Apple to Buy 1/3 of Global Gold Supply for its i-Watch

[thunderdog512]

Like many have said the watch will be a flop. Not many teens/twenty year olds wear watches any more and that's the target audience. Why buy something when you have a phone in your pocket that can do the same thing for free? Smart watches offer little over traditional watches other than headaches. You have to charge them every night and can't abuse them like a normal watch. I think companies are investing in the wrong area. Plus, people that buy twenty thousand dollar watches don't buy smart ones. They buy simple elegant watches with gold or platinum with maybe some jewels.

[The Crazed Child]

inb4 apple goes broke

 

inb4 ltt forums says its a good thing

[mr moose]

This is clearly wrong.   Current value per ounce is $1500 Australian.  A 2ounce watch would contain over $3000 worth of gold before any electronics where added.

 

Wait a sec while I put on my tin foil hat...        O.K now: I think apple see the market falling in a heap and just want to convert all their cash to gold in anticipation.

[Opcode]

Josh Centers, from TidBits, estimates that each gold watch will contain 2 troy ounces (62.2 grams) of gold.

With gold costing $1,209.55 USD per ounce right now (March 3, 2015) who in the right mind is going to pay $2,400 just in weight for a gold watch.

 

Add in the inner workings of the device and you got a $3,000 price tag.

[ShadowCaptain]

Ugh the GOLD one is like $2500, I dont think many will sell

 

the STANDARD one is the model that will sell the gold coloured one maybe

[FakezZ]

Yeah..... and how long will it take the gold to start showing signs of heavy wear hmm?? Apple isn't thinking ahead that far by the looks of things.

You kidding? How are people going to buy next year's product then?

[imdavidh96]

if its going to happen buying some gold would be good as the value would soar

[ofr057]

explains why the gold price has gone up lately

[Legion495]

I want to see people who buy this stuff. 
After that purchase I want them to realize what big mistake they have made. 

 

Before I ever buy an iWatch I would buy every other watch in the world. BUT srsly. Who buys that???
I hate Apple and don't get people with Apple stuff.

 

New goldtype! igold incomming.

[Victorious Secret]

explains why the gold price has gone up lately

 

Huh? 

 

 

Price in the calendar year has been going down, even in the last 3 months. The last 2 years it has been steadily trending downward....

 

Estimates of how much Gold is on Earth range from 155k tonnes to 2.5 million tonnes. BBC used the GFMS figure of 171k tonnes as a estimate. Apple owning 1/3 could range from 51k tonnes to 833k tonnes. AKA a load of waffle. 

[79wjd]

The other sad/amusing aspect is that people who can buy a 20k Apple Watch already have a couple of 20k watches. This isn't some "first purchase" scenario for these guys. They've got bloody suits that are worth more than even the most expensive PC on this forum; the target market for a watch like that is a whole different animal all together. 

 

You can't generalize the shopping habits of someone who buys a 250-350 dollar smart watch to someone who will blow 20k on a watch without a second thought. And enough of those people exist to make the Watch Edition a successful enough product.

I love how everyone in the threads is pointing out the idiocy of Apple making a gold watch based on no one willing to buy it....It's not like companies like Audemere Piguet, Patek Phillipe, *shutters* Rolex, Hublot, or a few fozen other watch makers sell loads of watches ranging from a couple thousand dollars to a couple hundred thousand dollars (plus the less frequent stupidly expensive extremely rare watches).

Although, I do question how many of those people would actually be interested in an Apple Watch in the first place.

[Victorious Secret]

I love how everyone in the threads is pointing out the idiocy of Apple making a gold watch based on no one willing to buy it....It's not like companies like Audemere Piguet, Patek Phillipe, *shutters* Rolex, Hublot, or a few fozen other watch makers sell loads of watches ranging from a couple thousand dollars to a couple hundred thousand dollars (plus the less frequent stupidly expensive extremely rare watches).

Although, I do question how many of those people would actually be interested in an Apple Watch in the first place.

 

Its sad, isn't it? People here are acting like rich people have never bought something obscenely expensive before. You're talking about the target market that can just up and buy a 700k supercar because they want one. There are ~20 of those in my town, so Apple can look forward to seeing at least 20 Gilded watches being sold here. 

 

People like this already have spent tens of thousands on a watch. This isn't some big decision for them. Its the "sure, why not" kind of purchase. 

 

Would I get a golden Watch Edition before I get a golden AP? Nope. But if I already have the golden AP? Of course I'd be intrigued, because when you have the kind of money you buy a watch for 10k on a whim, you have the money to buy a hundred of them on a whim. 

