Right – if spot price per oz is $2,418.95 and say hypothetically I am sourcing it for $1700/oz there seems to be a reasonable amount of margin there if you can find a buyer for it.
If it’s in any form but rounds or bars, it’ll need to be melted down which has a cost. So it can be made into a form that can be resold closer to spot value.
The margin are actually even better if you melt them down. it’s really hard to buy physical gold at spot, single ounces/grams go for a few points higher.