What scares me from investing in gold.

[batang_bitcoin]

1) You should just sell it to the merchants that have been working with gold and other precious metals and jewelries for a very long time.
2) Try to find some of those merchants and you might get some discounts from them.
If you're going to buy it online, make sure that you'll buy it from a reputable shop. The amount varies if they're including shipping fee but if it's about escrow, you can try looking for that merchant in here and use one or don't have to when the merchant is reputable.

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[AVE5]

The  bottom line of this is that before having your funds invested in an sector, do your research, consult and study the potentials of the investment such as during exchange of services when you can give accounts of your profits.
Ignorant to this will not refund your lost funds back or can't restore your funds if invested on deadline.
Bitcoin would always serve the best and save you those excuses and unpleasant conducts unlike the limitation to where you can trade your gold assets just as said by you Op.

[EarnOnVictor]

1) I asked the salesperson will Costco buy gold back when I want to cash in and sell it? He said no Costco only sells but won't buy it back.
So buying gold from Costco would be super easy and convenient but when you want to sell it Costco says good luck you are on your own.

For me, I do not know what you are trying to drive through here. Costco is a place where you buy things and not a place where you sell things, so why are you trying to change the narrative in the case of Gold? It is you who are wrong here and there are countless places where you can easily sell your physical Gold without an issue. They will test it, weigh it and give you the USD value of whatever you are selling. So why take this as a big deal?

Alternatively, you can buy and sell your Gold online without any issue. Keeping physical Gold is even risky for you.

2) Costco charges a 2% fee over the spot price which is two to ten times what most crypto exchanges charge you to buy and sell bitcoin.

I read a couple articles on the internet about how to sell gold and it seems a rather complicated and expensive process to do.
Where do you even go to sell your gold besides a pawn shop (who will give you only half of what its worth if you're lucky)?

Do you have to ship it to the buyer? Is escrow involved?
How to sell gold without getting scammed.

Costco will of course gain something from it because they might buy the Gold at the prevailing price which could fall or rise, this is the risk they take. And since they are not inflating the price, it is fair to add something to it, which is a percentage of the value in this case. It is not easy for them to be holding such physical Gold without gaining something reasonable from it and the 2% is very reasonable to me. Mind you, it is not fair to always compare online things with physical things. I believe that the company is okay, but it could be less elsewhere if you dig further.

Besides, the buying and selling of gold is as easy in my country as the way you buy and sell your currencies, I do not know why you make it look as if it is difficult in the USD. And of course, one can be scammed in any facet of life, Gold is not a peculiarity here, it is we who should go to the right sources. And if you must buy and sell Gold, why not try the Gold ETF? After all, you still have your mind at rest.

[fikrett]

I was in Costco the other day and was tempted to buy gold bars they were selling to diversify my portfolio.
I have never bought gold as an investment before and it would be super easy and convenient to get it from my local Costco.

For those who don't know Costco is a very popular supermarket in the US that sells everything from grocery to consumer electronics.

Two things made me change my mind.

1) I asked the salesperson will Costco buy gold back when I want to cash in and sell it? He said no Costco only sells but won't buy it back.
So buying gold from Costco would be super easy and convenient but when you want to sell it Costco says good luck you are on your own.

2) Costco charges a 2% fee over the spot price which is two to ten times what most crypto exchanges charge you to buy and sell bitcoin.

I read a couple articles on the internet about how to sell gold and it seems a rather complicated and expensive process to do.
Where do you even go to sell your gold besides a pawn shop (who will give you only half of what its worth if you're lucky)?

Do you have to ship it to the buyer? Is escrow involved?



How to sell gold without getting scammed.
November 10, 2023

https://www.cbsnews.com/news/gold-prices-how-to-sell-your-gold/

You've highlighted important aspects that every investor should think about, the resale process and the costs associated with buying and selling. While the convenience of purchasing gold at a place like Costco is tempting, understanding the full lifecycle of the investment, including how you’ll eventually exit it, is crucial.
Perhaps exploring more specialized investment services or platforms that offer buyback options and clearer resale avenues might be a better fit for your portfolio strategy.

[tottong]

I read a couple articles on the internet about how to sell gold and it seems a rather complicated and expensive process to do.
Where do you even go to sell your gold besides a pawn shop (who will give you only half of what its worth if you're lucky)?

