It is scandalous that dealers pay under spot. Spot is (should be and in most of the world it is) the base set current going rate for gold and silver and any other precious metals and commodities. Why UK dealers (and their buyers) seem to think it’s ok to pay below that base set rate is an outrage. The spot price should be the basic standard going rate for gold be it for buyers and sellers. If dealers paid spot as a minimum and this practice was standardized (like almost every other industry on the planet) then it’ll be much fairer and transparent for both buyers and sellers. Some companies pay 65% under spot for gold and then go on to sell at 40% over spot and that’s outrageous!
@ true. I’ve purchased gold from abroad and they buy starting from spot and take into consideration any premiums etc and they sell starting from spot and then take into consideration their profit margins etc and this was widely accepted and common practice. It’s fairer otherwise what’s the point of having a global standard spot price if dealers are going to decide their own spot prices?! Like you said it won’t happen here 😂
@JJJKKOKJAY it would be great if they did but when you have placing like the mint ripping every penny out of people and them still buying then it won't change.
I do not see any advantages for sellers or buyers. There have always been fees I suppose that people had to factor in but the extra 75p is a bit of a killer on smaller items even up to £30+ or more. It is likely I will sell items going forward on ebay if I have anything to sell but I will wait a few months at least after 4 Feb to see how it goes first. Basically you have to wait 2 weeks for payment if no tracking number as well which is not good so I only see advantages here for ebay such as interest on money held, it certainly makes things complex waiting and checking for payments if you are a seller. The good thing about bullion is that you can sell it straight to bullion merchants anyway no quibble, gold especially is good to sell this way without ebay anyway.
@@SouthSideFrankie agree any small items are just not going to be worth selling, and having to wait weeks for money is not great either. Be interesting to see what their simple postage service entails. But as you say gold is good just to go to main dealers if it's bullion.
I think private sellers are screwed on eBay. It isn't the 4% that is bad but the 75p fixed fee per item that is the kicker. From February 4th I won't be selling and I won't be buying from private sellers. At least not small cheap items. If I buy 20 £1 items from a private seller that is £15 extra in the extra 75p fixed fee I got to pay eBay if the seller is private. It doubles the cost almost.
Those queens beasts would do well on ebay, you'd probably be looking at spot for them if you sold to a dealer, so on ebay you'd probably get £50 extra per coin so about £500 more than a dealer would offer you for the set? Not sure how ebay is going to change over the coming months, sovereigns and quarter oz coins will probably stick around, if people can get £40 more than a dealer is offering its still better even if you have to wait for your money, silver coins might be effected though, especially coins like shillings and florins unless sold in bulk, 1oz silver might be ok but who knows!
@@Mark-u7u just think it's going to be a much tougher sell going forward, will have to see how things pan out. It might still work out better selling on eBay but it's it worth the extra hassle when if you need give for an emergency then a dealer would pay you pretty quick?
Dealers are the better option in an emergency situation but if your selling coins to invest in something else then selling privately on eBay or something similar would be the better option?
You would get more than spot selling them on eBay. I sold my quarters for £550 each a few months ago which was above spot but undercutting bullion dealer prices.
That's great, a situation where both the buyer and seller are happy withthe deal. The only people who aren't happy with this kind of deal are the bullion dealers! Was that on ebay?
It is scandalous that dealers pay under spot. Spot is (should be and in most of the world it is) the base set current going rate for gold and silver and any other precious metals and commodities. Why UK dealers (and their buyers) seem to think it’s ok to pay below that base set rate is an outrage. The spot price should be the basic standard going rate for gold be it for buyers and sellers. If dealers paid spot as a minimum and this practice was standardized (like almost every other industry on the planet) then it’ll be much fairer and transparent for both buyers and sellers. Some companies pay 65% under spot for gold and then go on to sell at 40% over spot and that’s outrageous!
@JJJKKOKJAY it is crazy and it should be standardized that they should pay spot as you say. But it will never happen.
@ true. I’ve purchased gold from abroad and they buy starting from spot and take into consideration any premiums etc and they sell starting from spot and then take into consideration their profit margins etc and this was widely accepted and common practice. It’s fairer otherwise what’s the point of having a global standard spot price if dealers are going to decide their own spot prices?! Like you said it won’t happen here 😂
@JJJKKOKJAY it would be great if they did but when you have placing like the mint ripping every penny out of people and them still buying then it won't change.
I do not see any advantages for sellers or buyers. There have always been fees I suppose that people had to factor in but the extra 75p is a bit of a killer on smaller items even up to £30+ or more. It is likely I will sell items going forward on ebay if I have anything to sell but I will wait a few months at least after 4 Feb to see how it goes first. Basically you have to wait 2 weeks for payment if no tracking number as well which is not good so I only see advantages here for ebay such as interest on money held, it certainly makes things complex waiting and checking for payments if you are a seller. The good thing about bullion is that you can sell it straight to bullion merchants anyway no quibble, gold especially is good to sell this way without ebay anyway.
@@SouthSideFrankie agree any small items are just not going to be worth selling, and having to wait weeks for money is not great either. Be interesting to see what their simple postage service entails. But as you say gold is good just to go to main dealers if it's bullion.
I think private sellers are screwed on eBay. It isn't the 4% that is bad but the 75p fixed fee per item that is the kicker. From February 4th I won't be selling and I won't be buying from private sellers. At least not small cheap items. If I buy 20 £1 items from a private seller that is £15 extra in the extra 75p fixed fee I got to pay eBay if the seller is private. It doubles the cost almost.
It will definitely impact on the smaller seller, they clearly want you to be selling higher valued items so they can have a bigger cut
Those queens beasts would do well on ebay, you'd probably be looking at spot for them if you sold to a dealer, so on ebay you'd probably get £50 extra per coin so about £500 more than a dealer would offer you for the set? Not sure how ebay is going to change over the coming months, sovereigns and quarter oz coins will probably stick around, if people can get £40 more than a dealer is offering its still better even if you have to wait for your money, silver coins might be effected though, especially coins like shillings and florins unless sold in bulk, 1oz silver might be ok but who knows!
@@Mark-u7u just think it's going to be a much tougher sell going forward, will have to see how things pan out.
It might still work out better selling on eBay but it's it worth the extra hassle when if you need give for an emergency then a dealer would pay you pretty quick?
Dealers are the better option in an emergency situation but if your selling coins to invest in something else then selling privately on eBay or something similar would be the better option?
You would get more than spot selling them on eBay. I sold my quarters for £550 each a few months ago which was above spot but undercutting bullion dealer prices.
That's great, a situation where both the buyer and seller are happy withthe deal. The only people who aren't happy with this kind of deal are the bullion dealers! Was that on ebay?
I meant gold quarters by the way.