[GoldsList]

Disclaimer: I made and run the site I'm talking about below. However, I don't have any advertising, fees, or any other means of making money from it. I just wanted to make a site to help people (like me) buy and sell precious metals.

Okay, so I started buying some silver, and was quickly frustrated by the markups dealers charge. I would like to put all my savings into gold/silver, and then convert it to dollars only when needed. I have to assume some risk on the change in spot price, but it's better than the 5-12% loss to inflation every year. What I don't want is to have to pay 10%+ every time I buy, and sell for less than spot every time I sell. All I see on craigslist are dealer ads, and Ebay fees are worse than dealers.

So, I made a classifieds website for people to be able to buy and sell gold, silver, and other precious metals with one another at spot price. If there's a big community available, it would enable anyone to keep any or all of their savings in precious metals, and trade to dollars only when needed. In the long term, I also believe this will help transition from our fiat currency to the gold/silver standard we will very likely need to move to in the future.

The website is: www.Goldslist.com. I would greatly appreciate any comments or critiques on the site in general (usability, ease, functionality, features, design, etc). Also I want to hear thoughts on the general concept of the site (is it a good idea in general, is there no need for it, etc). And if you sign up and post something (even just a wanted ad for your area) it would help to get the ball rolling.

I had one person tell me they liked the secrecy of going to the coin shop instead. Let me know you opinions on that as well. I don't ask for anything but an email, and I instruct people in the FAQ and when posting to not give out their address or buy/sell at their home (rather recommending meeting at a bank or very public and populated place). No buying or selling is every confirmed, you just delete your ad when you want. The issue then would someone tracking you online vs. security cameras recording you at the coin shop.

Thanks

 

[StarPD45]

There are many things I won't buy online. PMs are one.
Too many people following what everyone does with credit cards.

 

[Ripon]

I don't mind buying PM's on line, but prefer to use craigslist - I get better deals this way.

I really don't care if Govt knows I bought some PM's. If it ever came to a problem from them we all have bigger issues.

BTW nice web site, but without serious traffic why would I go there vs. craigslist where I can buy below spot?

 

[jimb1972]

There are many things I won't buy online. PMs are one.
Too many people following what everyone does with credit cards.

Thats why you mail a check or MO to APMEX, plus its cheaper.

 

[GoldsList]

There are many things I won't buy online. PMs are one.
Too many people following what everyone does with credit cards.

Just to clarify, your not buying online through the site. It's Craigslist, you just post an ad if you want to buy or sell, and if someone else sees it, you can contact each other to make an exchange. The site doesn't record anything about sales or even any information about anyone using the site (except for email), and no payments (credit card or otherwise) can be made through the site.

 

[GoldsList]

I don't mind buying PM's on line, but prefer to use craigslist - I get better deals this way.
I really don't care if Govt knows I bought some PM's. If it ever came to a problem from them we all have bigger issues.
BTW nice web site, but without serious traffic why would I go there vs. craigslist where I can buy below spot?

That's great that you can get PM's below spot on Craigslist. I've recently moved, and the state I lived in and my current state the only thing people on Craigslist are either dealers trying to buy or sellers selling certified stuff for way over spot. I've never seen anything else. Or do you post wanted ads and have people respond? I made Goldslist because I couldn't find anything on Craigslist or anywhere else, but if there's a way to use Craigslist, then I'd be happy to do that.

 

[PrepperDogs]

What I don't want is to have to pay 10%+ every time I buy

If you shop the online dealers you can generally find generic silver rounds for $1 over spot, plus shipping. LCS' have more mark up because of overhead expenses. If you're trying to buy/sell silver on a regular basis you're in a losing battle. PM's are generally for a long-term hedge against inflation.

Also....have you tried any of those Buy/Here Gold places that have popped up all over? There's one that I go to that routinely sells ASE's for $1 over spot, even slabbed. They don't care about any numismatic values only spot.

 

[scramble4a5]

I think you are off to a great start and like the premise but I will offer a couple of comments. I would put a disclaimer on there that you are not responsible for anything and that trade, purchases sales, etc. are made at a person's own risk. You know how people love to blame others for their own mistakes. I love the crawl with the spot prices, maybe you could indicate how often it is updated.

Personally, I think you could get some good ad revenue from this. As from shippers, companies that make storage items for precious metals, safes, etc. Just my opinion.

 

[Ripon]

The only thing I buy on Craigslist are pre 64 coins. Even in that I tend to shy away from dollars but seek out dimes, quarters and some halves. There are few of them counterfitted - I have yet to encounter any. The weights on those I've bought in this manner have been spot on with acceptable loss to use.

I post "WTB" ads on craiglist when I want to buy. My add usually says "I'll pay xx.xx% of the coinflation.com bullion price and I always give a link to that web site. I even bought about $30 worth at 75% of spot once, but most of my ads require an 80% of spot title or they get ignored. If I really want some (which I don't any more) and I post 85% of spot I usually get more inquires than I can pay for; there are "outfits" that come through the central valley of CA with big show type productions "buy buy buy" your gold and silver and I suspect they are paying 66% or so my ads have always done fine by me. I don't buy jewelry, I don't buy bullion coins even eagles and maple leafs this way, only pre 64 US coins.

 

[GoldsList]

Thanks for the comments all. I do have some disclaimers when you go to post an ad, reply to someone else's ad, and in the FAQ. I'll make I sure I have a clear disclaimer on each though. I'll have to give that a try on Craigslist Ripon. I have looked at junk silver from dealers and it's always well over spot. I'm trying to get a bit of everything.

I know most are stacking silver as a hedge against the future, but I wonder if it could be something more. Many people (probably most here) would prefer a gold/silver standard. If enough people start keeping all their savings in gold and silver, and trading out for dollars only when needed, we could almost create that standard from the bottom up. Aside from the recent market manipulations, gold and silver have pretty consistently risen against inflation. If folks have to choose between a guaranteed 6%-12% loss on their savings (see shadowstats.com for actual inflation), or a possible fluctuation (but usually increase) in metals, I think more people would be on board. I guess we'll see how the site does. I'll probably put a blog on there to start writing about such things and try to generate more interest.

I've thought about ads in the future, though I don't really like them. Maybe they could be tastefully done and helpful still. I also considered selling relevant stuff (scales, guide books) to help people when buying and selling. At the moment, if I can just buy and sell metals at spot I would be plenty happy.