'A shipload of gold nuggets' auction (Lloyds 31-Oct-2020 19:00)

You might find its all pulled prior to close of Auctions. Seems they had a heap of silver bars up to 5 kg and all were closed with 1 bidder and the prices were not publicised.
 
400 oz for a 500 K, that's 1/2 price of spot even if you factor in 16.5% premium.

Clearly way to good to be true.

Tempting to sign up and bid though.

Timmy
 
Everything has a reserve except the 1 gram gold bars and when you add the premium + post it is cheaper to walk into ABC Bullion and buy it over the counter.
 
Golden Stash said:
Where does it mention the reserves?
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It doesn't mention the actual reserve price but it does say this:

The Auctioneer states that all or any items may have reserve prices. The reserve price is not met unless an email is sent confirming a successful purchase.
https://www.lloydsonline.com.au/AuctionDetails.aspx?aid=19602&pgn=1&pgs=15

I have bid on these auctions before. Basically you don't know what the reserve is and if it is not met it then gets passed in and you get an email saying:
Close, but no cigar:

Hope that helps.
 
Silverling said:
I have bid on these auctions before. Basically you don't know what the reserve is and if it is not met it then gets passed in and you get an email saying:
Close, but no cigar:

Hope that helps.
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Then they give you an opportunity to up your bid. I've successfully purchased after the action from them.

That said, would not expect to see any below spot transactions.
 
barneyrubble said:
Then they give you an opportunity to up your bid. I've successfully purchased after the action from them.

That said, would not expect to see any below spot transactions.
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That's correct. When they called me they quoted reserve price for the item which was more than spot and asked if I could make a higher offer to which I declined because don't forget that there is a massive 16.5% of a buyer premium on top + postage (no pick ups allowed). It took the item I was looking at $500 over the walk in price at the bullion store.
 
Sort of defeats the purpose of having an auction
I guess they hedge there bets by ensuring a minimum price while still retainIng the chance of 2 bidders going silly on a lot.

Just start auction at the reserve and stop wasting peoples time.
 
Who actually buys 400z bar... ? Very hard to resell.. unless you're a drug dealer who wants to launder some cash...

Good door-stopper too:p
 
The auction is on now. They sent an unexpected sms at 7.30 PM saying most lots are "completely unreserved".

Good luck to anyone who succeeds in getting a good deal!:)
 
Wellsy said:
What a complete waste of time.
Completely pointless auctions.
I won many lots, all under ABC with buyers premium.
None were over the reserve so all passed in.

If the point of the auction was to make people never use Lloyds again, they succeeded.
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Yes totally agree. And those "completely unreserved" lots were only the smaller 1 gram minted bars and the out of the ground various gram size nuggets, everything else had an undisclosed reserve on it. I bid on one item to try them out again and I won it only to be told it did not meet reserve. Then they asked me if I wanted to up my bid to which I declined as you have to add 16.5% premium plus postage on top. It was going to cost more than buying it direct at ABC Bullion. Never going to bother with them again.
 
So further to this, I did win a few gold nuggets and I also won a 1/2 ounce ABC bar which they let me have, as with buyers premium, was $14 above ABC.
But I thought with the other gold I won and the admin and freight charge from ABC the $14 would be washed away.
Anyway, this week the nuggets finally turned up.
But no 1/2 ounce.
I logged the next day to have a look at my winning bids and check the tracking number of the 1/2 ounce.
To my horror it was the same number as the nuggets.
I was immediately on the phone and had my wife digging through the rubbish thinking I had thrown out the 1/2 ounce.
After being called names that would have me banned from this forum if I published them from my wife, she assured me that it was not there.

Called up Lloyds after being on hold for ages they informed me that, sorry we had a glitch in our system and the nuggets are to be sent separately from the bars but the site published the same connote if you bought both.
You should of been contacted as the bars come from a vault somewhere and haven't been sent yet......

Quality
 
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