Do you have to ship it to the buyer? Is escrow involved?

I don't think it's that complicated because in my area there are many gold shops that want to buy in large quantities and that is a reason why people who are not familiar with the internet prefer gold as an investment.
The sales deduction costs are also not too big because usually you will only be charged according to a percentage of the gold price at that time. In the past I also had gold and when I wanted to sell it the costs were not too big and not as complicated as what you described.

The pawnshop is only the right place to store gold which is used by people in my area and they only use pawnshops for storage.
The escrow party acts as the owner of the gold buying and selling shop and usually they will follow the percentage of the sales amount made by the consumer.

[barisbilgili]

Even if there are several risks to consider when trying to invest in gold, gold is Also a good investment choice to consider.The price of gold can be volatile, and it may fluctuate significantly over short periods of time.
Investing in gold is can also not be a right option fir everybody,but whichever way,always make an informed decision about your interests and decisive status.

It is very rare for significant price movements to occur in a short period of time for gold prices, in fact gold prices move quite stably with small upward movements and with a small possibility of correction.

I think the risk of investing in gold is very small so it is worth it with the possible profits that will be obtained, and I think many reasons why people are reluctant to invest in gold is because the possibility of profit is small and of course everyone has their own goals in investing so they don't choose invest in meas, and that's natural.
However, in my personal opinion, the most promising long-term investment is gold, and I have no doubts about that.

[Yamifoud]

Gold is worth investing in the long term and it was profitable but a little bit far from the profit we possibly get from Bitcoin even just in a short period.
Gold is not just an investment, some people have used this to show their wealth and richness.

If we talk about risk, gold assures us 100% profit and I don't usually hear people get scammed from this. When it comes to legality, Gold is already had and many establishments/pawnshops accept this. Scams just happen when dealing with strangers but if we are dealing with the right person and at the right place, we're totally safe and secure.

[Reatim]

I think the risk of investing in gold is very small so it is worth it with the possible profits that will be obtained, and I think many reasons why people are reluctant to invest in gold is because the possibility of profit is small and of course everyone has their own goals in investing so they don't choose invest in meas, and that's natural.
However, in my personal opinion, the most promising long-term investment is gold, and I have no doubts about that.

The main difference between gold and bitcoin is I would say how much of it is realistically better to buy.

For example, if someone wants to buy gold and profit from it they must buy loads of it. It’s expensive but typically you’d have to buy it in forms of bar or something on the other hand with bitcoin you can buy it through satoshis which is a lot cheaper and much more accessible. Maybe that is why some people can’t buy gold, it’s because they literally can not afford it.

[Smack That Ace]

I think the risk of investing in gold is very small so it is worth it with the possible profits that will be obtained, and I think many reasons why people are reluctant to invest in gold is because the possibility of profit is small and of course everyone has their own goals in investing so they don't choose invest in meas, and that's natural.
However, in my personal opinion, the most promising long-term investment is gold, and I have no doubts about that.

The main difference between gold and bitcoin is I would say how much of it is realistically better to buy.

For example, if someone wants to buy gold and profit from it they must buy loads of it. It’s expensive but typically you’d have to buy it in forms of bar or something on the other hand with bitcoin you can buy it through satoshis which is a lot cheaper and much more accessible. Maybe that is why some people can’t buy gold, it’s because they literally can not afford it.

Simply put, if someone has a lot of money and is rich, they will choose gold because their priority is safety, the risk is not too large even though the profit is very small. Meanwhile, those who do not have much money and want to get rich quickly, bitcoin and cryptocurrency are the choice. They are willing to take risks to get rich quickly and besides, they don't find any other way to get rich faster than investing in cryptocurrency.

By the way, can anyone from the US verify what OP said? What OP said sounds like he was just trying to criticize gold and exaggerate about bitcoin.

