Always be on the look out. Always be aware. Always be ready to pounce!

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eBay Hunting

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Hunting for Gold and Silver scrap on ebay is a relatively easy process just requiring patience and tollerance for risk. Risk!?! Yes, risk. But let's focus on the positive and only worry about the negative when things go wrong. Be sure to read through all the material though to protect yourself.

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Here's my general philosophy when I buy Silver & Gold scrap or bullion on eBay, Flea Market or by any other method:

  • I'm not buying to collect or keep materials (although you can use these techniques to build collections), I buy to make money.
  • Make sure you have a plan for how you will turn the metal around into cash because you'll need to pay off the credit cards if you are using any as your financing source.
  • Try any new hunting techniques or tactics in a small scale and if it works out - then ramp it up. If you think a new type of Gold or Silver scrap might have a good return - make sure you validate it before you invest too much money.
  • Remember that you can plan for the best - but you need to be ready for the worst. Precious Metals is a highly volatile market, sometimes you catch things on the high side, some times the low side. Make sure you have enough cushion/padding so that you at least break even or can hold out for a bit if things go badly in the market, remember though - this is essentially speculation.
  • Lastly, I try to make money not only on the metals but also on the buying process. If buying from eBay - take advantage of the various incentive programs that reward you with cash back - that's gravy on top of any margin you make on the metals.

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Last Updated on Monday, 09 August 2010 19:11