Anyone using BTC to buy Silver/Gold on Coinabul?

[StewartJ]

Just checking to see if anyone has had success with Coinabul, the btc / PM exchange.

Would you recommend them, what are your experiences like purchasing from them.
Their spot prices seem a bit high....?

Are there other ways to buy silver/gold with BTC aside from Coinabul? 

I am a big Silver Bug, and I like playing with Bitcoins, hence my cusrsory interest in Coinabul.

[Coinabul]

Just checking to see if anyone has had success with Coinabul, the btc / PM exchange.

Would you recommend them, what are your experiences like purchasing from them.
Their spot prices seem a bit high....?

Are there other ways to buy silver/gold with BTC aside from Coinabul? 

I am a big Silver Bug, and I like playing with Bitcoins, hence my cusrsory interest in Coinabul.

Hi Stewart,

We've had many customers order with us since we opened in October! I obviously can't speak for their experiences, but I can tell you that I personally work with customers to make sure they have a positive experience shopping with us. Our spot prices are based off the current market prices, they automatically update every minute. Gold ounces start at about $80 over spot price and silver coins start at only $7 over spot price.

I know there are a couple other options for purchasing silver with Bitcoin... I can't recall another option for purchasing gold. We have very competitive rates though

We're metal bugs too! And Crypto-bugs. If you have any more questions, I'd love to answer them!

Thanks,
-Jon

[Coinfish]

I'm also very interested in this site - I'd really like to support BTC accepting businesses as much as possible going forward (I believe that the key to making Bitcoin successful is to increase the volume of goods and services offered in BTC, since they're essentially backed by their utility).

Prices are kind of high - lowest I could find was about 24% above spot (American Eagle silver round) if my math is correct. How much is shipping? I could definitely see myself shifting 100% of my PM purchases to your site if you could get the price down to 10-15% above spot. (In fact, this would probably be my preferred method of "cashing out" of bitcoins.

Is there a review thread for your business on this forum?

[Coinabul]

I'm also very interested in this site - I'd really like to support BTC accepting businesses as much as possible going forward (I believe that the key to making Bitcoin successful is to increase the volume of goods and services offered in BTC, since they're essentially backed by their utility).

Prices are kind of high - lowest I could find was about 24% above spot (American Eagle silver round) if my math is correct. How much is shipping? I could definitely see myself shifting 100% of my PM purchases to your site if you could get the price down to 10-15% above spot. (In fact, this would probably be my preferred method of "cashing out" of bitcoins.

Is there a review thread for your business on this forum?

Unfortunately we haven't opened a review thread on the forums yet. Do you think we should open one?

The closest thing we have is this page on our own site: http://coinabul.com/index.php/testimonials-about-coinabul-bitcoin-gold-and-silver-marketplace

Our prices are very competitive with other online sellers of silver. If you factor in our very low cost of shipping, we easily beat pretty much every other seller out there (at least in the U.S.). If you can find a lower price for those American Eagles, please link me! Keep in mind that we can't sell exactly at spot price because there is a price involved in minting those Eagles. The closest we can get to spot price is this product: http://coinabul.com/silver/index.php/silver-sorted-by-weight/generic-silver-products-1-ounce.html - Which is actually generic silver

[fourd00rgtz]

I recently bought some physical silver localy, during the spot price dip on the last few days of the year. The larger your piece of silver the closer you can get to spot price... 1000oz bars should be nearly at spot price but who's trading in $30k blocks of silver?

I got a 100oz bar for aprox $1.50 above spot, and some silver Maples for about $3 above spot (bought a low volume). I could have bought it all in maples but wasnt interested in the "coin" more the comodity. Being local I was able to get it right away and the only thing resembling shipping was a drive across town. That same timeframe an order from Kitco or Apmex would have been 5% more plus shipping.

If you're going to compare Coinabul to any of those services you might as well skip it and use the other services...... as soon as they accept BTC. Different people got their BTC in different ways, over the past year you could have BTC at a cost of anywhere between $2 and $30, so your purchase is the realization of any profit/loss in your BTC as well. You just cant do that with buying it in dollars elswehere, the swing in the silver price is only around $25-$50 since the run up over a year ago.