[shinratensei_]

Even if there are several risks to consider when trying to invest in gold, gold is Also a good investment choice to consider.The price of gold can be volatile, and it may fluctuate significantly over short periods of time.
Investing in gold is can also not be a right option fir everybody,but whichever way,always make an informed decision about your interests and decisive status.

the volatility strive towards getting its value higher than fiat though for gold as far as I know which kinda prove that its indeed a good investment to counter the inflation.
personally the only hurdle would be cashing the gold out turning it into fiat money sometime there's just so much process that make many people not interested in exchanging their gold for fiat if there's no substantial increase towards the value of their gold holdings.

if not for the fact that hold is quite "stable" in term of its value that it rarely tanked narrowly I think people will just instead choose bitcoin for the sake of simplicity but I know that there condition with investing in gold has been getting better this past year its not all about the traditional way anymore.

[Patrol69]

First you need to find out the difference between gold and digital currency. Gold is a metallic substance and it is one of the most valuable metals in the world. On the other hand, there are different types of digital coins and different types of coins that have investment opportunities. 

In most cases, investors usually compare gold with Bitcoin because Bitcoin is one of the most popular cryptocurrencies on the other hand, gold is a very valuable and popular metal in its own right. But although gold can be used for other purposes, I don't think buying gold can be considered as an investment. It's a different matter if you are a goldsmith and do your business with gold but if you think like that you will buy gold now and sell gold in future then I don't think you will make much profit. Because the price of gold does not fluctuate much, no matter how much gold you buy, at the end of a certain period of time, your capital remains the same, meaning you did not earn much profit from it.

[ChiBitCTy]

The best way to buy gold is OTC (over the counter) is you can.  Regular bullion you should be able to trade someone OTC for right at spot price. That is a win for both the buyer and seller (btw the collectibles section here is a great way to buy precious metals OTC). Coins are a different story, but you might also be able to the same (OTC/no fees).

When buying online, you want to look at all the major exchanges like Apmex or JM Bullion, and just compare who's got the cheapest price.  Also, it doesn't matter if Costco would buy it back.  Plenty of other avenues to sell it.

[jrrsparkles]

1) I asked the salesperson will Costco buy gold back when I want to cash in and sell it? He said no Costco only sells but won't buy it back.
So buying gold from Costco would be super easy and convenient but when you want to sell it Costco says good luck you are on your own.

2) Costco charges a 2% fee over the spot price which is two to ten times what most crypto exchanges charge you to buy and sell bitcoin.

Selling gold is the most easiest thing on the world even if it's physical form, you can sell gold anywhere in the world legally and the fees/taxes depends on States and countries where you are selling.

Gold ETF is good but buying gold gives the feel of financial security that lacks in others so if you have money don't hesitate to buy and don't be concerned about selling either unless we are talking in millions worth of gold acquired by illegal means.

[Z_MBFM]

If you interested in having gold why not invest on a gold ETF
Physical gold is not worth the risk and with it's high price Now and difficulty in selling at market price
I don't see it been profitable
Gold rise lower than other stocks and buying at $2K doesn't mean you can sell at said amount but most likely lower.
Not to mention physical Gold can be stolen.

Yes, the price of gold rises slowly which makes it a strong asset but not a good investment for quick profits. from this there is a possibility of getting a good amount of profit by investing in the stock market. However, in terms of security, gold is a safe investment because it is a physical product and its price does not decrease on an annual basis. However, investing in the stock market carries a lot of risk, which is why many people are more interested in investing in gold.  But if you want to hire gold, you need to hire more amount, then you will get good amount of profit. a small investment cannot give better results from gold

[Fortify]

I was in Costco the other day and was tempted to buy gold bars they were selling to diversify my portfolio.
I have never bought gold as an investment before and it would be super easy and convenient to get it from my local Costco.

For those who don't know Costco is a very popular supermarket in the US that sells everything from grocery to consumer electronics.

Two things made me change my mind.

1) I asked the salesperson will Costco buy gold back when I want to cash in and sell it? He said no Costco only sells but won't buy it back.
So buying gold from Costco would be super easy and convenient but when you want to sell it Costco says good luck you are on your own.

2) Costco charges a 2% fee over the spot price which is two to ten times what most crypto exchanges charge you to buy and sell bitcoin.

I read a couple articles on the internet about how to sell gold and it seems a rather complicated and expensive process to do.
Where do you even go to sell your gold besides a pawn shop (who will give you only half of what its worth if you're lucky)?

Do you have to ship it to the buyer? Is escrow involved?

