Whenever Costco lists a certain shiny item for sale online, it's said to sell out rapidly. The wholesaler has made gold bars available on its website, allowing Costco members to invest in them.
"I've gotten a couple of calls that people have seen online that we've been selling one-ounce gold bars," Richard Galanti, Costco's chief financial officer, mentioned to investors in the retailer's fourth-quarter earnings call.
Galanti mentioned that the bars are "typically gone within a few hours" and that there's a buying restriction of "two per member."
Costco is selling gold bars online and people are buying them like crazy — Costco has now limited them to two per member.
This demand for gold may be a sign of a deeper trend — concerns about the future of the economy and the value of the US dollar. Others may be buying it as a… pic.twitter.com/t6NcOIqXZf
— Andrew Lokenauth | TheFinanceNewsletter.com (@FluentInFinance) October 1, 2023
According to Yahoo! Finance, members can select between two options when buying: the South African-produced Rand Refinery and the "Swiss-made PAMP Suisse Lady Fortuna Veriscan."
The Rand Refinery's 24-karat gold bar is priced at $1,949.99 when available, whereas the bar from the Swiss brand, PAMP Suisse, is listed at $1,979.99.
On Costco.com, both types of gold bars have been highly rated by members, with each averaging "4.9 stars."
The non-refundable item from Costco has stirred up conversations among TikTok users.
Several Reddit discussions have surfaced, where wholesale members exchange opinions on the gold bars.
At the moment, this sought-after product is unavailable on Costco.com.
Gold bars of various sizes and prices can be found on other online retail platforms.
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