So far Coinabul has been very quick in answering any questions I've had through his contact on the web page, I'm just hoping he's on a week off cuz I've not heard from him for 5days after plaing an order and asking a question again.... we'll see.

[Coinabul]

I recently bought some physical silver localy, during the spot price dip on the last few days of the year. The larger your piece of silver the closer you can get to spot price... 1000oz bars should be nearly at spot price but who's trading in $30k blocks of silver?

I got a 100oz bar for aprox $1.50 above spot, and some silver Maples for about $3 above spot (bought a low volume). I could have bought it all in maples but wasnt interested in the "coin" more the comodity. Being local I was able to get it right away and the only thing resembling shipping was a drive across town. That same timeframe an order from Kitco or Apmex would have been 5% more plus shipping.

If you're going to compare Coinabul to any of those services you might as well skip it and use the other services...... as soon as they accept BTC. Different people got their BTC in different ways, over the past year you could have BTC at a cost of anywhere between $2 and $30, so your purchase is the realization of any profit/loss in your BTC as well. You just cant do that with buying it in dollars elswehere, the swing in the silver price is only around $25-$50 since the run up over a year ago.

So far Coinabul has been very quick in answering any questions I've had through his contact on the web page, I'm just hoping he's on a week off cuz I've not heard from him for 5days after plaing an order and asking a question again.... we'll see.

Howdy
Is your email c**@*********.net?
Thanks,
-Jon

[rawdod]

I ordered a single 1/10oz coin two weeks ago, and it has not even shipped yet.

I really want to be a customer of coinabul, but they are no such thing as a simple, quick metal/btc exchange. They are just a slow coin dealer that accepts btc as a novelty. There is allot of potential I think for a service that can operate like a digital pawn shop where you can trade btc and metal just like you trade btc and fiat on mtgox and other exchanges. Coinabul does not reach this potential at all. I wanted to support them by buying much more in the coming weeks, but I no longer have any desire to do so. Right now I could find someone local who trades dollars for btc or vice versa and then goto a pawn shop and buy gold, all in the same afternoon. If there was a digital equivalent to that it would be something great, but at this time the best bet is simply peer to peer exchanges online or in meatspace.

-D

[Coinabul]

I ordered a single 1/10oz coin two weeks ago, and it has not even shipped yet.

I really want to be a customer of coinabul, but they are no such thing as a simple, quick metal/btc exchange. They are just a slow coin dealer that accepts btc as a novelty. There is allot of potential I think for a service that can operate like a digital pawn shop where you can trade btc and metal just like you trade btc and fiat on mtgox and other exchanges. Coinabul does not reach this potential at all. I wanted to support them by buying much more in the coming weeks, but I no longer have any desire to do so. Right now I could find someone local who trades dollars for btc or vice versa and then goto a pawn shop and buy gold, all in the same afternoon. If there was a digital equivalent to that it would be something great, but at this time the best bet is simply peer to peer exchanges online or in meatspace.

-D

We've made our ordering process as streamlined as possible. Unfortunately it's impossible to move gold around as quickly as you want to without creating an ETF (something we're in the process of creating). We offer Bitcoin for gold. It's an ease-of-use transaction, you click a button and in less than two weeks you get your gold or silver. We're not at the speed of a local pawn shop yet, but hope to be there very soon.

Some of our orders go out in 48 hours or less... Unfortunately some don't (for now) and we're trying to get those uncommon products shipped out a lot faster.

We're a small gold shop, I'll give you that much. We try and offer as pleasant of a customer experience as we can; and you can know that we cherish each of our customers. I do sincerely apologize that we did not live up to your expectations

Thanks,
-Jon

P.S. At the time of your posting your item was enroute to you.

[fourd00rgtz]

Thought I'd update. My order was placed Jan 1st, and was shipped Jan 6th.
My account dashboard on Coinabul links to the tracking # of my order.

My only quandry is what seems like an issue with getting replies to my gmail account. But the Speed of the service seems quite good.

[rawdod]

Aye. I did not get an email with the tracking info. But I was able to get it by logging in via the "secret" login page.

I'll hold back my final judgement until I get my order, but here is the facts to date:

Order Placed: December 23, 2011

Order Shipped: Your item departed our SAN DIEGO, CA 92186 sort facility on January 07, 2012.