You seem completely clueless when it comes to buying gold if you're asking such basic questions. It's almost as if you're expecting the price to double in a couple weeks time and will want to get rid of it immediately. Most long term investors are looking for assets they will sit on for years and won't be bothered by things like a 2% fee. Nor will they feel the need to sell it back to the particular company that they bought it from. I doubt Costco is the cheapest seller out there either, you should do a lot more research as there will be other reputable online companies who can ship you gold at much closer to spot price. Gold is somewhat less volatile compared to crypto so it's a bit pointless comparing the fees involved.

[The Sceptical Chymist]

I'm just going to say this: When a place like Costco starts selling gold as an investment while it's at its all-time high, run as fast as you can in the opposite direction.

2011 seems like last week to me, and I remember the massive hype surrounding not just gold but silver as well.  There was a chat board I used to frequent and almost without exception everyone there was a permabull, i.e., they'd advise that you buy precious metals at any price.  What happened after 2011?  A steady, albeit slow decline in the whole metals market.

If you want my not-financial-advice, now's not a good time to buy gold unless you're getting married and need to buy a ring.  It's a typical sucker move to buy something when it's at its ATH and doesn't really have that much of a function other than to sit and look pretty.

gold is a safe investment because it is a physical product and its price does not decrease on an annual basis.

Are you just spouting words out of your ass or what?  Have you even looked at a price chart of gold going back more than 5 years?  I'm assuming the former and also the latter, so I only asked to showcase how unproductive threads like these are; they fill up with nonsense replies from sig shitposters faster than you can blink.

[GeorgeJohn]

There is no investment that you may enter into that does not have a scam organization that want to destroy that particular investment before the existence of Bitcoin gold has already been into existence and many people has been trading good with the other goods and services so as of that time they trade gold, I believe very well that trading of gold that is some elements that involved in scam during that time that is why even in Bitcoin currently many people run a scam with Bitcoin

[davis196]

For those who don't know Costco is a very popular supermarket in the US that sells everything from grocery to consumer electronics.

I live in Europe and I have never seen a supermarket selling gold bars. The USA is weird.
I'm not interested in buying/selling gold, so I don't know anything about tips/tricks on how to not get scammed.
I've seen horror stories about some people buying fake gold from scammers, but I don't know if this is true or a lie.
Pawn shops are the best place to sell gold or maybe you should find offers about people wanting to buy gold on classified ads sites like Craigslist(these are not safe as well). There's always a certain level of risk involved, when you are dealing with someone, whom you don't trust.

[Yaunfitda]

For those who don't know Costco is a very popular supermarket in the US that sells everything from grocery to consumer electronics.

I live in Europe and I have never seen a supermarket selling gold bars. The USA is weird.
I'm not interested in buying/selling gold, so I don't know anything about tips/tricks on how to not get scammed.
I've seen horror stories about some people buying fake gold from scammers, but I don't know if this is true or a lie.
Pawn shops are the best place to sell gold or maybe you should find offers about people wanting to buy gold on classified ads sites like Craigslist(these are not safe as well). There's always a certain level of risk involved, when you are dealing with someone, whom you don't trust.

I'm not from the US or Europe as well, but yes, it was very strange to hear that a supermarket store in the US is selling gold bars? How can you attest that what they are selling is 99% at best Gold? The closest that I can get my hands on this gold and become investment to me is gold jewelries. I have a 50 grams gold bracelet and others that I have been holding for years and yes it is a good investment as the price of gold appreciates. But buying gold bar? not for me though, I mean it's hard to transfer and then how are you going to keep it at home? Go to bank and have it in a safety deposit box? What if you just want to sell or pawn it at times because you need quick money?

[AprilioMP]

Buying gold at a shop that sells physically is better than buying gold online. That is what I feel.
I understand that Costco is a supermarket that can buy directly as we can in the area where we live. The difference is that we can resell the gold we bought at the shop even though the selling price is not the same as the buying price. This is what is meant by charging a few percent when selling.

I have never experienced that after buying gold in a shop, the shop did not accept to resell the gold purchased and what we did was the safest way. There is another relatively safe method for investing in gold that we can do, namely doing it at a bank other than a pawn shop.
The process of buying and selling gold is not complicated at all at our place. In fact, to date, gold has become an investment asset that is in great demand. Recently, the purchase price of gold has increased amidst our weakening fiat currency exchange rate.