 

Some people here are hopelessly out of touch with how society actually functions. 

[Agent181]

thats just no.......

[BURNINGJUNK]

FIRE UP THE PARTICLE COLLIDER, CUZ WE'RE GOING TO NEED TO MAKE MORE GOLD!

Should we use the Main or the Backup, or should we install a third. Asked an Apple employee.

[Keudn]

So all the jewlery that people recycle is going to be watches now  :mellow:

[patrickjp93]

And 99% of their customers wont be able to afford.

That's what loans are for, just like housing  

 

Let the banks pay for it. The government will just bail them out anyway

[Trik'Stari]

That's what loans are for, just like housing

 

Let the banks pay for it. The government will just bail them out anyway

Not sure if I should laugh or cry.

[Shakaza]

Its sad, isn't it? People here are acting like rich people have never bought something obscenely expensive before. You're talking about the target market that can just up and buy a 700k supercar because they want one. There are ~20 of those in my town, so Apple can look forward to seeing at least 20 Gilded watches being sold here. 

 

People like this already have spent tens of thousands on a watch. This isn't some big decision for them. Its the "sure, why not" kind of purchase. 

 

Would I get a golden Watch Edition before I get a golden AP? Nope. But if I already have the golden AP? Of course I'd be intrigued, because when you have the kind of money you buy a watch for 10k on a whim, you have the money to buy a hundred of them on a whim. 

 

Some people here are hopelessly out of touch with how society actually functions. 

 

I think most of the people are just wondering how Apple justifies buying so much gold if the majority of the populace won't be able to afford it. They seem to think it's a stupid idea because they can't imagine a way for Apple to turn a profit from this endeavor.

 

Since you seem to know so much, can you enlighten all of us peons on how Apple will do this?

[79wjd]

I think most of the people are just wondering how Apple justifies buying so much gold if the majority of the populace won't be able to afford it. They seem to think it's a stupid idea because they can't imagine a way for Apple to turn a profit from this endeavor.

 

Since you seem to know so much, can you enlighten all of us peons on how Apple will do this?

There's no shortage of watch collectors.

Not to mention, a lot of the extremely wealthy Chinese (as a prime example, although certainly not the only group) buy all the high end name brand stuff as a way to display their social status.

[Dabombinable]

You kidding? How are people going to buy next year's product then?

My apologies, I forget that Apple likes to make over priced POS that either break within a year or are outdated the next.

[mr moose]

I think most of the people are just wondering how Apple justifies buying so much gold if the majority of the populace won't be able to afford it. They seem to think it's a stupid idea because they can't imagine a way for Apple to turn a profit from this endeavor.

 

Since you seem to know so much, can you enlighten all of us peons on how Apple will do this?

 

Buying gold is not a risk, The total worlds production at the moment is 2500 metric tons.  To buy 1/3rd of it would cost (roughly without looking it up) 4.7Billion.  Apple have 160 billion in reserve and gold can be resold later for a profit anyway.     So for a starter it's not even a bad investment even if watch production doesn't go ahead.   Second shipping a million watches isn't going to be hard, I do personally doubt the Chinese market is where most will sell (which is why I called crap on that first article), but it would be easy to find 1 million buyers everywhere else in first world nations.

[Victorious Secret]

Buying gold is not a risk, The total worlds production at the moment is 2500 metric tons.  To buy 1/3rd of it would cost (roughly without looking it up) 4.7Billion.  Apple have 160 billion in reserve and gold can be resold later for a profit anyway.     So for a starter it's not even a bad investment even if watch production doesn't go ahead.   Second shipping a million watches isn't going to be hard, I do personally doubt the Chinese market is where most will sell (which is why I called crap on that first article), but it would be easy to find 1 million buyers everywhere else in first world nations.

 

Apple already ordered up 5 million or so just for launch. Apple doesn't care that kids on the internet forums like this can't afford it or don't see a need. We're not their customers on any level what so ever.

 

Well, I am. I'm getting one. Maybe a Gen 2 if things are really that bad.

 

But we have no Earthly idea what this watch will be like. Easy to say whatever you want without actual reviews o hands on use.

[euniqe]

It's like they're TRYING to lose money...

[othertomperson]

http://www.rolex.com/watches/day-date/m118206-0040.html

 

You kids can stop thinking this is even remarkable now.

 

Just going to point out that gold is cheap and plentiful compared with platinum,

[Frix]

Apple, STAHP, that gold could be used for much better and less idiotic things.

Like the Pebble Time