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Gold Prospecting
Metal Detecting for Gold
another gold auction , about 10 million bucks worth this time
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<blockquote data-quote="user 4386" data-source="post: 580347" data-attributes="member: 4386"><p>Crevice Sucker, can you fill me in on this auction? </p><p></p><p>Firstly, why does one buy at auction something that can be bought daily at the going gold price? And why would anyone sell at a lower price?</p><p></p><p>Secondly, why are bids so low - isn't that just the seller putting a price on each item to get the bidding started? For example, why would a 10 oz ingot only have a ridiculously low bid of $2,202? Or a 400 oz bar only $23,500? If things were really going to sell at prices anything like that, there would be huge interest on every one of them (the seller could easily sell them anywhere for many times the price without bothering with the auction. But obviously that will not happen - I can't believe that even one of these prices was put on by a real bidder? I don't understand the reason, whether it is simply to get bidding started or just to bring people to the website that sells other things as well.</p><p></p><p>Australian dollar spot price for gold today is $2,662. So the price of 400 oz is $A1,064,800</p><p></p><p>As for interest in gold, for decades now the world mine production of gold has been around 25% lower ounces than the world demand. There is ALWAYS interest in gold.</p><p></p><p>So can you explain - what am I missing here?</p></blockquote><p></p>
[QUOTE="user 4386, post: 580347, member: 4386"] Crevice Sucker, can you fill me in on this auction? Firstly, why does one buy at auction something that can be bought daily at the going gold price? And why would anyone sell at a lower price? Secondly, why are bids so low - isn't that just the seller putting a price on each item to get the bidding started? For example, why would a 10 oz ingot only have a ridiculously low bid of $2,202? Or a 400 oz bar only $23,500? If things were really going to sell at prices anything like that, there would be huge interest on every one of them (the seller could easily sell them anywhere for many times the price without bothering with the auction. But obviously that will not happen - I can't believe that even one of these prices was put on by a real bidder? I don't understand the reason, whether it is simply to get bidding started or just to bring people to the website that sells other things as well. Australian dollar spot price for gold today is $2,662. So the price of 400 oz is $A1,064,800 As for interest in gold, for decades now the world mine production of gold has been around 25% lower ounces than the world demand. There is ALWAYS interest in gold. So can you explain - what am I missing here? [/QUOTE]
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Gold Prospecting
Metal Detecting for Gold
another gold auction , about 10 million bucks worth this time
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