Am I Shill Bidding?

[webmaster]

Subject:Am I Shill Bidding?
By: Jason Hommel, Silver Stock Report

Overview: To continue to offer silver at a free market price, I must have a minimum price. My minimum price is based on covering my cost, plus tomorrows silver price, which is the time i receive the money from the prior day's auction's highest bidders. To get as close as I can to tomorrow's price, I have to set my "reserve" price within the last hour or two before the auction.

Link: http://news.silverseek.com/GoldIsMoney/1231902039.php

[Ivan Rybkin]

" I could list my auctions with a reserve price at the start of the auction, which is generally a day or two before the auction closes, but this would cause the reserve price to be too high if silver prices drop, which is bad for the customer. "



I am sorry, but this is not true.
I read the centence like this:


"I could list my auctions with a reserve price at the start of the auction, which is generally a day or two before the auction closes, but this would cause the reserve price to be too high if silver prices drop, and then I won't sell the item and loose the costs of placing the item. That's bad for me."



I think that on ebay you are never allowed to bid on your own auctions.
If you do so, It is easy for other members to complain about your auctions.
I would do so too.

[dentalstud]

Sometimes I wish Jason would just man up to his obvious miscalculations. I remember when he had the article "Make $400,000 a year on silver!" and I knew his numbers didn't add up. He didn't take variables into account. "Free market" this is not, when he can bid on his own auctions. Either get out of the way Jason and DON'T BID, or set a reserve at your cost and TOO BAD if the price goes down and it doesn't sell, or just stop this ridiculous enterprise altogether and get back to buying silver. This will NEVER make you the money you originally claimed.

[Argentum]

Not much of an auction - so much for free markets setting the price.

Why not just set the cost your willing to sell it - say Spot + X that updates every few minutes and be done with it. It's in effect what your doing in any case.

I know now to only bid less than spot - let you then bid "your" costs at the last hour or so and see what happens cause now I have ZERO chance of getting at the price I'm willing to pay - maybe even get a bargain which is always the physiological basis of an auction....

Or I can head over to the Nucleo and put in my bids AND THEN SELL as well as I'm approved to sell over there - as is everyone.

Hey, it's all good. Next day shipping is nice and it brings metal to the masses..... And it's your business, run it however you want. It will work, or it won't.

[digger]

Originally Posted by webmaster

Subject:Am I Shill Bidding?
By: Jason Hommel, Silver Stock Report

Overview: To continue to offer silver at a free market price, I must have a minimum price. My minimum price is based on covering my cost, plus tomorrows silver price, which is the time i receive the money from the prior day's auction's highest bidders. To get as close as I can to tomorrow's price, I have to set my "reserve" price within the last hour or two before the auction.

When Jason sets the minimum price he's creating a manipulated market NOT a free market. If he puts in his own bids, it's NOT an auction, he's shill bidding. Just because he tells you he's shill bidding doesn't negate the fact that it IS shill bidding. If Jason wants to be "honest" he will drop the pretense of an auction and just start selling his silver outright at a stated price. What he's doing is setting a price and hoping that fear of not getting silver will make the 'bidders' jack up his profits from there.

Yes, I've restated some of Argentum's post, but Jason should hear that there are more than a few who can see through this scam. We're not all sheeple willing to pay to see his portfolio.

[JesterJay]

Cut the crap you whiners!!!
He tells you what he is doing including his costs and bidding practices and you bitch about it.
He is doing something about selling silver at a reasonable price so... Shut the hell up!!!
JesterJay
Sick of the whiners. Just don't bid. Go find it cheaper yourself. No one is holding a gun to anyones head. The fact that silver is selling in this manner shows how tight the market is.

[Ivan Rybkin]

Originally Posted by JesterJay

Cut the crap you whiners!!!
He tells you what he is doing including his costs and bidding practices and you bitch about it.
He is doing something about selling silver at a reasonable price so... Shut the hell up!!!
JesterJay
Sick of the whiners. Just don't bid. Go find it cheaper yourself. No one is holding a gun to anyones head. The fact that silver is selling in this manner shows how tight the market is.

The least he can do is mention in each item description that the seller will also place a bid that guarantees that the item will not be sold below spot + costs.

I am very active on ebay and on several european ebay sites I am sure this seller would be banned.


Here ( NL _ germany ) the premium to spot is shrinking very rapidly. Even on ebay. I defenitely will buy here and not on manipulated auctions like this.

I am sorry that you don't like this message.

[silverbuyer]

Originally Posted by JesterJay

Cut the crap you whiners!!!
He tells you what he is doing including his costs and bidding practices and you bitch about it.
He is doing something about selling silver at a reasonable price so... Shut the hell up!!!
JesterJay
Sick of the whiners. Just don't bid. Go find it cheaper yourself. No one is holding a gun to anyones head. The fact that silver is selling in this manner shows how tight the market is.

His prices are now no better than anywhere online. You can just watch spot and probably do better than end of day price in most cases. This is no auction. And there's no shortgage of silver for sale.

[JesterJay]

Then buy somewhere else and get "someday in the future" delivery.
6,8, perhaps 12 weeks later.
Go for it,
Jay
PS As for being banned on ebay, they already gave his mom a bunch of shit when she first started selling.
Ebay is fine if you want to put up with their confiscatory and punitive attitudes and practices...
Different than ebay, NOT ebay, exactly why he is selling it HIS way.
Don't like?
Don't bid.

Originally Posted by silverbuyer

His prices are now no better than anywhere online. You can just watch spot and probably do better than end of day price in most cases. This is no auction. And there's no shortgage of silver for sale.

[Ancona]

Interesting.

I have watched Jasons "auctions" with some interest. I'm not sure what the whole thing is with him pushing his mothers silver is though. Kind of weird and personal if you ask me.

I'd also like to see what happens if the only bidders are actual ounce buyers like us. I mean, who has the scratch to be picking up hundred ounce bars anyway?

I want to be able to bid on 1 to 10 ounce lots. But I guess that would be jus to inconvenient for Jason.