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Do people buying silver on ebay *not check* the current spot price?

Discussion in 'The Okie Corral' started by Dragline, May 1, 2012.

  1. Dragline

    Dragline

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    I've been following the prices of 1oz silver coins such as the American Eagles on ebay for several months.
    Back when spot silver was in the $36 range people were routinely paying $40-$42 each for these 1oz coins. Sometimes even plus shipping on top of the bid price.
    I thought that was a bit high but I know you have to pay something above spot, so OK.
    But now that silver is below $31 people are *still* routinely paying $40 and over for 1oz silver coins. This goes on practically 24 hours a day.
    I don't get it. Does no one bother to check the spot price of silver?!?
     
  2. Glocksanity

    Glocksanity

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    I would never buy silver on Ebay.

    That being said, spot price is just the paper price for futures contracts. Market price is what it costs to get your hands on physical. A lot of people live in areas where there are no large coin dealers and therefore have to shop online. Granted, there are some good online dealers that sell a bit over spot, but some people are simply addicted to Ebay.

    At the end of the day, the people who spend $40 on a silver coin when spot is $31, will still be happier than those who bought no silver at all with their excess fiat.

    Get it while you can. It is a lifeboat for the mess we are approaching.
     

  3. wjv

    wjv

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    eBay fees and PayPal suck the profits out of any sales, so the eBay dealers HAVE to charge more just to make a minimal profit.

    I'm honestly amazed that eBay is still in business given how they have hosed the sellers with fees and policy changes.
     
  4. Dragline

    Dragline

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    Yeah but it's not just a matter of dealers charging more. Many start their auctions low with no reserve, it seems buyers are bidding up the prices on themselves.
     
    Last edited: May 1, 2012
  5. Numismatist

    Numismatist 5-Stand!

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    There are also a lot of people that think silver (and gold) is going to keep rising quite nicely; therefore, buying at above spot makes sense to them (not me) because they think it will only keep giong up...eBay is often the only way they know how to physically get it.
     
  6. BUG'S

    BUG'S

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    Nice flying eagle cent. I collect Peace Dollar VAMS. And no not via ebay.
     
  7. arclight610

    arclight610

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    Really, it doesn't come out to be that much of a different. When you factor in shipping and overhead when using places like Apmex, it comes out about the same (unless your ordering like 1000 oz at once). Just picked up a 10oz bar on ebay for $35.50 shipped. Not too bad in my opinion.

    Edit: That is $355.00 shipped.
     
    Last edited: May 2, 2012