Reports indicate that Costco has been experiencing brisk sales of gold bars, generating as much as $200 million in revenue per month, as revealed by analysts at Wells Fargo, CNBC reported.
Since 2023, the wholesale giant has been offering 1-ounce, 24-karat gold bars to its members for just under $2,000 each. These bars, available for purchase on Costco’s website, are individually stamped with a unique serial number.
Costco’s senior management has noted that the gold bars typically sell out within a couple of hours of being listed on the website.
Sourced from the South African mining company Rand Refinery and Swiss precious metal supplier PAMP Suisse, the gold bars are non-refundable and are shipped via UPS.
The surge in gold sales comes amidst a significant rise in gold prices, with Forbes reporting a 25% increase over the past month, surpassing $2,300 per troy ounce for the first time in history.
