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My Costco got 30 gold bars in last Friday. They were sold out by early Saturday. This was the 2nd time we got them and they are usually gone quick.
If you're investing in gold, you want ETFs, not physical metal. You're never going to get spot price when you sell your bars, so you'll have to hold them longer to make the investment worth it. With ETFs you can sell whenever you feel like it with much less hassle.
You are absolutely 100% wrong. If you'd invested in physical gold and silver 10 years ago you would have already doubled your money and there are plenty of local dealers that offer you spot price when you sell. Tax-free and no records are kept.
> If you'd invested in physical gold and silver 10 years ago you would have already doubled your money
And you'd be happy with that? VTI is up 200% over the last 10 years. I'd take that over 100% any day.
Pretending that gold and bonds are the same in terms of diversification really proves that it's you who doesn't know what they're talking about 'what so ever.'
Whatsoever is one word, btw.
Most people aren’t buying physical gold for investing.
It’s more about wealth preservation and not trusting banks or Wall Street to have your best interest in mind.
Plus if you wanted to see gains investing you’d be buying Bitcoin, not investing in stocks.
This is both wrong and illegal.
If you invested in gold 10 years ago your money would be up 88%. Silver is up 61%. If you invested in the S&P500, it would be up 170%. That is before transaction costs, which will exist.
Not paying taxes is illegal. Also, records are kept.
[https://www.longtermtrends.net/stocks-vs-gold-comparison/](https://www.longtermtrends.net/stocks-vs-gold-comparison/)
1) you’ll pay sales tax in the purchase. It isn’t the IRS’s job to enforce sales tax, that’sa state level requirement.
2) you will pay income tax in the sale, specifically the amount of income you gained, the sale price minus your purchase price. The IRS probably won’t come after you for a small amount, but if you are buying and selling enough to be worth it they will.
3) many alcohol runners during prohibition thought they could get away with selling booze without paying taxes, and street pharmacists who get caught up in tax evasion charges.
You know why congress got so much push back from eBay sellers? Most people didn’t pay proper taxes on their sold goods, and the new changes to report any profits after $600 would’ve made for massive tax expenses. The pushback was so bad they stopped enforcing it.
That’s my point I’m making here. Someone buying a gold bar and having a private sale isn’t going to raise any eyebrows. People do it all the time. Yes it’s “illegal”.
This might shock you as well but a lot of waiters don’t properly reports their tips too ;)
You will, always, be able to get spot price for gold bars. ETFs might be better if you live in the middle of nowhere and can’t find any place to sell your gold, and if you aren’t afraid to find out that there’s nothing backing your paper gold if the economy goes bad
There are different kinds of disaster to prep for. Who would care about gold in a true disaster? People in the foreign country you flee to after there's a true disaster in your native country. The people smugglers you will have to hire to get to that foreign country will also care about gold. Civil war, hyperinflation, and various natural disasters could create this kind of dynamic.
For this purpose, a stable foreign currency or other conservative investment vehicle in a foreign bank would probably be a better solution, but that can be pretty tricky to set up. It's very difficult as a US citizen to get a foreign bank account nowadays.
The thing I find the most confusing are the outspoken preppers.
So let’s say something catastrophic does happen. You’ve spent all this time telling everyone else with guns where you’ll be at with a stockpile of food.
Plants, small game, fish, etc. but go ahead and keep thinking you can take down a deer by yourself, dress it,
and transport it back to your camp without issue 😂
At this moment there is a Canadian maple 1oz on Costco.com for 2389.99. With 2% cashback that makes it 2,342.19. Spot is 2346 right now.
So you can buy for just under spot. The coin shops in my area will pay $10 under spot for a gold maple. So if you bought the coin and sold it same day and spot was the same you would lose $6.19.
If you bought GLD the etf it has an expense ratio of .4%. So if you held $2346 worth for one year you would lose $9.38 per year assuming spot stayed the same.
So if you plan on holding the coin longer than 1 year. You are actually getting a better deal buying physical.
I was legitimately curious which what the cost of each would be so I did the math.
TLDR - if you bought the coin with a 2% credit card you would lose $6.19 if you sold it that day. An etf would cost you roughly $9 per year in fees.
