Gold bars are now available at Costco, not just in the homes of US senators. According to a report by CBS News, the warehouse retailer is selling a 1-ounce PAMP Suisse Lady Fortuna Veriscan bar and a 1-ounce bar from South Africa’s Rand Refinery, both made of 24-karat gold. However, these gold bars are limited to two per customer and their price is only visible to Costco members with a special membership card. Recent posts on Reddit suggest that these gold bars have sold for around $1,900. (Source: CBS News)
The price of gold bars at Costco is similar to their Thursday spot price, which was $1,875 per ounce. Walmart also sells gold bars at a comparable price. Costco’s Chief Financial Officer, Richard Galanti, mentioned in an earnings call with investors that these gold bars have been selling quickly on their website. CNBC reports that the price of gold has been rising steadily over the past few years, with a 15% increase in the past year and a more than 55% increase in the past five years.
Josh Dahmen, a financial executive at Costco, mentioned in an interview with Barron’s that although the gold bars are currently only being sold online, the company is considering bringing them to their physical stores in the future. Online reviews from satisfied customers show a positive reception to the idea. If you decide to purchase these gold bars but later change your mind, keep in mind that they are nonrefundable. (Source: Barron’s)
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