OK, this auction looks very fishy to me. Now you have all heard of the GOLD ETF where you buy shares of “paper gold”. But here is a guy on EBay who is setting up his own paper gold company. Paper Gold On EBay.
The auction says that you are bidding on a certificate of ownership for each ounce of old you purchase. They will store the actual gold until the time you sell it back to them. Right now, the auction is selling this ‘ownership’ at $940, but Kitco says an ounce of gold should be a hair over $800. And the seller says they will buy the shares back for $40 less than spot. So right away, your $940 ‘gold ownership’ investment will be worth a bit more than $760.
Now this guy has 5 figures of positive feedback, and does sell physical too. But I cannot imagine that this is a good idea. Yah know? Just sayin’…..
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Paper Gold On EBay.
The auction says that you are bidding on a certificate of ownership […….
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OK, this auction looks very fishy to me. Now you have all heard of the GOLD ETF where you buy shares of “paper gold”…..