People selling gold on eBay have experienced a flood of business lately. Especially with the latest stock market turmoil it has been a big boom of business for them.
The end of last week gold and silver sales on eBay have quadrupled lately. There has been so much activity in the superior that eBay have made it easier for the buyers to find sellers.
Buyers are after a bullion, coins, junk and sellers on eBay are finding it quite easy to get business lately. Some of the bullion dealers have noticed the increase as well and are reducing their prices to make it easier for people to start investing in gold and silver.
A lot of people are scared about having money in the bank and they would like to replace that monetary value with hard physical assets with things like gold and silver and also commodities, like bullion.
Some of the biggest Sellers of gold and silver on eBay seem to think that this trend will continue over the coming months. Ever since the stock market turned volatile they have noticed increase in sales. Last week the Dow Jones industrial average fell almost six per cent in one of its worst one day drops in the last few years.
Also the most recent data on eBay shows the average sale of gold is now a one ounce coin, bullion bar, and other commodity accessories. The average price for a bullion bar right now for gold is almost at $2000 an ounce. With the markets in such a volatile environment, people are looking for safety right now as well as diversification. Buyers are even purchasing gold through the ‘buy it now’ fixed price feature on eBay. This shows just how desperate people are right now to get into gold.
Back in 2008 gold traded at $900 per ounce, that was before the financial crisis unfolded. In late May 2011 gold went past $1600 an ounce. Right now gold is climbing steadily up towards the $2000 per ounce mark.
People realise that with the way the economy is right now, it is probably a wise move to look for safe havens into hedge against low interest rates right now. A smart move would to look for a considerable drop in prices of gold and silver in to buy a big. But with a flurry of buying activity in these commodities lately who knows what the price will do in the short term?