Thursday, January 26, 2012

Gold Investing - A Change To eBay Coin Auctions

eBay has announced that, as of 02/20/2012, they will no longer accept listings for replica coins in their coin auctions. As you may know, a replica coin is considered to be "a copy or reproduction of an actual coin, including U.S., foreign and other historic coins". Not everyone is happy with this but I think it is a good move. eBay could take some heat off of themselves if they set up another category just for replica coins.

In the past, I attempted to include current eBay auctions on certain pages of my Gold Investing Simplified web site. My intent was to provide the visitor with active auctions of $20 Libertys, $20 Saints, American Gold Eagles and Krugerrands. What I ended up getting was mostly crap with "real" coin listings far and few between. So I dropped them from all but the Krugerrands page. Once the replicas are banned, I may reinstate the listings if it means better information for my visitors. An article describing eBay's announcement and rationale can be found here.

Gold has certainly enjoyed some nice gains the past few days. On Wednesday, spot gold moved past $1700 per ounce for the first time since mid-December (a gain of $44.40 on the day). As of this writing, spot gold is at $1717.80, a gain of $112.70 over the last 30 days. Silver is also having a few good days and spot silver is at $33.26, a gain of $4.54 in the last 30 days.

Here's where we stand regarding Gold American Eagles so far in January...

one-ounce gold eagles - 76,000, half-ounce gold eagles - 46,000,
quarter-ounce gold eagles - 32,000, tenth-ounce gold eagles - 75,000.

Silver American Eagles are at 5,697,000 and within striking distance of the all-time monthly record of 6,422,000 set in January 2011.

In closing let me say if you are shopping for gold or silver coins and haven't browsed eBay coin auctions, you are missing out. Even if you don't want to buy, you can get quite an education on what is selling (and at what price) and what is not selling (either due to too high asking price or just no demand). There are always some coins being offered that I am interested in buying but there are others I would never buy on eBay. But that discussion is for another time.

Thanks for reading.

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