Gold eagles and buffs are live Costco.com
lcoopie
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FYI.
LCoopie = Les
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lcoopie
Posts: 8,872 ✭✭✭✭✭
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Yes, I was somewhat surprised to learn that this has been going on for a few months now and they are apparently proving to be quite popular.
Do you think that the more mainstreaming of gold products through mass retailers will increase consumer demand and impact prices to the upside?
There was an article in the Journal how buyers are thinking this vehicle is A=A when they go to sell them gold. One guy was offered 85% of spot and others 90% best price the writer found was 1% back... but no one offering "spot." You can see the uninformed nature of some of the buyers.
If I link the article I think it is behind a paywall.
lots of places tell you how to buy gold, but fail to mention about best ways to sell it. you should be able to get spot plus shipping thru the BST or PM boards, tho I admit that I have not sold anything through them for a few years.
jackhunt.com thru there dealer hub offers spot + .25% for 1 ounce AGEs so best have a few to cover shipping costs.
there's also bullion stacker. best to find out what locals pay before you pony up.
I think that the focus is on the buying end now and when these new customers need or want to sell, the premiums will be determined by market conditions at that time.
Another possible effect of mass marketing of gold will be that the gold is more widely held. What effects might this have?
https://www.wsj.com/finance/investing/selling-costco-gold-bars-f14e966f?st=62jkj0exprdhld9&reflink=desktopwebshare_permalink
WSJ….selling gold can be a challenge for rookie buyers
Might as well go watch the home shopping channels to buy your gold and silver coins. The guy hawking ASE’s and other coin sets makes you think only 50 have ever been made by the mint….and 99.999% pure silver is as scarce as plutonium……. I won’t buy from anywhere else….😂
Costco is not doing that.
That's always true with gold no matter where you got it.
Costco has marketers (marketeers?) who understand the Jones effect.
—is this real gold?
—Why, yes it is. Costco has a deal on it.
—Ooh! I’m going to have to get one too!
Laugh away.
Respectfully disagree. Costco makes little, if anything, on this. That's why they severely limit how much you can buy, and the availability comes and goes sporadically. They are not "marketing" it at all. I didn't even know about it until I saw the news reports.
Costco makes its money on membership fees, and sells pretty much everything close to cost. Including precious metals, especially after factoring in credit card processing fees.
They offer it because people want it, and because they can. They seriously do not care 2 poops about the Jones effect, or even whether anyone bites. It's offered by a third party vendor, and they'd pull it from the website in a nanosecond if there was no demand. People grab it not only because Costco is a trusted source, but because their pricing truly cannot be beat for the small quantities they sell.
Go ask the people buying this gold what they know about gold markets and costs. My guess is most are like the people that have a silver dollar they got from their grandma and think it’s worth a fortune. I read coin magazines at my favorite diner all the time and you would be amazed how many patrons come up and ask me about their ‘valuable’ silver dollar, buffalo nickel, or wheat leaf penny.
I respectfully do not disagree with so much that needs no illumination. Please expound on mimetic desire,
All true. Little of it has anything to do with Cistco "hawking" gold. Costco sells the gold at low premium, barely advertises it and doesn't even always have it. I'm sure many of the buyers don't understand the gold market. Many people in this forum don't understand the coin market. But if you wanted to own gold, Costco is not a bad place to buy it (depending on your state sales tax rules).
This^
I've been a Costco member since 2005. The closest Costco to me is 70+ miles away. Due to the distance I am lucky to make it there once every few months. It never made sense to have anything more than the standard gold star membership ($60). Once they started selling AGE, AGB, and GML I immediately upgraded to executive membership ($120). I am sure I am not the only one. For Costco, mission accomplished. RGDS!
The whole worlds off its rocker, buy Gold™.
Please feel free to bump this when precious metals are available again.
I've sold gold in the past at spot+
i can't get behind the paywall, but i'd be interested to know what kind of establishments are offering that far back. you definitely don't take these to "we buy gold"
I wonder how many sellers know there is a spread
we have stackers here who have bought these and can attest to their authenticity
…………
You’re right….i just think about those who know nothing about gold/silver/precious metals and then have a really bad experience when they go to sell. Kind of like buying a new car….and then going back a year later to trade the vehicle in….and then the ‘shock’ sets in when the dealer says the vehicle has dropped off a cliff in value. Luckily gold is fairly stable so the outcome is 50/50 on whether it’s a good deal to buy now. JMHO…😉
I did a search at COSTCO.COM for gold coin, gold eagle and gold buffalo. I can't find any coins?
As to people not knowing how to sell gold, I remember one time when a 30ish young lady walked into Harlan Berk's and asked how she could hire an armored car. I asked her what she needed it for, and she said that she had just inherited 333 one ounce gold Maple Leafs (her 1/3 share of 1,000 pieces; her brother sold the odd one and split it three ways) that she wanted to sell, and she needed an armored car to transport them to our store. I asked her where they were, and she named a bank only three blocks away. I told her she did not need an armored car, grabbed my trusty coin dealer Samsonite briefcase and walked over there with her and brought them back from the safety deposit box. (I was insured en route back.) I gave her a price payable in three days (I think we paid 98.5%), did the paperwork, gave her a receipt and we shipped them off to New York. She came back three days later and I wrote her a check for roughly $1.25 million. Let's see Costco do that.
" ...we shipped them off to New York. "
>
Who bought them? Trump?
Did Harlan Berk's fire you when they found out that you paid $3,754 for each gold maple leaf?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I couldn't either, using the Costco website. Then I tried searching with Google.
Search Term = "Costco Gold Bars"
Sample Result = https://www.costco.com/1-oz-gold-bar-pamp-suisse-lady-fortuna-veriscan-new-in-assay.product.4000186760.html
Search Term = "Costco Gold Coins"
Sample Result = https://www.costco.com/2024-1-oz-american-eagle-gold-coin.product.4000250660.html
Note - I am not a member. So, I cannot 'sign in' for 'pricing/availability'.
Edited for content.
If you did sign in it’s out of stock currently.
Did I remember the math wrong? I know it was 333 ounces.
Costco is not going to do that. Then again, Costco isn't a dealer. Costco also isn't buying 300 ounces at 98.5%, and then turning around and selling at 105%.
Costco is great at what it does. Which, in this case, is selling a single ounce at pretty damn close to 100% (could even be little under, depending on volatility), and letting people use a credit card in the process.
And you get a rebate on it as well from Costco.
This made me laugh!! Thank you!
costco is being looked at because their ask is tight and below typical retailers
there is a costco thread on the pm forum with links scattered about in it