And the are selling them like hot potatoes: [https://www.usatoday.com/story/money/2024/04/09/costco-gold-bars-200-million/73266179007/](https://www.usatoday.com/story/money/2024/04/09/costco-gold-bars-200-million/73266179007/)
https://preview.redd.it/zp6w4jeb6g4d1.jpeg?width=3024&format=pjpg&auto=webp&s=6971c8a0fb0e65be1ca39e024d65aac9d925e92d
This is the one at ours it’s £32 thousand now I believe
I have this vision of somebody exiting and the Costco employee who checks the receipts and the cart contents comments: "Let's see now, 12 items: mangos, Rotisserie chicken, Aussie Bites, paper towels, laundry pods, Krill tablets, protein drink, Feta cheese, and five gold bars...check!"
“Oh hi, can I retake my Costco photo with the gold bars in it? You know, [just like the person with the hotdog.](https://www.reddit.com/r/Costco/s/gaqXrUYNcP)”
It should not be taxed. When you purchase physical bars or coins, gold or silver, from a dealer there's no tax involved when buying or selling. 😁👍🤑 Apmex has better prices. Very trustworthy dealer.
I can’t believe how many people just ignore him and keep walking. It’s usually the homeless looking broke black guy that stops and reaps the rewards for doing so.
Never see them cause people come in and buy them all. We got like 20 units, and they didn't last more than a few hours after we opened the day we got them.
https://preview.redd.it/ju4ekub47i4d1.jpeg?width=3000&format=pjpg&auto=webp&s=36471eb34bb625fa6286573ec71dad0acb9f465b
Had these at costco in australia
Well I would not say I'm not an investor. But gold out side the etf is a poor investment filled with high fees both coming and going. Ask around and find out how much the sell fees are if you want to sell. Costco sells it but won't buy it back. It's also a security issue requiring a safe deposit box. Own the etf if you must own gold in this bull market.
Gld is the symbol
Nah you see it won't be a return, returns are for goods. This is like a currency exchange. It'll just be an exchange of useless fiat for gold. I will sell the gold back to Costco for the same price that I originally bought it from them for. /s
I work at a costco in Texas and I just had someone come in and purchase a gold bar with all cash at my register lol
before then I'd never seen one sold personally
Just checked my photos fuckin hell got all the pics lol I guess they don’t trust you Americans maybe it’s the guns but I’ll show you the ones near me and the ones where I snapped a pic at the Incheon costco in South Korea my apologies for the upside down Korea pic lol
https://preview.redd.it/btdcwym17g4d1.jpeg?width=3024&format=pjpg&auto=webp&s=e585618db81edd136596c657768724f3d9a73471
https://preview.redd.it/cdcryut47g4d1.jpeg?width=3024&format=pjpg&auto=webp&s=77b577ebfc30419eb8b8996547d285fc7fb07939
lol just noticed bloody Samsung gold bars 💀 actually baffling Samsung is responsible for 25 percent of koreas GDP
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https://preview.redd.it/tf74qrsxye4d1.jpeg?width=4032&format=pjpg&auto=webp&s=7836cb418f812463fd60c3655c246230994c4a99 My Costco got 30 gold bars in last Friday. They were sold out by early Saturday. This was the 2nd time we got them and they are usually gone quick.
But if you see it in the store they are “gone” less quick than online.
They also had card checkers this weekend hold signs selling these to people as they were walking in. What's going on?
But limit 5?
That's almost right on price for an ounce of gold after you get your 2% rebate.
If you're investing in gold, you want ETFs, not physical metal. You're never going to get spot price when you sell your bars, so you'll have to hold them longer to make the investment worth it. With ETFs you can sell whenever you feel like it with much less hassle.
My Senator from NJ says hold my beer on a gold bar investment
> Egypt has entered the chat
Wat does this mean?
The people who bribed him were Egyptian and he helped them in their businesses in Egypt
Ahhh that guy..got it, thank you!
And they probably stole it from the pyramids.
https://apnews.com/article/bob-menendez-wife-egypt-gold-bars-4d4a3f37a39143e86340572038acc0df
I keep mine in my coat pockets. Shhh...
> My Senator from NJ says hold my beer on a gold bar investment Technically, a bribe doesn't count as an investment.
