Costco sold more than $100 million in gold bars from September through November, the warehouse club’s chief financial officer Richard Galanti said during his company’s earnings call for the first quarter of fiscal 2024 (the 12 weeks ended Nov. 26, 2023).
“You’ve probably read about the fact that we’re selling one-ounce gold bars,” he said. “We sold over $100 million of gold during the quarter.”
Costco began offering two different 1 oz. bars of 24k gold—one from PAMP Suisse and one from Rand Refinery—earlier this year. They have been a hot item from the start and are frequently out of stock. The bars are only available online and are nonrefundable. Costco members are limited to purchasing two.
“When we load them on the site, they’re typically gone within a few hours,” Galanti said in September.
At press time, the price of gold was $2,024. The Costco gold bars reportedly cost just under $2,000, leaving many shoppers to think they’re getting a bargain.
(Photo: Getty Images)
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