Monday, May 20, 2024
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Gold bars are selling fast at Costco. Reports say they bring in as much as $200 million a month.

Reports indicate that Costco has been experiencing brisk sales of gold bars, generating as much as $200 million in revenue per month, as revealed by analysts at Wells Fargo, CNBC reported.

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Since 2023, the wholesale giant has been offering 1-ounce, 24-karat gold bars to its members for just under $2,000 each. These bars, available for purchase on Costco’s website, are individually stamped with a unique serial number.

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Costco’s senior management has noted that the gold bars typically sell out within a couple of hours of being listed on the website.

Sourced from the South African mining company Rand Refinery and Swiss precious metal supplier PAMP Suisse, the gold bars are non-refundable and are shipped via UPS.

The surge in gold sales comes amidst a significant rise in gold prices, with Forbes reporting a 25% increase over the past month, surpassing $2,300 per troy ounce for the first time in history.

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