Gold gram bars a ripoff ?

That's no crazy. That's commonsense!

 

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The machine is inside of the Golden Nugget Hotel/ casino in LV, so it is safe, armed guard there. They sell ounces too, at a fair enough price. I think there are only about 2 of these in the country, one somewhere in Florida ( a mall ?). The grams are the issue at something like $60-64 each.....my dealer would buy these at 96% of spot and sell at spot. No issue of it being real Gold at all.

 

http://www.advisorone.com/article/gold-vending-machines-come-us

 

That's quite a chunk of change for a measly gram, which is only 66% as much gold as what a Mexican 2 peso coin or US $1 gold contains. At 31.1 grams per ounce, 60-64 dollars a gram works out to between $1866 and $1990 per ounce!

 

Again, as explained extensively above about the pricing of gold products for sale from these vending machines, buyers are paying more than just the standard spot+ for bullion. These prices include costs of overhead, convenience and the additional mark-up for the novelty of bringing this to people so interested and/or persuaded to buy at these prices. Like anything else, if the price isn't right for the individual seek products elsewhere and if you cannot find the buy price you wish you could pay, then you need to reconsider your understanding of market prices and/or whether or not this product is for you and your personal financial goals.

The initial two machines were set up in Las Vegas Nevada and Boca Raton, Florida. A casino/gamblers town where money flows and novelty is king AND a well known resort town in the other location.

 

The ounce bar prices are within reason, the grams are the rip-off !

I think GN should allow you to bet in Gold, that would be cool !

 

It would also be a good way to lose a lot of money in a big hurry.