COST - Costco's Gold Bars Sell Like Hot Cakes Amid Economic Uncertainty | Benzinga
In a surprising move, Costco Wholesale Corporation (NASDAQ:COST) has made a successful venture into the gold market. According to a recent report by CNBC, the retail giant’s gold bars are selling out within hours of their availability.
What Happened: CNBC reported on Tuesday that Costco has added 1-ounce gold PAMP Suisse Lady Fortuna Veriscan bars to its product range. The price, although only available to Costco members, has been reported to be just below $1,900.
Costco’s CFO, Richard Galanti, confirmed the gold bars’ extraordinary popularity during the company’s recent quarterly earnings call. They typically sell out within a few hours of being stocked on the site, prompting the company to limit purchases to two bars per member.
The gold bars are exclusively available online and to Costco members, who pay either $60 or $120 annually, depending on the membership program. This ...