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I used to buy gold bullion as a sneaky way to get credit card points on the cheap (and then use them for first class flights around the world). You could usuall
by kenneth 3y ago
I used to buy gold bullion as a sneaky way to get credit card points on the cheap (and then use them for first class flights around the world). You could usually do the trade profitably and quickly and quite safely with insured shipping via USPS. $50k at a time. It was a bit sketchy to have that much in bullion at home, and I quickly got bored of it.
The things you do when you're young…
- uptown 3y agoWho would you sell the bullion to to cash out?
- icepat 3y agoSomehow when I was about 13 I ended up buying about 2k worth of silver in various places when spot was about $15 USD. One place was even an antique coin shop in my hometown. When spot went up to $20 a bit later, the same vendor bought it all off me at market price. Precious metals are a strangely easy thing to liquidate. One of the strangest financial anecdotes of my life. To this day I wonder what the vendor thought seeing a literal child buying bars of silver bullion, then selling them at a 25% markup later.
- maerF0x0 3y agoThey must charge a spread or fees?
- kenneth 3y agoThere are various precious metal trading companies that will buy the bullion from you at close to spot if it's kept in its original assay and has documentation. If not in assay, they will have to test its purity and potentially remelt it so that adds to the spread.
- infecto 3y agoDid the same with those $1 US coins when the mint was allowing you to purchase them for $1 free shipping. We would get as much as possible and then turn around and deposit into the bank.
- manonthewall 3y agowhy would you pay $1 each for $1 coins and turn around and put that in the bank? I mean what's the purpose? I could see if you were keeping them as collectors items that might be worth more in the future, but once dropped in the bank you're back to where you started??
- slv77 3y agoIt’s called manufactured spending and the idea is to be able to buy something and liquidate at the same price with no risk. The intent is to rack up points on credit cards for free travel or to manipulate credit scores.
- infecto 3y ago[flagged]
- manonthewall 3y ago[flagged]
- TheHumanist 3y agoDid you just jump into a sub comment and it read prior comment? Lol credit card points. Then deposit and pay off what you spent.
- deleted 3y ago[deleted]