Costco is making waves in the gold market with its one-ounce bars of gold available for purchase in both Canada and the U.S. These small bars of gold are selling quickly, despite their high price tag. Costco Canada has listed the 24-karat PAMP Suisse Lady Fortuna Veriscan bars for $2,679.99, but they are only available to Costco members and have a purchase limit of two per member every seven days. Unfortunately, customers in Manitoba are unable to purchase these bars, and customers in the territories will need to pay additional UPS delivery fees.
During Costco’s quarterly earnings call, the company’s CFO, Richard Galanti, acknowledged the high demand for these gold bars and mentioned that they sell out within a few hours of being listed on the website. It’s important to note that the price listed on the Costco Canada website is slightly higher than what TD Bank offers for the same 24-karat item. The Costco price also does not include the cost of the annual membership fee.
Despite the higher price, experts believe that Costco’s venture into the gold market is a smart move. Jonathan Rose, co-founder of Genesis Gold Group, stated that the product aligns with the increased offerings of survivalist goods and dried foods in Costco stores. Gold is viewed as a safe investment to hedge against inflation and is seen as a more stable option compared to stocks and bonds.
Gold’s price in Canada has risen approximately 64% over the past five years, further increasing its appeal to investors. Costco’s entry into the gold market is gaining attention and generating positive publicity for the retail giant.
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