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As we start the work week, after the Thanksgiving holiday, all eyes are focused on Cyber Monday.
Since there is not much to report on the market today, as we continue to be locked in a range, I decided to talk about online trading action. For the on line Precious Metals Dealer, Cyber Monday is the start of the big holiday season for bullion sales.
I wanted to share a story CNBC did on one of the largest online retailers, eBay. Forget gadgets and toys, some consumers are loading up on precious metals this holiday season. eBay said it frequently moves $1 million to $2 million of bullion from top sellers in a day, with volume increasing as the holidays approach.
On Thursday, the online marketplace offered two daily deals on gold bars, and sold about one $1,000 bar per minute, generating just under $1 million in sales. eBay’s gross merchandise volume for bullion has spiked 60 percent from last year, and 27 percent from October, with about a quarter of sales on mobile devices. The company attributes the rise partly to a slump in the price of gold, which traded near a six-year low on Friday. “When the spot price of gold and silver drops, bullion purchases tend to rise,” said Ryan Moore, an eBay spokesperson. “A drop in the price is often what drives those who have been considering investing in bullion off the fence.”
I made an attempt to compile data from other on line retailers (please excuse me as this information is not scientific). I was given details by some who have analytics and some who just rely on recall. For the 4-day period in 2014, to this year ahead of Cyber Monday, retail sales are up 20 percent in Silver and 11 percent in Gold. Silver leads the way with Silver Eagles on top, followed by Silver Maples and Silver rounds. Surprisingly, one ounce bars lead the online action in the gold arena. Premiums on certain products are higher this year due to the lower prices and Mint allocations.
Cyber Monday brings hope to all dealers one way or the other and with just 25 days to Christmas we all hope it will be an action-packed season of business.
For those who are curious, I’ve already sent my list of gifts to Santa. In my 62 years I have never been disappointed. You know why?
It’s because I never stopped believing.
Author Name: Walter Pehowich
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