Costco is seeing a gold rush. What's behind the demand for its 1-ounce gold bars?
Looking for something to add to your Costco cart along with the 30 rolls of toilet paper
NEW YORK (AP) — Looking for something to add to your Costco (COST) cart along w ith the 30 rolls of toilet paper? How about a bar of gold?
While not a typical outlet for the sale of precious metals, the members-only warehouse chain has seen its 1-ounce gold bars sell out faster than discounted 170-ounce jugs of laundry detergent.
In a company earnings call last week, CFO Richard Galanti said the gold bars, sold exclusively online, are “typically gone within a few hours” of appearing on Costco's website — adding that there's a two-bar limit per member. As of Wednesday, they remained sold out.
Unlike some other discount finds at the retail giant, gold bars come with hefty price tag. No prices were listed Wednesday because of the bars' unavailability, but multiple media outlets reported last week that the 1-ounce gold pieces — offered in two designs — were selling for just below $2,000 each.
