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Using an Auction site to purchase bullion 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, and stick to your price, there will always be another item available.
If you let yourself go over your set investment price, you will likely regret it.
Bullion auctions have received a bad rap from the sellers who sell fake bullion. Unfortunately, sometimes, sellers try to trick buyers into thinking they're buying the real thing when they are not.
Characteristics of Trusted Sellers:
A good rule of thumb for any investment is that "if you don't trust the seller, don't buy from them."
Every day the news on the homepage is updated (except some Saturdays) and every day the internet searched for articles about Fake and Counterfeit Bullion.
When articles are found about Fake or Counterfeit bullion bars and coins they are posted with the Header: 'FAKE BULLION ALERT' or 'COUNTERFEIT ALERT'
Here are some examples of the Guide's Alerts for Fake or Counterfeit bullion related items.
If you want to find past articles about Fake or Counterfeit bullion, you can go to the news archives
page, of this guide, and use the 'Find' option on your Internet Browser, type 'Fake or
Counterfeit' in the search bar to find all the news reported about Fake
bullion bars and coins that were posted in the last year. (You can also search this Guide's Quarterly News pages using the same practice)
Lastly, in case if you are wondering...
"What does this have to do with Auctions?"
Sadly, a lot of these coins/bullion find their way onto auction sites, and as you will see in the videos below, and many get duped into buying these items.
Note: the Counterfeit Alert is new as of May 2016, however, the guide has posted news about fake and counterfeit bullion for several years.
The two coins that are most publicized as being sold as counterfeits or fakes are the U.S. Silver Morgan Dollars and the Chinese Gold and Silver Panda bullion coins,
The coin image below is of a Real Morgan Silver Dollar, you can find specific information about the coin here.
The best way to help you with identifying fake Morgan silver dollars is to let you see what other individuals have encountered.
Below, you will find videos made by people who've purchased these fake Morgan dollars; they've learned from their mistakes and are now showing others how to they can recognize these coins to try to help them from making the same mistake they did.
The guide has several pages devoted to the Chinese gold and silver panda bullion coins to help you with being more familiar with them and their features.
The more you know about these coins the easier it will be for you to recognize a fake panda from a real one.
You will find links to these coins when you scroll down the Guide's page titled: Chinese Bullion.
Chinese Panda Bullion Coins are one of the most counterfeited coins on the secondary markets.
The guide below created by "PandaCollector.com shows you how you can recognize a Fake Chinese Panda from a Real one.
In addition, below, you will find videos made by people who've purchased Fake Panda bullion coins; they've learned from their mistakes and are now showing others how to they can recognize these coins to try to help them from making the same mistake they did.
You Can take a look at this Tool that can be used to Find Counterfeit American Eagle Silver Bullion Coins: BullionCoinCheck.com
Check out this tool that can be used to test the Authenticity of numerous 1 oz. Gold Bullion coins: GoldCoinBalance.com
Lastly, you can 'Click' the link below to learn from anyone of these YouTube Videos about:
One tactic that you can use to help you find a good deal on an auction site is to bid on bullion auctions that end on Friday or Saturday nights; this is when web traffic is at its lowest 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 or before 5am.
Keep Reading because the next two sections will help you learn how to hone in on Bullion Auction Deals.
"Buy It Now," if you decide to use this tactic (that I have used) I won't lie to you, finding a deal is very hard, but it also can be very rewarding.
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.
will isolate all the Buy It Now bullion items. Once you have isolated
the "Buy it Now" items, then use the "Sort by" option and select the
"recently listed items."
Some sellers will offer their items lower than the average price because these sellers do not know the true value of the coins they're selling.
These deals are few and far between when using this tactic, it often works better on collectible coins than on bullion coins.
However, on occasion, you will find some pretty decent deals on bullion using this tactic.
You know what you want and you know the spot price of the precious metal coin you are looking for, so now it's time to see if you should use your time looking on a Bullion Auction site for a deal or find a reputable and trusted Bullion Dealer who sells the coin you want.
The way to find the average selling price on eBay is by using a tool that is quite useful.
The first thing to do is to go on eBay and enter in the search bar the name of the item you're want to buy, in this case, we'll pick the 2016 American Eagle Silver bullion coin.
After you have entered the coin's name, size, and year, click the search button, this will bring up all the coins that are now available for Auction and Buy it Now.
On the left side of the page, there is a list of options to choose to refine your search, these options include; Category, Condition, Price, Format, Item Location, Delivery Options, and Show Only.
The option you want is under the "Show Only" option.
If you choose the "Completed Listings" option under the "Show Only" category, the next screen will show you the item you searched, if it sold or not and its ending price.
Basically, it will give you an idea of what others were willing to pay for the item or not, which ever the case may be. This tool is also handy for finding out the value of an item on the secondary market.
Furthermore, you can refine your search by taking a look back up at the top of the search screen, under the search bar, and look for the option titled "Sort" and select "End Date: recent first," this will give you an idea of the average selling price for the bullion item you are looking for on eBay.
Once you have an idea of the average selling price for the item you want, the next thing to do is to look for current items up for auction that have not been over bid, and take note of when the auction will end and put it in your watch-list.
When the auction comes close to an end and if the price has not gone over its average selling price, you may want to bid on the item if the seller has good feedback. (the choice is yours)
There are many other ways one can use the "Completed Listings" option on eBay that can enhance your buying opportunities, it is up to you as to how you want to use them... Good Luck!
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