eBay Ceases Certified Gold Coin Sales Posted by Brian Ford on May 26, 2014
Ina Steiner of eCommerceBytes.com has reported that some eBay users have experienced an inability to list certified gold coins valued at $2,500 or more as of May 15th, and the error message that eBay sends to users when such a listing is submitted may provide some insight as to the origin of the problem. One eBay seller says eBay’s automated listing approval system notified him that “coins must be graded by PCGS, NGC, ANACS or ICG if the price is over $2500” but despite the user’s listing matching those criteria the listing was unable to be processed.
“Online auction sites like eBay have been hotbeds of counterfeit gold coin activity for years, and each time someone calls us with a fake gold coin horror story we wonder why eBay hasn’t taken steps to resolve that vulnerability,” said Certified Gold Exchange spokesperson Janet Jones. “The scary part is that investors could still buy fake gold coins if eBay is only banning gold coin sales with final figures above $2,500.”
The current gold spot price is $1,292 per ounce, meaning many one-ounce gold bullion coins and PCGS/NGC gold coins are listed well below the $2,500 threshold. “Certified Gold Exchange has never received a complaint about a coin coming from one of our depositories being counterfeit, so we encourage investors and collectors to call us or another reputable gold dealer directly because you can get the peace of mind that comes with owning gold and you could actually save more money and get a faster delivery time than if you had purchased the coins on eBay.”