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The gold rush that began last year at Costco locations across the US continues as bars continue to sell at a time when prices are rising, according to a Bloomberg survey.
Costco’s website shows the 1-ounce gold bars were available for $2,689.99 before tax, but are now sold out, prompting members to rush to stores. Costco’s prices are undercutting traditional jewelers and offering rewards to members, Bloomberg reports.
“It’s a great experience,” Sourav Sethia, a 33-year-old analytics engineer from New Jersey, told reporters. “I get calls from Costco whenever the gold comes in because I’ve bought it. So when I see the price has dropped, I rush to Costco and buy it.”
Although Costco did not immediately respond to an inquiry by FOX Business, a Bloomberg survey showed that about 77% of Costco stores stock bullion bars sold out by the first week of October. That percentage was based on calls to 101 stores in 46 states, all of which employees said had received new stock of gold bars recently.
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Costco started selling gold bars last year, and they’re flying off the shelves. (Costco / Fox News)
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| COSTS | Costco Wholesale Corp. | 882.50 | -0.61 |
-0.07% |
Just last week, news broke that Costco is also selling 1-ounce PAMP Suisse Lady Fortuna Veriscan platinum bars online.
The product listing said the platinum bars have a one-unit, five-unit limit for Costco members.
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In an aerial view, the Costco logo is displayed outside a Costco store on July 11, 2024 in Richmond, California. (Justin Sullivan/Getty Images/Getty Images)
Customers cannot return the bars once they have purchased them, as delivery is not available in the states of Nevada and Louisiana, Fortune reported.
Costco charges $1,089.99 per platinum bar, according to the store.
Costco members have rushed to get their hands on the retailer’s gold and silver bars in the past.
A selection of gold and silver bars and one ounce gold and silver coins arranged at Gold Investments Ltd. billion dealers in London, UK, Tuesday, May 21, 2024. (Getty Images / Getty Images)
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In September of last year, former CFO Richard Galanti told analysts and investors that the retailer’s gold bars were “usually gone within hours” of being posted on Costco’s website.
The retailer also credited gold and silver for helping to give his online sales a boost in recent quarters.
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