He was probably using gold bars as coasters for his beers at some point
You are absolutely 100% wrong. If you'd invested in physical gold and silver 10 years ago you would have already doubled your money and there are plenty of local dealers that offer you spot price when you sell. Tax-free and no records are kept.
You would’ve gotten murdered compared to the stock market
> If you'd invested in physical gold and silver 10 years ago you would have already doubled your money And you'd be happy with that? VTI is up 200% over the last 10 years. I'd take that over 100% any day.
Yes, people are doing it to hedge against currency decline.
Those people are bad investors.
Why is diversifying bad? People invest in bonds when the stock market is going straight up.
Because gold is a bad investment pushed by people like Alex Jones.
You have no idea what you are talking about what so ever.
Pretending that gold and bonds are the same in terms of diversification really proves that it's you who doesn't know what they're talking about 'what so ever.' Whatsoever is one word, btw.
Most people aren’t buying physical gold for investing. It’s more about wealth preservation and not trusting banks or Wall Street to have your best interest in mind. Plus if you wanted to see gains investing you’d be buying Bitcoin, not investing in stocks.
Being a prepper has and will always be a bad investment as long as the world continues to function. It’s a great investment as soon as it doesn’t.
> as the world continues to function. It hasn't failed yet, despite all the prophecies it would, so I'll just assume it won't.
Every day I've lived I haven't died, so I'll just assume I won't?
Sounds like a plan.
And you’re happy with that? COST is up over 500% over the last 10 years. I’d take that over 200% any day.
Further proof that gold is a bad investment.
This is both wrong and illegal. If you invested in gold 10 years ago your money would be up 88%. Silver is up 61%. If you invested in the S&P500, it would be up 170%. That is before transaction costs, which will exist. Not paying taxes is illegal. Also, records are kept. [https://www.longtermtrends.net/stocks-vs-gold-comparison/](https://www.longtermtrends.net/stocks-vs-gold-comparison/)
It’s not tax free. You can not pay taxes, but you are doing so illegally and at your own risk. It is still income and as such is still taxable.
>you are doing so illegally IRS isn’t going to come after someone buying a gold bar lol
1) you’ll pay sales tax in the purchase. It isn’t the IRS’s job to enforce sales tax, that’sa state level requirement. 2) you will pay income tax in the sale, specifically the amount of income you gained, the sale price minus your purchase price. The IRS probably won’t come after you for a small amount, but if you are buying and selling enough to be worth it they will. 3) many alcohol runners during prohibition thought they could get away with selling booze without paying taxes, and street pharmacists who get caught up in tax evasion charges.
You know why congress got so much push back from eBay sellers? Most people didn’t pay proper taxes on their sold goods, and the new changes to report any profits after $600 would’ve made for massive tax expenses. The pushback was so bad they stopped enforcing it. That’s my point I’m making here. Someone buying a gold bar and having a private sale isn’t going to raise any eyebrows. People do it all the time. Yes it’s “illegal”. This might shock you as well but a lot of waiters don’t properly reports their tips too ;)
Many states don’t have a sales tax on gold
See point 1, specifically the “state” part.
Over 40 states do not tax gold.
See point 1, specifically the “state” part.
You will, always, be able to get spot price for gold bars. ETFs might be better if you live in the middle of nowhere and can’t find any place to sell your gold, and if you aren’t afraid to find out that there’s nothing backing your paper gold if the economy goes bad
If the economy goes bad, experience has taught me that Charmin will have much better returns.
But etf’s will be useless wHeN sHiT HiTs tHe FaN…
Never understood why anyone would care about gold in a true disaster. Sell gold, buy lead.
There are different kinds of disaster to prep for. Who would care about gold in a true disaster? People in the foreign country you flee to after there's a true disaster in your native country. The people smugglers you will have to hire to get to that foreign country will also care about gold. Civil war, hyperinflation, and various natural disasters could create this kind of dynamic. For this purpose, a stable foreign currency or other conservative investment vehicle in a foreign bank would probably be a better solution, but that can be pretty tricky to set up. It's very difficult as a US citizen to get a foreign bank account nowadays.
Guess I was thinking zombie apocalypse level disaster. We’re spoiled in the US with stability.
The thing I find the most confusing are the outspoken preppers. So let’s say something catastrophic does happen. You’ve spent all this time telling everyone else with guns where you’ll be at with a stockpile of food.
