Costco Sells $100 Million in Gold Bars Last Quarter

 Even Costco customers can sense that US Dollars might not be a great place to store wealth with all the money printing going on.

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The retail warehousing giant sold more than $100 million of the precious metal in its fiscal first quarter, which ended Nov. 26, Costco Chief Financial Officer Richard Galanti told analysts during the company’s earnings call Thursday.

The 1-ounce bars typically sell out within a few hours after they are loaded to Costco’s website, Galanti said back in September. The gold bars were listed at a price of $2,069.99 an ounce on Friday on the website, higher than the latest spot price of $2,020.58.

Customers are limited to two bars per Costco membership, making it difficult to build a real position in the precious metal.

Members generally seemed satisfied with their purchase though, with a 4.9 star rating on Costco’s website and nearly 800 reviews. Some customers did complain about stiff state sales taxes.

https://www.cnbc.com/2023/12/15/costco-sold-more-than-100-million-in-gold-bars-last-quarter.html