A COSTCO shopper has made a “surprisingly easy” $600 profit in just a few short steps – and some believe he could have gotten more.
It turns out that the warehouse retailer isn’t just a place to shop, it’s also a place to invest.
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But that word doesn’t mean that what finance influencer Humphrey Yang did was all that complicated.
In fact, it’s something anyone can do, meaning you too can make an easy profit at Costco.
The New York Post tells the story of Yang, a Tiktok content creator who bought a small gold ingot for $2,359 in April 2024.
First of all, yes you can buy those there, and second, they might actually be a profit source staring you right in the face.
Yang bought the one-ounce PAMP Suisse gold bar in the store and then simply waited.
As the price of gold fluctuates with a particular ropey US economy at the moment, he saw his moment to sell.
GOING, GOING, GONE
In March, Yang sold the coin on at the bullion dealer Witter Coin in San Francisco for $2,955.42.
That landed Yang with an exact profit of$595.43.
Yang explained in his social media video that he found the offer more than reasonable given the spot price was around $3,020 and dealers generally purchase at slightly below market value.
A spot price refers to the price at which an asset is valued in the current market based on real-time supply and demand.
In the end, the savvy Costco shopper described the money he made as “surprisingly easy.”
But some online believe he could have made even more if he had waited longer to sell.
One person said: “Gold price is probably gonna end up at 8k or something. Don’t sell yet.
And another adviser suggested: “Wrong time to sell…”
SHOW ME THE MONEY
While hindsight is all well and good, these two armchair investors might have been right.
Since Yang sold his ingot, the price of gold has soared to $3,300 per ounce.
Typically, the price of gold rises during tomes of economic uncertainty or inflation, among other things.
Right now, nobody really knows what the US economy is going to do next.
Who is hoarding gold and why?
Gold expert Jonathan Rose, the CEO of Genesis Gold Group told The U.S. Sun who is hoarding and the benefits of it
- Wealthy Individuals and Elites: Millionaires, tech executives like Mark Zuckerberg and Sam Altman, and pro athletes are among those hoarding gold for doomsday preparations.
- Concerns Over Economic Collapse: The surge in gold purchases is fueled by fears of the devaluation of the dollar and an overall economic downturn.
- Prepping for Various Scenarios: The current surge in gold purchases is attributed to concerns ranging from the 2024 presidential election to recent AT&T power outages, which some fear were cyber attacks.
- Role of Gold in Bartering: Gold is seen as a valuable asset for bartering in a doomsday scenario, where traditional currency may lose its value.
- Preference for Small Denomination Coins: Buyers are increasingly seeking small-denomination gold and silver coins, which are considered more tradable and easier to barter with.
- Gold as a Tradable Currency: In a doomsday situation, gold is perceived as a more reliable currency than paper money, capable of securing essential goods and services.
- Gold as a Symbol of Value: In times of crisis, gold holds significant value as a tangible asset, prompting individuals to stockpile it for potential future use.
This goes twofold given Donald Trump’s tariff policy making waves in the finical world.
So while it seems that Yang could have gotten more cash if he had waited, it’s very hard to tell when the right time to sell is.
Even those in the gold market have taken drastic steps to secure their investments.
In February, Trump’s tariff plans prompted some of the largest banks in the US and Britain to fly gold bars from London to New York City on commercial flights as a hedge against inflation.
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