- Costco surprises with 1-ounce gold bars available online for members.
- Gold bars are selling out within hours, revealing high demand.
- Current financial uncertainties make gold a sought-after asset.
So you thought Costco was just about bulk-buy paper towels and wholesale mac and cheese? Think again! The popular bulk-goods retail warehouse has added an unexpected item to their digital shelves: gold bars. That's right! It seems that your regular weekend shopping list can now include the 1-ounce gold PAMP Suisse Lady Fortuna Veriscan bars.
Word around the virtual water cooler (specifically, Reddit) has it that these gold bars were priced just under $1,900, while the latest spot gold rate stands at $1,876.56 an ounce. The hunger for gold isn't merely a fad; it's real. Richard Galanti, Costco's CFO, noted in a recent earnings call that these bars are flying off the online shelves, getting snapped up within hours of being listed. And if you're thinking of starting your own Fort Knox with Costco gold, there's a catch. Gold bars are only up for grabs online, exclusive to Costco members, and there's a limit – two per member, to be exact.
But why gold, you ask? Jonathan Rose of Genesis Gold Group suggests that Costco is capitalizing on the current climate of uncertainty. They've beefed up their survivalist offerings, and gold fits right into that narrative. In uncertain times, many turn to tangible assets like gold as a safeguard. Given the soaring gold prices (up 15% in the past year and over 55% in five years), and the shaky financial landscape, it's evident why gold is glittering brighter than ever for many.
Amidst the gold frenzy, it's worth noting that the metal is making headlines in other ways too. The recent indictment of U.S. Sen. Bob Menendez of New Jersey on federal bribery charges saw a staggering 81.5 ounces of gold bullion seized from his residence.
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