SOURCE: eBay
Hey Hivers, it's me again
And today I would like to talk to you all on this question which is topic is related?
Is buying Silver & Gold so Overpriced on eBay!?!
This is where I am going to do some investigations on this topic. So for starters here is one of the listings I've found on eBay for which is this?
SOURCE: eBay
As you can see is that the seller called bullionjoy is selling it for £16,495 and that price is very staggering even by my own standards if we choose to buy this item of this user.
Is there another way around this?
I would like to say both Yes & No
So for starters let's start with No because when buying bullion price's can fluctuate all the time and the best time to buy coins is on the weekend (If you choose to).
And for the Yes bit, @silvergoldhunter showed me this website called coincompare which I think that a lot of you might be aware of.
Here is the list of prices regarding the 2021 Britannia Coin from different dealers.
SOURCE: Coincompare
As you can see there are different ranges of both dealers, Average Price & Price for 1. but for this topic, we will be looking at the Average Price and the top one in that category will be Atkinsons Bullion & Coins. So if we look at the price range according to the average price it would show this.
SOURCE: Coincompare
This shows that buying 500 coins which is exactly what it holds inside the monster box from eBay this would cost you £12,695.00 instead of paying £16,495.00 which will save you a price of £3,800 (£7.60 Per Coin).
Exchanging coins for Profit
Well, there are a couple or numerous ways of doing this, for instance, such as selling all the coins of eBay but however as we all know that there are 2 fees which are both from Paypal & eBay itself.
But it was me, I woulda simple basic method which I will show you which is this.
For starters, I would use which I bought the 500 coins which are £12,695.00, then divide it by 500 which is will give you a total of
£25.39 but if it comes to selling it on eBay we would need to use a calculator which I use is.
SOURCE: Final Fee Calculator
As you can tell by looking at my strategy, you may see that I'd put the shipping price at £3.99 as this is fair for everyone, secondly, the Item Cost £25.39 per 1 coin out of the 500 coins that have been bought. So now in order to make a profit, we would need to make the selling price as good as possible (but NOT to HIGH or otherwise this would not work.) So would use the method of my price which is £27.00, why did I choose to make it £27 and here are my reasons why?
Because it is cheaper than Atkinsons Bullion prices are £27.65 and secondly, I would make a profit (Well not much of a profit but it will do for now) of just £1.30. So if we keep doing this 500 times we would get our money and an extra £650 just on profit as well after that.
and since it is Britannia, CGT is exempt to all residents of the United Kingdom so we won't have a bad time buying and selling on for extra profit.
I hope that this method or strategy serves you well my dear Stackers.
DISCLAIMER
Please note that I am not your personal financial advisor as this is for entertainment purposes. Please do your research before buying anything.
Furthermore, If I post anything, there will be a source link for you to check out and to see where it come from.
And lastly, prices can and will always fluctuate with every passing second so please keep an eye on the price as well.
Have a good day you HIVERS.
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Ebay has sure layered on the Fees as indicated by your example. Would this Coincompare work for North American retailers?
Sadly no as this is based on dealers in the UK
I wish there was one for all people living in the Northern parts of America as well.