Retail industry
Retailer began selling 24-karat gold bars online in September, with each release selling out “within hours.”
Costco is known for selling goods in bulk. The latest offering of its kind – gold bullion – has proven to be a success, recording $100 million worth of sales in the last quarter, according to Business Insider.
As demand for the precious metal increased worldwide amid economic uncertainty in recent years, Costco began selling 1-ounce (28 g) 24-karat gold bars exclusively online in September, with Costco members entitled to two at a time Buy piece. The retailer has more than 72 million paid memberships.
Each new issue of gold bars typically sells out “within hours,” AP Costco CFO Richard Galanti reported in a company earnings call in September.
The exact gold price is difficult to determine because the gold coins are only available to members. However, some media outlets have reported that the bars cost just under $2,000, slightly below the current market price of gold, which is $2,048.30.
Although Costco is known for its affordable prices, it also sells some other expensive items. An index card signed by baseball legend Babe Ruth reportedly cost $20,000 in the most recent fiscal quarter. Galanti also joked that “last minute buyers” could still purchase a signed 1951 Mickey Mantle rookie card for $250,000.
Both cards and bars are refundable.
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