That's pretty impressive, if this is legit retail users just buying physical gold and taking self custody, who would have thought? I hope customers don't have to do hectic KYC because it would be so easy to $5 wrench people and take their stack
Equity analysts said the wholesaler priced its gold appropriately by selling about 2% above spot prices to members before a 2% cash back reward for executive members and an extra 2% in cash back for those with a Citi card.
I realize not all of their customers get either or both of those discounts, but it still seems like they'd take a loss on a bunch of these sales.
That's pretty impressive, if this is legit retail users just buying physical gold and taking self custody, who would have thought? I hope customers don't have to do hectic KYC because it would be so easy to $5 wrench people and take their stack
doesn’t everyone already do some level of KYC to become a CostCo member?
I realize not all of their customers get either or both of those discounts, but it still seems like they'd take a loss on a bunch of these sales.
The Citi card thing is probably big money for them.
They probably break even.
Costco has at most 15 percent markup on its goods and services.
90 percent of their profits come from membership fees
That's wild. I considered buying some from them and then I thought...that's crazy. Secure more sats