[theluckycountry]

"We Sold Over $100 Million Of Gold During The Quarter": Costco CFO https://www.theepochtimes.com/article/w ... =ZeroHedge

20/12/2023

“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.

Gold price today... $US 2066

[DanielBrewton]

Buying Physical Gold is the best choice but putting it in the bank is worse. You are better off buying a Bond if you just want to put that stuff into Banks hand.

For starters you could try Dollar cost averaging into Gold as prices are near all time high right now.

Also you can refer to SPAM DELETED according to it you still do have time the average price based on all credible sources are not going way too high (As if for time being) but beware that nowadays retail are competing with Central Banks and they can print money out of thin air.

[theluckycountry]

DanielBrewton
Permanently Banned

nice try. Given the lack of activity here I'm surprised they booted you so soon. Given the level of activity here I'm surprised you bothered at all. Things must be getting desperate in the AstroTurf world.

[theluckycountry]

I checked out local gold price this morning, $3400, pushing well past the 3k mark now, up a grand since my last major purchase.

China Has Taken Over Gold Price Control from the West
https://www.zerohedge.com/news/2024-03- ... ntrol-west

And why not, all the West ever did was manipulate it (poorly) in the hope of keeping dollars flowing into their corrupt paper markets. They have done a good demonizing Gold in the minds of the Western public too. It's completely off the radar of most investors and certainly out of the portfolios of pension funds. In the next crash, possibly the big one, the average person will be holding a bag full of Tesla, Amazon and Microsoft shares.

Markets may be peaking as Thiel, Bezos and Zuckerberg among insiders selling off tech stocks

Amazon founder Mr Bezos sold 50 million shares worth $8.5 billion in the ecommerce group in February. Andy Jassy, Amazon’s chief executive, sold $21.1 million of stock this year, compared to $23.6 million in 2023 and 2022 combined.

https://www.irishtimes.com/business/202 ... ch-stocks/

[careinke]

I checked out local gold price this morning, $3400, pushing well past the 3k mark now, up a grand since my last major purchase.

And when was your last major purchase? Without the date, your numbers are meaningless.

Peace

[noobtube]

Well, gold has gone over $2200 USD. The dollar is getting exposed. Food inflation is wild. Biden can't seem to keep gas prices down and the Saudis and Russians are talking about oil cuts.

The cryptocurrencies (such a ridiculous term for these "arrangements") are behaving like stocks, not like a currency or coin.

And, this board does seem to have died. It's nothing like it was in 2015.

Looks like a lot of comments got deleted with the whole Ukraine/Hamas thing going on. All hail the real owners of the United States government!

[theluckycountry]

I checked out local gold price this morning, $3400, pushing well past the 3k mark now, up a grand since my last major purchase.

And when was your last major purchase? Without the date, your numbers are meaningless.

Peace

About 2 years ago @ around au$2500. The price had slumped for a bit and I decided, why not.

It's not wise of course to have all your money in one asset class (gold/silver) and historically 10% was favored. But that's not in times of high inflation or crises, then the sky is the limit and I must be 50% now. It's a commodity really, it goes up and down with inflation (monetary inflation) The gains over the past year simply balance the food, land, and other price rises we have seen. If the cost of productive land and food fell 90% I'm sure Gold would too. It's not for buying toys but retirement security.

The entire investment community has been scope-locked for decades on 'returns' What interest rate are you making, does it offset the inflation figure. It's a subtle difference but what it did was herd people into Shares, and sometimes houses. These assets make a fortune for those trading them in and out so it's in the interest of money managers to put people there. Point them to Gold and you make nothing basically.

A old friend had a large stake in Australian miners he'd carried for 20 years, in early 2000 his 'advisor' urged him to sell, they were going nowhere. Well that just before 9/11 and a war was about to begin. Wars use metals and the value of those stocks skyrocketed just after he'd sold them.

Money managers are by and large worthless, if not dangerous to your life savings. His wife became a money manager around that time and lost her clients $200 million in the GFC. She was taking 7% off them and 10% off the crooks in Perth where she was investing the capital into mezzanine funds. She had a beautiful convertible Mercedes coup, leased of course. Her and her husband lost $500,000 themselves. Greed! Chasing the % return.

