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Anyone ever buy Gold from the "Gold ATM" at the Golden Nugget?

Discussion in 'Misc. Vegas Chat' started by DaiLun, Dec 19, 2014.

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  1. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    I just heard about this and I'm considering consolidating some of my silver into Gold.

    I have numerous $300 silver strikes that are still worth $300 at QQQQ. I was thinking of consolidating 5 or 9 of them into cash and then buying 1 or 2 oz. of gold from the ATM.

    Does anyone know what % above spot the Gold ATM is selling at?
     
  2. broncofn

    broncofn VIP Whale

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    I'm sure the above spot price will be higher than most other places where you can buy physical gold bars/coins.
     
  3. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    Ah, supposedly not because of "no labor costs". I'll find out and report back.
     
  4. broncofn

    broncofn VIP Whale

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    I've checked the machine myself at the gn in ac and it was higher than what I can get it myself in the dc area.

    That was over a year ago when i checked the machine out.
     
  5. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    Ah, you "sandbagged" me. I didn't realize that you had first hand experience.

    Thank you for the information. I had actually planned to get the cost of a Krugerrand or 1/2 oz. Maple Leaf from my supplier before I left.
     
  6. Hobofrank

    Hobofrank Prime Minister of Idiocracy

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    dude?, when does anyone in Vegas sell for less retail than outside of LV?, LOL
    I'd love to know what points above Spot it is though, just for the lulz
     
  7. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    Yes, I wholly realize that the ATM is

    1)primarily for an impulse/novelty buy
    2)the % above spot is probably more than I should pay

    but I will have $1500-$3000 burning a hole in my pocket. . . .
     
  8. broncofn

    broncofn VIP Whale

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    Im hoping you know that those gold coins have a higher spot % than bars (same as the silver lady liberty coins). But they also get you a slightly better % when you want to sell.
     
  9. FXT

    FXT VIP Whale

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    http://www.goldennugget.com/lasvegas/stay_goldtogo.asp

    Im sure their idea of fair is probably 30% markup
     
  10. TIMSPEED

    TIMSPEED !địt mẹ!

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    Give random large amounts of money to random younger people...you'd be surprised at how they'll react...
    Or give a bum $500, and follow them around for a few hours, lol.
     
    Palace Tower Suite!
  11. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    Once again, thanks to others on this board for talking (shaming) me out of a foolish idea.
     
  12. hammie

    hammie VIP Whale

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    Maybe just go to the world famous Gold and Silver Pawn Shop?
     
  13. pleepleus

    pleepleus 2016 - The monkey is back

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    I've purchased about $1300 from the machine. I was up some cash and wanted to buy some presents for nieces and nephews. I think I paid about a 20% premium over spot.

    It's definitely not worth it if you are looking to invest. I figured I'd eventually lose the cash anyways and it would be better spent this way.
     
  14. merlin

    merlin VIP Whale

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    Wow, 20% over spot is terrible.
     
  15. pleepleus

    pleepleus 2016 - The monkey is back

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    Its actually worse now since I bought them around the time gold was around 1500 an ounce. What are you gonna do.
     
  16. Hawaiianmark

    Hawaiianmark Low-Roller

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    The professional troll was on you. Ignoring helps.
     
  17. merlin

    merlin VIP Whale

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    Dont feel that way ,prices rise and fall, but paying 20% vig when you can get maybe 5 or 6% in places other than vegas is ridiculous. The point is that you shouldn't buy gold out of them machines.
     
  18. FullBoat

    FullBoat VIP Whale

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    That's where I'd go. Might take ya what, 10min? But, you'd save a lot I'm sure.
     
  19. VegasDave

    VegasDave Addicted

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    I think Pleepleus had the right idea though. That money would have likely gone down the slot machine/table game drain. paying 20% vs losing it at the casino is a winner in my mind! If I am up a generous amount, I would like to see something for it later.
     
  20. PayTriple

    PayTriple The Cucumber King

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    Another way to look at it: he paid $260 premium. How much time and effort would it have cost him to find a place to buy gold at only 5% premium? He would have saved about $200. Would that time and effort be worth $200?
     
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