Kind of interesting concept, just saw an ad today. You put in your cash and get gold layered in a plastic base. I doubt this will catch on and last but an interesting idea.



Gold ATZm

I wonder how a skeptical person might verify the amount and purity of the gold they theoretically contain?

A bit of discussion here from a couple years back: https://sigforum.com/eve/forum...0601935/m/9570074974


This is just someone trying to make a big profit by selling massively overpriced pretty-looking fractional gold to people who don't know any better.

Basically, if you want to invest in some gold, skip these "goldbacks" and instead get some more recognizable and trustworthy gold bullion (like gold coins from a sovereign mint), with as low of a premium over spot that you can find.

Premium on common gold bullion typically runs anywhere from 3% to 20% over spot in normal times.

Whereas with these goldbacks, you're paying about a 111% premium...

And in turn you'd be receiving a form of gold that most people wouldn't recognize or want, with no guarantee of the purity or actual gold content other than trusting the word of the guy who makes them.

To show you in dollars and cents: 1 goldback purportedly contains 1/1000th of an ounce of gold, and costs you $4.33. Currently, spot price for 1 ounce of gold is $2052. So spot price for 1/1000th ounce of gold is $2.05. With even a high-normal premium of 20% over spot, that gold should cost you about $2.46. Not $4.33, which is more than double the gold's value.

1 ounce of gold value: $2052
1 ounce American Gold Eagle coin cost: $2195 (7% over spot)
1000 goldbucks/1 ounce of gold cost: $4330 (111% over spot!)

Using this "GoldATM" would be like going to a bank ATM, withdrawing $200 from your checking account, and getting $100 from the machine while the bank pockets the other $100.

^^^^^^^^^^^^^^^^^^^

This...except you're shopping at the wrong dealer if you're paying 7% for eagles. Should be 4.5 - 5.5%.

‘We Sold Over $100 Million of Gold During the Quarter’: Costco CFO
The blockbuster sale comes as gold prices hit an all-time intraday high this month and are expected to remain elevated next year.
‘We Sold Over $100 Million of Gold During the Quarter’: Costco CFO

Wholesale retailer Costco sold more than $100 million worth of gold in the most recent quarter, with gold bars seeing high demand from customers.

“You've probably read about the fact that we're selling one-ounce gold bars. We sold over $100 million of gold during the quarter [that ended Sept. 30]," Richard Galanti, the chief financial officer of Costco, said during an earnings call on Dec. 14. This was the first quarter of fiscal 2024 at Costco.

The wholesale retailer started selling gold online in September. In an earnings call late that month, Mr. Galanti had alluded to massive demand for the product. “When we load [gold bars] on the site, they're typically gone within a few hours.”

At present, Costco has listed two one-ounce gold bars for sale—one from PAMP Suisse Lady Fortuna Veriscan and the other from Gold Bar Rand Refinery. Both items are listed as 24-karat gold available for members only and limited to two bars per member. Costco offers three types of memberships: gold star and business memberships, which cost $60 yearly each, and an executive membership that costs $120.

The gold bars were listed for sale at $2,069.99 on Dec. 15, according to CNBC. At the time, this was nearly $50 higher than the spot gold price of $2,020.58. Both items are shipped via UPS and delivered in two to five days to customers across the United States. Once sold, the gold bars can't be returned or refunded.

Costco’s $100 million gold sales come as the retailer continues to report strong profits and the company’s shares have surged this year. Meanwhile, gold prices have also risen.


Year to date, Costco shares have risen by more than 45 percent as of the morning of Dec. 18. Gold prices have jumped from about $1,797 per ounce to $1,984 during this time, an increase of more than 10 percent.
Elevated Gold Price
Earlier this month, spot gold prices hit an all-time intraday record high of $2,152. Spot gold was trading at roughly $1,200 in 2019. Analysts expect gold prices to remain elevated next year because of geopolitical uncertainty, potential rate cuts by the Federal Reserve, and a weaker U.S. dollar.
Ever since the Israel–Hamas conflict was triggered in October, gold prices have been rising as its safe haven status boosted inflows into the metal.

“The anticipated retreat in both the USD and interest rates across 2024 are key positive drivers for gold,” Heng Koon How, head of markets strategy, global economics, and markets research at UOB, told CNBC. He said he expects gold prices to hit up to $2,200 per ounce by the end of next year.

https://www.theepochtimes.com/...registered&utm_term=

quote:

The gold bars were listed for sale at $2,069.99 on Dec. 15, according to CNBC. At the time, this was nearly $50 higher than the spot gold price of $2,020.58.

See? ~2.4% over spot. Not 111%.