Forget Soap. Costco Is Selling Gold Bars Now.
As one of the leading one-stop shops in America, Costco is known to sell everything from organic peanut butter to bars of soap. Now, the megastore is offering a whole new kind of bar—and you could say it has the Midas touch.
The retail warehousing giant is reportedly stocking one-ounce 24-karat gold PAMP Suisse Lady Fortuna Veriscan gold bars that allegedly ship for just shy of $1,900, according to Reddit users. (You have to be a member to know the actual price and purchase one of the bars. Costco memberships range from $60 to $120 a year.) The bars, which can only ordered online, have been a big, the company says. On a company earnings call last Tuesday, Costco chief financial officer Richard Galanti said they “are in hot demand and don’t last long when in stock,” according to CNBC.
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Swiss-made by a LBMA Good DeliveryRefiner, the non-refundable bars are minted and feature a detailed, proof-like finish. They come individually controlled, registered, and secured within protective CertiPAMP packaging that includes an official Assay Certificate and a digital certification accessed by a QR code.
Jonathan Rose, co-founder of Genesis Gold Group, a company that focuses on precious metals, thinks that the retailer’s gold offerings are, at the least, an “effective promotion.” But gold bars, he says, also appeal into survivalist instincts.
“There is definitely a crossover of people living off the land, being self-sufficient, believing in your own currency,” he said in a statement. “That’s the appeal to gold as a safe haven as people lose faith in the U.S. dollar.” To be sure, precious metals have been having a moment recently. Gold has risen more than 15 percent over the past year and more than 55 percent over the past five years.
With inflation still looming, banks failing, and amid a volatile commercial real estate market, some view gold and silver as a safe place to put their money. “The outlook for stability in the market isn’t good and people want a [tangible] asset that’s going to be a safe haven,” Rose said. “That’s what gold and silver provide.”
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