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Thread: Costco selling pamp gold bars

  1. #11

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    Quote Originally Posted by insidedealer View Post
    They do sell them, the Pamp bars and other bars for even a little less. I see them on their site. It's a new item for them. I had 2 customers today who are regular buyers show me their invoice. $1888 for Pamp. $1879 for the others. One person was charged sales tax, the other wasn't. The price, terms, and even the offering appear to be spotty, as per posts here. You can pay them anonomously in cash, or use some credit cards. Costco can afford to take a little loss, they can always raise the price to normal after they've caused some LCS's to go out of business.
    Thats pretty sobering...if local dealers are gone...that would cause a very bad chain effect. From lack of buying ability, to liquidation. Hope they don't become what Rockefeller was to oil.
    Politicians and diapers must be changed often, and for the same reason. -Mark Twain

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  2. #12

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    Even if many small LCS were to close shop in this scenario, I think coin shows would pick up the slack there. Problem of course liquidation could slow to a crawl if the only show is even once a month. Another reason they I try to by more numismatic like junk. Refiners would still be regular business hours, but not going to get any kind of break selling a gold maple there.
    "That's not money" - Ben Bernanke

  3. #13

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    retail price for PAMP gold bar is overpriced anyway. SDbullion selling them at 5.34% premium, crazy. Valcambi bar and even GML can be had for less premium. Costco mainly targets small timers who don't know how to buy PM or on a budget. Real stackers don't have time to dick around with 1-2 oz at a time (max 2 oz per week is what i heard on the radio). If and when gold drops 25-50 $/oz like last week, one can save more than buying big on a dip. Timing the dip and buying the low premium PM is way more rewarding than chasing costco sale of overprice product with buy restriction.

    Secondly, costco isn't hurting LCS, IMO. True LCS makes their living from buy/sell numis. The LCS i frequent told me his profit from bullion sales is like ~5% of his business. By LCS, i mean LCS, not big online PM dealers.

    Thirdly, costco gold sale might even spark more gold/PM awareness on those fence sitters. If they can't afford a 1 oz gold bar, they might go to lcs to get fractional or some silver

    Fourthly, Costco, IMO, is using this gold sale as marketing ploy to sign up new members which is where most of their profit come from, selling membership.
    Last edited by yellowsnow; 09-30-2023 at 04:00 AM.

  4. #14

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    Costco exposes physical gold to a wider audience, those who may otherwise not run across gold bars. So it's a good thing. They are not undercutting the prices of other dealers, at least not based on the price I viewed with my own eyes. And if they did, would that be such a bad thing? Local dealers who also buy from all kinds of places, and sell a wider assortment of gold, would still thrive, and perhaps do even better with more gold buyers initiated by Costco. The bars they did have sold out fast. Hope they load up on more, if the prices become competitive (which I have not seen myself), I'll be one to buy a bar or more at Costco if the timing is right -- as I'm a regular all cash buyer at Costco, I like that they still take cash, unlike one of the Whole Foods (owned by Amazon) which rejected my cash.
    “Of all the contrivances for cheating the laboring class of mankind, none has been more effective than that which deludes them with paper money.”Daniel Webster (1782-1852)

  5. #15

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    Over the last year or more I bought a lot of PM from Walmart since I have a Sam's/Walmart C.C. that gives me cash back. Most was shipped from APMEX and at lower cost than from APMEX directly. I think this was deal between Walmart and APMEX to drum up extra business. These deals have dried up of late and prices aren''t all that great. I can't see trying to get PM from Costco unless they were very competitive with other sellers, but I do think Costco is seeing that there's a market out there for PM and maybe in the future they will be a source of low cost PM for many people that won't shop at a LCS. Does the standard Costco warranty rules apply? If so, I wonder how long before someone figures out how to scam them with returns that are fake?
    American Legion Preamble: https://www.legion.org/preamble

  6. #16

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    Quote Originally Posted by LongDonSilver View Post
    Over the last year or more I bought a lot of PM from Walmart since I have a Sam's/Walmart C.C. that gives me cash back. Most was shipped from APMEX and at lower cost than from APMEX directly. I think this was deal between Walmart and APMEX to drum up extra business. These deals have dried up of late and prices aren''t all that great. I can't see trying to get PM from Costco unless they were very competitive with other sellers, but I do think Costco is seeing that there's a market out there for PM and maybe in the future they will be a source of low cost PM for many people that won't shop at a LCS. Does the standard Costco warranty rules apply? If so, I wonder how long before someone figures out how to scam them with returns that are fake?
    costco could run into trouble if return dept doesn't understand fake or newbie buyer want a refund should PM price dropped a lot. Customers can cite the corporate refund policy and costco ain't changing corporate policy just for 1 product.