[theluckycountry]

Looks like a lot of comments got deleted with the whole Ukraine/Hamas thing going on. All hail the real owners of the United States government!

All Hail.

We still have some choices left though





https://www.youtube.com/watch?v=Aae_RHRptRg

[noobtube]

A old friend had a large stake in Australian miners he'd carried for 20 years, in early 2000 his 'advisor' urged him to sell, they were going nowhere. Well that just before 9/11 and a war was about to begin. Wars use metals and the value of those stocks skyrocketed just after he'd sold them.

Money managers are by and large worthless, if not dangerous to your life savings. His wife became a money manager around that time and lost her clients $200 million in the GFC. She was taking 7% off them and 10% off the crooks in Perth where she was investing the capital into mezzanine funds. She had a beautiful convertible Mercedes coup, leased of course. Her and her husband lost $500,000 themselves. Greed! Chasing the % return.

Fund managers, real estate agents, investment advisors, relationship consultants, brand managers, public relations specialists, claims adjusters, land appraisers, social media influencers, benefits administrators, human resources departments... so many jobs that exist it seems only to give women something to do outside the house while producing nothing of value in return.

In the 1960s, people knew what gold was and production was based on real things (cars, steel, rubber, iron, aluminum, etc.)
In the 2020s, people don't know what gold is and production is based on healthcare and cheap Chinese imports.

Every economy in the "West" is declining (France, Germany, Canada, Japan, Australia, United States, the UK) and can't help themselves other than to keep sliding down.

Maybe BItcoin and cryptocurency will solve all our problems.

[theluckycountry]

A old friend had a large stake in Australian miners he'd carried for 20 years, in early 2000 his 'advisor' urged him to sell, they were going nowhere...

Maybe BItcoin and cryptocurency will solve all our problems.

You'll have a friend with careinke with talk like that

Fund managers, real estate agents, investment advisors, relationship consultants, brand managers, public relations specialists, claims adjusters, land appraisers, social media influencers, benefits administrators, human resources departments... so many jobs that exist it seems only to give women something to do outside the house while producing nothing of value in return.

There is that phenomena of "Bullshit jobs" I believe many here have such employment. Jobs that don't actually add anything to the nations Real growth, just to it's BS GDP growth which today includes the 'value' of loans made. Bank Products and all that crap.

This debt based circus is rapidly coming to an end, the US is borrowing at an annualized rate of 2.5 Trillion now, interest repayments of a Trillion odd. For a nation of people used to high deficits, 1.5 Trillion now, and escalating Federal debt it doesn't seem like a problem. They are the Frogs in a pot literally. The Great Depression was triggered by debt. It was basically a planned reset, a restructuring after a decade of housing and stock market excesses, and if hadn't been for the oceans of oil they had to play with and the massive wealth brought ashore after WWII it would have played out quite differently.

Every economy in the "West" is declining (France, Germany, Canada, Japan, Australia, United States, the UK) and can't help themselves other than to keep sliding down.

Would the citizens of the USA give up their sovereignty to become part of a one world government? Not unless they completely distrusted their government, which they do! And not unless they were so impoverished by a total economic collapse that they'd do anything for a morsel of bread.

Just offer them relief from the pain and they'll signup.

What's the solution to peakoil? Global poverty naturally. You don't have to ration anything, just collapse the digital markets and wipe away all the fictitious savings and you're there. Haiti, Cuba, SA, Sri Lanka, Egypt, Syria, Iraq, the list of nations that have already collapsed is getting very long.

[theluckycountry]

US Gold price now $2300, due for a correction perhaps? We holders of the metal don't like to see it go up too far too fast but perhaps this is just a catchup with the insane inflation we've all just lived through. That's a trend I became aware of long ago, Gold follows inflation, with a lag.



You can see it in the chart, the rampant inflation of the 1970's after the world went off the gold standard. Then the stagflation of the 80's and 90's where prices hardly moved. Then the mad 2000's inflation in EVERYTHING was followed by the GFC and a big uptick in the price of gold. ( I was very grateful for that long lag in the 2000's. That was when I began to buy in, from about 2003~4 onward.

