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Discussion in 'Money, Investing & Precious Metals' started by Immolatus, Jun 15, 2011.
Has opened a new gold and silver buillion center. Responding to demand, I assume?
is it called www.scams-R-us.com ?
I noticed that. I'm an eBay seller and I'm wary of it.
I've bought silver and gold off of eBay before but it's rare.
I only buy gold or silver still in assay certificate packaging and it either has to be PAMP SUISSE or Trusted Bullion/Turkish Refinery. I trust them the most and those assay cards are sealed around the gold/silver. You'd know if it was tampered with.
HOWEVER, eBay reports any large purchase and any precious metal purchase over a certain amount to the IRS automatically. As does Paypal who (SURPRISE!) is owned by eBay. eBay also owns Rent.com, Half.com, and many other sites.
Purchasing metals off of eBay is always a gamble. Most times, people bid $20-$30 over spot price for the metals thinking they aren't going to have to report them in taxes. HAH! I've seen PAMP SUISSE 5 Gram bars run for over $500 on eBay!!
It's an insane world on eBay.
And it's a gamble if you want to SELL your bullion (why would you want to!?) on eBay. Any buyer, and I mean ANY BUYER, can report the item in the mail as 1. Unsent 2. Not as Described, 3. Damaged, or anything. eBay ALWAYS sides with the buyer even if eBay knows they are lying.
For example, my packages that I send out to people have a tracking number on the package. Once you enter that tracking number into the shipping info for the Buyer, eBay AND PayPal knows it too. But it doesn't stop people from filing disputes. It's happened to be NUMEROUS TIMES even though I can see the package was delivered. And 100% of the time, the buyer got a refund. Hey, it's free stuff! I can see people doing that with precious metals on eBay. May they burn in Hell.
Can I buy some gold from you through your Ebay site?
I think I'll just go out and pan my own. Then, no one will know anything about it but me and my blisters.
I think most of the scammers, er.. um sellers, are counting on listings like this:
"1 Troy oz Ounce 24k GOLD Layered Buffalo Bar Bullion" for only $17.50 (so far)
When you read the description it says
"1- 1 Troy oz Solid copper
Layered in a thick 100 mill of 24k GOLD
.999 Fine Approx. 2" x 1-1/4" in size
This is a beautiful mirrored finish 24kGold over solid copper bar. Not solid gold
So they do admit it isn't solid gold but figure there are enough people that won't catch that and bid it up thinking they're getting a full ounce of gold.
DING-DING-DING! We have a winner!!
Exactly! I saw a "1 Troy Ounce 100mills Gold Art Bar" sell for $510 yesterday. It plainly stated in the auction that it wasn't solid gold and
the inside was either copper or silver.
They try to get you with "1 Troy Ounce EGP Gold Bar" which means "1 Troy Ounce Electro Gold Plated Gold Bar" which is just another fancy way of stating the bar is not solid gold.
California either just made that illegal or is extremely close to doing so... unbelievable.
there's always Canada...