1 troy ounce gold bar?

I just bought a troy ounce gold bar for $51 on ebay
http://cgi.ebay.com/ws/eBayISAPI.dl...57694&ssPageName=STRK:MEWNX:IT#ht_2439wt_1139
Is it really worth over a thousand or was I scammed?

 

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It's plated. You didn't read far enough into the listing:

"The bar is NOT SOLID GOLD but the layer of gold on the outside is .999 pure 24k and 100 mills thick! I believe the core metal is copper but it is hard for me to be sure without cutting deep past the gold layer. The bar dimensions are 2" x 1.1" and it weighs one troy ounce. "

 

It's gold plated. 100 mills 24K gold is just a fancy name for gold plated.

 

How much do you think it's worth?

 

You weren't scammed. the seller plainly stated it was not a solid bar.

 

About ten bucks.

 

Not very much in terms of gold value. A 1 gram .999 solid gold bar has more gold value in it than the 100 mills gold bar that you bought.

 

Think about it. A 1 oz. bar of gold for $51?

Closing price of gold on Friday was $1190.

Before buying gold bars, you should check market prices for what gold is trading at per ounce.

Here's 1 site you can use:

http://www.kitco.com/market/

 

Good thing I haven't paid yet hehe.... I'm contacting the seller now.

 

Good luck cancelling the sale. But like someone pointed out on this thread, that bar has about $10 worth of gold plate on it. Think about the Gold Buffalo $50 proofs that were advertised on T.V. for $19.95 plus $4.95 S&H. About $1.20 +or- $.05, worth of gold plate on those.

 

Does it really have $10 worth of gold in it(or about a quarter gram)?? I would have thought that the amount of gold on that bar was practically negligible. I see these on ebay all the time, and I hate them because they are sooo misleading. I think they were purposely made to be misleading to screw people.

 

Look at this wholeseller of them

http://www.cmcmint.com/store/index.php?main_page=index&cPath=23_25

25 of the bars for $150 = $6 each.

jim

 

WOW! Well, they obviously have less than $10 gold in each one. That's a pretty good gig, $6 each and then $50 a pop on ebay.:rollling:

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Well, I don't know that they ALL sell for that much on eBay.
That makes A LOT of suckers...

 

Not to be confused with the Central Mint of China (Taiwan)

for reference: Mints of the World

 

W

true, they usually sell between 10-20, but I've seen more than 1 go for 50+.

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Why? You blew it by not reading the auction carefully enough.

Joe

 

Exactly!
When you bid for something on eBay, you are technically entering a contract.
Backing out of the item sale after you essentially agreed to pay for it, what kind of message does that send to all of us about your character?

 

Don't be surprised if the seller first laughs his butt off, second holds you to the contract of sale.

 

100 Mills (Milligrams) would be about $3.72 worth of gold. (100mg = .1g = .0032 ozt x $1,159 = $3.72 ) Problem is that it would cost you about $75-$100 for a melt assay and then the gold recovery. So unfortunately you didn't do so good on this one.