Can we make money by buying the junk silver or gold on Ebay with free shipping.

If the gold or silver is going up, then sell to local store.
Going down, then return them.
My local store will buy bullion eagle gold for $10 below spot and
silver eagle 1.00 above spot also.

 

Log in or Sign up to hide this ad.

I hope you're not serious. Return to the seller and let them eat the loss, but only if you cannot sell higher? Man up and roll the dice with your own money.

 

I believe it would be labeled abuse. You may get away with it for a while, like many such schemes, but eventually it will catch up to you.

Also, its simply theft in my eyes.

 

That's exactly why most sellers who sell bullion offer no returns.

 

We should team up, what is your E-Bay ID?

 

I see what you did there :thumb:

 

No you can't that way. The best way would be to buy good date silver or good condition silver and hold it for 5+ years.

 

What you're suggesting is abusive to the sellers. Even if it wasn't, most return policies stipulate that you foot the bill on the return shipping.

1. Buy bullion on FeeBay.
2. Price of bullion drops.
3. Pay for return shipping on bullion.
4. Profit? Probably not...

In the long run, this would be a lose-lose situation for both you and the sellers you're abusing because you're both spending money on shipping on returned items. The only winner in the end is FeeBay for the fees charged on the items you decide to keep and sell. Maybe to someone that will turn around and return them to you when the price of bullion drops. Or would you not accept returns because you don't want the same thing that you're doing to the sellers to happen to you?

Plus, there aren't too many people selling bullion that accept returns. How long do you think it would take all of them to block you from bidding on their auctions?

It isn't easy to make money by buying coins on FeeBay and then selling them anywhere. I've seen a few interesting auctions where the sellers did a really crappy job of describing their coins and they sold pretty low. Even then, you're taking a risk that the guy described them that way on purpose because they're nothing but crappy coins...

 

If you really want to make money by selling coins on FeeBay, then buy them in bulk from the online precious metals dealers like APMEX, Provident Metals, or Kitco. You can buy American Silver Eagles for around $1.50 over spot. Then you sell them on FeeBay where they usually fetch around $8-10 over spot. If the price of silver stays even, you'll make a small profit once you pay all the fees and shipping costs.

Or, buy junk silver from people at spot value and sell it on FeeBay. Junk silver seems to fetch a premium on FeeBay and there's probably a little more room for profit than there is on ASE's.

Either way, we're talking about a huge investment on your part, and some decent risk that the price of silver will drop between the time you order it and the time your auction closes. You can minimize this risk by listing the auction before you actually receive the bullion, once you figure out how long it takes to receive your orders.

I've thought about doing it, but quite frankly, it isn't worth the investment, the risk, or even my time. I also don't really care much for FeeBay/PayPal. I don't really want to start a business where they would profit as much (if not more) than I would.

 

I say, go for it and then update us in a year how much profit or loss you've made. I'm willing to bet you'll actually lose out on such a scheme. My advice, don't quit your day job.

 

Isn't this how many day traders on the stock market make their money? Buy low / sell high. (so the "sell" part - not the "return" part)

If it's a matter of a few days between the buy/sell and you make a few thousand bucks - over the course of a year...

 

So tell me, if the OP is buying from eBay and then decides he needs to return the silver or gold and has to pay the return shipping, how would one end up profiting from that? A few thousand bucks, minus the return shipping costs, time and resources involved, gas/wear on car to sell locally or drop off shipments, etc. I don't think you'd actually profit enough to make it really worthwhile with this type of setup. I mean, sure, you can say you're making revenue but if there's not a huge return in profit, better come up with a new plan that works more in your favor.

 

I would not underestimate this risk either. Time was, (a decade ago), you could troll through Ebay and find some poorly described/photographed lots and profit. I know I did, buying $1000 worth of coins for like $100 at times. However, this game has ramped up severely, and the usual parameters I searched for now contain 99% sellers who are intentionally leading you to believe its a "value" lot. Nowadays, if I try this game, I get burned as often as win, and I have been doing this for quite a while now and have lot of "tricks". I would say most attempting this will get scammed nowadays.

 

Everyone is saying this is unethical and what not. Well, the way you worded makes it seem that way.

What you can do is...

Buy silver from a dealer.
Wait till it goes up a significant amount (20%) or more.
Then do not return it, but rather sell it back to the dealer.

Everyone is happy. Good game.

 

I agree with you.

As I said in my post, "not the "return" part". No money to be made in returning.

Also - I'm not advocating one way or the other. Just posting out loud.