When people here of online bullion auctions, eBay is often the first website that comes to mind.
However, there are many other auction websites where you can find precious metals bullion.
To name a few, CommodityAuction.com, GreatCollections.com and Teletrade.com come to mind, but there are many more than that listed at the bottom of this page.
If you decide to participate in a bullion auction, you need Discipline and an Understanding of what kind of precious metals bullion you want to bid on.
The Free-Bullion-Investment-Guide can help you with getting to know what you want to bid on, however it cannot help you in finding discipline.
Investing of any kind takes a lot of discipline and patience, and buying bullion at the right price on an online auction will definitely test your skills in these two departments.
You want to set a price for yourself on the item you want to buy, if it goes over, let it go, stick to your price.
If you let yourself go over your set investment price, you will stop being an investor and you'll become a collector.
Collectors will pay almost any price for something they want.
Below is an in-depth explanation of how a bullion investor can use eBay to find the best deals. These tips can also be used on other bullion auction sites.
Bullion Items to Be Aware of...
Bullion auction sites can be a good place to find a great prices for bullion, sometimes you can find prices on bullion at these sites for less than the spot price of the precious metal.
However, there are a lot of slammers on auction sites as well. There are also sellers on these sites who prey on bidders who don't know what they are doing when it comes to buying bullion.
Flakes & Grains
The first thing any bullion investor should stay away from before looking into the history of the seller is the type of bullion being offered.
Listings for Grains of bullion, Clad or Layered coins and bars, Gold & Silver Flakes, should all be left alone. Many sellers are selling these items on these sites because it is the only place they can find someone to buy this type of bullion.
Furthermore, if someone were to buy these forms of bullion, the only place he/she would be able to sell them is back on a auction site. For the true bullion investor these items should be left alone.
To further express this point is to define a grain of bullion.
A grain equals 0.002083 troy ounces, it is equal in size to a grain of wheat or a grain of rice. In the terms of the current average price of gold @$1650.00, a grain of gold is equivalent in price to $3.43.
Trust the Seller
Trusted Sellers are not hard to find on eBay and other sites that offer bullion through there auctions.
I have been a member of eBay since 2002, and currently have a feedback rating of 100%. But this page isn't about me, nor will you ever see any of my items being sold anywhere on this site.
However, as a buyer and a seller on eBay and a few other auction sites, I know how hard sellers work to keep there feedback in good standings.
Good sellers will be completely honest on their listings; they should have a complete description of the item on the page. And if there are flaws in the item it should be listed on the page.
If you have a question for them they should respond to you within 24 hours to 36 hours; at the most.
All their shipping information should be clearly defined and charges should be listed with the item (international charges excluded).
Good sellers will offer Free Shipping on eBay, these are the ones you want to find, this will also allow you to buy your bullion closest to its spot price.
Much too often sellers will try to set a higher shipping price to try to make more off the sell, when they are only hurting themselves in the process. Technically speaking, if a seller is charging you for shipping costs, the price should not exceed $4.00 on a single item.
Before bidding on any item on eBay a bidder should be cautious of any seller with a feedback rating less than 99%.
It also doesn't hurt to look deeper into a seller's history by clicking on the number in there feedback ranking to see what other auction winners have said about the seller.
Other areas to be cautious of a seller on a bullion auction is there location. Lately there has been an influx of sellers from China on these auctions. Some are good, but many are not so much.
A good rule of thumb to go by in any investment is that if you don't trust the seller, don't buy from them.
Bullion auctions have received a bad rap from the sellers who sell fake bullion. To often sellers try to trick buyers into thinking they're buying the real thing when they are not.
The two most publicized coins being sold as fakes are the Chinese Gold and Silver Panda and The United States Morgan Dollars.
Fake Morgan Dollars
There are ways to compare a real Morgan Dollar or Chinese Panda with a fake before possibly being suckered into buying one.
The one most telling way I've been able to tell a real Morgan Dollar from a fake is in the rim of the coin. The rim on a fake will be fat or uneven with no clear definition.
