Costco gold bars are selling out within hours • Hacker News Board

Re: Costco gold bars are selling out within hours

#471

Post by refurb » Sat, Sep 30, 2023, 2:51 AM UTC

caeril wrote: post #382

refurb wrote: post #174

Earlier quoted context omitted.

I’m not paraphrasing and assuming, I’m drawing conclusions from your statements. What do you mean “blocked off transport”? Is that the only form of protest deserving of harsh measures? Do you not think rioting in commercial centers and setting fire to businesses would rise to a similar level as blocking downtown streets as was done in Ottawa? Clearly you feel blocking city streets is sufficient, so burning down busin…

You can't have this discussion on HN. It is firmly established precedent here that murdering people and burning down buildings is a superior form of protest to slightly inconveniencing commerce. I don't know what you thought you'd accomplish arguing on the basis of net harm on this site, but that doesn't happen here. You need to only understand the oppressor/oppressed dynamic. Protesting injustice against ten million…

Oh I know my audience, and I know to expect downvotes.

Thankfully the voting system here doesn't represent the beliefs of most Canadians/Americans when it comes to the Rule of Law.

I do get a kick out of calling out the logical inconsistencies of those who try and talk around it.

Re: Costco gold bars are selling out within hours

#472

Post by manonthewall » Sat, Sep 30, 2023, 2:52 AM UTC

gs17 wrote: post #411

Dowwie wrote: post #354

Certain cultures are known for gifting gold bars at weddings. Professional thieves know this and target the houses of families meeting this demographic. There's been an organized crime syndicate in my part of New Jersey that has been successfully hitting houses. Local detectives do nothing, aren't any help at all.

Are there any news articles about that? Bob Menendez has taken over all searches for "New Jersey" with "gold bars".

"gold bars" "new jersey" -"menendez" robberies. ?

Re: Costco gold bars are selling out within hours

#473

Post by manonthewall » Sat, Sep 30, 2023, 2:59 AM UTC

jihadjihad wrote: post #276

thelastgallon wrote: post #260

Government can take away all your gold: https://theconversation.com/how-the-us-government-seized-all... https://en.wikipedia.org/wiki/Executive_Order_6102

> The limitation on gold ownership in the United States was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars, and certificates by an Act of Congress, codified in Pub. L.Tooltip Public Law (United States) 93–373,[1] which went into effect December 31, 1974. [ibid.]

Sure but it can just as easily be passed again.

Re: Costco gold bars are selling out within hours

#474

Post by datavirtue » Sat, Sep 30, 2023, 3:15 AM UTC

tialaramex wrote: post #194

oblio wrote: post #177

Earlier quoted context omitted.

> The phenomenon of hyperinflation is foreign to them, and there's a steep learning curve. LOL. What the US has is in no way, shape, or form hyperinflation. I've lived in a place with hyperinflation and less than 10% ain't it, chief :-)

Just as with the people who wake up every morning expecting the Second Coming, or indeed a Nuclear War, these folks fixate on a hyperinflationary US economy so much they begin to hallucinate. Everything must be a sign. Strong job figures? Those are a precursor to hyperinflation. More mortgages fail than average? Hyperinflation on the horizon. Trump gets elected? He'll certainly cause hyperinflation. Trump loses? Demo…

JWs are still on about all that? Figured they would have switched that up over the years. Their "flock" is still vulnerable to various roving con-men then as long as they promote that crap. Anyone could swoop in there, slowly fleece a congregation, and move on to the next. Sad.

Re: Costco gold bars are selling out within hours

#475

Post by datavirtue » Sat, Sep 30, 2023, 3:20 AM UTC

tialaramex wrote: post #198

lotsofpulp wrote: post #188

Earlier quoted context omitted.

> I'd like to expound on the significance of Americans buying precious metal at a loss through a giant vertical monopoly. I am more interested in when Costco got into the gold mining business.

A truly vertical business would own the stars manufacturing gold, and cut out the middle man entirely.

Omg, we could slice up the sun and charge people for our solar rays. Genius!!

Re: Costco gold bars are selling out within hours

#476

Post by datavirtue » Sat, Sep 30, 2023, 3:21 AM UTC

addicted wrote: post #252

infecto wrote: post #208

Earlier quoted context omitted.

