Costco, the warehouse club famous for selling large quantities of everything, is now offering its customers a big chunk of gold.
The retailer recently began selling two different 1-ounce bars of 24-karat gold – one from PAMP Suisse and one from Rand Refinery, which is imprinted with images of elephants. Their prices are available only to 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).
Buyers will have to act fast to get their hands on the bars. “When we load them on the site, they’re usually gone within a couple of hours,” Costco CFO Richard Galant told analysts during the company’s most recent earnings call, according to a Motley Fool transcript. “And we limit them to two per member.”
One TikTokker, Midlifecrisisgirl, showed off the gold bars in a video that’s been viewed 18,500 times. She said she came across the bars while searching for gold jewellery 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].”
One reviewer on the Costco site was enthusiastic: “The bar was in pristine condition,” he wrote. “The design carved into the gold was intricate and truly beautiful, showing remarkable craftsmanship. I also appreciated that it was 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 ounce gold bars from Costco?” asked one poster on a Reddit gold forum. “Just for the novelty? Two bars certainly aren’t going to do anything for you financially.”
For now, the bars are only available online. No refunds or returns are allowed, according to the website.
