As interest in gold started to increase last April, the volume of gold sold through eBay also (NASDAQ:EBAY) increased. The gold that was sold through the website was not limited to gold bullion since listings also included computer memory along with dental scrap.
Following the increase in the interest in gold, eBay set up a silver and gold bullion center which facilitated the trading of the two precious metals. A bullion sweepstakes was recently set up by eBay to promote the sale of silver and gold bullion.
The bullion bonanza provides invited eBay users who acquire silver or gold bullion from its featured sellers with one sweepstakes entry throughout the promo period.
The grand prize of the promo is a one-ounce American Eagle gold coin which has a retail value of around $1,858. A twenty-piece roll of one-ounce American Eagle silver coin worth around $851 is the first prize of the promotion while the second prize is a one-fourth-ounce American Eagle gold coin, which is worth around $495. Only invited eBay users who purchase silver or gold bullion are qualified to join the sweepstakes.
Users can filter the search results to find the featured sellers when the search the eBay bullion center. Buyers on eBay, or any site for that matter, should take the necessary precautions whenever they purchase silver or gold bullion since both buyers and sellers are both at risk when dealing with suspicious buyers or sellers.
Aside from this report on silver and gold bullion selling on eBay, other reports have also indicated that some policy changes were implemented by the US Mint on the use of credit cards in purchasing $1 coins since the program was misused by a number of users.
Although the misuse in the policy of the Federal Reserve does not affect sellers on eBay, it gives an indication on the creativity of buyers of gold bullion or coins.
The cash-back refund requirement on eBay has made the site among the safest place to invest gold bullions or coins. The program provides users with the option to return the purchased gold bullion or coin if its value has gone down. Buyers can purchase the gold again with the lower price giving them the upper hand in the sale of the precious metal.