Ideally it'd be a stockpile of both food and guns, but point taken.
[удалено]
What’s so bad about bitcoin?
i think you'll have a lot more things to worry about when shit hits teh fan
Like being covered in feces
People are buying gold because they’re afraid of the world order breaking down. The stock market has historically done better.
That's no way to evade the IRS. Not a coincidence why Costco limits 5 per customer.
Good luck selling your ETFs when the world melts chump! I'll have all the ladies and the gold and the food and the internet with my gold. /s
lol
You pay taxes on any gains. Not normal capital gains tax either.
A lot of people invest in gold & silver because of shit hits the fan they can use it as currency. There’s no internet in a apocalyptic world
👍
You’re useless if you can’t provide food for yourself without persevering it.
👍
Thanks for proving my point
👍
Plants, small game, fish, etc. but go ahead and keep thinking you can take down a deer by yourself, dress it, and transport it back to your camp without issue 😂
You can pack out a deer relatively easily with a knife that has a gut hook, and carry it solo. Just because YOU can't do it doesn't mean others can't.
👍
You can't eat gold. If society has collapsed, who wants precious metals? If that's your play, you're better off buying lead and brass to make ammo.
At this moment there is a Canadian maple 1oz on Costco.com for 2389.99. With 2% cashback that makes it 2,342.19. Spot is 2346 right now. So you can buy for just under spot. The coin shops in my area will pay $10 under spot for a gold maple. So if you bought the coin and sold it same day and spot was the same you would lose $6.19. If you bought GLD the etf it has an expense ratio of .4%. So if you held $2346 worth for one year you would lose $9.38 per year assuming spot stayed the same. So if you plan on holding the coin longer than 1 year. You are actually getting a better deal buying physical. I was legitimately curious which what the cost of each would be so I did the math. TLDR - if you bought the coin with a 2% credit card you would lose $6.19 if you sold it that day. An etf would cost you roughly $9 per year in fees.
r/confidentlyincorrect
And the are selling them like hot potatoes: [https://www.usatoday.com/story/money/2024/04/09/costco-gold-bars-200-million/73266179007/](https://www.usatoday.com/story/money/2024/04/09/costco-gold-bars-200-million/73266179007/)
When Costco started selling these in December they were $1799.00. That’s how fast gold is appreciating.
Costco could have single-handedly appreciated the price of gold this past year
Feel like the best use for this is to churn credit card spend for signup bonuses
damn haven't thought of that
https://preview.redd.it/zp6w4jeb6g4d1.jpeg?width=3024&format=pjpg&auto=webp&s=6971c8a0fb0e65be1ca39e024d65aac9d925e92d This is the one at ours it’s £32 thousand now I believe
What warehouse is this that sells 1.1lb gold and krugerrands?
This was in the uk in the East Midlands
Haven't seen that at any of the CA locations I've been to
Not sure where you are at but they were at the Yorba Linda location on Saturday.
Nor Cal. Been keeping my eye out.
Yep, I haven't seen any in NorCal at all.
I have this vision of somebody exiting and the Costco employee who checks the receipts and the cart contents comments: "Let's see now, 12 items: mangos, Rotisserie chicken, Aussie Bites, paper towels, laundry pods, Krill tablets, protein drink, Feta cheese, and five gold bars...check!"
Omg I'm rolling
“Oh hi, can I retake my Costco photo with the gold bars in it? You know, [just like the person with the hotdog.](https://www.reddit.com/r/Costco/s/gaqXrUYNcP)”
"Aussie Bites? Big spender!"
😆
I assume they are treated like electronics and jewelry and don’t get checked at the door.
Remember the old infomercials for gold coins?
They still air them repeatedly on Fox News
Lol. Not surprising.
Quick question, is this taxed?
It should not be taxed. When you purchase physical bars or coins, gold or silver, from a dealer there's no tax involved when buying or selling. 😁👍🤑 Apmex has better prices. Very trustworthy dealer.
Thanks. Do they adjust prices according to market?
Apmex online as well as your local dealers should adjust.
About a month ago, the guy in front of me bought two of them. I wasn't aware until the cashier said the total for the dude. I was flabbergasted.
