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This week a bar of gold bullion was sold for 52p at Humraz.com – the lowest unique bid auction.

The successful bidder – Julian Alexander, a 24-year-old shop assistant from Canberra, Australia – devised a bidding strategy based on Humraz’s β€˜status messages’, which provide detailed information about each bid’s progress.

Julian has β€˜never entered a lottery,’ which is why he was attracted to the skill element of the Humraz concept in the first place. β€˜Humraz provides a lot of information after each bid, so it didn’t feel like each bid was a guess.’

Although Julian reckons the bullion β€˜would be the coolest paperweight around’, he plans to cash-in the asset to pay-off a credit card.

Another gold bullion auction will go live today on Humraz.com, alongside an ongoing property auction – a two bedroom flat in Woking worth Β£180k, which will soon be sold for less than Β£9000.

It is hoped that the successful gold auction will counteract the β€˜too good to be true’ reaction Humraz has encountered in the UK since its February launch. In contrast, according to Humraz founder Asmat Monaghan, other countries have grasped the potential of the concept much quicker. β€˜It was no surprise to see the gold sold abroad,’ says Asmat. β€˜The response from overseas has been phenomenal.’

The volume of bids from abroad resulted in the auction closing two days early. Every Humraz auction has a limited number of bids, which in this case was reached two days before the auction close date.

β€˜Hopefully the success of this gold auction will persuade people that there isn’t a hidden β€˜catch’ to Humraz’s auctions,’ says Asmat. β€˜Very soon someone really will buy a two bedroom flat for a fraction of its value, in exactly the same way as Julian bought his gold.’

For further information, images and interviews, please contact:

Sami McCabe
m: +44 (0) 7789 777 440
t: +44 (0) 20 8849 8180
f: +44 (0) 20 8899 6001
e: sami@ubiquitycomms.com

Editors’ Notes:

β€’ Purchase of gold for investment purposes is stamp duty free and VAT exempt in the UK and EU (EU Gold Directive 2000)

β€’ β€˜Humraz’ is an anagram of Asmat Monaghan’s daughters’ initials

β€’ Bids are placed via SMS, online and post: there is no premium rate telephone line

β€’ No bids are accepted or charges made once an auction closes

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