Forget gadgets and toys. Some consumers are loading up on precious metals this holiday season.
EBay said it frequently moves $1 million to $2 million of bullion from top sellers in a day, with volume increasing as the holidays approach. On Thursday, the online marketplace offered two daily deals on gold bars, and sold about one $1,000 bar per minute, generating just under $1 million in sales.
EBay's gross merchandise volume for bullion has spiked 60 percent from last year, and 27 percent from October, with about a quarter of sales on mobile devices. The company attributes the rise partly to a slump in the price of gold, which traded near a six-year low on Friday.
"When the spot price of gold and silver drops, bullion purchases tend to rise," said Ryan Moore, an eBay spokesperson. "A drop in the price is often what drives those who have been considering investing in bullion off the fence," he said.