Costco Sold Over $100 Million Worth of Gold Bars Last Quarter, CFO Says

The 24-karat gold bars typically sell out shortly after being made available online

Costco is ruling the gold bar market!

The beloved retailer has find considerable success selling 1-oz. gold bars — and during its last fiscal quarter, Costco sold over $100 million worth of gold bars, the company announced on Thursday.

Costco CFO Richard Galanti shared the news in an earnings call, according to CNBC.

When asked about consumer holiday trends during the call, he replied, “They’re buying gold,” according to Business Insider.

On Friday afternoon, a 24-karat gold bar from South African mining company Rand Refinery was available on Costco's website at a members-only price of $2,069.99, although it might not be in stock for long as the company has said the gold bars typically sell out shortly after being made available online.

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The company had also been selling gold bars made by Swiss precious metal supplier PAMP Suisse but none were available online as of Friday afternoon.

According to the product details on Costco’s page, Rand Refinery’s gold bars are individually stamped with a unique serial number and arrive in a sealed black assay card, while PAMP Suisse’s gold bars are individually “controlled, registered, and secured” within CertiPAMP™ packaging with an official Assay Certificate and a digital certificate accessed with a QR Code.

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Both items are non-refundable and are shipped via UPS — and the Rand Refinery gold bar currently has a 4.8 out of 5 average rating on the company’s website, with one member writing in a customer rating that it was a “beautiful piece of gold."

Costco customers are limited to two bars per membership, according to the website.

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The market price of an ounce of gold as of Friday afternoon was $2,018.39, according to a CNBC market exchange page, with charts showing that the price for an ounce of gold has steadily risen over the past five years from 2018 and 2019 when it averaged around $1,200 to $1,300.

Spot gold prices are up about 12% this year, with at least one forecaster — JPMorgan — calling for a rally in the metal next year, peaking at around $2,300 per oz. due to an anticipated dip in interest rates, per CNBC.

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