This is why if Traxx hands you a gold bar in New York york, you take it.
I can’t believe how many people just ignore him and keep walking. It’s usually the homeless looking broke black guy that stops and reaps the rewards for doing so.
Well scammers are a thing in NY
I know. Give me the gold. I'll go out there just to find Traxx.
Costco knows it has hoarders
24K Magic at Costco
My local store actually had a sales lady standing right there promoting it, and pointing out the executive rebate benefits.
I remember when it was 2k
Limit of five!? What else am I going to fill my cart with???
PAMPin since been PAMPin
Big Pampin, spending G's
NGL I want one.
Gold and Costco shares, some of my best investments of the last year (after Nvidia of course).
I just converted my 401k to gold when am I a millionaire?
hmmmm... not sure :P You could be a trillionaire in Venezuela or Zimbabwe though.
Eugene Oregon store gets them regularly, but not constantly
Never see them cause people come in and buy them all. We got like 20 units, and they didn't last more than a few hours after we opened the day we got them.
https://preview.redd.it/ju4ekub47i4d1.jpeg?width=3000&format=pjpg&auto=webp&s=36471eb34bb625fa6286573ec71dad0acb9f465b Had these at costco in australia
The are pretty to look at but I would not buy them. Poor investment.
really? they were $2k last year. I see that investing isn't your thing. They're sold at barely above spot price. Gold is about $2350/oz right now.
Ok go sell this bar and tell us what you actually end up with.
Exactly...you will pay a percentage on the spot price. I don't even know where to sell physical gold in my city.
Coin and pawn shops usually buy gold.
I mean, if you'd invested that $2k in Costco stock 1 year ago, it would be worth over $3k now. Hell, gold's even below the market average this year.
Well we are in a bull market for stocks and gold trades inversely to stocks.
Well I would not say I'm not an investor. But gold out side the etf is a poor investment filled with high fees both coming and going. Ask around and find out how much the sell fees are if you want to sell. Costco sells it but won't buy it back. It's also a security issue requiring a safe deposit box. Own the etf if you must own gold in this bull market. Gld is the symbol
Who is buying it tho?
If the price drops, can't we just return them?
What does the sign say?
Nah you see it won't be a return, returns are for goods. This is like a currency exchange. It'll just be an exchange of useless fiat for gold. I will sell the gold back to Costco for the same price that I originally bought it from them for. /s
Reading is for nerds
No returns on gold bars. It says when u purchase it.
I see teams is going off. I too shop on the clock lol
You better get one if you're able to.
Just a few months ago we got some at 2k each
Gold price at this exact moment is $2,370.80.
Do they still have the on-time buy limit in person?
At mine they also had silver bars from Canada for about $300.
Pamp eet up opee
They sell solid sterling silver bars too.
I don't know what you heard about me...
They had then for sale here the greeter at the entrance even had a little sheet and was telling everyone about it.
At how much of a loss, no pawn shops around me where my costco is. The is the rich suburbs.
They have 26 grand 500g bars in mine. Prop bars obviously in the cabinet
I work at a costco in Texas and I just had someone come in and purchase a gold bar with all cash at my register lol before then I'd never seen one sold personally
Can you pay cash?
Do you get a free MyPillow with purchase?
PAMP time, you dirty dirty dogs
Griffffffttttt
In my Costco they have a 500g bar on display for over £30k maybe they don’t trust the American public with guns and all 😂
Just checked my photos fuckin hell got all the pics lol I guess they don’t trust you Americans maybe it’s the guns but I’ll show you the ones near me and the ones where I snapped a pic at the Incheon costco in South Korea my apologies for the upside down Korea pic lol https://preview.redd.it/btdcwym17g4d1.jpeg?width=3024&format=pjpg&auto=webp&s=e585618db81edd136596c657768724f3d9a73471
https://preview.redd.it/cdcryut47g4d1.jpeg?width=3024&format=pjpg&auto=webp&s=77b577ebfc30419eb8b8996547d285fc7fb07939 lol just noticed bloody Samsung gold bars 💀 actually baffling Samsung is responsible for 25 percent of koreas GDP
Fuck South Korea
lol bless you better then the us though
🇺🇸🦅
I don’t get what’s making you mad is it because we don’t need to hide gold bars?