The Strategist

US retailer Costco offers gold bars for sale



10/02/2023 - 04:11



The owner of the largest US chain of club warehouse stores, Costco Wholesale Corp., has begun selling gold bars that are one troy ounce in weight, writes CNBC.



Tony Webster
Tony Webster
Only club members have access to the merchandise, which, according to Costco consumers, sells for around $1900 each piece, or the current spot price of gold ($1867 per troy ounce). Customers must pay a membership fee of $60 or $120 annually, depending on the rate they select.

According to Costco Chief Financial Officer Richard Galanti, the corporation had to restrict the quantity of bars released in one hand to two units since the demand for gold bars is so high that each fresh batch is sold out quickly.

Jonathan Rose, co-founder of the Genesis Gold Group fund, said that individuals are looking for safe assets like gold and silver due to ongoing high inflation and impending issues in the commercial real estate market.

Over the past year and the last five years, gold has increased in price by more than 15% and more than 55%, respectively.

According to Rose, selling bullion is an excellent method to promote the Costco brand and garner positive reviews.

source: cnbc.com




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