After that we did have inflation, remember it's monetary inflation we're talking about but that leads to price inflation so it's difficult to parse them out. The money supply grew greatly over the last decade, rescue packages after the great Recession, then into bubbles, shale oil, Stocks, the EV bubble.

Now money printing is off to the races and so is the cost of food and housing. Gold is matching it, as always.

[Tuike]

I still don't get hoarding gold. If a welfare state is demoted into a barbarian state, can you go to a grocery store and buy a loaf of bread with Dungeons & Dragons gold coins?

[theluckycountry]

I still don't get hoarding gold.

And I don't get hoarding digital accounts full of shares and currency. If the welfare state collapses into chaos then what will they be worth. Will you be transacting at the farmer's gate with a mobile app?

a) Gold coins had been struck only sporadically in the early medieval West; and those were usually imitations of the Byzantine aureus, or as it was also called bezant, nomisma, hyperper, and perperi, which, along with the later Muslim dinars, Lopez called the 'dollars' of the early Middle Ages. The last of these early-medieval Byzantine style gold coins was struck in the West was by Louis the Pious in the early 9th century.

https://www.economics.utoronto.ca/munro5/MONEYLEC.htm

There are many scholarly articles on the use of gold coinage from the collapse of the Western Roman Empire all the way up to the renaissance. It was highly prized as a means of transaction. Some shitkicker trading potatoes might not care for it but an entrepreneur selling gasoline out the back gate of a fuel depot sure would. Gold and Silver coins, the preferred wealth preservation vehicle throughout all history.

Even Barbarian cultures prized them https://www.cairn.info/revue-histoire-e ... e-121.html

5% of Gasoline was sold on the black market in America during WWII. https://www.nps.gov/articles/000/home-f ... war-ii.htm


But you shouldn't! You should always do as the government tells you, even if that means having to walk to work, or starving.





So just put your trust in Biden, keep all your life savings in the cloud. It's for the greater good.

[theluckycountry]

Well while the magic bitcoin flounders to exceed it's last hyperbolic peak the trusty snail in the race, Gold, keeps inching higher and higher




Silver too!



Of course it may see a pullback, that's not unheard of, but in the long run...



How many companies shares and how many local invented currencies have gone to Zero over the last 50 years. Too many to mention.

[theluckycountry]

Gold Price Performance AUD

[ralfy]

There's a reason why such precious metals are measured in dollars.

[theluckycountry]

There's a reason why such precious metals are measured in dollars.

Everything is measured in dollars at the moment, but when the dollar has gone the way of all other paper currencies, Gold will still be there, it's relative value unchanged. It's one of those things the average person just doesn't get. Gold has never really changed in value over time, only the currencies it's measured in have changed, become worth less.

This is why precious metals are ignored. Yes I know it's a reddit video, but it says it all. Turn the sound up.
https://www.reddit.com/r/Unexpected/com ... y_anyways/

[ralfy]

It's like what happened during WW2: you could buy lots of sacks of rice with an ounce of gold. Once production plummeted, for the same ounce it became much less.

[careinke]

Gold Price Performance AUD

I'd love to see that table compared to BTC. Except you would have to shorten the 20-year time frame to 15 years as BTC is only 15 years old. An even better comparison would be going back only ten years as BTC first FIVE-year gain was insanely high. I tried to do it, but my AI is being stupid in using the Australian dollar ...

I noticed gold prices dropped today, negating the commonly held belief that gold price will take a dump if a peace agreement was reached. Blame IRAN.

PEACE

[theluckycountry]

I noticed gold prices dropped today, negating the commonly held belief that gold price will take a dump if a peace agreement was reached. Blame IRAN.

PEACE

There are many commonly held beliefs about gold, most are false. paper gold which is 99% of the gold traded these days, is mostly a pump and dump scam like all Wall Street operations but over the long term it has little effect on the price. It doesn't take much of a spread before the Asian buyers smell a bargain and start buying up physical hand over fist. They are the big Gold and Silver holders today. The short term variations have more to do with manipulation in the contract market. The purchase and sale of large positions to push the market one way or another. There have been court cases over this but people still go to the paper casino to try their luck.