We have a really great review in store for you guys today, and this one is about gold! GoldIQ.com to be exact and this website is an up and coming site with great gold auctions available. They have multiple auction formats which I will cover with you and also some pretty interesting options when you win auctions such as where you can choose to “Take My Profits”. It’s always exciting to think of opportunities where you can make profits but add that together with penny auctions and its a thrill. I’ll give you some overall thoughts on GoldIQ, its auction formats, and website exploration. Keep reading below…

About GoldIQ

Editor’s GoldIQ Review

GoldIQ is a multiple format gold auctioning site and although you can still bid on gold or gold jewelry on websites like eBay and Police Auctions, the difference is that at GoldIQ offers only gold auctions. Bidding here gives you a chance to not just win an auction and save some money but make profits as well. If there’s anything us auction lovers like, saving and making money would be it.

First, we’ll look at the homepage and I really like the format for this website it is very unique, very simple to use. Finding what you’re looking for is not as involved as other auction websites. The pages you need are the “Live Auctions”, “Future Auctions” and “Buy Tokens” to start getting familiar with the site. Once you’re on the “Live Auctions” page you will immediately see all the current listings. Currently, I only see two live listings which is kind of expected since it a newer auction site but nonetheless, I want to see as many auctions as possible. One cool thing is that there are not that many people in the “seats” and I’ll explain this later on, but it looks like a great chance to possibly win an auction since the bidding competition isn’t too much.

Moving on the actual bidding process and unfortunately, I didn’t get a chance to see the full bidding process as the seats were filled on the current listings but taking a look at the auction page. It looks very clear and easy to navigate. You can see the bid history, the highest bidder and some more details like the retail price of the gold and your savings for the current bid price.

There are two formats- 1) one is a penny auction format and 2) seat format. There is a big difference between the two, and it all depends on how risky you feel. Pretty much the penny auction is the norm where you pay to bid but they are very clear about what you will pay for bids. The following info from GoldIQ’s website states “Bids are $.60 – $.85 each and can be purchased in several different packages starting at $12.00 for 15 bids.”

Seat auctions are the other format and how it works is you pay using tokens to get a seat in the auction and bids are free. Currently, all you have to pay is 1$ per token, so to grab a seat can vary token wise but the current range showing is between $1-$5 depending on the auction amount. The best part about seat auctions is that bids are free once you have a seat so you can bid away. Both auction types have their pros and cons.

“Take My Profits”

On GoldIQ, once you’ve won an auction there is an option called “Take My Profits” which is one of the coolest things I’ve seen offered on an auction site.

Essentially the gold won from the auction can be sold on your behalf and the proceeds get sent to you via a check. In the how it works section there’s a section where they breakdown how winning $10,000 in gold can net you a check of about $9099.45! This is really exciting to see, it makes me want to jump right in and place some bids. Just looking at an auctions details pretty much gives you an idea of how much profit you can make, if you win of course.

Overall

It’s a new auction site and one thing I thought was cool was the winner’s section where you can see the list of recent winners, with some pretty awesome auctions. As I mentioned earlier one of the only things I did notice was not too great was the limited amount of auctions but they at least have a section showing the auctions starting soon like now in a couple of hours you can see there are three about to begin.

This is a growing gold auction website and winning looks like a real possibility and the website provides a good sense of transparency where you can view winners and previously closed auctions. Many unique features such as the “Take My Profit” option make it an auction site worth taking a look at. Good luck!

Here are some of the most commonly asked questions about the auction website, GoldIQ.com.