Where as a real Morgan has a thin rim with a small beading around the entire perimeter of the coin, just inside the rim.
For more information about fake Morgan Dollars being sold on ebay check out this article;
Flood of Fake Morgans on Ebay
you may also be interested in this about fake American Silver Eagles and Silver Morgans
Chinese Pandas are a little harder to tell as a fake by just sight alone.
But one of the easiest ways to tell a fake gold panda from a real one is that all gold pandas are sold inside a sealed plastic sleeve. The real sleeves have a Chinese Government serial number imprinted on the side of it, where as the fakes have no serial number.
Other ways to tell a fake panda from a real one is in the face value of the coin.
Counterfeiters of Chinese bullion coins often get the correct face value of the coin wrong or they often put it in the wrong place. This is true for both silver and gold pandas.
Furthermore, this is a site that gives the names of sellers on eBay who have been banned from the site for selling counterfeit currency. Also at the bottom of the site gives some good tips on what to look for with sellers who are not honest. Counterfeit Chinese Coin or Fake Bullion Bar Sellers on Ebay
Tips & Tactics to find Deals on Ebay
Many of these tips are my own ways of finding good deals for bullion on eBay, I'm sure others have many of there own tactics that they use as well but these always work for me.
As mentioned earlier you need to know what your looking for and what the spot price per ounce of the bullion your looking for is before you bid.
Known Tactics for Finding Deals on eBay
Many tactics that some bidders have to find good deals on eBay is to bid on bullion auctions that are ending on Friday or Saturday nights; this is when web traffic on eBay is at much lower levels.
Another tactic is to find bullion auctions that are ending in off hours, for instance, auctions that end in the middle of the working day or bullion auctions that end after midnight.
From my own experience the best days and times to get the greatest bids on items I'm selling on eBay is between Sunday thru Thursday, having the auction end between 4pm - 11pm Pacific Standard Time (PST) on those days.
"Buy It Now" on eBay
Deals using "Buy It Now" are honestly few and far between but they do happen on occasion.
The Key to using the "Buy It Now" option is to first click "Buy It Now" tab near the top of the page, under the search bar.
This will isolate all the Buy It Now bullion items.
When someone does this, they then want to use the "Sort by" option and select the "recently listed" Buy It Now items, for the item he/she is looking for.
Sometimes what happens is that some sellers will offer there items lower than the average price found on the actual bullion auction area of eBay.
These deals are few and far between when using this tactic, it often works better on collectible coins than on bullion coins because some sellers do not know the true value of the coins they're selling.
However, on occasion you will find some pretty decent deals on bullion using this tactic.
How to find the Average selling price on Bullion Auctions on eBay
OK, you know what you want and you know the spot price of the precious metal your looking for, now it's time to see if you should take your time even looking on eBay for a deal compared to your most trusted dealer.
The way to find the average selling price on eBay is by using a tool that I'm not sure if many members know about or not, but it is quite useful.
The first thing to do is to enter in the search the item you're looking to buy, in this case we'll pick the 2010 silver eagle.
Note: Current year bullion coins on eBay often carry a little higher premium than off year bullion coins.
After you have entered the coin's name and year, and you have clicked the search button, this will bring up all the coins currently offered.
On the left side of the page there are 7 options to choose to refine your search. They include; Price, Condition, Seller, Buying Formats, Show Only, Location and Distance.
The option you want in this instance is under the "Show Only" option.
If you choose the "Completed Listings" option under the "Show Only" category, the next screen you will see is every item that has sold or didn't sell in that particular bullion auction.
Furthermore, if you choose the option of "End Date: recent first" in the "Sort by" category under the search bar, this will give you an idea of the average selling price for the bullion item your looking for on eBay.
Once you have an idea of the average selling price the next thing I often do is to look for current items up for auction that have not been over bid, and put them in my watch-list.
