Is it safe to buy eBay gold bullion coins online? Let´s look at the risks and also try to understand if it is a good idea to buy from this place. Are there better alternatives out there? Let´s look into this subject in this short post!
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eBay Gold Bullion Coins – There is considerable debate
When you buy anything online you are taking your chances. Yet, when you up your game and move to buying gold bullion on eBay or any other online marketplace, you are also increasing your risks substantially.
There are some people who say the risks are worth it as they know what they are doing and have made some great purchases on eBay. Others are not so lucky and have found eBay to not be the best website to make a purchase.
Both sides have legitimate reasons supporting their points of view. To find the answer to the topic question, continue reading our article.
What is gold bullion?
Bullion is the term used to describe gold when it is transformed into coins, rounds, bars, and ingots. You are not buying gold dust but gold material that has been pre-shaped and has a lot more value.
When it comes to buying gold coins, one of the places to get the best prices for bullion is on eBay. It is said to be the place to get the lowest prices possible for those coins. This factor makes the risk worth it for many collectors.
How to purchase gold on eBay
There are some very good guidelines to follow to protect yourself from the many counterfeit coins you can find on this marketplace. Gold is very desirable and that makes the marketplace a minefield due to the many con artists and scammers who try to get your money in exchange for worthless bullion.
If you follow the upcoming guidelines, you should be able to protect yourself from making bad purchases.
- Do not buy ungraded gold coins – if they are not graded these coins are called raw. By raw it means that you are only getting the seller’s word that the coins are authentic. When looking at coins make sure they have been graded by PCGS or NGC. That way you know the coin or coins are genuine.
- Look for reputable dealers – eBay is a great place for con artists to disguise themselves and rip you off. One of the ways to avoid that is to look for those sellers that are as close to 100% positive feedback as possible. If that is not enough, make sure to buy from those sellers that have the PNG logo. They belong to an organization that has a strict ethics code
- don’t buy if you do not know what you are doing – if you can’t recognize the common counterfeiting design flaws, then do not buy gold coins on eBay. Just don’t do it.
The dangers of buying gold on eBay
There is always going to be an element of risk no matter what you buy online. However, since gold is so valuable it seems that just about every con artist, scammer, or counterfeiter is trying to make a buck selling fake gold bullion.
One reason that they can be profitable on this marketplace is that the buyer cannot verify the legitimacy of the gold bullion until it is too late. Plus, some fakes are so well made that it may take years to discover their hidden secret.
Finally, you know absolutely nothing about many of the dealers or sellers who offer gold coins, etc., for sale. Since they are under no obligation to protect or store your private information, that data can easily be sold to underworld figures who will use it for other crimes.
The good news in all of this is that when you buy gold on eBay, the marketplace does something many marketplaces do not do. They offer a money-back guarantee and will refund your loss.
All you have to do is report the transaction and get your money back. This limited protection does offer you some peace of mind and makes eBay one of the better internet locations to buy gold bullion.
How to buy gold bullion on eBay
If you still want to purchase gold coins, etc. through this marketplace in spite of all the risks. Here are 3 tips to guide your search and final purchase decision.
#1. Do your research- investigate the seller thoroughly and their sales history. Then read what people have said about doing business with that specific seller. Then look at the average satisfaction and review rating. If they have a solid track record, then you should be able to buy genuine gold from that seller
#2. Contact the seller directly- ask them the tough questions including why you should buy from them. The answers you get back should list some benefits and they should make sense.
#3. Use a credit card- not just any credit card but one that offers you buyer protection insurance. This would be a backup option to eBay’s money-back guarantee program.
Watch out for scams
There are a lot of scams con artists will use to separate you from your money while selling you fake gold coins. There is just too many of them to provide a lot of detail on how these scams work. You can click on this link and go to the website that provides those descriptions.
#1. Buyer’s scams (You are buying)
- non-delivery scam
- wrong name on the shipping label
- empty box scam
- counterfeit gold coins, etc.
- make payment outside of eBay
- fake customer service phone number
- Gift card scam
#2. seller’s scams (you are selling)
- make a private deal outside of eBay
- over-payment offer
- changed address
- empty box claim
- item never received scam
- broken replica scam
- unwarranted chargeback scam
- feedback extortion
How to avoid eBay scams
The same link above will get you some more details on these tips.
- never accept checks
- always complete transactions on eBay
- document everything
- arrange for a tracking number
- be patient and do not be in a hurry to make a purchase
There is little you can do to protect yourself when the transaction is not covered by the money-back guarantee
Some final words
Despite the risks, eBay is still a decent marketplace to shop for gold bullion. You have some protections in place and there are a lot of reputable sellers as vendors. Those reputable dealers are not hard to find. While you may have to pay more going through them, the extra cost is worth it.
It is better to pay a little more than lose all your money by buying fake gold coins, etc.
Also read:
What is Numismatic Gold Coins? – Scam Alert!
Top-5 Gold Coins – Investors Favourite Picks
I hope you found this short post on the subject of if it´s safe to buy Gold Bullion Coins on ebay. If you have purchaced gold or silver there yourself then please share your own experience in the comment section below, as it can help others make better decisions. Also, if you got any questions about this I would be more than happy to answer them below!
I wish you success!
Michale, founder of Gold Retired
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