During its first quarter, Costco Gold concluding on November 26, the large-scale retail warehousing corporation, Costco, disclosed the sale of over $100 million worth of precious metal, as revealed by the company’s Chief Financial Officer, Richard Galanti, in the earnings call on Thursday.
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Galanti had previously mentioned in September that the 1-ounce gold bars offered by Costco typically sold out within hours of being made available on the website. Notably, the PAMP Suisse Lady Fortuna Veriscan series appeared to be unavailable on the most recent check.
Costco Gold
According to discussions among gold enthusiasts on Reddit, these bars were reportedly fetching slightly over $2,000 just last week. However, due to membership restrictions, customers are limited to purchasing only two bars per Costco membership, making it challenging for individuals to amass a significant position in the precious metal.
Despite some complaints about high state sales taxes, members generally expressed satisfaction with their purchases, resulting in a high rating of 4.9 stars on Costco’s website with nearly 800 reviews.
Gold prices have seen a 12% increase this year, and JPMorgan’s commodities outlook, released earlier this month, forecasts a potential breakout rally for the precious metal in 2024 with a peak of $2,300 per ounce, anticipating a decline in interest rates. The bank acknowledged the possibility of gold retracing to $1,900 per ounce in the coming months, presenting an opportunity for investors to position themselves for a midyear rally.
This week, gold has experienced gains attributed to a weaker U.S. dollar and lower Treasury yields, following the Federal Reserve’s indication on Wednesday of three anticipated rate cuts in 2024. As of Friday morning, the precious metal was trading at $2,036.19 per ounce.
A crucial detail to note regarding Costco’s gold bars is that they are nonrefundable.
