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bluepelican
2nd December 2009, 12:13
Someone posted a message(advertisement) about their website, PreciousBids.com, on the forum yesterday. I'm guessing that it has since been deleted. Anway, I checked it out and it's actually pretty interesting. It works just like a normal auction site except that you pay ($.50) for each bid. All of the auctions so far have been for 1 oz PanAm bars, which have gone for anywhere between $5 and $10 including shipping. I was wondering how the guy who runs the site could make any money until I did the math. The auctions start at $.05 and go up $.05 with each bid. So even if the final price is only $5.00, the site makes around $50 just on the bids. The guy who runs it really has the potential to clean up as more people find out about it and the auctions go higher and higher. Anyway, I hate to (re)advertise for the guy, but it's worth checking out.

paperplane
2nd December 2009, 14:18
i check it out and it looks pretty dumb and a waste of time just trying to bid if you ask me. looks like everytime theres a bid the time bid readjusts. :mad:

bluepelican
2nd December 2009, 14:48
It has the potential to be a huge waste of time, but with the right timing you could also pick up some bars below spot. It'll be interesting to see what happens once the gold auctions begin.