Latest news with #WitterCoin
Yahoo
11-05-2025
- Business
- Yahoo
Costco customer makes eye-popping $600 profit after reselling a small item a year later: ‘Surprisingly easy'
Costco isn't just a place to save — customers can apparently invest as well. A finance influencer who bought a small gold ingot at the big box retailer sold the nugget nearly a year later for an eye-popping $600 in profit, according to a TikTok video with 6.5 million views. The TikToker, named Humphrey Yang, had reportedly purchased the one-ounce PAMP Suisse gold bar (yes they sell those there) for $2,359 from Costco in April 2024, per the clip. He then went and sold it this past March at the bullion dealer Witter Coin in San Francisco for a pretty penny. 'Right now, we're paying $2,955.42 [per ounce],' an employee told Yang, who agreed to the deal. The influencer found the offer more than reasonable given that the spot price — the price at which an asset is valued in the current market based on real-time supply and demand — was around $3,020 and dealers generally purchase at slightly below market value. The employee then handed the cash to Yang, who exclaimed 'I made a profit of $596 over the past 11 months or so.' The exact figure was $595.43. He described the process as 'surprisingly easy.' While the life hacker may have seemed like he had the Midas Touch, some TikTok viewers claimed that the Costco prospector might've pulled the trigger prematurely. 'Gold price is probably gonna end up at 8k or something. Don't sell yet,' urged one armchair financial advisor. Another wrote: 'Wrong time to sell..' Since Yang hawked his ingot, the price of gold has soared to a staggering $3,300 per ounce with Goldman Sachs upping its year-end forecast for gold from $3,300 to $3,700, Yahoo Finance reported. The precious metal's skyrocketing valuation came as spooked investors deployed this golden parachute over fears that President Trump's tariffs could spur an economic downturn. In February, the president's tariff plans even prompted some of the largest banks in the US and Britain to fly gold bars from London to New York City on commercial flights as a hedge against inflation. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
07-05-2025
- Business
- CBS News
Volatility in the stock market leads to soaring gold prices
The price of gold continues hover in record high territory, as investors look to the precious metal with the growing uncertainty in the stock market. That is good news for Seth Chandler, owner of Witter Coin in San Francisco who seeing more people come into his store to buy and sell gold. "When you have a one-ounce gold coin in your hand, it feels very heavy, it feels like real money," said Chandler. And since the beginning of the year, the price of gold is up more than 28-percent (May 6th 2025), hitting $3,000 per ounce on March 14th, and briefing reaching a record high above $3,500 per ounce on April 22nd. Joe Halpern, Chief Investment Officer of Fountainhead says, the recent interest in gold can be tied to the volatility in the stock market, since the start of the Trump Administration. "It has been going up for a while now for over the last year. But you really saw lift after Liberation Day on April 2nd. At first gold moved down with the whole market, but then it increased dramatically," said Halpern. "And gold is really a flight to safety. So, when people are nervous, they tend to sell out of those risky assets like an Apple or a Microsoft, and they go into Treasury or gold." Halpern says, for those looking to invest you can buy into a Gold ETF or mutual fund. Meanwhile for Chandler, while he does not give out investment advice, he understands people's fascination with physical gold. "Once you own it, you can put it in the safe deposit box, hide it under your mattress, your shoe, whatever you want. But you have it. You own it," said Chandler.
