Consumers Excited to Buy Gold Bars From Costco
By Rob Bates | September 29, 2023
"Costco, the warehouse club famed for selling large amounts of everything, is now offering customers a big chunk of gold.
The retailer recently started selling two different 1 oz. bars of 24k gold—one from PAMP Suisse and one from Rand Refinery that is imprinted with images of elephants. Their prices can only be viewed by Costco members, but Business Insider reported that the bars cost $1,979.99 and $1,949.99, respectively. (At press time, gold was trading at $1,855 an ounce.)
Shoppers need to act fast to get their hands on the gold bars. “When we load them on the site, they’re typically gone within a few hours,” Costco chief financial officer Richard Galant told analysts during the company’s recent earnings call, according to a Motley Fool transcript. “And we limit two per member.”
One TikTokker, Midlifecrisisgirl, showed off the gold bars in a video that’s received 18,500 views. She said she came across the bars when she was searching for gold jewelry on Costco’s website and paid around $4,000 for them. “They’re very heavy,” she said. “Maybe I need to start rocking 24k [gold].”
A reviewer on the Costco site was enthused: “The bar was in impeccable condition,” he wrote. “The design carved into the gold was intricate and truly beautiful, showcasing remarkable craftsmanship. Additionally, I truly appreciated that it came securely packaged in a sealed container, ensuring its purity and safety.”
Others see it as a lot of hype. “Why do people want to buy 2 ounces of gold bars from Costco?” asked a poster on a Reddit gold forum. “Just for the novelty? Two bars certainly isn’t going to do anything financially for you.”
For now, the bars are only available ... "
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