  7. #17

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    Quote Originally Posted by LongDonSilver View Post
    Over the last year or more I bought a lot of PM from Walmart since I have a Sam's/Walmart C.C. that gives me cash back. Most was shipped from APMEX and at lower cost than from APMEX directly. I think this was deal between Walmart and APMEX to drum up extra business. These deals have dried up of late and prices aren''t all that great. I can't see trying to get PM from Costco unless they were very competitive with other sellers, but I do think Costco is seeing that there's a market out there for PM and maybe in the future they will be a source of low cost PM for many people that won't shop at a LCS. Does the standard Costco warranty rules apply? If so, I wonder how long before someone figures out how to scam them with returns that are fake?
    mee too. with the 5% rebate issued to the credit card i have found prices a time or two lower than any other online dealers. but yes, the deals have not been as good or as many of late on walmart.com

  8. #18

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    On Merchandise: We guarantee your satisfaction on every product we sell, and will refund your purchase price*, with the following exceptions:

    Electronics: Costco will accept returns within 90 days (from the date the member received the merchandise) for Televisions, Projectors, Major Appliances (refrigerators above 10 cu. ft., freezers, ranges, cooktops, over-the-range microwaves, range hoods, dishwashers, water heaters, washers and dryers), Computers, Touchscreen Tablets, Smart Watches, Cameras, Aerial Cameras (drones), Camcorders, MP3 players and Cellular Phones (return details will vary by carrier service contract).
    Our Costco Concierge Services representatives are available to assist with technical support and warranty information for many of the products above. You’ll find a list of eligible items here.
    Diamonds: 1.00ct or larger: Members returning a diamond over 1.00ct must also present all original paperwork (IGI and/or GIA certificates) at which time they will receive a Jewelry Credit Memo. Within 48 hours, our Costco Graduate Gemologist will inspect for authenticity.
    Cigarettes and alcohol: Costco does not accept returns on cigarettes or alcohol where prohibited by law.
    Products with a limited useful life expectancy, such as tires and batteries, may be sold with a product-specific limited warranty.
    Special Order Kiosk and Custom Installed Programs: Custom product(s) manufactured to our member’s personal and unique specifications cannot be returned or refunded, except for warranty repair/replacement due to failure to meet specifications.
    Airline and Live Performance Event items are non-refundable.
    Gold bullion and gold bars are non-refundable.
    Shop Cards are non-refundable.

  9. #19

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    IMO Costco could easily double the premium they are charging now and still sell out in the same time. Not sure what the reason for offering this "novelty" product at low premium. Possibly market testing to expand sales to other types bullion or investments .
    "That's not money" - Ben Bernanke

  10. #20

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    Quote Originally Posted by insidedealer View Post
    On Merchandise: We guarantee your satisfaction on every product we sell, and will refund your purchase price*, with the following exceptions:

    Electronics: Costco will accept returns within 90 days (from the date the member received the merchandise) for Televisions, Projectors, Major Appliances (refrigerators above 10 cu. ft., freezers, ranges, cooktops, over-the-range microwaves, range hoods, dishwashers, water heaters, washers and dryers), Computers, Touchscreen Tablets, Smart Watches, Cameras, Aerial Cameras (drones), Camcorders, MP3 players and Cellular Phones (return details will vary by carrier service contract).
    Our Costco Concierge Services representatives are available to assist with technical support and warranty information for many of the products above. You’ll find a list of eligible items here.
    Diamonds: 1.00ct or larger: Members returning a diamond over 1.00ct must also present all original paperwork (IGI and/or GIA certificates) at which time they will receive a Jewelry Credit Memo. Within 48 hours, our Costco Graduate Gemologist will inspect for authenticity.
    Cigarettes and alcohol: Costco does not accept returns on cigarettes or alcohol where prohibited by law.
    Products with a limited useful life expectancy, such as tires and batteries, may be sold with a product-specific limited warranty.
    Special Order Kiosk and Custom Installed Programs: Custom product(s) manufactured to our member’s personal and unique specifications cannot be returned or refunded, except for warranty repair/replacement due to failure to meet specifications.
    Airline and Live Performance Event items are non-refundable.
    Gold bullion and gold bars are non-refundable.
    Shop Cards are non-refundable.
    look like costco had sold gold bullion before. Don't know why all the hype now.
    i received a $100 gift card so i gave it a visit to help buy a car battery for my brother
    Walked around the store twice trying to find a reason to get a membership, didn't work
    Many stuffs are cheaper elsewhere, bulk buy geared for large family, extra gas to get there cost more than perceived saving, overstaffed meaning their stuffs can't be competitive. I have no plan to get a costco membership.
    i can buy anything cheaper elsewhere than what being sold by costco

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