| Have you been thinking about buying gold and | | | | version of a coin or bar. So a "1 Ounce Replica |
| silver on eBay? | | | | U.S. Gold Eagle" is likely a copper or nickel copy of |
| Then learn how to avoid the common pitfalls of | | | | a Gold Eagle with a thin layer of 24 karat gold. It |
| buying gold and silver through auction sites in this | | | | will have value but nowhere near that of an ounce |
| 3 part series of articles. The keys to not getting | | | | of gold. If you are paying more than a few dollars |
| scammed are 1) Pay attention to the listing | | | | you may be getting ripped off. |
| details; 2) know what you are bidding on; and 3) | | | | Be careful when buying gold nuggets or flakes. |
| know the market price of gold and silver. | | | | The problem with these items is that you do not |
| I discovered these tips as I have just started | | | | know the purity of the gold in a nugget or flake. |
| investing in precious metals and looked to eBay | | | | This is even more difficult with flakes as each |
| for some quick deals. | | | | flake may have different amounts of gold. When |
| In part 1 you will learn what to pay attention to in | | | | you want to sell these forms of gold they will |
| the auction listing so you don't get scammed. | | | | need to be assayed for purity. Flakes would |
| You must read the listing very carefully. | | | | probably nave to be melted and refined before |
| One thing I noticed in many listings is the attempt | | | | their value could even be estimated. |
| to mislead novice buyers of gold and silver. | | | | Many collectable coins are auctioned on eBay. |
| Beware of terms such as: "replica", "copy", "MILS", | | | | These can be valuable but unless you plan on |
| "flakes", "dust", and "nuggets." When these terms | | | | learning a lot about coin collecting (numismatics), it |
| are in the title - be sure to pay close attention to | | | | will be hard to determine a fair price. Theses |
| the entire listing. | | | | collectibles may contain gold and silver but their |
| These are a tip off that you may not get what | | | | market value is determined more by their rarity |
| you think. The biggest scam I noticed is the use | | | | than their precious metal content. Thus, their |
| of the word "MILS." This is a fancy word meaning | | | | value will be harder to determine when you want |
| the product is merely plated with gold or silver. | | | | to sell them. If you are buying as an investment - |
| Most of the weight is likely copper or some other | | | | stick to bullion products. |
| cheap and abundant metal. A standard MIL is a 60 | | | | I would recommend bidding only on gold/silver |
| millionth of an inch. So 100 MILS is about.15 mm | | | | bullion coins and bars that are pure. Avoid replicas |
| or 1 tenth the thickness of a U.S. dime. That one | | | | or plated items at all times. In the next article you |
| ounce "gold bar" contains only a small amount of | | | | will learn how to figure out what you are bidding |
| actual gold the rest is practically worthless. | | | | on. Find out how much gold is being sold and how |
| When you see the words copy or replica this is a | | | | much it is worth. |
| sure sign that you are bidding on a gold plated | | | | |