Costco is experiencing rush on one ounce GOLD BARS selling for ‘bargain’ price of $1,949 each that are disappearing from shelves within hours of being restocked
- A new gold rush has hit popular bargain store Costco
- The retailer has rolled out two gold bars in the region of $1950 per oz
- Costco CFO said Tuesday the bars are ‘typically gone within a few hours’
Fanatical Costco customers have been sent scrambling in recent weeks after a surprising product became a best seller – gold bars.
The brand is known for its out-of-the box range of bargain items, from titanic tubs of Nutella to caviar and saunas.
Now, in a surprising turn, a range of gold bars available online has seen customers clambering to get their hands on one of the nuggets – with two options weighing just 1 oz and costing in the region of $1,950.
The gold rush came as Costco pleased investors with promising quarterly returns this week.
On the earnings call Tuesday CFO Richard Galanti confessed: ‘I’ve gotten a couple of calls that people have seen online that we’ve been selling one-ounce gold bars.’
‘Yes, but when we load them on the site, they’re typically gone within a few hours, and we limit two per member,’ he added.
While the bars appear to be only online in America, TikTok creators have revealed that Costco locations in Korea have the items on shelves – with images showing some going for up to $79,000.
Costco has rolled out two gold bars on its online site, one from PAMP Suisse (left) for $1979, and another from Rand Refinery for $1949
Costco Korea has something for everyone💰#korea #travel #seoul #vlog #funfact #fyp #busan #dayinmylife #luxury #shopping #costco #summer #costcofinds
The race to land one of Costco’s gold bars has been bolstered by the raw materials’ intrinsic value in the economy, seen by many as a long-term investment that can survive economic dips.
Amid a dwindling economy, banks have upped their supplies of gold as they hedge their bets against inflation.
According to GoldHub, resilient jewelry demand and healthy investment has led to a ‘supportive environment for gold prices.’
Costco has seemingly seized this moment, rolling out two 24-karat varieties of gold bars from Rand Refinery, for $1,949, and PAMP Suisse, for $1,979.
Both bars are reportedly valued slightly more than gold futures, which on Wednesday sat at $1,890.70 per oz.
The items are, as Galanti noted, limited to two per customer, and it’s easy to see why given the fervent search for them online.
In one dedicated Reddit threat, frustrated gold seekers shared their dismay at how quickly the gold bars are being snatched up.
‘Saw it for the first-time last night while in bed and missed it by the time I woke up in the morning,’ one person said. By the sounds of it, they missed out by quite a bit.
While the gold bars only appear to be available online in America, TikTok creators in Korea revealed Costco stores have gold bars on the shelves
Senator Bob Menendez of New Jersey was indicted this month on bribery allegations, after over $100,000 worth of gold bars were found in his home in 2022
Menendez proclaimed his innocence in a press conference in New Jersey this week
While the gold bars have sent Costco customers wild, one person who may not need any more is New Jersey Senator Bob Menendez, who was indicted this month on bribery allegations after investigators found over $100,000 of gold bars in his home. He denies the charges against him.
Many also seem to believe that Costco restocks the gold bars at random every few months, leading to a mad dash to secure one.
One person who managed to get their hands on the gold bars shared her thoughts on the items on TikTok, claiming they were ‘heavier than I thought.’
She said she originally looked for some new gold jewelry, but was stunned to see that after she ‘typed in gold – it brought up gold bars!’
The TikToker, who goes by @midlifecrisisgirl online, proudly showed off her new purchases as she admitted the two bars cost her almost $4,000.
‘I never liked this yellow on me, but now that I see it maybe I need to start rocking 24-karats,’ she joked, holding them up to her ear like earrings.
There has been a mad dash to secure gold bars, with one person who was able to land two sharing her thoughts – including that they were ‘heavier than I thought’
#CapCut heres the unboxing of the solid gold bars i implusively bought at Costco. #costcofinds #costcojewelry #unboxing
Costco’s move to cash in on gold comes as one of the brands executives revealed the company is fighting rising retail theft.
Shoplifting has soared in recent years, causing several major businesses including Target to close locations across America due to unfettered thefts.
But during Costco’s quarterly earnings call on Tuesday, the same call where Galanti remarked on the gold bar sales, he said the brand was surviving the crisis.
‘Thankfully, it’s not a big issue for us,’ he told shareholders, at a time when competitor CVS has also announced it will close 900 stores by the end of 2024 due to rampant shoplifting.
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