Delay: 15 days, altho over the holidays.

Price of item at order time: ฿47.95

Price of item at shipping time: ฿26.3364

[BitcoinMint.US]

I'll hold back my final judgement until I get my order, but here is the facts to date:

Order Placed: December 23, 2011

Order Shipped: Your item departed our SAN DIEGO, CA 92186 sort facility on January 07, 2012.

Delay: 15 days, altho over the holidays.

Price of item at order time: ฿47.95

Price of item at shipping time: ฿26.3364

Ouch.  I've read similar stories before (see below).

I have used BitcoinMint and CoinAbul so far. I would suggest BitcoinMint, it took a week to receive my coins and he communicates very well. CoinAbul 'lost' my orders, failed to respond numerous times to emails and forum messages and took 2 weeks for me to receive goods. They did however try to right this by giving me a 1% coupon, 1%. Anyone want it?

[Coinabul]

Ouch.  I've read similar stories before (see below).

If we get any email about an order, we respond to it... but if you have any urgent questions you can always call our customer support line. We've never 'lost' an order, either.

[rawdod]

I got my order today.

http://space.rawdod.com/2011_panda.jpg

It took a long time, and I feel I overpaid due to the delay from order time till shipping time. I did request the 2011 panda and got it, so that's nice.

Gold in hand does calm the rage, its nice that coinabul does have an irc channel so they are accessible. IMO opinion there is a large potential for an online BTC/Gold exchanger that can be the middleman between buyers and sellers, and make a reasonable cut off the margins, coinabul does not achieve that, but they could become that, so I will keep an eye on them.

I placed a 50btc order last night with bitcoincommodities.com, and it shipped today, I got the tracking number and several other informative emails. I'll post my review in their thread.

[fourd00rgtz]

Got my order today, shipping not all that bad 10days from Wyoming to Alberta (customs probably had it a few days). The week or so of processing leaves a bit to be desired but it was just after the new-years Holliday. I was a bit worried, but mostly because it was my first purchase of some significant value with BTC.

All in all, a pretty good transaction. I was a bit miffed at some missed emails, but really for almost instant answers check out Coinabul in their IRC channel.

[fulepp]

I placed an order on the 7th of March, 2012.

The status on the website is "Processing"

[ElMoIsEviL]

I placed an order on the 7th of March, 2012.

The status on the website is "Processing"

Same I put one on March 4... Looks like we're all being scammed. First time around I got my goods...this time not so.

[Coinabul]

I placed an order on the 7th of March, 2012.

The status on the website is "Processing"

Same I put one on March 4... Looks like we're all being scammed. First time around I got my goods...this time not so.

We're still shipping our goods out. Your order may have had a slight delay. Please email me, Jon [at] Coinabul.com. No need to jump to conclusions.

[Anastasios]

Coinabul is a great gold dealer. The gold spot price is automatically adjusted, and the bitcoin/usd price follows the mtgox price very well. I have made gold purchases from Coinabul and have been very satisfied every time. If anything goes wrong they are very easy to get in touch with (email or IRC) and are very good at solving issues. If I had more money, I'd buy everything they had in the shop

[dirtycat]

I wish they would have a little more items in stock.. would work wonders with their shipping delays.. put my order in on 4/1/12.. inquired about when to expect items via their contact form.. no response.. inquired again.. finally got a response said it would be shipped 4/13/12.. checked just now.. still says processing.. Im sure ill get my items but I would like to get them while gold and silver are still considered precious metals 

[Coinabul]

I wish they would have a little more items in stock.. would work wonders with their shipping delays.. put my order in on 4/1/12.. inquired about when to expect items via their contact form.. no response.. inquired again.. finally got a response said it would be shipped 4/13/12.. checked just now.. still says processing.. Im sure ill get my items but I would like to get them while gold and silver are still considered precious metals 

Hey Dirtycat,

I just sent you an order update via PM. Can you please reply with any associated logs about your first email to me over PM. I'll investigate why your inquiry didn't get answered.

As for your order, I apologize for the delay. We're working on making the ordering process much smoother. As you might have seen, we offer a lot of products, which means we need to store our products in a warehouse. Getting the products out of the warehouse is where the biggest slowdown occurs.

Thank you for being a Coinabul customer!

-Jon