Selling Gold on eBay

Are you planning to sell your gold? Well, there are quite a few ways to do that; you can go to a top pawn-shop or the best bullion dealer in town. But as you know they will rarely pay you true worth of your gold. For a jewelry piece goldsmiths will always deduct making charges, melting charges, purity percentage, and weight loss. Since your gold ornament is a scrap for them most of the times. Else you can go to auction houses if the gold in question is a rare metal piece. How about becoming a dealer oneself, if you have a giant collection? Then you can quote your own prices (as per the market trend) and can later think of increasing your collection. But it may involve many constraints such as; establishing a shop, registration with government, tax issues etc. Forget it. Feel excited about the next coin show in your city? Well, not certain if you can crack the best deal out there competing with many others of your like.

Here, eBay comes to your rescue. This is one place where people from all walks of the society, irrespective of their profession, are involved in constant trading of goods of all kinds. And it is convenient to find best deals almost every day. Regarding gold bullion thousands of people are involved in selling their gold and many are buying on eBay rather than going to pawn shops or goldsmiths. Another liberty that it offers its customers is discount in size. People can buy small sized bullion and also in low quantities. Most popular bullion sizes are 1 oz, 10 oz and 100 oz. This is beneficial also because if you go out to buy a 1 oz bar you may end up paying more than you achieve. This is so because smaller sized bars cost higher premium.

 

So in relative terms of cost and quantity eBay seems to be a better proposition. At least if it is old jewelry that you have there can be no better place to sell it. For here you won’t be charged making cost and other liabilities where just the cost of metal makes up for most of the jewelry price. What is one backdrop that its registration charges are high, about 5.25% of the total fee. And the maximum time for which your auctioned piece can stand in the market is 10 days. Sometimes, it is insufficient time to find the right buyer for the right price.

How to get started with eBay

1. Find out about your gold, what kind of bullion is it, a bar/coin. What are its properties; time, quantity, quality, shape and size, mint (government or private) and market availability. If it is a jewelry piece you need to know whether it is embedded with semi-precious stones or not and is 24 karat or alloyed.
2. There are chances to score maximum profit on small sized bullion because here there are three factors that matter. One, the category of buyers which is mostly businessmen and public authorities. They prefer buying light weight bullion. Second, shipping costs. These are invariably high within states and countries. Thus, lighter the gold lesser will be the shipping cost. Third, limited time. You have to make a deal within 10 days or so. As is obvious anybody would think 10 times before purchasing a 100-500 ounce bar.
3. Once you have decided on what you are selling, you need to create a Paypal account on eBay. Visit the site of eBay, follow the instructions to set up an account and do the same for Paypal link.
4. EBay has specific rules for selling of gold jewelry and gold bullion. This comes under how to categorize. It can be found out by clicking on Help. Type in ‘Gold Policies’ and search. The list of topics starts with ‘Jewelry, Precious Metals and Loose Beads’. This is your option. They have explained rules with the help of examples. You need to agree with their terms and conditions.
5. Next thing is posting your bullion on the site for auction. You should click your gold before posting its details. The picture is a quick sell if your stuff is maintained in a protective covering. Picture should reveal the shine and luster of your assets. This can be made easier by observing how others are posting their gold.
6. Don’t get attracted by custom labels to promote your sale. They will only add to the costs and are not required otherwise. You can just wrap up your gold in a newspaper and attach its insurance slip and ship a priority mail (insurance cost included). People get a notion that real products don’t need ads.
7. You can optimize profits in next deals once you are through with selling some of your gold. You can offer shipping discounts for multiple items. Go for multiple bars selling, you can expect higher profit that ways. You can make pick-up charges free.

So that’s the way to go. It is as simple to start your own little business with profits on eBay.

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