When the auction comes close to ending and if the price has not raised more than 5% over spot price, I may bid on the item if it has free shipping and a good seller with a high feedback level is selling it.
There are many other ways one can use the "Completed Listings" option on eBay that can enhance your buying opportunities.
For instance, you can find Buy it Now sellers who sell at low prices. If you're selling you can find the average price of the item you want to sell is selling at, and there are many other ways of using this very useful tool.
This site tracks and compares prices of gold, silver and platinum bullion selling on eBay and other websites.
For eBay in particular the site compares bullion prices throughout all the bullion auctions on eBay.
It is a great tool for the bullion investor, giving the buyer the opportunity to find the best deals at the lowest premiums.
The Bullion Supermarket is a very useful addition to the web in helping bullion investor's to find the best deals.
The next bullion auction site featured on this page is a trusted precious metals bullion site where you don't have to worry about the authenticity of the bullion or if you can get a good deal or not.
The only thing you have to do is choose to participate.
is a new online penny auction site and the first one of it's kind dealing only in precious metals commodities.
In one of my first emails with one of the owners, I congratulated him on creating such a great concept.
It allows bullion/coin investors a fun way to try to buy bullion/coins below spot price.
is like other penny auctions sites in the sense that for every bid you place, the price goes up by one penny.
However, that's where the similarities ends, there are many advantages to using CommodityAuction.com that other penny auction sites do not offer.
The Many Attractive Features of CommodityAuction.com
#1 - The first and one of the most attractive features is that they will buy back the bullion/coin from the winner of the bullion auction if he/she chooses to do so at the retail price minus a small percentage.
Therefor many members who choose to sell the bullion/coin back will, in most cases, make a substantial profit.
#2 - Another benefit to the bidders of CommodityAuction.com is their Buy It Now Option.
It works like this: for every penny bid placed, for the item that you are bidding on, the retail price of the bullion/coin you are bidding on decreases by $0.35.
This is an advantage for anyone who places a lot of bids, but may not win the bullion auction.
For instance, if the bullion item's retail price is $100 and you place 100 bids but don't win the item, the retail price will decrease by $35.00.
This is how the Buy It Now option offered right after a bullion auction ends on a particular item gives the losing bidder, who used a lot of time and effort to win an item to still get a great price on bullion, often below the spot price.
#3 - Furthermore, another great function of Commodity Auction.com is that they have win limits.
To some of the pros of penny auctions I'm sure they see this as a hindrance, however this option gives everyone a chance at winning.
Other Things to Know about CommodityAuction.com
Sign up is real easy and they give you 5 free bids upon registering.
Every $0.01 bid costs $0.75
After the clock drops below 10 seconds, the clock does not go higher no matter how many bids are placed under the 10 second mark.
They accept all major credit cards and DalPay.
There are win limits of 7 items a week, 15 items a month per bidder which do not include bid packages.
They provide great customer support.
Refer a friend and once they purchase a bid package of any size you will receive 10 free bids.
One last word about CommodityAuction.com is that they purposely keep the site minimalistic and they don't fill it with a bunch of clutter which can distract bidders.
Their efforts have been focused on making the site run smoothly and to limit that amount of clutter that can ultimately affect the timer and bidding experience.
They find that everyone's computer is configured differently and
people use different browsers, not to mention different internet service providers and adding flash, videos, and even live feeds could affect refresh times.
So while the site may look blah on the outside it's far from blah on the inside.
Listing of Different Types of Bullion Auctions on the Web
Bullion Auctions, Numismatic Coin Auctions and other auctions.
Seized Property Auctions.com
is the premier auction company for liquidating property seized by police and federal agencies, property from abandoned safe deposit boxes, seized bank assets, bankruptcies, financial institutions, business inventory liquidations, and other consigners.
World's Largest Collectables Auctioneer, includes mostly numismatic coins and some bullion coins.
All types of auctions including bullion coins & numismatic coins.
Give participants the opportunity to auctions of sized and foreclosure auctions of all types.