Some buyers of Costco’s gold bars are encountering difficulties when trying to resell them.
A recent report by Business Insider highlights the challenges faced by consumers who purchased Costco gold bars, as there are limited channels available for selling them.
Costco’s gold bars are non-returnable and non-refundable. Customers wishing to sell their gold bars must find a buyer independently. This lack of a structured resale process makes it challenging for buyers to realize profits or minimize losses when gold prices fluctuate after purchase, creating difficulty in disposing of them when desired.
One buyer, Adam Xi, purchased a gold bar valued at $2,000 to earn credit card points but was ultimately forced to sell it for $1,960, $40 below the purchase price, due to a lack of interested buyers.
It’s important to recognize that, unlike cash and gift cards, gold bars are categorized as collectibles and may be subject to taxation of up to 28% if held for more than a year.
Appraiser Lark Mason emphasizes that trading gold bars is distinct from trading stocks, with a disparity between the purchase and sale prices.
Experts advise potential buyers to consider additional expenses such as taxes and shipping, as well as the risk of losses resulting from fluctuations in gold prices and challenges in finding buyers. Moreover, buyers should remain vigilant against potential scams involving gold bars.
While private party sales may yield higher prices, CBS News recommends utilizing reputable precious metals buyers like Alloy Market or Express Gold Cash for a secure transaction.
BY HAEUN CHUNG, HOONSIK WOO [chung.haeun@koreadaily.com]
