Golden days ahead for eBay buyers
Published 16/08/2011 | 08:00
The recent stock market trauma has been a boon for gold sellers on eBay.
Gold and silver sales on the site had already been rising steadily over the past few years, so much so that eBay created a special section in May to make it easier for buyers to find sellers.
Now activity on that part of the site, the Bullion Centre, is intensifying as consumers unnerved by the economic uncertainty flock to gold in hopes it will be a stable investment.
"When people are coming down to the question, 'Do they want to have cash in the bank or gold in their hands?' the answer is they'd rather have gold or silver," said Jacob Chandler, CEO of Great Southern Coins, the largest seller of precious metals on eBay.
According to the most recent data available from eBay, sales of one-ounce gold American Eagle coins and one-ounce gold Pamp Suisse bars have risen steadily since the beginning of this month. And as the Dow Jones plunged last week, the number of gold buyers on eBay rose 11%.
Based in San Jose, California, eBay does not impose minimum purchase amounts for bullion. Sellers offer gold both through auctions and 'Buy It Now' fixed-price sales. The popularity of gold on eBay echoes what's happening in the broader gold market, where prices have spiked during the past two years.