Strong Gold Buying on eBay
NEW YORK ( TheStreet) -- While precious metals were crushed in the second quarter, they've begun to rebound in the third. Discussing the interesting market place that has developed is Michael Haynes, CEO of APMEX, and TheStreet's Joe Deaux.
Of all the markets and places to find silver and gold, few would likely look to eBay (EBAY) as the go-to source. But that's exactly what Haynes is seeing, especially over the past couple of months.
He said that physical demand remains strong and that in April, APMEX saw its biggest buying occur, even as precious metals were getting hammered. Sales have remained strong since.
One ounce coins of silver and gold are selling the best, along with fractional sizes of gold, with most buyers being in the U.S.Many retail buyers have been purchasing from eBay because it's viewed as a trusted source -- even for something like gold. The increased demand in physical metal shows that many investors view the selloff as a sale, with most holding for three to five years, according to Haynes. He concluded that with the sequester approaching towards the end of September, the country is going to have to figure something out, since debt continues to outpace income. The potential chaos will likely aid the price of precious metals.
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