Costco Gold Under Melt?!?!

Hey friends, there has been a lot of talk online about getting gold bars from Costco and coming out ahead, especially if you're using your Costco rewards credit card. We are going to check out the jewelry section and see if we can find something for under melt. It's going to be quite the experience and we're going to bring you guys along for the ride. Come on, let's go. >> All right, we're here today at Costco. We're going to be checking out the jewelry case and see if there's anything that we don't think is close to melt or around there. Maybe we can even squeak out a few%. Let's take a look. We're looking for pieces that a have no stones. We're trying to get, you know, close amount. We don't want to be paying for stones on this. As nice as the selection may be, I'm seeing a lot of a few hundred pieces. This could definitely All you need is like a $10,000 of gold and you're up well over 20 prices. What one do you think? What do you think's the best bet? >> Well, I mean, earrings, there's a nice heavy pair of earrings, but the price is a little higher. The other one I kind of had my eye on was some of the rope bracelets. The rope bracelets, you got to be careful though because they can look deceivingly thick sometimes, depending on how they're braided or how if they're hollow. So, I think for this one, we should probably stay away from trying out a bracelet. But if we have good results, we can we can try out. We can try. I think I have heard the paperclip necklace. I I think I've seen a rumor that that one's been sold under milk before. In the back, they got that big old paper clip one. That's an actually that's a pretty thick, heavy one. Um, what I'm liking today, I got my eye on the mirror flower pendant. I think that that pendant is a is going to be a heavy pendant. The chain pretty light, which we could always find a multi a different use for, but let's get that and see what that weighs. I bet that's a heavy one. >> Item number is 1833 222. >> We're going to go for quantity one. Description: >> 14 karat gold mirror flower pendant >> and the price >> $399.97. >> And we do have the uh Costco credit card. So, we're going to factor that into the equation and see if that doesn't help. Let's go pick up. Got to try out the Costco snacks while you're here, huh? That good? That good? We're in for a long line. All right. So, Robert's going to guess just with his hands how much he thinks it weighs. >> It's a really nice mirror finish on the pendant. >> Did a beautiful job. It is a very light chain. The chain's got to be less than a gram. the pendant and the chain. I'm going to say 3.8. I think we're a little light on what we paid. I think it's going to be close though. >> Okay. Little light. Like how much money or how much over spot do you think you paid? >> I am going to guess it's like a 25% premium, but we're going to see. I think we'll see. >> Okay. >> It's a little lighter than I thought it would be. This is a pretty really pretty necklace. So, our scale is calibrating right now and we're getting out the jewelry. Get this little get the sticker off. It's going to add to the weight. >> You said the chain, right? You want to think how much the chain weigh the whole everything. >> I thought it was around a gram. I think the chain is closer to two. All right. Five g. >> Five g. Exactly. >> All right. So, for the one chain that we got from Costco, 397 $399.97 plus sales tax. So, we're going to figure unfortunately there's a 6% sales tax 423. Now, we could minus out the credit card rewards, but for the sake of >> we said we were going to do that >> the video. All right. So, it cost us $423.97, almost $425. We did get an additional 4% via the executive rewards program and the credit card. That may or may not apply to depending on how you paid. So, our total uh cost without with the rewards would be 47 for the one chain with the pendant. Now if we do the math it was 5 g pure gold 14 karat solid. If we use spot price of we'll use today's spot price the day after we bought purchased uh we did have a 4.8% drop since yesterday. We're down $260 an ounce in gold. So probably not the best day to do the math but we're going to see if we're still ahead. Uh we have 14 karat purity results in $474 in gold at today. >> So even with the 4.5% drop, we still came out uh >> Wait, you're kidding. We still came out 11% ahead. We just have to find We have an 11% margin to work with. If we sold this 10% back of melt, we would still make money. >> Shut up. You're saying we got that under melt? way under melt. 89% of melt. >> You're kidding. >> Even with sales tax, >> gold just went up too fast for the prices. That's what I'm saying. Go. That's why you get these up and down. Uh we have very volatile markets. It goes up, it goes down very quickly. So, some days it's up, some days it's down. >> Now, while we were there yesterday, there were no gold bars. >> There were no gold bars. I would have definitely felt like I could have tried to do a video. You know, we we try to incorporate different uh bullion items in here, but we had a lot of weight sitting in that jewelry case after buying jew, you know, looking at people's stuff all week. I thought that stuff looks heavy for what it is. And it turns out we made a choice here. I would have liked to see there were a few other items we saw like that paperclip necklace. I I'm thinking that someone actually I saw the math out there somewhere. So, it might be worth trying to keep track of some of these these items and seeing what their their weights may be because it seems like they're having about as hard time pricing items out as we are. >> Very fast moving market. >> So, a question for you then. Um, if we didn't have the Costco rewards credit card that we had the 4% and we just used cash or our own credit card for it, would we have still come out ahead? Yeah, that's the number I used to come up with the 89% of melt. With the uh with the rewards taken out, it would have been about a 16% margin, so 84% of melt roughly. >> Oh, okay. So, you would be >> even better with the credit. >> Be ahead either way. >> Now, refiners are paying slower. You know, it's it's a different market right now. Refiners aren't paying, you know, full amounts or full timely payments. Some are, some aren't. So, it's a very uh trying to get as close to spot as possible might not always be. You know, 84% is is might be where your local market's at, you know, but for Costco to be taking on the liability of selling them. You know, you saw some of their operations. It seems like they might want to look at their prices on that. >> Well, we're not going to tell them that. We're going to keep that a secret amongst ourselves. >> The beautiful piece, too. >> It's going to be mine for my birthday. We got it on our nose. >> I think that's great. So, if you were, honestly, if you wanted to get jewelry for a loved one, Costco would be the way to go, it seems like based on this piece. Now, does that seem when you were looking at prices across the board, does it seem like their prices are pretty close to melt or do you feel like there are some you have to be careful with what pieces you're choosing? I feel like if you were in the market for jewelry, you would be down to a very limited selection. I would leave a little bit room for customization price because the it does seem to be direct um pricing, but the selection like for bracelets and and rope sizes were we're very limited as far as the jewelry. So, I would I just keep in mind it's the upfront cost might be good, especially if you're looking um to add something in some sort of spreadsheet or something based on its weight alone. um it probably is a good place to start, but I I do think that there's definitely room for, you know, you got to not just have that always be the final piece, >> right? So, you're shopping for your loved ones still >> based on their pieces. I wouldn't have minded for myself. So, I don't know. That's probably the hardest part about it is not walking away with a few things when you know >> he's going back to Costco today. >> Hey friends, thanks for hanging out with us today. I had a super fun time. I hope you enjoyed it as well. Go out there and look for those deals. They are to be had at Costco. Let me know in the comments if you find something under melt as well. I'm super excited about my birthday present and even more excited knowing that it's under melt. Who knows how much under melt it will be by time my birthday comes April 3rd. That's in about 1 month. We'll see you on the next one. Bye.

Come along as we attempt to buy gold jewelry from Costco under melt by guessing weight from the case! Have you experienced a come up from Costco gold? Visit us in Store- Big Bear Coin & Collectible Richmond VA Visit us online on Whatnot- https://whatnot.com/invite/bigbearcoin #costcofinds #costco #goldstacking #goldjewelry #goldjewellery #coinshop #preciousmetalsinvestment #dayinthelife #costcorecommendations