this post was submitted on 05 Oct 2023
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I bought 3 x 1 oz. gold wafers from Scotiabank back in 1994 for around $400 IIRC and forgot about them in my safety deposit box. I sold them in 2010 for over $1200 each at one of those "We buy gold!" guys when I was moving for work.
Technically you can invest in gold without having physical lumps of metal, but it seemed like a thing to do when I was young, didn't have any expenses, and gold was at a historic low. Of course now that I'm curious, it seems gold is $2500/Oz, so not sure if now is the time to invest. I guess it's kind of like how crypto-bros said crypto was a hedge against inflation. The cost for actual physical gold wafers included some extra fees even back in the nineties, so Costco's price above the spot price isn't too out of line.