No. The easier explanation is that Costco whose customers are regularly middle class and above, love to buy whatever Costco shoves in front of them. There are other observations to be made based on cultural demographics that could also explain why these get sold so quick. I don’t think any of it has to do with your conspiracy theories though.

This is almost exactly it. Costco shoppers will buy whatever they push. And I suspect the cultural factors you’re talking about are the large number of middle class Indian and Chinese Costco shoppers who will buy gold regularly culturally, and if they see gold being sold in Costco I suspect they will buy it instantly.

Costco is their hobby.

Re: Costco gold bars are selling out within hours

#477

Post by fy20 » Sat, Sep 30, 2023, 3:53 AM UTC

dkjaudyeqooe wrote: post #190

defrost wrote: post #7

Pfft, why settle for a 1oz bar when you can get a Mother and Baby Kangaroo 2023 2oz Gold Bullion Coin https://www.perthmint.com/shop/bullion/bullion-coins/mother-... from the Perth Mint? ( Or Dillon Gage, Texas: https://dillongage.com/coins/perth-kangaroo/ ) Buy one for your mother and two for your girlfriend, they're so cute you'll want more! Don't turn over if you're not into monarchies Caveats when biting the gold…

Surprised you didn't go with the 5oz 'Super Pit' at $9,500 USD. https://www.perthmint.com/shop/bullion/bullion-coins/super-p... The regent on the obverse is a standard feature of all Australian coins.

As it is a 2023 coin, why doesn't it have Charlie?

Re: Costco gold bars are selling out within hours

#478

Post by datavirtue » Sat, Sep 30, 2023, 3:56 AM UTC

cammikebrown wrote: post #388

caeril wrote: post #387

Earlier quoted context omitted.

Most people have things in their home, that they paid for, that have negative utility. Televisions, video game consoles, etc. A 1/2 oz gold coin is a superior investment to a PlayStation 5. Sure, it won't generate any yield, and has some degree of illiquidity, but it won't waste N hours per day of your limited, and rapidly expiring life, that you could have spent on more productive pursuits.

Yeah, why have fun when I could be Generating Profit? Sorry I enjoy recreation.

Many people play games that are not fun and actually make them angry and triggered.

Re: Costco gold bars are selling out within hours

#479

Post by boruto » Sat, Sep 30, 2023, 3:58 AM UTC

lossolo wrote: post #446

hliyan wrote: post #73

Earlier quoted context omitted.

Sri Lankan here. I personally experienced this last year and was very surprised. We Sri Lankans love to criticise ourselves for our wonky moral compasses, so when the early protests started, I stocked up on food and installed an extra CCTV camera, expecting widespread riots and looting. They never came. There were many organised protests, and protesters did clash with riot police around government buildings, but peop…

How is the situation currently in Sri Lanka? I'm considering going there for a vacations.

Not sri lankan, but I had a good time this September. Just like every other time in that country.

Re: Costco gold bars are selling out within hours

#480

Post by LeFantome » Sat, Sep 30, 2023, 4:03 AM UTC

e63f67dd-065b wrote: post #22

ggm wrote: post #8

I'd love to see an economists take on the value to a consumer of holding gold in this form, at the price. Investment gold is usually kept in vault, and you trade ownership arms length. Direct gold ownership is rife with risks: fineness, substitutions and overpriced purchase. Yes, you can always sell at a mall gold trader but that's way way off market price. So it's an inflation hedge with a lot of cost and risk and d…

You can see it happening right now in Argentina: the local currency is worthless, and people are flocking to ... US Dollars. Not gold, not bitcoins, but good old benjamins. So gold isn't even a good inflation hedge: if you walked the streets of a failing economy (pick one: Argentina, Venezuela, Sri Lanka, there's plenty more) and tried to exchange gold for goods, you're not gonna get far (and will probably get mugged…

You do it trade 1 oz gold bars for goods. You are not trying to buy sugar with them.

They are for paying off the border guard when a family member does not have the right docs or the low level soldier checking lottery numbers to see if you can get on the escape vehicle or enter the bunker.

These are real “world is going to fall apart” hedges. I am not expecting a crisis of that level in my neighbourhood but they have certainly happened before ( crossing borders in WWII took a few diamond earrings perhaps ) and there are risks now that are bigger than ever.