Silk Road forums
Market => Product requests => Topic started by: rise_against on February 17, 2012, 11:04 pm
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would like to see more vendors selling gold bars and such.
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+1
As more buyers populate this place, it's getting harder and harder to convert back into benjamins in volume.
A reliable gold bullion vendor would do well in here. Plus, it seems that most people in here are a wee bit skeptical about the future of fiat currency and wouldn't mind throwing a few extra BTC into some bullion.
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+1 for silver as well - the price per oz is a bit more manageable for those of us that don't have $1800 in BTC. :D
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Even if someone on silkroad was selling bullion it would be pretty pointless there are a lot of sites on clearnet that sell bullion, cheap and bulk like kilo bars if you can afford the 50,000. And they also offer small bars (1g) like $80 which are easily affordable investments, also many sites sell silver, platinum, palladium and some other forms of expensive metals.
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It's not the lack of availability of online bullion that's the issue. I've been buying bullion from APMEX and several other clearnet bullion sites for years, but they don't take BTC, and they want me registered, all neat and tidy in case the IRS comes knocking.
SR gold is just another venue for me to convert BTC into real-world currency without prying eyes.
A bullion vendor would crush it in here.
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There is at least one completely legit & legal clearnet site that sells gold and accepts BTC. Seems I have lost the bookmark but I will try to find it again and post here if success :)
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http://coinabul.com/index.php
Prices are very reasonable. The only problem I see is even more fees/commissions. The mailmen, escrow, bitcoin mixer (laundering), transaction, commissions...
People should post reviews about this service. I'm interested about documentation (if they ask some). And I recommend people to never send to the address the gold will be stored. You don't know who owns this service. Maybe they know you already bought dozens or hundreds of coins and are likely to have a pile of "cash" under your mattress.
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Hey I am actually working on that very product at the moment. I hope to be up and running by Friday. I will be offering silver coins at first and then expand into gold and possibly other hard assets.
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as long as the Gold selling price is what the market is selling at, I would be interested in this as well...
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Pricing where the market is selling at isn't really possible here though. I tired. There's 7.5% SR fee. Then another few percent trying to convert bitcoins to fiat that eats at your profit. So you start off having to charge like $200 over market per oz of gold to make any profit worth while. I had listings up before, it was $86 grams and $2000 ounces for a few days. No one bit. Even at those numbers it wasn't really worth the time so I took those listings down.
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There should be a number of gold vendors selling in BTC. Just peruse the bitcoin forums and you'll find someone. There's even a guy who makes physical bitcoins minted in precious metals I believe, though not 100% sure. Just check it out.
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Hello all, I have been dealing with Gold & Silver for years. I did not realize there was a demand for some here but would definitely entertain the idea of selling on SR. However, the initial seller's account costs a pretty penny. The profit margins are very thin with this kind of stuff and I fear it would take me a while to recover just from that charge alone. Would anyone want to donate to a portion of the account? Maybe a loan that would be repaid if business starts flowing? Keep in mind that while you may not be paying taxes, I WILL have to based on acquisitions.
Currently, 1 SR seller account account = about 1/10 ounce of Gold or 3.5 oz Silver.
That's a lot to drop in the bucket on a whim... I'd much rather invest that $150 in metals unless it was a sure bet that my money would be returned in future profits. Let's talk more about this.
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Gold is in high demand but this is the worst place to get it IMO.
-Most people who need to buy gold are sellers. LE could sell them and gather information about sellers and eventually bust them.
-Gold spread, SR comission/fees + seller profit will make the price too high to be viable.
Best way is to get from another sources.
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Gold is in high demand but this is the worst place to get it IMO.
-Most people who need to buy gold are sellers. LE could sell them and gather information about sellers and eventually bust them.
-Gold spread, SR comission/fees + seller profit will make the price too high to be viable.
Best way is to get from another sources.
Any seller worth their weight wouldn't provide a drop point that could be traced to them...
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Any seller worth their weight wouldn't provide a drop point that could be traced to them...
As I said, gold is going to be bought, most likely, by sellers. They could become an easy target by LE selling gold in here. How can you be sure the package is not being watched? Ask the gold seller to send it to the woods?
I understand you plan to sell gold in here but since it is not an illegal business, you can just go to another forum like bitcointalk.org and offer the service over there. You'll get much more clients and if SR members want it, they can contact you there from a "clean" account.
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I think you don't understand what I'm saying. Let me give you an example and try to be clear as possible.
1- LE could buy from certain seller and try to figure his location. It is already explained here (risk and how to decrease it).
2- LE could pretend to be a seller and get as many addresses as possible. It is already explained here but most likely, they'll just be able to ask them to present at the police station hoping they'll open their mouth. Sellers won't give their addresses to anyone since it's too risky.
Now this is the risk I'm trying to explain you:
3- LE knowing it is VERY MUCH LIKELY to be sellers who buy gold to cash their profits, might sell gold in here expecting to get many addresses. They'll simply follow the package and investigate. If the person who get the package goes often to the postal office, it is very likely he's selling drugs (and get arrested). It doesn't matter if they use somebody else address. They're going to be investigated and somehow they're going to be linked to the seller.
Why buy gold in here when you can get somewhere else with less risk and at a much better price? Sellers could go to an open (clean) market and buy over there with bitcoins (there's two companies I know) and send to some friend/relative place. There is a risk of those companies might be mining client's data but here in SR, it is 99% sure, gold buyers are drug sellers. In the open market, it is much less likely and SR members could "blend in".
If you want to sell gold and silver for bitcoins, do it in an OPEN MARKET. It is not illegal. You'll get MUCH more clients and not put SR sellers into excessive risk.
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I think Midas is right, this would be a good way to find high volume sellers.
Getting a commodity still isn't a bad idea in of itself, it's just the circumstances that make it a problem (have to give up your rough geographical location at any rate).
Some advantages of gold, is that it wouldn't suffer as a result of any currency changes (hint hint european sellers).
Also, I think it would be pretty easy to swop gold for hard cash.
A disadvantage is that although Gold is a good long term way of hedging inflation (it's basically a store of value, like a savings a/c), its price has risen dramatically in the last decade... So, that seems like bubble-like behavior, who knows if it really is or not.
I still would prefer it as a store of value as opposed to Bitcoins though. But get it outside the Silk Road.
I think you should diversify your capital between lots of different currencies in cash, non-perishable physical commodities etc
Not only is that less suspect to LE, but it ensures safety of capital against dramatic market fluctuations outside the Silk Road.
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just have the gold shipped to a different address such as a friend or relative. cops can watch my granny's house all day. No drugs there...... except for the geriatrics!
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I'm here for the GOLD, Where daa GOLD at, im here for the GOLD!? Haha. Brilliant idea mate! Been looking for the gold.
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brillant