One of the stories I read claimed he searched for how much is a kilo of gold worth after a meeting.
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Huh. So that goes right along with one of the stories I read, which claimed that he’s a fucking idiot.
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Perhaps the bars amounted to the giver’s “loose change” thrown in amongst the big money.
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So, my mom died and left us more of this stuff than we’d like, and let me tell ya… the sell price and the buy price are way off right now. Sure, lots of places will sell it to you at the spot price, but we’re still having trouble finding places to buy it for anything close to the spot price. And we’ve been looking a fair bit.
A number of sites/ places will tell you they’ll buy it at the spot price, but they limit how much they’ll buy, and then go to the 20% below spot or similar.
As long as they can get people like my mom to buy gold and silver, they’ll sell it for far far more than they’ll buy it for.
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Is it in bars/coins or in jewelry? I know that jewelry is harder because they factor in the costs of having it melted down later. For sure those “gold into cash” places are looking to buy low.
Depending when it was bought, it can still be a decent investment. But there are so many in coin form that have extra costs to it because they are “limited edition” or what have you, not making it worth it. (Or the commemorative coins that have very little metal value, and people buy it thinking their $100 Trump coin is worth $100 to anyone else. LOL.)
What really gets me are the people who buy metal from places who then keep that metal for them. So they own it on paper. Theoretically.
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Bars, ounce pieces, and authenticated coins that are pure gold or silver. It’s not just cash into gold, it’s high end sales places, everyone, basically. The selling is high because the grift is high. The buying is low enough below spot because the selling is at spot.
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Not sure how it works in the US, but here in Oz anti money-laundering laws state that exchanging gold with value over $10 k (dollarydoos) requires gov’t paperwork [1]. So an explanation might still be in order.
A 1 kg bar is a smidge over 32 Troy ounces, and gold has a spot prices hovering around $2k (US) per Troy ounce. Enough that questions will be asked anywhere reputable, and a significant commission will be paid anywhere else. I’m not familiar with typical money-laundering commissions.
[1] In Australia, those same rules apply to cash as well as other outside-the-banking-paperwork tokens of value.
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Oddly enough, nosy creature that I am, I didn’t think to ask where he’d sold it, nor whether he got actual market price.
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Sounds like the way money works…except there’s no longer any gold backing it up.
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Sounds like Qatar have allegedly been flashing cash all over the place:
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Time for the U.S. to bomb the shit out of them too? 
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It’s all these oil-funded nepo-babies know. They’ll be any place where there’s high potential for corruption. FIFA was another natural for them, and I’m certain they’re already at work on the IOC. Their oil-peddling colleagues in the UAE managed to land a bloody UN climate conference. They’ve no doubt also bought themselves the odd college administrator and newspaper editor in the West to further and launder their reputations.
They’re probably on this list too.
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