eBay launched a program that lets users sell their gold and silver to its partner through the eBay Bullion Buyback program. Users simply take a photo and send it to the program with a short description of the item.
eBay’s partner APMEX responds with an offer and locks in the price. The user ships the item, at which point APMEX authenticates it and transfers payment to the user.
Note that users must pay eBay selling fees. One person responded to the news on Reddit: “So much better to deal with APMEX directly. Why give eBAY a big cut?” Another noted that APMEx has a minimum purchase amount of $1,000 when selling to it directly.
The eBay buyback program does not accept gold or silver jewelry at this time, but eBay states it will update its page “as the Buyback Program expands into other types of products.”
Users should beware penalties for cancelling an offer they have accepted, which consists of the market loss plus an additional $35 fee, but “Any market gain on cancellations shall remain the property of the Buyback Partner.”
Be sure to read the FAQs and Terms & Conditions before using the program.
Let APMEX, eBay’s Bullion Buyback Program partner, secure the best price for collections of precious metals.
eBay has teamed up with APMEX, one of the world’s largest online precious metals retailers, to launch the eBay Bullion Buyback Program. This partnership provides eBay customers with a new and seamless option to turn their physical bullion investments – such as gold, silver, platinum and palladium – back into dollars.
Together with APMEX, eBay offers a convenient way to buy and sell bullion from a source they already know and trust at competitive prices. As part of the hands-on, white glove experience it provides to customers, APMEX will provide a competitive quote for items based on the spot price of the precious metal. Once the seller accepts the offer, APMEX will authenticate the bullion, pay out the seller, and finally, relist these items on eBay.
Check out the program at eBay.com/WeBuyGold.
SOURCE: eBay Corporate Blog Post