Gold News: eBay Wants Your Gold

You know something is valuable when the big boys want it.  Usually, the so-called smart money tries to move into opportunities as quietly as possible, so as not to drive up prices.  After all, increased demand means increased prices (see Econ 101), and if everyone thought one of the big boys wanted something, they’d raise the price. Today’s gold news is a case in point. 

So slowly and quietly it is, at least as quiet as possible. eBay, one of the world’s largest online shopping outlets, has apparently decided they want your gold – bullion that is, meaning coins and bars that are easily verifiable.  The name of the program is WeBuyGold. Not too subtle, but at the same time not lit up in bright lights. All you have to do is take a picture of what you have, upload it, enter a description (probably something like “2 Australian 10 cent golden kangaroo coins“, if such existed), enter your name & email address, and hit Enter.  You’ll get back an offer for it which you can accept or refuse. Sounds a lot like dealing with the guy on the pawn shop on the corner. Also, you get to pay transaction fees.  How much fun is that?

Some are noting that eBay’s partner in this program is AMPEX, who offers a direct buyback program as well, so why not deal directly with AMPEX? We’ll let you mull over that and point you to this article with a few more particulars on the latest gold news. And we’d close with our advice to hang on to your gold bullion, small coins and such.  Periodically they tend to get really expensive, and it’s always a better idea to sell when prices are high than when they are low, like now.  (You think they started this program now to buy gold on the cheap? May be.)

 Related: Gold Sales Are Down in India – And Here’s Why

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated with a business degree, then worked with Macy's. After Macy's he spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined a well-known financial planning firm as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where he worked first for a small manufacturing consulting company, then a major university. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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