Faithful customers of Costco know that you can find literally almost anything at the big-box retail chain, from vending machines to Grecian urns. The company even keeps a list of unusual items it stocks. But one thing you probably wouldn't expect to find are solid gold bars.
Not only does Costco carry them, but they can't keep them on the website fast enough—and typically sell out within hours of restocking. The company has been forced to implement a limit of two gold bars per membership in an effort to keep the minted items in stock. And although the cost of gold fluctuates, as of Wednesday they were listed for a price of $1979.99 per one ounce bar.
"I’ve gotten a couple of calls that people have seen online that we’ve been selling one-ounce gold bars," Chief Financial Officer Richard Galanti reportedly said on a quarterly earnings call on Tuesday. "Yes, but when we load them on the site, they’re typically gone within a few hours, and we limit two per member."
According to the website's item description, the 1 ounce 999.9 "fine gold minted bars" are Swiss-made by a London Bullion Market Association (LBMA) Good Delivery Refiner.
Though strange, as MarketWatch points out, it does make sense that gold would be in demand right now, as the precious metal is "generally seen as a safe-haven investment and a hedge against inflation." Prices have likewise held steady thanks to central banks buying up gold, along with jewelry purchases and lasting concerns about the economy bouncing back.
However, that could change soon as high interest rates have generally provided a balance to the price of gold. In the meantime, you know where to find a limited supply of gold bars—as long as Costco has them in stock.