Reddit's silver "apes" now targeting silver, opportunity or fool's gold?

[QuarterMillionMan]

New goldback denominations coming soon.

[myrdale]

It would be a complete waste of your time going to a brick & mortar store and especially more so if looking for goldbacks which is more difficult to find. Authorized distributors are listed here;
Where To Buy Goldbacks — Goldback

It would be like going to your local grocery store wanting to buy a specialty item such as Chinese egg noodles or Filipino balut eggs, good luck finding those items in a non-Asian market.

Minor update, I still have not taken the time to go by that store (I basically have to do it on a vacation day due to their hours). BUT, I did run into the owner of the store when I was getting my last oil change about a month ago.

An old guy came in and started talking to me about an upcoming coin show in Atlanta. I mentioned the store to him in passing and he smiled and said he owned the store. I did ask him about gold backs, and he said they didn't sell them and he didn't seem to have a very positive view of them.

While I can appreciate wanting to own some amount of gold, buying it in units smaller than about 1/10 oz still seems odd to me.

[QuarterMillionMan]

Robert Kiyosaki is selling his gold/silver holdings for Bitcoin. He used to be a huge gold & silver maximalist. Now he is a bitcoin maximalist.

[QuarterMillionMan]

Roth IRA account here. I estimate that I have another $30,000 in a safe deposit box in mostly silver bars.

[myrdale]

Have you looked into Cosco for purchasing precious metals? There was an article on the radio this morning about the popularity of 1 oz gold bars from Cosco.

[QuarterMillionMan]

As a single guy, I can not justify paying the Costco annual membership fee. Although I've considered it just for the cheaper gasoline prices but I would not be able to offset the savings on gas to recoup the annual membership fee. As for the gold bars most dealers other than Costco have a markup over spot price. Today the spot is $3005. Let's say APMEX will sell a 1 oz bar at $50 over spot. How much is Costco's maybe $45 over spot?

[QuarterMillionMan]

Not sure how much Costco's membership but let's say $60/year. One gold bar I'd save $5 but I'd need to buy 12 bars = $60 in order to recoup my $60 membership. Like the gasoline analogy, gold at Costco is not worth it to me.

[QuarterMillionMan]

Gold is $3096. Silver is $35.16.

[disneysteve]

As a single guy, I can not justify paying the Costco annual membership fee.

Don't be so sure. Get a day pass and spend some time browsing the store. If you can find just one or two items that you buy regularly, you can save enough to cover the membership cost.

My wife used to use an OTC med. I don't remember the exact numbers but it was about $29 in the stores. We found it on Amazon for $21. Then a friend who also takes it said she got it at Costco. We joined with a Groupon so it only cost about $10 essentially and we started buying the med there for $14. Even without the Groupon, by saving $7/box on the med we covered the regular membership fee in under a year.

[QuarterMillionMan]

I believe you about the medicine is dirt cheap at Costco. My mom who lives in Hawaii who has Costco once bought a same medicine I used but forget which one and I was amazed how cheap it was at Costco. And I like the $1.50 hot dog & soda and the slice of pizza and chicken bake. I always ask mom to take me just for that, lol.

[ua_guy]

Eggs are a lot cheaper at Costco too.

So are Kind bars, TP, Milk, seltzer, NSAIDs, meats, trail mix, trash bags, cleaning products. A 2-person household can make good use of a Costco membership just for the basics alone.

[QuarterMillionMan]

Be honest with me guys because I can handle the truth if I get a Costco membership can I buy these items at Costco on my once a week typical grocery shopping trip at my Kroger store, 4 avocados, 2 bananas (not bunches but 2 bananas), 1 round onion, 1 garlic bulb, 1 crown of broccoli, 1 bunch of watercress or 1 bunch of cilantro, 1 bunch of radish, 2 russet potatoes (not 2 bags but 2 potatoes). For meats maybe boneless and skinless chicken breast maybe 3 lbs at $2.99/lb, one Hillshire Farms sausage, 50% reduced fat Kroger Deluxe ice cream, 2 bottles 1.75 liter Cook's champagne, 1 bottle 1.75 liter merlo, beef jerky, bag of cashews or almonds. The fresh produce in small quantities are my main concern. I'm not too concerned about the meats, alcohol, and nuts which I'm sure Costco has which I should easily find in not the Mega family size.

[ua_guy]

No, small quantities of produce wouldn't be a great candidate for Costco. It's not like having a Costco membership prevents you from going to the regular grocery store to buy things in small quantities.

The rest would be good buys, though. Family size alcohol (1.75L), champagne, wine, jerky, nuts, and meats all keep just fine and would probably some money buying the larger sizes and storing or freezing the rest.

I was like, wait, how did we get off on a Costco tangent? Oh, that's right, they sell gold bars now. Similar to the discussion above, I'd be interested if they sold gold in small quantities. I wouldn't want to trade an entire gold bar for some meat when the US collapses, but gram sizes in quantity, I'd be interested in that...

[Petunia 100]

Don't be so sure. Get a day pass and spend some time browsing the store. If you can find just one or two items that you buy regularly, you can save enough to cover the membership cost.

But you would have to go to Costco.

[QuarterMillionMan]

1 gram bullion bars are $127 (not Costco). One troy ounce = 31 grams. In 2012 when I started buying it was about $59 for a 1 gram bar. At that time in 2012, I thought $59 was expensive for a 1 gram bar.