Costco says its 1-ounce gold bars are real and have been selling out in hours.
up in hours.
“I’ve gotten a couple of calls that people have seen online that we’ve been selling one-ounce gold bars,” CFO Richard Galanti told investors Tuesday at the retailer’s fourth-quarter earnings call.
“Yes, but when we load them on the site, they’re typically gone within a few hours and we limit two per member.”
Costco’s website shows that the company sells one-ounce bars of 24-karat gold from South Africa’s Rand Refinery for $1,949.99 and from Swiss supplier PAMP Suisse for $1,979.99. Both products have been given average 4.9-star ratings on Costco’s website.
The products include insured, signed-for air shipping via UPS. The listings for both products say they can’t be returned or refunded. As Galanti said, customers can only buy two of each item per membership.
At the time of writing, an ounce of gold on the open market was worth just under $1,890.
Some Reddit users have spoken about struggling to get their hands on the bars.
Customers with an executive membership are still eligible for 2% cash back, Reddit users say.
“It’s heavier than I thought,” one TikToker said in a video unboxing two bars of gold she bought from Costco.”
The ultimate impulse buy.
…and Democrats will steal it all, when they feel the time is right…
https://www.google.com/imgres?imgurl=https%3A%2F%2Fimageio.forbes.com%2Fb-i-forbesimg%2Fthumbnails%2Fblog_25%2Fpt_25_104663_o.jpg%3Fformat%3Djpg%26width%3D1200&tbnid=ponvDtziq_4_mM&vet=1&imgrefurl=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fgreatspeculations%2F2013%2F04%2F05%2Fgovernments-still-heavy-handed-80-years-after-fdrs-gold-confiscation%2F&docid=0a3BFpH7gHwAPM&w=300&h=449&source=sh%2Fx%2Fim%2Fm4%2F2
So they’re selling gold at a 4% profit? Why bother?
I haven’t been to a Costco in 20 years. Do they still have samples?
@Brad — I’ve made quite a few gold purchases over the last 20 years and I’ve never paid less than 2.5% markup from the current spot price, and more typically it has been 3% for Krugerrands, more for Eagles, Loonies, etc. 4% is fairly reasonable for a company that isn’t a bullion/coin specialist. We little guys don’t get to pay merely the spot asking price, there’s always at least a small markup.
I should’ve bought gold and shares in Microsoft back in the early 80’s when both were still relatively inexpensive. And my dad and my 3 brothers and I should’ve bought the property our Shell gas station was on in the Lincoln Heights neighborhood of Spokane’s South hill in the late 70’s. When my dad lost his lease in 1982, McBozo’s leased the property and is still paying a monthly lease payment on that valuable piece of prime property. Oh well, live and learn. The McBozo’s is still there and thriving 40 years later and my dad never bought anything from McBozo’s ever again.
In comparison to other places, esp with the cash back, it’s a pretty good deal for bullion. However, you can also find good deals at Walmart of all places. Some bullion dealers put up pretty good prices on walmart.com and with the walmart card with 5% back, some deals sell for less than spot. But by far the best way to go about it is to create an LLC, apply for all kinds of credit cards with $200 signup bonus and spend that as free cash.
Inflation is high; despite govt lies to the contrary.
In ’67 I knew many wise folk (not I, I rarely break the law. – OK i “Compasionate Conservatived”!) put $500 to $2,000 into Krugerrands! it was illegal for Americans to own gold then! We, err they, did it “on the sly”.
The $500 Krugerrands sold for 14,343(fourteen thousand three hundred forty three dollars in 1979 WHEN IT WAS LEGAL FOR ME To OwN GOLD!
Getting a degree in econ did not get me a job,(my BS did) but it did get me some $!
Political lie busting. Ronny killed inflation not Herr Dr. Volker. Inflation was 11.8% 8/6/79 when Volker took over. It was 11.8% 1/20/81. NOTICE THE REDUCTION? I SURE AS HELL DO NOT! Rove and the rest of the
Soros team lie!
The biggest selling feature of gold is that it is a hedge against a falling dollar. If that is true, why would gold sellers take your (falling) dollars for their stronger asset? It’s a commodity and historically barely keeps up with inflation. Maybe it’s not such a good long term investment after all.
I knew someone who came from Vietnam. His family had a jewelry store and had gold stashed during the war. When the commies took over his parents used the gold to pay for passage to the USA. That gold saved their lives.
stirrin the pot,
Falling dollar relative to other currencies. The dollar is the cleanest sock in the dirty laundry. Gold is making all time highs in many major currencies at the moment. As dollar reserve degradation persists to an ultimate demise and other currencies pick up reserve status, Americans are going to wish they owned more gold. Plus it’s a great way to transfer generational wealth without government’s fingers in the pie. With that, gold isn’t an investment, it’s preservation.
@ecp – quite frankly, gold is no different than bitcoin, except that it’s tangible. It’s a commodity. It’s worth is a function of supply and demand. You have no idea today what generational wealth you are going to transfer when you die. It’s not wealth preservation, it’s a crap shoot.
Why is it a crap shoot? Buy low, sell high. If you sell at a loss you are a fucking idiot.
@Anonymous – “…Why is it a crap shoot? Buy low, sell high. If you sell at a loss you are a fucking idiot…”
Wow, it’s so simple. You must be a millionaire. Buy more gold, it’s only going to increase in value.
In “Idiocracy” Costco sells law degrees. We’re getting there
stirrin,
“except that it’s tangible” – That makes it entirely different than bitcoin.
It’s an asset that will always have value. Can’t say the same for the dollar, or any investment, including bitcoin. Gold will never be zero. Digits in a bank account are traceable. Gold in the safe isn’t.
Central banks buy it, this year at the fastest pace on record. If that’s what banks hold for assets, that’s the asset I want to hold.
Al and Brad,
Bullion Exchanges is selling gold this morning at a 1.7% premium.
Heraeus 1 oz. bars.
No, I don’t get a kickback – I have no connection with the company – just an observation.
mortem tyrannis
izlamo delenda est …
@Tim — That’s a darn good deal!
you can have your gold & your diamonds, too – all i want is a ring-dang-doo – domingo samudio/sam the sham