194.27
$1,410.00 $1,497.07
$3,451.00 $3,603.53
$562.00 $603.36
$4,373.01 $4,301.55

Some of these sold for more than my calculated value, what did sell for less does not seem like enough margin to buy food. What are these people doing?

Here is how I calculated the value:
$935/oz
24karat = 9999 gold
31.1 grams/oz

Did I make a mistake? If not how are these people buying making any money?

Thanks

 

[teabone]

Some people buy at spot or close to it, and then hold in the hopes that prices will keep going up. Think of it as an investment.

 

[patnor1011]

yeah teabone is right...
I used to buy antique wrist watch for my friend 4 years ago... after while he didnt want more but I was hooked on bidding for a while... I have to stop buying one day when I found out that my visa is dead... say that I have spend about 2k euro for various wristwatch mostly gold filled or plated but some of them from solid gold. I got more than handfull of rings too. I showed all that stuff to cupboard and let it be... after about 15 months I start thinking that I am not going to keep that wristwatch collection (about 100 different types and markes) so I start putting them on ebay piece by piece... I bought them mostly as lots say 5-15 a time. I have sold nearly all of them. I got back my 2k euro, plus my wifey still have about 15 rings and 6 gold wristwatch... I have one gold plated Gruen and bulova, one eterna, one very old concord and waltham which I could not part from... I consider myself lucky as I have my investment back and I can get even more if I will put the rest of bought items back to ebay... Say that in my case it was good timing but you can never know what will happend when you are buying... I still remember how my wife react when she found out what I have paid for that "worthless old crap" as she used to reffer to shoe box full of wristwatch...