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Costco is many shoppers' go-to for everything from laundry detergent to clothing to produce to hot dogs, but now they have a new item for sale that might surprise you. Earlier this year, Costco started selling gold bars, solidifying their role as a true one-stop shop. If you're looking to get in on the Costco gold rush, there are a few things you should now. Namely, how do you actually buy one of Costco's infamous gold bars?
How to buy Costco gold bars
You can't actually walk into a Costco warehouse and find these gold bars as they're exclusively sold on the retailer's website. Of course, like shopping for anything else at Costco, you have to have a membership to purchase a gold bar. Membership prices currently range from $60 to $120, depending on the tier. But another thing that might deter you from acquiring a gold bar from Costco is high-demand and limited stock.
"I've gotten a couple of calls that people have seen online that we’ve been selling 1 ounce gold bars. Yes, but when we load them on the site they’re typically gone within a few hours, and we limit two per member," Costco CFO Richard Galanti said during a board meeting.
Your best bet is to keep checking the website to see if they've been restocked. If you can get your hands on a gold bar while they're in stock, it will ship directly to your door encased in secure packaging and require a signature upon delivery. But, beware Costco gold bars are non-refundable after purchase.
How much is Costco selling gold bars for?
The exact gold bars that Costco offers are 1 ounce gold PAMP Suisse Lady Fortuna Versican bars. The one-ounce bars go for just under $2,000, depending on the time of purchase, according to customer reviews.
The offering seems to be a smart decision for Costco as there is a growing demand for precious metals in the U.S. as inflation and interest rates rise. It also caters to a similar demographic that drew in shoppers for Costco's food survival kits and similar doomsday preparation items. Whether it's a smart financial decision for shoppers is another can of worms.“Costco members would be much better served buying a share of Costco than an ounce of gold,” chief investment officer at Angeles Investment Advisors Michael Rosen told NPR.
We're eager to see what unconventional offering Costco adds to their inventory next.
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