Costco is selling gold bars and they are selling out within a few hours

US Markets
Thursday, September 28th, 2023 2:27 pm EDT

Costco, known for its bargain prices, has surprised shoppers by offering 1-ounce gold PAMP Suisse Lady Fortuna Veriscan bars for sale. While the price isn’t disclosed unless you’re a member, they were reportedly selling for just under $1,900 recently, slightly above the current spot gold price of $1,876.56 per ounce. Costco’s Chief Financial Officer, Richard Galanti, revealed strong demand for these gold bars, which quickly sell out online, with a limit of two bars per member.

This move is part of Costco’s strategy to cater to a specific market segment. They have expanded their offerings of survivalist goods, such as a 150-serving emergency food preparedness kit. Gold aligns with this trend, as it is seen as a safe-haven asset during uncertain times when faith in the U.S. dollar wavers. Jonathan Rose, co-founder of Genesis Gold Group, believes that Costco is effectively leveraging this trend to generate publicity and appeal to customers interested in self-sufficiency and alternative currencies.

While buying gold from Costco might not be the most practical way to build a significant financial position, it serves as a unique promotional strategy for the retailer and resonates with customers concerned about economic stability.

For full original article on CNBC, please click here: https://www.cnbc.com/2023/09/27/costco-is-selling-gold-bars-and-they-are-selling-out-within-a-few-hours.html