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I laughed at my uncle for buying gold coins at a mall kiosk in 2019, then I checked the price last week
My uncle bought $5,000 in gold coins from a kiosk at the Scottsdale mall in 2019 and the whole family made jokes about him getting scammed. Last week I looked up what those same coins sell for now and the number made me sit down, since gold went from around $1,300 to over $2,300 an ounce. Is anyone here actually stacking metals, or is this just another bubble I'm showing up late to?
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the_angela2h ago
Watched my buddy do the exact same thing with silver in 2021 and he sold at a loss two years later because he panicked when it dipped. Gold sitting at $2,300 an ounce is great until you try to actually sell those mall kiosk coins and find out the dealer pays you spot minus a fat cut, if he even wants them. That markup your uncle ate up front was probably 20 or 30 percent, so he didn't double his money, he maybe broke even after fees. Buying at the top after watching someone else win is how most people get burned, not how they get rich. Call it a bubble or call it a bull run, either way you're the guy showing up after the party started, and that's usually when the music stops.
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